Dear current and future XBTFX Traders and Partners,
XBTFX bridges cryptocurrencies and traditional trading technologies. We are currently operating under the jurisdiction of Saint Vincent and the Grenadines which allows broker businesses activity without the issuance of a forex broker license. The decision to incorporate there is a result of our desire to keep our product features high and license costs low while we build a magnificent product with each passing day of its existence. XBTFX does not hold a Forex broker license but is governed by the SVG Financial Services Authority under the Limited Liability Companies Act , Chapter 151 SVG. Holding a Forex broker license, or not, XBTFX operates in a manner that follows the guidelines of regulated brokers in order to build an untainted business foundation for future growth while protecting our clients and partners by maintaining a globally compliant standing .
1) We perform our business operations in a way "as if" we are licensed in a class A jurisdiction. Namely We:
- Provide all the required High-Risk Disclosures for the products offered on XBTFX.
- Limit access to our services to the best of our ability for clients where our offer will be contrary to local law.
- Clearly state our policy with regards to client funds & AML procedures.
- Have taken additional steps of developing legal notifications upon the entry of our website for multiple jurisdictions.
- Don't directly market to individuals who are not existing clients. The only form of communication permitted in XBTFX is via e-mail for already existing clients.
- Don't solicit clients from any jurisdiction nor do we target any country. XBTFX will never call you to deposit funds with the company.
2) 90% of our client orders are dealt in a zero-conflict environment with Direct Market Access to real liquidity.
3) We improve our services with each passing day by introducing new features to our back-end. A recent example is the integration of our help-desk service straight into our Client Area.
To further improve safety and build trust we are additionally :
1) Partnering with a professional AML compliance service as well as employing a KYT solution for crypto transactions*. XBTFX is committed to keeping illicit activity/tainted coins off of its platform, this protects us and our clients.
2) Developing our insurance fund that will back client balances in event of default and be used to cover negative balances. We are allocating 10% of our profit each month to the fund. We are also exploring several custody services to understand our options for keeping such a fund with a licensed custodian or have external oversight.
3) Working on introducing a second trading platform that is one of the top market leaders in terms of features and capabilities. We believe it will be a game-changer for clients that do manual trading.
4) Exploring several jurisdictions for obtaining a forex broker license and future expansion. This is a lengthy process that also has significant costs behind it and it is ultimately up to the regulator to decide if a license is granted, thus we can't provide a time frame on it.
XBTFX is committed to success, growth and protecting clients and partners for years to come.
Should you have any questions or comments please do not hesitate to us.