I. Introduction: A Comprehensive Look at XT.COM

XT.COM, as a comprehensive and global cryptocurrency exchange platform, has rapidly gained a significant position in the digital asset market since its establishment in 2018 in Seychelles. This exchange aims to provide extensive and diverse services in the digital finance space, leveraging advanced technologies to facilitate Bitcoin, Ethereum, and other cryptocurrency transactions. XT.COM’s operational centers are not only located in Seychelles but have also expanded to Europe and other regions worldwide, indicating the global reach of its activities. This geographical and service diversity has made XT.COM a significant player in the cryptocurrency ecosystem.

History and Introduction of XT.COM

The XT.COM exchange was established in July 2018 and is registered under BZ Limited in Seychelles. From the outset, this platform has focused on creating a secure, efficient, and user-friendly trading environment for a wide range of cryptocurrencies. XT.COM’s robust infrastructure is capable of processing millions of transactions per second, which, combined with high liquidity and support for diverse assets, is considered one of its standout features. The exchange has attracted over 7.8 million registered users and more than 1 million monthly active users, making it a powerful player among cryptocurrency exchanges. These statistics indicate that XT.COM has successfully gained the trust of a significant portion of the cryptocurrency community and created a dynamic ecosystem with over 40 million users across its entire ecosystem.

Key Features and Services

XT.COM offers a wide range of services and features that make it appealing to both novice and professional traders:

• Types of Trading: The exchange supports a wide variety of trading options. Users can engage in spot trading for immediate buying and selling of cryptocurrencies, margin trading with up to 20x leverage, futures trading and derivatives for risk hedging or speculation, as well as P2P (peer-to-peer) and OTC (over-the-counter) trading. This diversity in trading options allows users to adopt various strategies tailored to their risk tolerance and investment goals.

• Support for Cryptocurrencies and Trading Pairs: One of XT.COM’s strengths is its extensive support for digital assets. The platform covers over 100 high-quality cryptocurrencies, 500+ tokens, and more than 900 trading pairs. Some sources even mention support for 800+ tokens and 1000+ trading pairs. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Tether (USDT), and many altcoins like Litecoin (LTC), Shiba Inu (SHIB), and Solana (SOL) are tradable on this exchange. This breadth provides numerous trading opportunities for users.

• Other Features:

  • XT NFT: XT.COM has a dedicated NFT marketplace that allows buyers, sellers, creators, and collectors of NFTs to trade digital assets with lower-than-average market fees in a secure platform.

  • Profit-Earning Services: The exchange offers diverse opportunities for earning passive income from cryptocurrencies, including staking, flexible savings, lending, and borrowing. These services are provided with 0% commission on crypto services, which is a competitive advantage.

  • Trading Bots and Copy Trading: XT.COM enables the use of trading bots and copy trading, allowing traders to implement automated trading strategies or replicate the strategies of successful traders.

  • Launchpad and Pre-Sale Market: The exchange also features launchpad sections for initial token offerings and a pre-sale market, providing new investment opportunities for users.

  • Multi-Language Support: To ensure broader global accessibility, XT.COM supports multiple languages, including English, Spanish, Russian, Vietnamese, Korean, Hindi, Turkish, Indonesian, Thai, and Chinese on its website and mobile application. Additionally, Arabic, Georgian, Japanese, Kazakh, Persian, and Urdu are listed as supported languages in the App Store.

Table 1: Summary of **XT.COM**’s Key Features

Global Scale and **Liquidity** Review

XT.COM, by offering a wide range of digital financial services, operates beyond a simple exchange and positions itself as a comprehensive ecosystem. This diversity, which includes spot trading, margin trading, futures, NFT market, and profit-earning services like staking, reflects a calculated strategy to attract and retain users with varying needs. Offering 0% commission for some crypto services is an aggressive approach to attract new users and encourage platform usage. This model allows users to meet all their trading and investment needs in one place, which in turn increases user loyalty and ultimately boosts trading volume and overall liquidity of the exchange.

The high number of registered users (7.8 million) and monthly active users (over 1 million) directly contributes to significant liquidity on the XT.COM platform. High liquidity is crucial for professional traders and arbitrageurs, as it enables the rapid execution of large orders with minimal price slippage. Price slippage, which refers to the difference between the expected price of a trade and the actual executed price, can significantly reduce profitability in low-depth markets. Therefore, XT.COM’s strong liquidity assures traders that they can buy and sell significant volumes without worrying about impacting market prices. Additionally, the high derivatives trading volume (12.7 billion USD per day) indicates significant market depth in this segment, which is highly desirable for more complex trading and arbitrage strategies. This strengthens XT.COM’s potential as a suitable platform for arbitrage due to exploitable price differences and the ability to execute trades quickly.

II. **Fee** Structure and Costs at **XT.COM**

The fee structure of a cryptocurrency exchange is a determining factor in its selection by traders, especially for strategies like arbitrage, where profitability heavily depends on minimizing costs. XT.COM implements a tiered fee model based on a user’s 30-day trading volume or their holdings of the native XT Token.

Trading Fees

• Spot Trading Fees: Trading fees for spot markets on XT.COM range from 0.02% to 0.2%. This range reflects significant discounts that users can benefit from by increasing their trading volume or holding XT Tokens. However, different sources provide varying information about the base spot trading fee. One source lists the base spot fee as 0.2%, while others mention a maker fee of 0.05% and a taker fee of 0.2% for spot trading. These discrepancies may stem from changes in fee policies or differences in source reporting. For example, some sources refer to “zero maker fees” for spot and futures trading, adding complexity to understanding the precise fee structure.

• Futures Trading Fees: For futures trading, the maker fee is 0.01%, and the taker fee is 0.06%. These fees are considered higher compared to some industry leaders. However, the option to use up to 100x leverage in derivatives trading and 0% fees for opening high-leverage positions can be attractive to professional traders.

• Margin Trading Fees: Margin fees on XT.COM range from 0.025% to 0.1%. These fees, like spot fees, vary depending on the user’s level and trading volume.

Deposit and Withdrawal Fees

XT.COM generally does not charge deposit fees for cryptocurrencies. However, this may vary depending on the payment method used for deposits (e.g., credit cards or third-party payment platforms). This policy of no deposit fees is an advantage for users, as it reduces the initial cost of entering the platform.

In contrast, withdrawal fees for cryptocurrencies on XT.COM are not fixed and depend on the type of token and the respective blockchain network. This approach is common among cryptocurrency exchanges, as network fees (gas fees) vary for each blockchain and can fluctuate based on network congestion. Unfortunately, precise numerical withdrawal fees for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are not directly provided in the available sources. This requires users to check the official fees page on XT.COM’s website for accurate withdrawal fee information. This lack of direct transparency in sources can be challenging for traders seeking precise cost estimates.

Discounts and Incentive Programs

XT.COM offers significant incentive and referral programs to attract new users and encourage trading activity:

• Referral Bonuses: The exchange has highly generous referral programs. By using referral codes (e.g., AYMOAQ), new users can receive up to 2888 USDT in bonuses and up to 50% fee discounts. This referral program is described as one of the most generous among major exchanges in 2025, including Binance, Bitget, or Bybit. These bonuses and discounts can make a significant difference in initial user profitability.

• Discounts with XT Token: Users holding the native XT Token are eligible for fee discounts. This mechanism, similar to native tokens of other major exchanges (e.g., BNB for Binance or KCS for KuCoin), incentivizes users to hold the exchange’s token and benefit from reduced fees. The XT Token operates on the Ethereum blockchain with the ERC20 standard and, in addition to fee payments, is used for community governance participation and access to exclusive services or promotions. This token also has a 5% transaction tax, designed for ecosystem operational sustainability.

Table 2: **XT.COM** Fee Structure (Spot, Futures, Margin)

Fee Discrepancies and Need for User Verification

The presence of discrepancies in reported spot trading fees across different sources is a critical point that users must note. While one source lists the base spot fee as 0.2%, others report a maker fee of 0.05% and a taker fee of 0.2%, and even “zero maker fees” are mentioned. These discrepancies may indicate dynamic changes in the fee structure or differences in the timing and accuracy of source reporting. Additionally, the lack of direct provision of withdrawal fees for major cryptocurrencies like Bitcoin, Ethereum, and Tether in available sources reinforces the need for users to check the official fees page on XT.COM’s website for accurate and up-to-date fee information. This is especially critical for arbitrageurs, whose profitability heavily depends on minimizing costs. An arbitrage trader must be able to calculate transaction costs with high precision to ensure the profitability of their strategy. Therefore, emphasizing direct verification of information from the exchange’s official source is an essential recommendation for users.

Analysis of User Acquisition Strategy Through Discounts

XT.COM’s highly generous referral program, offering up to 2888 USDT in bonuses and up to 50% fee discounts, reflects an aggressive and strategic marketing approach to rapidly attract new users. This level of bonuses and discounts, which stands out even compared to larger exchanges like Binance, Bitget, and Bybit, can significantly enhance the profitability of transactions for new users. For the exchange, these initial discounts are an investment in growing its user base and increasing trading volume. By attracting more users, the overall liquidity of the exchange increases, which in turn provides a better trading experience for all users and creates more opportunities for traders and arbitrageurs. This strategy not only aids in user acquisition but also contributes to the long-term sustainability and growth of the exchange. This approach demonstrates that XT.COM aims to establish a strong competitive advantage through customer-centric and incentive-driven policies.

III. Security and Credibility of **XT.COM** Exchange

Security and credibility are two fundamental pillars for any cryptocurrency exchange, as users entrust their digital assets to these platforms. XT.COM has implemented multiple security measures to protect users’ funds and information, but its track record in this area is not without challenges.

Advanced Security Measures

XT.COM claims to use industry-leading security technology and 24/7 platform monitoring to provide comprehensive protection for assets. These measures include DDoS protection to prevent service disruptions, cold wallet storage to keep the majority of assets offline and out of hackers’ reach, multi-signature technology to enhance transaction security, and two-factor authentication (2FA) for account logins. Additionally, XT.COM employs a three-private-key security structure to add an extra layer of safety. The exchange has also introduced anti-phishing features by setting unique codes in emails, allowing users to verify the legitimacy of messages and protect against phishing attacks. Real-time monitoring systems are also in place to detect and respond quickly to irregular activities on the platform.

XT.COM’s overall security score by CER.live is BBB with a 76% rating. This score includes 100% for penetration tests and 100% for the bug bounty program, indicating the exchange’s commitment to identifying and addressing vulnerabilities through collaboration with security experts. However, its server security score is 74/100, and user security is 94/100, suggesting that while technical aspects like penetration testing are strong, there may be room for improvement in some implementation details or user education.

Proof of Reserves and Transparency

XT.COM claims to have 100% proof of reserves, which is a significant strength for transparency and user trust. The platform uses Merkle Tree technology to verify its total reserves. This system allows users to instantly verify the financial proof provided by the exchange and ensure that XT.COM’s on-chain assets are sufficient to cover all user assets on the exchange and meet all redemption obligations.

XT.COM maintains a 1:1 reserve ratio for all user assets on its platform and publishes regular proof of reserves reports to ensure full transparency. For example, as of May 27, 2025, the reserve ratio for Bitcoin (BTC) was 122.60%, Ethereum (ETH) was 120.46%, and USDC was 129.66%, all indicating sufficient reserves. This system allows users to verify their assets in the Merkle Tree and review total user assets through authorized third-party auditing firms. This approach, if independently and regularly audited, can significantly enhance user trust.

Review of Past Security Incidents (November 2024 Incident)

Despite its security measures and claims of proof of reserves, XT.COM faced a security incident in November 2024. During this incident, XT.COM reported an “abnormal asset transfer” from the platform’s wallets, leading to a temporary suspension of withdrawals. Blockchain security firm PeckShield claimed that approximately 1.7 million USD in cryptocurrencies (including 12 different tokens) were compromised in this incident, with the funds later converted to Ethereum.

XT.COM initially described the incident as “wallet upgrades and maintenance” but later confirmed the “abnormal transfers” and initiated investigations. The exchange emphasized that the stolen funds were from its own reserves, not user funds, and assured that it maintains 1.5 times the reserves of user assets to ensure their safety. The likely cause of this incident was a compromised private key, highlighting the importance of private key security in blockchain security strategies. Following the incident, XT.COM planned to implement Merkle Tree proof of reserves by mid-December to enhance transparency and restore trust after a significant security event.

Regulatory Status

XT.COM is registered in Seychelles under BZ Limited and holds an MSB (Money Services Business) registration. The exchange implements KYC/AML (Know Your Customer/Anti-Money Laundering) policies, which are essential for preventing illegal activities and complying with global regulations.

However, XT.COM lacks extensive and recognized regulatory oversight in many major jurisdictions. This lack of oversight raises concerns about the exchange’s credibility and long-term sustainability. For instance, the Financial Conduct Authority (FCA) in the United Kingdom has designated XT.COM as an “unauthorized firm.” This means XT.COM lacks the necessary license to provide financial services in the UK, and UK users are not protected by regulatory safeguards when using the platform.

Additionally, the Autorité des marchés financiers (AMF) in Quebec, Canada, has taken legal action against XT.COM for providing services without proper licensing. The AMF classified XT.COM’s services, including cryptocurrency contracts, NFTs, savings accounts, and staking programs, as “investment contracts” or “derivatives” under Quebec law. This classification indicates that XT.COM’s services are considered regulated financial instruments in this region, requiring specific licenses. The AMF imposed a 2,000,000 CAD fine and issued a cease-and-desist order for operations related to securities and derivatives. These regulatory actions highlight significant challenges XT.COM faces in major markets, which could impact its accessibility and credibility globally.

Review of Discrepancies in Proof of Reserves and Transparency

While XT.COM refers to “100% proof of reserves” and provides details on its Merkle Tree implementation for verifying assets, CER.live explicitly states that XT.COM has “no audited proof of reserves.” This discrepancy in reporting indicates a significant gap in understanding the exchange’s transparency. This means that while XT.COM has an internal system for proof of reserves and publishes it regularly, it may not be fully “audited” by an independent third party as validated by CER.live. This difference in the definition of “audit” can impact the public perception of the exchange’s credibility and transparency. For users, this means they should be cautious that an internal “proof of reserves,” while a positive step, differs from a comprehensive “independent audit” conducted by a reputable third party. An independent audit provides an additional layer of assurance for users.

Analysis of Crisis Management and Impact on Credibility

The November 2024 incident and the 1.7 million USD theft from XT.COM’s hot wallets revealed a serious security vulnerability, likely due to a compromised private key. XT.COM’s initial response, describing the incident as “maintenance” rather than an “abnormal transfer,” could damage user trust, as full transparency in such situations is critical. However, the exchange’s emphasis that user funds were safe and that it maintained 1.5 times the reserves for user assets, along with the decision to implement Merkle Tree proof of reserves post-incident, demonstrates an effort to restore trust and enhance transparency in the future. This incident serves as a reminder that even with robust security measures, no centralized exchange is entirely immune to attacks. The management of the crisis and subsequent corrective actions, such as implementing Merkle Tree PoR, are critical for assessing the exchange’s long-term credibility. Users should always consider the inherent risks associated with holding funds on centralized exchanges and, where possible, use personal wallets for long-term asset storage.

Analysis of Lack of Extensive Regulatory Oversight and Its Implications

The “unauthorized firm” label by the FCA in the UK and legal actions by the AMF in Quebec, Canada, indicate a lack of necessary regulatory licenses for XT.COM in some key jurisdictions. This issue is not just about restricted access in those regions but has broader implications. The AMF’s classification of XT.COM’s services as securities or derivatives could serve as a precedent for other regulators worldwide, potentially leading to similar restrictions in other countries. The lack of extensive regulatory oversight and specific legal actions increase legal and operational risks for users. This situation could result in sudden service restrictions, account freezes, or even cessation of operations in certain regions, without users having necessary legal protections. Users, particularly those in jurisdictions with strict regulations, should be aware of these risks and consider their impact on asset security and service accessibility.

IV. Registration Conditions and Geographical Restrictions of **XT.COM**

The registration and KYC (Know Your Customer) processes in cryptocurrency exchanges play a crucial role in determining user access and the level of services provided. XT.COM is no exception and has specific policies in this regard.

Registration and KYC Process

The registration process on XT.COM is described as simple and user-friendly. Like many legitimate financial platforms, the exchange implements KYC/AML (Know Your Customer/Anti-Money Laundering) policies to prevent illegal activities such as money laundering and terrorism financing.

• Trading Without KYC: One of XT.COM’s appealing features for some users is the ability to deposit, trade, and withdraw cryptocurrencies without completing the full KYC process. However, this comes with restrictions:

  • The daily withdrawal limit for unverified users is capped at 200,000 USDT.

  • For withdrawals from a new IP address or to a new withdrawal address, the daily withdrawal limit is reduced to 70,000 USDT, and the per-transaction limit is 10,000 USDT.

  • Users who have not yet conducted any financial transactions on XT.COM face an initial deposit limit of 5,000 USDT. These restrictions are in place to manage risk and prevent abuse of unverified accounts.

• Benefits of Completing KYC: Completing the KYC process on XT.COM provides significant benefits, including access to features like P2P trading and a substantial increase in withdrawal limits. The daily withdrawal limit for verified users increases to 10 million USDT, and for enterprise users, it rises to 15 million USDT. These figures highlight a significant difference in trading capabilities between verified and unverified accounts.

• General KYC Steps: The KYC process typically involves collecting and verifying the following information:

  • Personal Information: Full name, date of birth, and residential address.

  • Proof of Address: An official document such as a utility bill or bank statement to verify the residential address.

  • Government ID: A government-issued identification document such as a passport or driver’s license to verify identity and legal age.

  • Selfie or Video: Some exchanges may request a selfie or video to confirm that the user is the legitimate owner of the identification document.

  • Some exchanges may also request information about the source of funds or the purpose of cryptocurrency transactions for further risk assessment.

Supported Countries and Restrictions

XT.COM does not officially provide a comprehensive public list of restricted countries in its terms of service or legal documents. This lack of transparency can be challenging for users in various regions worldwide. However, evidence and regulatory actions indicate that the exchange faces restrictions in certain areas.

• Official and Unofficial Restrictions:

  • Canada (Quebec): As mentioned earlier, the Autorité des marchés financiers (AMF) in Quebec, Canada, has taken legal action against XT.COM for providing services without proper licensing and issued a cease-and-desist order. This is an official and legal restriction prohibiting XT.COM’s operations in this region.

  • United Kingdom: The Financial Conduct Authority (FCA) has designated XT.COM as an “unauthorized firm.” This means XT.COM lacks the license to operate in the UK, and UK users are not protected by regulatory safeguards when using the platform.

  • Iran and Other Countries: While XT.COM does not publish an official list of restricted countries, some sources mention restrictions for countries like Iran, Cuba, North Korea, and Syria due to “payment complexities.” Additionally, global cryptocurrency regulations indicate that in countries like Iran, China, Egypt, and Morocco, cryptocurrencies are either illegal or face banking prohibitions. This situation could indirectly affect XT.COM’s ability to provide services in these regions, even if not explicitly listed in XT.COM’s official documents.

Status of **Iranian** Users on **XT.COM**

A critical point for Iranian users is their status on XT.COM. According to available information, XT.COM does not provide KYC services to Iranian citizens. This means Iranian users cannot complete the full KYC process on this exchange. However, some sources indicate that registration with an Iranian phone number and connecting to the exchange with an Iranian IP is “apparently without issue.” This situation creates a gray area that could carry significant risks for Iranian users.

Review of Risks of Operating Without KYC and in Restricted Regions

Operating on a cryptocurrency exchange without completing the KYC process, especially for users in countries subject to regulatory restrictions, comes with significant risks. For XT.COM and Iranian users, these risks can be examined as follows:

• Risk of Account Suspension and Loss of Funds: Since XT.COM does not provide KYC services to Iranians, accounts of Iranian users operating without KYC may be suspended at any time without prior notice. This could lead to loss of access to funds, especially if the exchange decides to enforce stricter AML/KYC regulations or faces regulatory pressure. The lack of full KYC puts the exchange in a position to potentially freeze accounts for non-compliance with internal or international regulations.

• Withdrawal and Transaction Limits: Even if accounts are not suspended, users without KYC face significant withdrawal limits (200,000 USDT daily). These limits may be highly restrictive for high-volume traders or arbitrageurs who need to move large amounts of assets quickly. Additionally, specific restrictions for new IPs or new withdrawal addresses can slow down and complicate the withdrawal process.

• Lack of Legal Support: In case of issues (e.g., account hacks, withdrawal problems, or trading disputes), users without KYC or those operating in restricted regions will not have access to necessary legal protections. The exchange may refuse to provide support or refund funds due to non-compliance with regulations. Regulatory actions like the 2 million CAD fine by the AMF in Quebec and the FCA warning highlight the seriousness of these restrictions and their implications for both the exchange and users. These actions put the exchange in a position where it may need to tighten policies for users without KYC or from high-risk regions to maintain its licenses elsewhere.

• Increased Security Risks: Operating without KYC may expose users to higher security risks. Although XT.COM has robust security measures, accounts without KYC may be easier targets for cyberattacks due to fewer verification processes.

• Sanction-Related Implications: For Iranian users, using international exchanges that do not provide KYC services or are listed under sanctions could have sanction-related consequences. This could include asset freezes by international entities or further restrictions on access to global financial services. Information indicating that Nobitex, a domestic Iranian exchange, is recognized as a “critical infrastructure for sanction evasion” and faced a 90 million USD hack highlights the complexity and risks of the cryptocurrency space in Iran, emphasizing the need for users to proceed with utmost caution.

Given these risks, Iranian users intending to use XT.COM should make decisions with full awareness of the limitations and potential risks. It is recommended to avoid investing large sums in non-KYC accounts and always seek ways to mitigate risks associated with non-compliance with regulations.

V. Review of **XT.COM**’s Capabilities for **Arbitrage**

Arbitrage in the cryptocurrency market is an attractive trading strategy that allows traders to profit from price differences of a digital asset across different exchanges or markets. This strategy is based on the principle of buying an asset at a lower price in one market and simultaneously selling it at a higher price in another market.

Concept of **Arbitrage** in the **Cryptocurrency** Market

Arbitrage in cryptocurrencies occurs when an investor can profit by buying and selling a cryptocurrency simultaneously in two different markets. For example, if Bitcoin is traded at 50,000 USD on exchange “A” and 50,200 USD on exchange “B,” an arbitrageur can buy Bitcoin from exchange “A” and sell it simultaneously on exchange “B” to earn a 200 USD profit.

There are various types of arbitrage in the cryptocurrency market:

• Inter-Exchange Arbitrage: The most common type, involving buying and selling a cryptocurrency on two different exchanges to exploit price differences.

• Triangular Arbitrage: Exploiting price differences between three different cryptocurrencies within a single exchange.

• Statistical Arbitrage: Using mathematical models and advanced algorithms to identify arbitrage opportunities based on statistical correlations between assets. This method typically requires intelligent bots to execute a large number of transactions in fractions of a second.

• Decentralized Arbitrage: Exploiting price differences between centralized and decentralized exchanges (DEXs).

The primary advantage of arbitrage is that it does not require long-term price predictions or analysis of cryptocurrencies, and its risk is considered lower compared to other trading strategies. However, success in arbitrage heavily depends on speed, precision, and sufficient capital.

Role of Speed, Precision, and Professionalism in **Arbitrage**

Speed, precision, and professionalism are three critical elements for success in the arbitrage strategy in the cryptocurrency market. Arbitrage opportunities are typically fleeting, appearing and disappearing in fractions of a second. Therefore, the ability to quickly identify these opportunities and execute trades immediately is absolutely essential. Any delay, whether in identifying price differences or executing orders, can lead to missed opportunities or even losses.

Precision is equally important. Arbitrageurs must be able to accurately calculate potential profits after deducting all fees (trading, deposit, and withdrawal). A miscalculation can turn a profit into a loss. Additionally, precision in entering order details and wallet addresses is critical to avoid costly errors.

Professionalism in arbitrage often means using advanced and automated tools. Given the high speed of the market and the volume of information, manual arbitrage is almost impossible. Therefore, professional traders rely on arbitrage bots and intelligent platforms that can automatically monitor prices across multiple exchanges, identify opportunities, and execute trades in fractions of a second. These bots can operate 24/7 and use complex algorithms to optimize profits and manage risks.

**XT.COM**’s API and Infrastructure Capabilities for **Arbitrage**

For a professional arbitrageur, access to a robust and efficient API (Application Programming Interface) is of utmost importance. XT.COM meets this need by providing Rest API and WebSocket API.

• Rest API: Recommended for conducting trading activities and withdrawals. This API enables rapid submission of buy and sell orders and account management, which is critical for executing arbitrage trades after identifying opportunities.

• WebSocket API: Recommended for receiving live market data and order book depth in real-time. WebSocket provides stable, low-latency communication, essential for identifying price differences in fractions of a second, a critical element for arbitrage. This API allows access to Level 1 data (best bid and ask prices) and Level 2 data (market depth at various price levels), which are necessary for analyzing liquidity and identifying more complex arbitrage opportunities.

XT.COM also provides an API for automatic data synchronization with platforms like Catax. This API can send transaction details, cryptocurrency costs, and real-time value updates to external platforms. This capability is highly useful for arbitrageurs who need precise tracking of profits and losses and preparation of tax reports. The ability to receive real-time data and execute transactions quickly through the API makes XT.COM a suitable platform for implementing automated arbitrage strategies.

Smart **Arbitrage** Platforms and Bots (e.g., **Soodjoo**)

As mentioned, success in arbitrage heavily depends on speed and automation. Therefore, smart arbitrage platforms and bots play a key role in this strategy. Although no direct information about a platform named “Soodjoo” was provided in the sources, the general concept of arbitrage bots is fully covered.

Arbitrage bots are software programs that automatically perform arbitrage trades without human intervention. These bots connect to multiple exchanges (via API), compare cryptocurrency prices, identify price differences, and profit by buying on one exchange and selling on another.

Some of the most popular and widely used cryptocurrency arbitrage bots include:

• 3Commas: One of the most popular trading bots, supporting over 14 major foreign exchanges and enabling automatic identification and execution of arbitrage trades with high speed.

• Cryptohopper: A professional trading bot that, in addition to arbitrage, offers multiple features for automated trading and uses AI algorithms to identify opportunities.

• HaasOnline: An advanced bot for professional traders, supporting cutting-edge technologies and intelligent algorithms for exploiting arbitrage opportunities across various markets.

• Coinrule: A user-friendly bot suitable for both novice and professional traders, connecting to multiple major foreign exchanges like Binance, Coinbase, KuCoin, and Kraken without requiring coding.

• Bitsgap: Supports arbitrage trading with cryptocurrencies and fiat currencies and is integrated with AI.

• Arbitrage.Expert and ArbitrageScanner.io: Specialized arbitrage platforms using advanced algorithms to calculate the best arbitrage paths.

These bots connect to exchange APIs, receive real-time data, and execute trades with high speed and precision. This allows arbitrageurs to capitalize on fleeting opportunities and maximize profitability. However, choosing a reputable arbitrage bot and ensuring it is not a scam is critical.

Challenges of **Arbitrage** in Domestic **Iranian** Exchanges

Arbitrage in domestic Iranian exchanges faces unique challenges that can significantly impact the profitability of this strategy. The most significant issue is the “waiting time for asset transfers between two domestic exchanges.” Due to the slowness and time-consuming nature of transferring cryptocurrencies between domestic exchanges, arbitrage opportunities are practically lost. This delay can stem from technical limitations, manual processes, or high transaction volumes on the network. As a result, even if a suitable price difference is observed between two domestic exchanges, by the time the asset transfer is completed, prices may change, and the opportunity may be lost.

Additionally, domestic Iranian exchanges may lag behind international exchanges in terms of liquidity and market depth. This can lead to greater price slippage when executing large orders, reducing arbitrage profits. Furthermore, legal and regulatory restrictions in Iran, including banking prohibitions for cryptocurrency transactions and KYC challenges, can create further complexities for arbitrageurs. For example, Nobitex, one of the largest domestic exchanges, faced a 90 million USD hack in June 2025 and is recognized as a “critical infrastructure for sanction evasion,” highlighting security and legal risks for domestic users. These issues make arbitrage in Iran’s domestic space a high-risk and low-profit strategy, increasing the need for fast and precise international platforms for arbitrageurs.

Evaluation of **XT.COM** for **Inter-Exchange Arbitrage**

Given the requirements for speed, precision, and access to real-time data for arbitrage, XT.COM has high potential for this strategy.

• High Liquidity: XT.COM boasts significant liquidity, especially in spot and derivatives markets. The high daily trading volume, particularly 12.7 billion USD in derivatives, indicates market depth and the ability to execute large orders with minimal price slippage. This feature is critical for arbitrageurs, as it allows them to exploit price differences without impacting market prices.

• Robust API Infrastructure: Providing Rest API for trade execution and WebSocket API for real-time market and order book data makes XT.COM a suitable option for developing and implementing arbitrage bots. These APIs enable access to precise price, volume, and market depth data in real-time, which is essential for identifying arbitrage opportunities.

• Diverse Trading Pairs: Supporting over 900 to 1000 trading pairs significantly increases the number of potential arbitrage opportunities. The more trading pairs available, the higher the likelihood of finding exploitable price differences.

• Deposit and Withdrawal Speed: Although precise settlement and withdrawal times for all cryptocurrencies are not available in the sources, the platform’s overall speed and ability to process withdrawals quickly after coin listings can be important for arbitrageurs. However, it should be noted that withdrawal speed depends on blockchain network congestion and internal exchange processes.

• Competitive Fees (with Discounts): XT.COM’s trading fees, especially with XT Token discounts or referral codes, can be competitive. For arbitrageurs, lower fees translate to higher net profits. However, discrepancies in reported fees and lack of full transparency in withdrawal fees require arbitrageurs to carefully review all costs on the official website before starting activities.

Given these factors, XT.COM has good potential for inter-exchange arbitrage due to its high liquidity, robust API infrastructure, and diverse trading pairs. However, arbitrageurs must carefully review fees and ensure the speed of deposits and withdrawals for their target assets. Additionally, the regulatory and security risks mentioned earlier should be considered.

VI. Comparison of **XT.COM** with Domestic **Iranian** Exchanges

Comparing XT.COM with domestic Iranian exchanges like Nobitex, Wallex, and Ramzinex is crucial for Iranian users seeking the best platform for cryptocurrency trading, especially arbitrage. This comparison highlights key differences in accessibility, fees, security, and other features.

Comparison with **Nobitex**

Nobitex, established in 2017, has quickly become one of the largest and most widely used cryptocurrency exchanges in Iran.

• History and Credibility: Nobitex began operations in 1396 (2017) and has attracted over 2 million users. It positions itself as a knowledge-based company with its headquarters in Tehran.

• Fees: Nobitex has a tiered fee structure based on 30-day trading volume, with trading fees ranging from 0.2% to 0.35%. Crypto withdrawal fees vary by token; for example, 0.00025 BTC for Bitcoin and 0.002 ETH for Ethereum. Fiat withdrawal fees are 0.1% of the withdrawal amount, with a minimum of 4000 IRR and a maximum of 9500 IRR per 100 million IRR.

• Security and Past Incidents: Nobitex employs security features like two-factor authentication and dedicated wallets. However, in June 2025, Nobitex faced a 90 million USD hack, raising questions about its security credibility. Additionally, Nobitex is recognized as a “critical infrastructure for sanction evasion” and has ties to individuals associated with the Iranian regime, increasing legal and sanction-related risks for both international and domestic users.

• Supported Cryptocurrencies and Trading Pairs: Nobitex supports popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and Tether with fiat (IRR) and Tether bases. In total, 259 cryptocurrencies are tradable on Nobitex.

• Settlement and Withdrawal: Fiat withdrawals for users purchasing cryptocurrencies for the first time are processed after 24 hours. Nobitex lacks instant settlement.

• Customer Support: Nobitex offers online support.

• Limitations and Risks: The main issue for arbitrage on Nobitex is the slow transfer of assets between domestic exchanges, which eliminates arbitrage opportunities. The recent hack and sanction-related ties also pose significant security and legal risks.

Comparison with **Wallex**

Wallex is another prominent Iranian cryptocurrency exchange offering diverse services.

• History and Credibility: Wallex is recognized as a centralized exchange with a wide range of trading features.

• Fees: Wallex also has a tiered fee structure based on 30-day trading volume. Spot trading fees are determined for fiat (IRR) and Tether bases. Crypto deposit fees are zero. Crypto withdrawal fees depend on the token type. Wallex also charges 0.25% for futures trading and 0.1% (fiat base) and 0.05% (Tether base) for trading bots.

• Security: No specific information about security incidents at Wallex is available in the sources.

• Supported Cryptocurrencies and Trading Pairs: Wallex supports over 870 cryptocurrencies and more than 1000 trading pairs, making it one of the domestic exchanges with the highest number of supported assets.

• Settlement and Withdrawal: Precise information on settlement and withdrawal times is not available in the sources, but domestic exchanges generally face challenges with slow processing in this area.

• Customer Support: Wallex offers online support.

• Limitations and Risks: Like Nobitex, Wallex faces the issue of slow asset transfers between domestic exchanges for arbitrage.

Comparison with **Ramzinex**

Ramzinex, a reputable Iranian exchange operating since 1397 (2018), positions itself as one of the largest peer-to-peer trading platforms in Iran.

• History and Credibility: Ramzinex has not reported any hacks or money laundering incidents since 1397. It supports over 130 cryptocurrencies.

• Fees: Ramzinex’s trading fees depend on monthly trading volume and the user’s role (maker/taker), ranging from 0.07% to 0.25%. Crypto deposit fees are zero. Crypto withdrawal fees are calculated based on blockchain costs and vary by cryptocurrency; for example, 0.0002 BTC for Bitcoin and 0.0011 ETH for Ethereum. Fiat withdrawal fees are 0.1% of the withdrawal amount, with a minimum of 4000 IRR and a maximum of 9500 IRR per 100 million IRR.

• Security: Ramzinex supports security features like two-factor authentication and claims no reported hacks or money laundering incidents.

• Supported Cryptocurrencies and Trading Pairs: Ramzinex supports 259 tradable cryptocurrencies.

• Settlement and Withdrawal: Ramzinex lacks instant settlement.

• Customer Support: Ramzinex provides 24/7 online support and in-person support in Tehran.

• Limitations and Risks: Like other domestic exchanges, Ramzinex faces challenges with slow asset transfers between exchanges for arbitrage. The lack of support for a Bitcoin base currency is also noted as a drawback.

Table 3: Comparison of **XT.COM** with Domestic **Iranian** Exchanges (**Nobitex**, **Wallex**, **Ramzinex**)

Analysis of Key Differences and Implications for **Iranian** Users

Comparing XT.COM with domestic Iranian exchanges reveals fundamental differences with significant implications for Iranian users:

• Accessibility and KYC: The primary difference lies in accessibility and the KYC process. Domestic exchanges like Nobitex, Wallex, and Ramzinex require KYC for full activity and operate legally within Iran. In contrast, XT.COM does not provide KYC services to Iranians. This means Iranian users cannot fully verify their identity on XT.COM, resulting in greater withdrawal limits and security and legal risks. This situation creates a gray area where Iranian users, despite being able to register and connect with an Iranian IP, are constantly at risk of account suspension or loss of funds.

• Fees: While XT.COM’s spot fees (with discounts) can be competitive, domestic exchanges also have tiered and variable fees. However, the lack of full transparency in XT.COM’s withdrawal fees compared to more detailed information provided by domestic exchanges can be challenging for Iranian users seeking precise cost estimates.

• Security and Credibility: Both categories of exchanges have faced security challenges. XT.COM experienced a 1.7 million USD incident in November 2024, while Nobitex faced a 90 million USD hack in June 2025. These incidents indicate that no platform is entirely immune, and users must always consider inherent risks. However, Nobitex’s sanction-related ties as a “critical infrastructure for sanction evasion” add an extra layer of complexity and risk for Iranian users.

• Settlement Speed and Arbitrage: One of the most significant differences for arbitrageurs is the speed of settlement and asset transfer. Domestic Iranian exchanges practically eliminate arbitrage opportunities due to slow asset transfers between them. In contrast, XT.COM, with its robust API infrastructure and high liquidity, offers better potential for inter-exchange arbitrage (with other international exchanges). For Iranian users seeking arbitrage, XT.COM (despite KYC risks) may be more attractive due to faster transaction speeds and greater liquidity compared to domestic exchanges.

• Services and Asset Diversity: XT.COM surpasses domestic exchanges in offering more diverse services (e.g., NFT market, 0% commission staking, advanced copy trading) and supporting a significantly higher number of cryptocurrencies and trading pairs, providing more investment and trading opportunities.

Overall, Iranian users must balance between legal access and domestic support (with speed and diversity limitations) and high-risk/unofficial access to international platforms (with advantages in speed, liquidity, and diversity). The choice of platform should consider individual risk tolerance, trading needs, and full awareness of potential consequences.

VII. Comparison of **XT.COM** with Other International Exchanges

To understand XT.COM’s position in the global cryptocurrency market, comparing it with some of the largest and most recognized international exchanges like Binance, KuCoin, and Bybit is essential. This comparison highlights XT.COM’s strengths and weaknesses against its main competitors.

Comparison with **Binance**

Binance is recognized as the largest cryptocurrency exchange globally in terms of trading volume and user base.

• Credibility and Trading Volume: Binance ranks first globally and processes an immense trading volume, providing unparalleled liquidity. XT.COM, despite a significant trading volume (over 1.1 billion USD daily and 12.7 billion USD in derivatives), is not among the top 5 exchanges in CoinMarketCap rankings and is smaller in overall scale compared to Binance. This difference in scale can affect market depth and arbitrage opportunities.

• Fees: Binance is renowned for having some of the lowest fees in the industry, with a spot fee of 0.1% and even zero for some Bitcoin trading pairs on Binance.US. Users paying fees with BNB (Binance’s native token) can benefit from further discounts. XT.COM also offers competitive fees (0.02% to 0.2% for spot) and discounts with XT Token. However, the lack of full transparency in XT.COM’s withdrawal fees (not available in sources) compared to Binance, which provides more detailed withdrawal fee information (though not fully specified in our sources), can be a drawback.

• Settlement and Withdrawal Time: Binance claims near-instant crypto deposits and withdrawals, but in practice, processing times can vary from minutes to days depending on network congestion. XT.COM also has good speed for deposits and withdrawals, but precise settlement times for major cryptocurrencies are not publicly specified in available sources.

• Customer Support Response Speed: Binance is known for 24/7 customer support via live chat with a very low wait time (approximately 20 seconds). XT.COM also offers 24/7 support through live chat and email, but some users have reported slow response times and inadequate responses. This difference in support speed can be critical for traders, especially arbitrageurs who need quick issue resolution.

• Security: Both exchanges have robust security measures. Binance uses cold storage and two-factor authentication. XT.COM employs DDoS protection, cold storage, multi-signature, and 2FA. Binance has experienced major hacks in the past, but XT.COM faced a 1.7 million USD incident in November 2024. Binance has regulatory licenses in many countries, while XT.COM faces warnings from the FCA and legal actions from the AMF in Canada.

Comparison with **KuCoin**

KuCoin is another popular exchange known for its diverse altcoins and competitive fees.

• Credibility and Trading Volume: KuCoin is one of the largest exchanges, with about a quarter of traders using it. XT.COM also has a large user base, but KuCoin may have greater market depth in some markets.

• Fees: KuCoin has very low trading fees, with a base spot fee of 0.1%. Users holding KCS (KuCoin’s native token) can receive up to 20% fee discounts, and maker fees for higher levels can be zero or negative. This fee structure makes KuCoin one of the most cost-effective exchanges. XT.COM also has competitive fees, but KuCoin’s KCS discount structure is highly attractive. KuCoin’s deposit fees are zero, and its withdrawal fees are low and variable.

• Settlement and Withdrawal Time: Crypto withdrawals from KuCoin typically take about 30 minutes, but for larger amounts or during network congestion, it may take 2-3 hours. This timing is acceptable for arbitrageurs. XT.COM also has good speed, but precise timing is not available in sources.

• Customer Support Response Speed: KuCoin offers 24/7 customer support via online chat and tickets. Response times for live chat are usually fast, but email responses can take up to 9.5 hours (industry average).

• Security: KuCoin prioritizes security through KYC, two-factor authentication, trading passwords, and collaboration with Onchain Custodian for asset storage. XT.COM has similar security measures.

Comparison with **Bybit**

Bybit is a popular exchange for derivatives and margin trading.

• Credibility and Trading Volume: Bybit ranks second globally in trading volume and is known for its high-speed matching engine. This volume and speed are highly desirable for arbitrageurs. XT.COM also has significant derivatives trading volume, but Bybit leads in overall volume and ranking.

• Fees: Bybit’s trading fees vary by product and VIP level. For Perpetual Pre-Market trading, the maker fee is 0.04%, and the taker fee is 0.1%. These fees are higher in some cases compared to XT.COM (0.01% maker and 0.06% taker for futures), but Bybit offers VIP-based discounts. Crypto withdrawal fees at Bybit are fixed and depend on the blockchain.

• Settlement and Withdrawal Time: Crypto withdrawals from Bybit typically take about 15 minutes for standard transactions but may extend to several hours during network congestion. Withdrawal limits depend on KYC level; unverified users have a 20,000 USDT daily limit, while fully verified users have up to 30 million USDT. XT.COM also has tiered withdrawal limits.

• Customer Support Response Speed: Bybit offers 24/7 customer support via live chat with a claimed response time of 1 minute, a significant advantage for traders.

• Security: Bybit employs standard security measures. However, in January 2025, Bybit halted withdrawal and custody services for French citizens due to regulatory changes, indicating that even major exchanges face regulatory challenges similar to XT.COM’s issues in Quebec and the UK.

Table 4: Comparison of **XT.COM** with International Exchanges (**Binance**, **KuCoin**, **Bybit**)

Analysis of **XT.COM**’s Position in the Global Market

Compared to giants like Binance, KuCoin, and Bybit, XT.COM positions itself as a large but not necessarily “leading” exchange. It is not among the top 5 exchanges in CoinMarketCap’s overall trading volume rankings, indicating it is smaller in overall scale and market penetration compared to these competitors. This difference in scale can impact overall market depth and liquidity, although XT.COM reports high trading volume in derivatives.

XT.COM’s strengths in this comparison include:

• High Asset Diversity: XT.COM supports a significantly higher number of cryptocurrencies and trading pairs, surpassing some larger competitors. This diversity provides more trading and arbitrage opportunities.

• Competitive Fees (with Discounts): With XT Token and referral program discounts, XT.COM’s fees can be highly attractive.

• Robust API Infrastructure: Offering Rest and WebSocket APIs for automated trading and real-time data access makes XT.COM suitable for arbitrageurs.

• Comprehensive Services: Providing additional services like NFT market, staking, lending, and advanced copy trading makes XT.COM a versatile platform.

Weaknesses and challenges include:

• Regulatory Status: The most significant challenge for XT.COM is the lack of extensive and clear regulatory oversight in key jurisdictions. Warnings from the FCA and legal actions by the AMF in Canada indicate legal risks and regulatory uncertainty for users and the exchange itself. In contrast, Binance, KuCoin, and Bybit, despite their challenges, have secured necessary licenses in many regions.

• Security Record: The November 2024 1.7 million USD incident, despite assurances of user fund safety, is a weakness in XT.COM’s security track record.

• Customer Support: Reports of slow response times and inadequate support at XT.COM compared to faster support from competitors like Binance and Bybit are a drawback.

• Withdrawal Fee Transparency: The lack of detailed withdrawal fee information for major cryptocurrencies in XT.COM’s sources, compared to competitors offering clearer data, can be problematic for users.

Overall, XT.COM is a strong option for cryptocurrency traders, especially those seeking diverse assets, competitive fees, and API capabilities for automated trading. However, users must carefully evaluate the regulatory and security risks associated with the exchange and be aware of its limitations and challenges. It can serve as a complementary platform for professional traders seeking arbitrage opportunities in specific markets, but for novice users seeking the highest level of regulatory assurance and support, larger exchanges with longer regulatory compliance records may be preferable.

Final Conclusion and Recommendations

Comprehensive Summary of **XT.COM**

XT.COM, established in 2018 as a global cryptocurrency exchange, offers a comprehensive ecosystem of digital financial services. With support for a wide range of cryptocurrencies and trading pairs, various trading types (spot, margin, futures, P2P, OTC), an NFT market, and profit-earning services like staking and lending, it has attracted a significant user base. Its high liquidity, especially in derivatives, and robust API offerings (Rest and WebSocket) for real-time data and automated trading make XT.COM an attractive option for professional traders and arbitrageurs. Its trading fees, especially with XT Token and generous referral programs, can be highly competitive.

However, XT.COM faces significant challenges. Its security record includes a 1.7 million USD incident in November 2024, although the exchange claims user funds were safe and has implemented Merkle Tree proof of reserves. More critically, the lack of extensive and clear regulatory oversight in key jurisdictions, such as warnings from the FCA in the UK and legal actions by the AMF in Canada, creates significant legal and operational risks for users. KYC services are not provided to Iranian citizens, placing Iranian users in a risky and gray area. Additionally, reports of slow customer support response times exist.

Recommendations for Different Users

• For General and Novice Traders: Although XT.COM has a user-friendly interface and attractive asset diversity, its lack of extensive regulatory oversight and recent security incident may not make it an ideal choice for novices seeking the highest level of assurance and support. It is recommended that novice users consider exchanges with stronger regulatory records and proven customer support.

• For Arbitrageurs and Professional Traders: XT.COM offers good potential for inter-exchange arbitrage due to its high liquidity, diverse trading pairs, and robust API capabilities. Arbitrageurs can leverage its APIs to develop automated trading bots and capitalize on fleeting opportunities. However, thorough review of fees (especially withdrawal fees, which are not fully specified in sources) and continuous monitoring of regulatory and security status are critical. Using risk-tolerable capital and avoiding long-term fund storage on the exchange is recommended.

• For Iranian Users: Given the lack of KYC services for Iranians and associated legal and sanction-related risks, using XT.COM carries significant risks for Iranian users. Although registration and activity with an Iranian IP are possible, this could lead to account suspension or fund loss in the future. It is strongly recommended that Iranian users avoid investing large sums in non-KYC accounts and, if using the platform, only operate with amounts they can afford to lose. Additionally, for arbitrage, they should carefully consider the difference in asset transfer speed between domestic exchanges (which is very slow) and international exchanges.