We would like to introduce you to the XFine review — a detailed account of one of the typical representatives of modern scam brokers. It tries to actively engage with potential clients, mainly attracting market newcomers. Of course, on the official website, the platform promises “Everything you need for profitable trading,” from a wide selection of trading tools to commission-free money transfers. However, traders need to know something entirely different: how not to fall victim to these scammers. This is the question we address below.
Key Features
- Company Name: XFine Ltd
- Website: https://x-fine.com/
- Available Contacts: [email protected]
- Foundation: 2024
- Services: Forex/CFD trading
- License: No
- Initial Deposit: $10
From Sign-Up to Payout
There is nothing particularly interesting on the official XFine website. Perhaps, the web designers tried to impress with a minimal amount of text and maximum images on the pages, but these attempts cannot be called successful. From our perspective, traders would be more interested in concrete information, such as the trading conditions.
In fact, the developers failed to make the website useful and in-demand:
- Instead of providing a specification of contracts for available asset classes, they only listed swap sizes. This is important information, but it cannot replace the full description.
- The company didn’t even post any documents regulating its relationship with clients. “Jurisdictional Restrictions and Prohibited Territories” is not the best replacement for the Terms of Service, and “Risk Warning and Liability Disclaimer” is unlikely to replace all other policies.
- There are serious issues with language localization. The selected language on any page does not persist when switching to another.
This list of shortcomings is enough to draw a few conclusions:
- The creators of the project have no understanding of the interests of real traders.
- The company is not related to licensed brokers, as licensed brokers would never allow such damage to their reputation.
Regarding financial transactions, the XFine website attempts to mislead users. The broker lists bank cards, transfers, and electronic and cryptocurrency wallets among the available payment methods. However, in the personal account, there are only two payment intermediary options, and both allow transactions only in cryptocurrencies.
This allows the platform to maintain anonymity and hide its operations from supervisory and tax authorities. Of course, talking about implementing an AML policy is out of the question, but it is also not found in their documents. This is a direct violation of the requirements of most regulators. However, for a scam broker, this is not new.
Our Trading Experience With XFine.com
The broker offers traders one of the best platforms in the industry — MetaTrader 5 by MetaQuotes. This software is well-known to any trader and does not require additional descriptions, features, or pros and cons.
There is only one observation. The information found from MetaQuotes about the company that owns the trading servers differs from what is listed on the official website:
- Official website: xfine.co.
- Email: [email protected].
- Phone: +9215016422434 (UAE).
- Office address: Egypt.
The only matching data is the registration number and company name.
We have no doubt that all the data belongs to the same firm (we will discuss the verification we conducted further). However, the attempt to use different sets of data for the broker and trading server raises concerns.
Regarding the trading conditions, as mentioned earlier, they are quite sparse at XFine. Some of them can be found in the account type descriptions. Here, the company lists the minimum deposit, maximum leverage, and trading commissions.
Clients are offered 4 types of accounts in total:
- Zero with a deposit from $10, leverage up to 1:1000, zero trading commissions, and spreads starting from 3 pips.
- Standard with a deposit from $100, leverage up to 1:300, spreads starting from 0.0 pips, and Forex commissions starting from $5 per standard lot and 0.325% per equity lot.
- Pro with a deposit from $1,000, leverage up to 1:100, spreads starting from 0.0 pips, and Forex commissions starting from $4.5 per standard lot and 0.3% per equity lot.
- VIP with a deposit from $20,000, leverage up to 1:100, spreads starting from 0.0 pips, and Forex commissions starting from $4 per standard lot and 0.3% per equity lot.
Swap rates for various instruments can be found on a separate page. It should be noted that from a trading cost perspective, XFine’s offers look quite attractive. The fact that leverage decreases as the minimum deposit increases is also in the company’s favor. Wealthy traders take on less risk and incur lower costs. This seems like a well-thought-out marketing move that encourages clients to deposit larger amounts.
Note! In the account list, the broker forgot to mention how the trading commission is charged: whether it is per trade or only in one direction. In the second case, the attractiveness of the terms decreases significantly. Additionally, “spreads from 0.0 pips” does not mean that they are always zero, which also increases trading costs.
Overall, the trading conditions look quite acceptable for a regulated broker. However, we know that scammers often use these tactics to attract a wide audience. Does XFine operate honestly? We’ll find the answer below.
The Reality Check
The broker is quite vague about its origins (registration date and location) and licenses. This information is missing from the “About” page entirely. Only in the footer is there a mention that XFine Ltd is registered in Saint Lucia with the registry number 2024-00596, which shows that the company was established in 2024.
During the verification process, this information was confirmed: XFine Ltd is registered as an IBC (International Business Company) and is active. However, we know that the local financial regulator does not issue licenses for brokerage services (for stock trading); this is the responsibility of the Eastern Caribbean Central Bank (ECCB). The company is not listed in the registry of entities under the control of this regulator.
The project owners are also well aware of this, so they claim to be operating under the license of the Financial Services Regulatory Authority (FSRA) — the financial regulator of Abu Dhabi (UAE). However, a check in its registry revealed that this information is not accurate.
Thus, the company is officially registered, which allowed it to officially obtain rights to use the MetaTrader 5 terminal. However, it does not have a license to provide brokerage services. Hence, the excessive (1:1000) maximum leverage for clients, the lack of legal documents, and the use of cryptocurrencies only for financial transactions.
Note! The broker is skilled at misleading potential clients. On the pages of the website, it mentions, both appropriately and inappropriately, that it operates in accordance with the EU PSD2 Directive, which allegedly guarantees the security of client funds. This statement is aimed at unknowledgeable users. The directive requires additional identity verification for online payments (3DS) and has nothing to do with the security of funds storage. However, using such sophisticated terms creates a favorable impression on market newcomers.
How Long Has XFine Been in the Game?
The only place where information about the company’s founding date can be found is the registration number in Saint Lucia. As we mentioned earlier, it shows that the company was established in 2024. Let’s see what the Whois service says about the platform’s launch date.
We can see that the active domain x-fine.com was created on November 26, 2024, and based on the last modification date, full operation began even later — on March 3, 2025. If we go by the first date, the broker started trading 3.5 months ago, and by the second, it was just 2 weeks ago. In both cases, this is insufficient time to establish a good reputation among traders. Moreover, given that no one has bothered to tidy up the official website in this time, it seems the project owners aren’t very keen on doing so.
The second domain mentioned in the data provided by MetaQuotes when purchasing the software is xfine.co, which was registered on the same day, by the same registrar, and hosted by the same company. Additionally, there is a direct redirect from this domain to the official broker’s website. Therefore, we confidently state that both domains belong to the same owner.
On the main page, the broker displays in a ticker almost a dozen awards supposedly won at the Forex Expo Dubai 2024. According to these, the company has apparently become a star of 2024. Unfortunately, this information is fake. The company is not listed among the winners of the event, and it couldn’t have been, as Forex Expo Dubai 2024 took place on October 7-8, long before the company even had any domains. Needless to say, there is nothing to evaluate here. However, these fake details are well-received by newcomers.
Extra Fraud Indicators
Our opinion on the broker starting operations in March 2025 is further confirmed by the reviews of XFine that have appeared online. There are still a few of them, only 4 on Trustpilot, with the first one appearing the day after the platform’s launch — March 4. Clearly, the company’s owners do not consider building a reputation through honest work and a quality website effective. They are willing to pay for positive comments.
However, not everything is that simple for them. Experts from specialized portals have already noticed this company. In their reviews, there is no positivity to be found: the platform operates without a license and misleads clients by publishing false information, and it is rightly called a scam. Needless to say, it is not recommended to deposit funds into accounts opened here.
Is XFine the Right Fit?
From the materials in the XFine review, we see that although the company is officially registered, it is a project of scammers. Its owners aim to deceive potential clients wherever possible. It has been online for only 2 weeks, operates without a license, and publishes false data on its website. This is more than enough to be certain that it is a scam, attempting to steal money from traders. Do not give them that opportunity — do not register accounts or fund them.
I have no words to describe these scammers from XFine! They convinced me to open an account and deposit $3,000, assuring me that with the help of their consultant, I would quickly earn that amount and more. This consultant, this fraudster, specifically gave me fake advice so I would incur losses and quickly deplete my deposit. Now, their support service tells me that I should have used my own judgment and not made trades I wasn’t sure about, not to spend recklessly… 🙁 I can’t even file a complaint because I opened positions myself.