Trade XN Review – Facts About TradeXN.Com Broker
Trade XN review is about yet another scam brokerage we discovered. Their visually appealing website may fool an average user, however, we did a deep background check about this Seychelles-based company and we found some dangerous things about them.
This article is a good showcase of why you shouldn’t trust everything you read on the internet, especially when it has to do with you investing money in a shady business.
Regulation and Fund Security at Trade XN
Trade XN claims to be a brand of XN Technologies Limited, based in Seychelles. The company also says it’s not required to hold any licenses for conducting trading business.
This is simply untrue since Seychelles does have a financial authority – FSA. And they particularly point out their presence in Malaysia, Singapore, Myanmar, Japan, Chile, Australia, and the United Arab Emirates.
However, they are completely anonymous. They don’t offer license numbers, and the only way to contact them is via email. A rather modest offer, you will agree. Simply put, Trade XN believes it’s above the law and doesn’t need to comply with the monetary regimes of any country.
Furthermore, the brokerage house offers leverage of up to 1:400 or 1:500, depending on which part of the website you review. However, in the UK and Europe, leverage is limited to 1:30 for retail traders, while in the US the limit is slightly higher and goes to 1:50. Hence, Trade XN has illicit offers regardless of the destination.
Trading Software Available at Trade XN
Trade XN promises some state-of-the-art trading software available for PC, mobile devices, and the web. Since we weren’t able to access the platform, we can’t say whether this is true or not. You should pick brokers that use MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is probably the best platform, along with MetaTrader 5. MetaTrader 4 is a platform for trading Forex, analyzing financial markets, and using Expert Advisors. Mobile trading, Trading Signals, and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience.
MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks, and futures. It offers superior tools for comprehensive price analysis, the use of algorithmic trading applications (trading robots, Expert Advisor). and copy trading.
However, a trading platform doesn’t make a broker good. The regulations do. Since they are unlicensed and we can’t access the platform, talking about this firm is a waste of time.
Deposit and Withdrawal Methods
The only payment method Тradexn.com seems to accept is a wire transfer – or at least this is what they claim. This is not great since bank transfers can rarely be reversed – the chance of getting a chargeback if you have already deposited with this broker is almost non-existent. You can withdraw the money only with that method, as well.
Once you submit a withdrawal request, it will be processed within the same day if your account is in USD or within two business days for other currencies. Additionally, if you wish to withdraw less than $1,000, you’ll have to pay a fee of $30, while for amounts less than 800 EUR, this fee is 16 EUR.
Trade XN Trading Instruments
The company advertises the following tradable assets:
- Currency pairs (Forex Market) such as EUR/USD, GBP/NOK, AUD/SEK
- Commodities – gold, silver, crude oil
- Indices – AU 200, NIKKEI 225, DAX 30
- Cryptocurrencies – USDT, USDC, LTC
Shares are not mentioned. It’s important to note that without platform access, we cannot verify the truthiness of this offer.
How the Fraud Was Carried Out
Scam brokers like Trade XN are all about making a false impression that you are dealing with a credible firm. After that, they count on deceiving people into leaving personal details. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible.
Remember that urgency is always a treacherous sign, so it’s probably a scam if someone is pushing you constantly into making a deposit.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. They will present you with magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back.
As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realize it’s a scam.
Trade XN Summary
Trade XN is a scam broker. They are owned by XN Technologies Limited, based in Seychelles. This broker claim it’s not required to hold any licenses for conducting trading business, which isn’t true since they have a local regulator called FSA. They are unregulated.
This means that brokers registered in that country would not have to meet any specific requirements or be obligated to conduct business in a certain manner. That’s a strong signal that you should stay away from them.
They offer an inaccessible trading platform, and they have the minimum deposit set at $25. Nothing about them is attractive. They are fake.
FAQs About Trade XN
Is Trade XN a Regulated Broker?
Trade XN is not a regulated broker. Dealing with these kinds of companies is highly dangerous.
Is My Money Safe at Trade XN?
Your money can’t be safe when you are dealing with an unlicensed company. They can steal your money and disappear, without any consequences.
What Is The Minimum Deposit at Trade XN?
The minimum deposit is $25. It wouldn’t be a bad offer if we were dealing with a legit enterprise.