TurboXBT Review: Scam Broker, Avoid!

TurboXBT.com is offering illegal short-term trading contracts in Crypto, Forex and CFDs.

The company is basically offering binary options trading but instead referring to their products as “short term trading contracts”.

TurboXBT.com is a new broker with no reputation just yet. Their website surfaced on the internet in June 2021.

We don’t encourage trading or investing with a company that is only a few months old until there is sufficient evidence that they are a reliable investment platform.

The company does not say where they are located. There is no address on their website to identify where they operate out of.

However, our investigations reveal that Turbo XBT may be operating its business out of Iceland.

This information is so difficult for them to produce, yet they ought to know that these are the first steps to building trust for their potential clients.

So today, we’ll provide a quick review of this broker, letting you know why we are against their business practice.

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TurboXBT Review: The overview of the platform

One look at this website will tell you that it is designed to encourage gambling as the platform offers short-term trading that last for a minimum of 1 minute.

While the platform is neat, interactive and user-friendly, it does not inspire enough confidence because this broker has not given us reasons to trust them either.

As a matter of fact, this platform is no different from the usual binary options where clients are required to Call/Put trades in order to make money.

There’s nothing unique that the TurboXBT is offering that other binary options brokers don’t have.

In terms of returns, some trades in the demo suggested that Turbo XBT is giving up to 90% returns on some trades.

You can even play around with the demo of their trading interface on their website without having to log in.

Why Turbo XBT broker is not recommended

From our point of view (and the reason we don’t encourage binary options trading), this platform is just a trading simulator.

With such a trading simulator, the broker is the one that pulls the strings and you dance to their tune. They are not routing your trades into the market like Forex brokers do it.

Ultimately, you will lose all your money because their business model is designed in such a way that the broker makes money when you lose and vice versa.

We assure you that TurboXBT is in business to make money and not to throw away money. They are a casino where suckers go to throw away money in pursuit for the increasingly elusive wins.

That said, you may win a few trades but lose all the profits as quickly as you accummulated them.

Furthermore, the gambling platform that Turbo XBT offers is very addictive. It encourages putting random trades because they only last for 1 minute.

This is why their risk disclaimer says they won’t take responsibility for your losses. The broker already knows that they nobody can consistently make money from their platform.

But they are playing innocent by publishing this warning in the fineprint so that their company can look legitmate.

TurboXBT is not regulated or licensed anywhere

In the European Union, it is illegal to trade binary options. They are banned by ESMA and other local regulators.

In the US, a binary options broker is required to obtain a license. The instruments must be traded from a regulated US exchange.

There are only a few countries (like Australia) that have not banned this gambling just yet.

Keep in mind that TurboXBT is offering its services across the continent with the exception of a few countries only.

Their services target citizens of the European union as well as the UK as a whole.

They are required to obtain a broker’s license from these jurisdictions. Unfortunately their website does not state that they have any license.

No meaningful reviews of this broker on the internet

This broker is very new. Their website does not receive any meaningful traffic. It appears that they don’t have clients just yet.

There are no reviews from real clients to let us know how good or bad their services are.

Our review is based on the judgement that binary options are controversial and secondly, this broker is unregulated and risky to trade with (as it has always been the case with unlicensed brokers).

Until positive reviews start to surface online, we cannot recommend this broker. We can’t even think of advicing the trading community to use a broker that is unregulated.

The Conclusion

TurboXBT is still a risky broker to trade with, notwithstanding their illegal business practice.

They don’t openly publish their address, and their employees or company name is anonymous.

This broker cannot be trusted with a big deposit just yet. We even don’t know whether they’ll process withdrawal requests if you make a good profit since their business model does not encourage wins from the customer’s side.