XpresTrade Review: Reasons You Can’t Trust This Broker
XpresTrade website has a neat layout with orderly presented information about account types and trading conditions, which is all great. But it simply can not compensate for the absence of a legit forex license and the fact that the company behind the whole enterprise is based offshore, which basically makes it virtually anonymous.
To make the long story short, XpresTrade broker appears completely unaccountable for the safety of your funds, not to mention that the website actually bears all the hallmarks of a scam. So let’s take an even deeper look at this investment scam in this XpresTrade broker review.
XpresTrade License and Funds Security
As far as we understand XpresTrade is owned and operated by an opaque company called Signix LTD, based offshore in the Marshall Islands. If you wonder where the Marshall Islands are, they are right in the middle of the Pacific Ocean and the peculiar thing about the local regulatory framework is that it virtually does not exist.
Forex and CFD brokers are not regulated on the Marshall Islands, not to mention that virtually anyone can register a shell offshore company there, which makes the Islands a perfect location for scammers worldwide.
In other words, it means that many scam brokers such as SpresTrade have no actual license or regulation and your money is not safe with them. So, stay away.
XpresTrade Trading Platform Overview
XpresTrade promises a unique and innovative trading platform and they even mention the industry standard MetaTrader4, but in reality, what we actually got was an overly simplified web-based platform.
It hardly features even the basic functionalities readily available with professional platforms like MetaTrader4 and MetaTrader5.
As you can see, it’s pretty standard for all fraudulent brokers to lie about the platform they have. And don’t be surprised to see that many of them also like to manipulate their platforms to make you believe that you are making profits but in reality, they are only scamming you for even more.
Account Types Available at XpresTrade
XpresTrade offers the following account types:
- Classic account $250
- Silver account $10,000
- Gold account $25,000
- VIP account $100,000
- Black account $200,000
Realistically speaking, $250 is not a lot of money when it comes to the investing world. But don’t forget that regulated brokers will let you start as little as $5 or nothing at all. So choose a good broker and don’t waste your time with the XpresTrade scam.
Lastly, this scam broker even failed to provide a demo account for any potential clients.
XpresTrade claims to offer the following deposit methods:
- Visa or Master credit or debit card
- Wire transfers
In reality, this is only possible through some obscure third-party payment provider called “gate.shinepays.com” and that does not seem reassuring at all. Besides, XpresTrade also says that you may fund your trading account with e-wallets like Neteller, Skrill, and Klarna, which however does not seem to be the case, as your only payment option turns out to be the above-mentioned third-party website.
When it comes to withdrawals, you cannot withdraw your funding until the account has been verified. The required volume to reach the withdrawal is set to be 500.000 in volume on leveraged positions.
If unsuccessful in providing the requirements of the account type before withdrawal, a fixed fee of $120 will be deducted from your withdrawal, which is quite unfriendly.
How the Scam Is Implemented
In today’s world, many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves.
This makes them an easy target for the many online scammers posing as brokers. If you come across some of those get-rich-fast ads and leave your personal information there, be sure, they will call and push you to invest.
Once this dishonest scam broker gets your money, it will disappear without a trace.
Don’t feel ashamed if you ever got scammed by these persuasive agents, after all, they are professional smooth-talkers who scam people for a living.
We conducted this XpresTrade review to show you how shady an investment scam can be. Not only are they lacking some of the most basic information, such as their address, but they also failed to provide necessary legal documents and that can never happen with a legit broker.
We can confidently say that this illicit broker can’t be trusted, and if you decide to invest with them your money will just be pocketed and never actually traded.
That’s why it’s best to stay away from them and find a regulated broker to work with. Also, always read the reviews.
FAQs About XpresTrade Broker
Is My Money Safe with XpresTrade?
No, your money can never be safe while working with a scam broker and we advise you to never invest with them.
Is XpresTrade a Regulated Broker?
No, XpresTrade is not a regulated licensed broker you can trust.
What Is The XpresTrade Minimum Deposit Amount?
The minimum deposit requirement that the XpresTrade scam broker has set is $250.