XTrade Brokers Review: Reasons You Should Not Trust This Broker
XTrade Brokers Review, Encountering a website as suspicious as XTrade Brokers immediately sparked doubt. So we had no other choice but to investigate who is behind this unknown entity and what their location and line of work are. This XTrade Brokers review is a result of our research.
However, getting any more valuable intel on this anonymous agency was an extremely difficult task. The only way to contact them was via email and the site revealed no company history or leading team info.
Being taken down at the time being, this bogus web presentation won’t provide you with any more data on XTrade Brokers. Hopefully, the current state of things prevails, and the swindler doesn’t come back with another name and domain.
|Hinted but undisclosed
|Unregulated scam broker
License for XTrade Brokers and Security of Funds
Terms and Conditions should be the most meticulous document on a broker’s site. Here, potential users should be able to find the essentials of trading, conditions, fees, and legal directives involved.
Sadly, this document belonging to XTrade Brokers looks nothing like a decent legal text, but a bunch of mumbo-jumbo.
The broker lists the public court of Saint Vincent (probably meaning Saint Vincent and the Grenadines) as the jurisdictional entity that would be in charge of solving disputes. This raises another suspicion about XTrade Brokers’ regulation.
The broker most probably doesn’t own a single online trading certificate because they’re registered in the offshore zone without a broker regulator.
Not having a legal permit didn’t stop XTrade Brokers from offering their dubious services and products to EU traders. Just to be sure they had no right to do that, we checked the public databases of regulated brokers that FCA, BaFin, AMF, FINMA, CySEC, and MFSA keep.
As expected, XTrade Brokers shows up in none. And how would they when they do not meet the primary regulatory standards?
Just for reference, EU brokers have to invest a marvelous 730 000 EUR in their business first. Next is providing the highest security measures for the safe-keeping of all clients’ deposits. By installing the leverage limit of 1:30 and negative balance protection, users enjoy additional trading security and a lower risk of losing.
Since bonuses are banned, they can’t be used to manipulate traders and extort money. Finally, transparency considering money transfers thanks to ESMA and MiFID have significantly lowered the chances for money laundering and financing of terrorism.
XTrade Brokers, as they are, respect no legal directives and are in possession of no trading certificates. All in all, it would be far better to stay away than risk a loss with this one.
Trading Platform Available
XTrade Brokers is proof of why you should never trust advertisements. You see, their website boasts about having the prestigious MT4 and MT5 as trading software solutions. The client area revealed something far less reliable and far more concerning.
We’re not sure exactly how XTrade Brokers imagined trading would function on their basic web terminal. The primary features are just unresponsive image icons you cannot interact with. The graph is moving, showing some unrealistic price trend that has nothing to do with the real state of things.
Jokingly useless, this software is an insult even to common web terminals used by reliable brokers, let alone advanced programs like MetaQuotes platforms.
Options for Deposit/Withdrawal
Another veil of lies is wrapped around this aspect of XTrade Brokers’ conduct. Terms and Conditions describe how funding is possible through credit cards and bank wire transfers. Yet, the only payment method available in the client area is crypto depositing.
The several accepted currencies are Bitcoin, Ethereum, and USDT. Pushed towards irreversible crypto transactions, traders risk easily losing their entire investment or life savings.
The FAQ section revealed the initial deposit amount has to be at least $250 but be careful, this isn’t all you’re required to pay. A quarterly fee of $75 is obligatory for every user, a 1% fee for every successful trade, and another $30 fee is charged in case of 60 days of inactivity.
Account Types Available
No possibility of choosing between different custom accounts tells you about what kind of people run XTrade Brokers. Certainly, not those that make an effort to provide a range of choices for traders of all expertise levels, that’s for sure.
We weren’t even informed what benefits the single, live trading account brings. Registration is simple and easily passed, without any particular filter that helps XTrade Brokers distinguish one trader from another.
The basic account type at XTrade Brokers costs $250 to open, which is a bit over the range of what regulated brokers demand. Keep reading this review for some amiable recommendations that will serve you better than XTrade Brokers.
How the Scam Is Executed
It would be a lie to say XTrade Brokers offers good trading conditions, although unrealistic. It would also be an exaggeration to say their trading environment provides a premium trading experience. However, they still have their ways of trapping you and turning you into their investment puppet.
While $250 doesn’t seem overly pricey, it still is when all the fees and conditions apply. To even be able to withdraw a penny, you would have to meet the notorious trading volume requirement. With XTrade Brokers, that is equal to 25 x (deposit + bonus).
And we’ve already mentioned the unreasonable, random fees. Who knows what else XTrade Brokers will decide to charge you out of the blue and against every and any AML policy.
XTrade Brokers Summary
What can be said about Forex could not apply to other financial markets. The rapid growth and expansion that Forex has displayed have attracted lazy and greedy scammers too, unfortunately.
However, our mission is to point out the dangers of investing and potential investment traps laid out for new traders to fall into. This XTrade broker is an example of that.
By sharing your knowledge of fraud with us, you can immeasurably contribute to raising awareness. And because being scammed is no shame, we encourage you to also fill us in on your experience.
FAQs About XTrade Brokers Broker
Is My Money Safe with XTrade Brokers?
XTrade Brokers has no means of guaranteeing you the safety of funds when they do not implement the security standards.
Is XTrade Brokers a Regulated Broker?
No, they are not. XTrade Brokers is missing the licenses and trading certificates that would make them legit.
What Is The XTrade Brokers Minimum Deposit Amount?
The smallest amount you can deposit to become a member at XTrade Brokers is $250.