XT.Com is this a scam? Review and Customers Reviews

XT.Com is a cryptocurrency spot exchange with a daily trading volume of $1.5 billion. According to this indicator, the platform is among the top 30 in the CoinMarketCap rating.

Having appeared in 2018, XT quickly began to build up a customer base in the Asian market. Let’s see what the project offers and whether we can trust this cryptocurrency exchange.

 

Why XT.com?

XT describes itself as the world’s leading platform for trading digital assets. There is little information about the founders and managers of the exchange. What is known is that the company was established in 2018. Legally, it is based in the Seychelles, a popular jurisdiction for crypto projects. The head office is located in Hong Kong. This state attracts entrepreneurs with its stable laws and relative market freedom.

Like many Hong Kong crypto exchanges, XT is focused primarily on the Chinese market. This is evidenced by the main language of the site, as well as the turnover of the Chinese yuan within the platform. The platform has multiple language versions, but it is a low-quality machine translation that distorts the meaning of terms. In addition to classic trading, the website xt.com offers:

• ProTrade. This is the trading section with advanced information. Users can use indicators from TradingView for in-depth analysis of incoming data.
• Margin. This section is dedicated to trading with leverage. The amount of margin allowed depends on the pair being traded. For example, BTC/USDT transactions are possible with leverage of 20X, while XRP/BTC transactions are limited to 3X.
• Center for P2P trading. In this section, clients can sell and buy cryptocurrencies outside of the market. This format of transaction helps to avoid price “slippage” and is suitable for one-time operations with large volumes.
• Derivatives. Futures trading is available at XT.com. The main underlying asset is the pair BTC/USDT. A total of seventeen contracts are available.

Additional products are highlighted in the Finance section. There are deposit accounts here. To receive remuneration, users need to deposit cryptocurrency for a given period. The maximum rate offered is 24 percent for staking Tether Stablecoin. The minimum investment is 100 USDT.

There is a pool for miners – XT Pool. It is focused on Ethereum mining. The total hash rate of the site is about 730 GH/s. Payments are sent to the account on the exchange, starting from 0.1 ETH. Another way to get additional income is PoS mining. Customers can block or simply hold the offered cryptocurrencies and receive a percentage of the yield on them. For example, Ethereum PoS rules require a customer to block a minimum of 0.01 ETH for 15 days or more. The annual yield is 2.88%. Other available cryptocurrencies – Tether, Dash, Tezos, Tron, Kava, EOS (How to Make Money on Cryptocurrency?).

 

How to Exchange Cryptocurrency on the XT Platform?

The main method of exchange – Standard Spot, is in the Trading section. There is no simplified exchanger on the exchange, any transaction is carried out through orders. But newcomers should not be intimidated – the trading menu looks simple and intuitive. The client can select a currency pair on the left-hand side. For example, let’s take BTC to USDT exchange. A chart will appear in the center of the page, displaying the market dynamics. The price, the percentage change, and the trade volume for the pair are shown at the top of the page. On the right is a list of open orders and the book of completed deals.

The user can choose an adequate cost of the operation. The exchange form consists of three tabs:

• Limit Trade is worth choosing if the client wants to specify their transaction price. Suppose a client has 1500 USD to exchange for Bitcoin. In the top line of the order, it is necessary to specify how much Tether the user gives. In the bottom line, you need to enter how much BTC is being bought. In the end, press the Buy button and the order will be sent to the trading book.
• Market Trade. This type of transaction allows you not to specify a price – it will be selected from the market offers. In the order, you only need to enter the amount of cryptocurrency to buy.
• Stop Profit/Loss. This option will allow you to make a deal automatically, as soon as the price of interest to the client is formed – Trigger Price. As soon as the Trigger Price is triggered, the exchange will automatically send to the market a filled order with the specified buy or sell price.

Transactions on the sale/exchange of cryptocurrencies in the ProTrade section follow the same mechanics. But there are more options available for working with orders. You can change the parameters of orders already sent or delete them altogether. But the main feature of Pro is the advanced price analysis and speed. Deals with large volumes sent from this section have priority in the order book.

 

Verification on xt.com Platform

Identification consists of three steps. The first one is accessed by all new users who opened an account and confirmed their email address or cell phone number. The first level seriously limits exchange functionality – only small deposits in crypto are available. To expand the limits and get more opportunities, you need to be verified. It is available in profile settings, Real-Name Authentication section. Verification consists of a small questionnaire and the requirement to upload scans:

• First, select the country of citizenship from the drop-down list. The countries in the list are ordered by the first digit of the phone number. Then choose the type of document – ID card, passport, driving license, or other. The latter will be needed for those who live by residence permit, diplomatic, or service documents.
• Enter your first and last name in the Latin alphabet and the document number.
• Upload 3 files: a high-quality photo of the front and back of the document and a photo of yourself holding the document in your hands. In the photo, you should be holding a piece of paper labeled “XT” with the date of the photo and your signature.
• At the bottom of the form, you must specify a security password. This is not a password to enter the account, but a separate code created during registration. Then we send the questionnaire. It takes up to two to three working days to be processed.

 

Deposit and Withdrawal

The balance can be deposited through the Asset menu. If the client wants to deposit to the internal wallet, he should select the Wallet Account item. A list of all available cryptocurrencies appears. Next to each name, there is a Deposit button. The system generates a deposit address for each cryptocurrency. It must be copied and pasted into a third-party wallet where the coins are sent from. You can also use a QR code if you use mobile storage on your smartphone. Funds are credited after three confirmations from the blockchain. Note that each cryptocurrency generates its address and you cannot send other altcoins to it, even if it is technically possible. For example, with ERC20 tokens.

xt.com provides a fiat gateway to use debit and credit bank cards and accounts. It opens in the Buy Crypto menu. In the column “I Want to Spend”, select the card’s currency and specify the amount of recharge. On the right, in the “You will Receive” column, select the cryptocurrency for purchase:

• Bitcoin,
• Ethereum,
• Tether,
• Binance BNB,
• Chainlink,
• Litecoin,
• Ripple.

Users must then specify a payment method and select a service provider. The details of the transaction will appear below with the fees. If you are satisfied with the terms, just tick the box to agree with the rules of the exchange and click “Continue”. The client will be directed to the provider’s page, where they should enter their card or account details and confirm the payment. Withdrawal of assets is possible through the Asset menu. Click on Withdraw, next to the desired cryptocurrency. A withdrawal form will appear. You will need to specify the sending address, transfer amount, and security password. The form will indicate the current fee charged by the exchange. BTC coins arrive at the sending address after three confirmations from the blockchain.

Commission of the Crypto Exchange iksti.com

The basic amount of commission for all users of the exchange – 0.050% maker and 0.200% taker. Payment for replenishing wallets is not charged. The exception may be buying cryptocurrency through a fiat gateway. There the commission is different and depends on the payment method and amount. These funds are not charged by the exchange but by a third-party provider.

How do I get a discount on commissions?

XT.com has commission discounts. To activate them, you need to meet the monthly volume requirements or invite new users through your referral link. The discount system has six levels:

• The first level: the base commission of 0.050% – 0.200% is reduced to 0.040% and 0.160% taker if for the last thirty days, the trader reached the volume of transactions of 0.1 BTC or brought one referral client.
• Second level: 0.035% maker and 0.140% taker, if exceeded 0.5 BTC or invited from 11 referrals.
• Third level: 0.030% – 0.120%, with a volume of 1 Bitcoin or 31 referrals.
• Fourth: 0.025% – 0.100%, volume – 3 BTC or 51 clients.
• Fifth: 0.010% – 0.040%, 5 Bitcoins or 81 referrals.
• Level six: 0.005% and 0.020% commission for traders who have accumulated a volume of eight bitcoins or invited 101 clients.

The starting commission on XT is lower than the market average. Monthly volume requirements are also low. Note that the level is not fixed. If a client trades 3 bitcoins in March, a client will receive a discount for the near future. If a client does not trade in April and does not create volume, a client will return to the starting level.

Withdrawal fees

XT.com does not charge a percentage fee for withdrawals from the exchange. But each transaction is subject to a fixed fee:

• Bitcoin: 0.001 BTC.
• Ethereum: 0.01 ETH.
• Tether: 20 USDT.
• Cardano: 1 ADA.
• Polkadot: 0.1 DOT.
• Ripple: 0.1 XRP.
• Litecoin: 0.05 LTC.
• Dogecoin: 20 DOGE.

Rates are standard for the main destinations. Most exchanges with close volumes charge about 0.001 BTC for Bitcoin payments and 0.01 ETH for Ethereum. Tether withdrawals, on the other hand, are more expensive than competitors. For example, the withdrawal of this stablecoin from the exchange Gate.io will cost 3 USDT.

 

X.T. Bonuses

HT refused to attract new customers through contests and promotions. Now the marketing activity of the company is focused on supporting listed tokens. To this end, the exchange administration launches contests for traders. Such competitions took place on the occasion of the launch of tokens BTCV, MATIC, MASQ, and others. Traders’ contests are usually held for two weeks and according to similar rules:

• During the competition, a new token pair must be traded with Bitcoin or Tether. The trader can make any other trades, but they do not count towards the competition.
• The task is to collect the largest volume for the offered pair. The volume includes both purchases and sales.
• There are usually several winners: from 10 to 15 to 50 participants. They receive free tokens as a reward. These coins can immediately be exchanged for Bitcoin or Tether and withdrawn from the site.

The results of the contests are announced in the news section. The winners get the won tokens to their spot accounts. In parallel XT.com supports cryptocurrency startups by launching periodic contests. Usually, projects based on ERC20 or TRC20 are selected. The startup needs to prepare a whitepaper, official documents, and smart contracts. There are community requirements: at least five thousand members in various social networks. Selected candidates can attract clients from the XT site, and in the future – get a full-fledged free listing on the exchange.

Referral program

Clients can invite other users and receive a portion of the commission for doing so. The number of referrals has an impact on the amount of commission that is charged from the trader. The referral program is available in the Super Partner section. On this page, you can see your link. Send it to your friends, and if they sign up at XT.com, you will receive a percentage of the commission they pay. QR codes and IDs are also available.

 

Complaints about XT

In general, the exchange has a positive reputation. Reviews on the Internet are mostly positive. Users like the low commissions of the site, high liquidity, and the variety of cryptocurrencies available for trading. Of the negative reviews:

• There is no internal exchanger. Not everyone likes to change cryptocurrency on the exchange.
• Replenishment in fiat is available only after verification.
• Document checks are sometimes delayed, up to one week.
• The crediting of funds from the card is delayed. Some users write they waited more than two days for the deposit.

Giving a good score, customers praise the easy-to-use and diverse features offered by the exchange. XT allows depositing cryptocurrency at an interest rate, and the rate is fixed rather than floating, which people also like.

If there are any reviews about XT.com Crypto Exchange, we will publish the information on social networks. Sign up so you won’t miss anything!

Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

 

Regulation of XT.com Crypto Exchange

The operating company is located in the Seychelles. This is a popular jurisdiction for Asian cryptocurrency projects. It allows for tax optimization and international operations. Nevertheless, even the offshore “residence” makes the company follow the rules against money laundering. Therefore, any transactions related to fiat currencies are allowed only after verification.

The management of the exchange undertakes to comply with the laws of the Seychelles, as well as all states where the firm is officially represented. These are Hong Kong, Japan, and South Korea. The crypto exchange is obliged to provide data on its clients, including records of their transactions, at the request of law enforcement agencies in these, as well as in the cooperating states. Users of the exchange with any legal claims must apply to the court exactly at the place of the company’s registration – in the Seychelles.

Read the User Agreement on xt.com

xt.com User Agreement

All clients of the XT cryptocurrency exchange must sign a user agreement. This happens automatically when you open an account on the platform. The full text of the agreement is posted on the official page of the company’s support service at Zendesk. Users of the site agree that they independently and knowingly assume any financial risks associated with cryptocurrency trading. In paragraph 8, the lawyers clearly stated that the company is not obliged to compensate clients for losses in cases:

• When transactions involve violations of the law.
• Financial losses are incurred through the use of any third-party information.
• When the user does not understand the services offered on the site.

If the money was lost the client did not understand how to use the site properly. Also, the company declines responsibility for the loss of cryptocurrency due to technical failures, network equipment, malfunctions or force majeure circumstances. The exchange does not guarantee that all information on the site, including the user’s personal data, cannot be stolen or compromised due to hackers, viruses, or other attacks.

Customer Service

The site has a support service. The main languages of communication are English and Chinese. The helpdesk is available both through email and through the ticket system. XT is also represented in popular social networks.

XT.Com is a Scam?

In our opinion, XT.com is not a scam. This is a large cryptocurrency exchange with high trading volumes. It has been operating since 2018 and has received positive feedback from users. The site has a trust rating of seven on the CoinGecko platform. Experts have praised the high liquidity and technical capabilities of the platform.

The service supports regular listings of new, promising altcoins. Also, developers follow the trends of the cryptocurrency industry and add more features. For example, deposits at interest, a pool for miners, and a gateway for buying cryptocurrency with bank cards.

 

Conclusion

Exchange XT.com is a competitive cryptocurrency exchange. The management understands how to attract new customers. Beginners and mid-level traders are likely to find what this platform offers satisfactory. But there is nothing special about it compared to other competing exchanges. It remains unclear what would cause a large investor to transfer their assets to XT given the presence of Binance, KuCoin, or Gate.io, among others.