Xtrade Review: A Scam Or The Real Deal?
Is Xtrade a scam? Who regulates this brokerage firm? Whether you are a new or seasoned investor in forex trading, you need to know the truth about Xtrade before investing your money with them.
To determine whether the brokerage firm is the real deal, read this in-depth Xtrade review for all the details.
Have you lost money trading with Xtrade? Are you trying to reach the company to no avail? If the answer is yes, we can help you get your cash back. Our trustworthy and qualified experts will guide you on how to recover these funds. Reach out to us and book a free consultation session right away.
Let’s uncover the truth about Xtrade and see whether they are to be trusted.
Xtrade Review: A Brief Overview
Xtrade has been in existence for more than 10 years. Since its establishment, the brokerage firm has been offering a global trading platform for its clients in more than 25 countries.
According to the company website, the company’s funds are protected in segregated accounts. In addition, it indicates that its trading platform has won several awards for service delivery.
However, all these awards were won in 2016. For a company that has been operating for a decade, it’s suspicious that all the awards were awarded in the same year.
What else could the company be hiding?
Is Xtrade A Legitimate Company?
Before investing your cash with any forex broker, you need thoroughly research their products, services, and reputation to avoid falling into a scam.
If you are considering trading with Xtrade, we’ll help you determine whether the company is legitimate by examining if the company is regulated and if customer funds are safe. With this information, we can develop a conclusion about the legitimacy of the company.
Xtrade Company Profile
The forex broker deals in CFDs, commodities, indices, shares, forex, bonds, and ETFs. Customers can trade either via WebTrader or mobile apps, which allow them to trade from anywhere.
It claims to offer trading financial instruments that help investors access liquidity, manage risks, and make trading decisions.
On the website, the company lists its phone address as a UK number. The registered address for the company is in Belize, South Africa, and Cyprus.
Here are the main product offers.
Xtrade has three trading platforms available for its clients. It has WebTrader, which traders are familiar with. Investors can also use the mobile trading app and the tablet trading app.
Xtrade has video tutorials, courses, and a blog that traders can use to learn more about trading.
Who Regulates Xtrade?
An analysis of Xtrade shows that the company is not regulated by any of the top regulatory bodies.
The company is authorized and regulated by the International Financial Services Commission (IFSC) under license number 000281/194 in Belize. This registration is under the name Xtrade International Limited.
In addition, Xtrade is also registered in South Africa under Xtrade Financial ZA (PTY) Ltd.
Is Xtrade a Scam?
While the company is “regulated,” there are still some questions about the lack of regulation by key regulatory bodies, some product offerings, and customer reviews.
Let’s take a closer look at some of these scam signals.
Why Does The Company Have Different Offshore Addresses?
This is a major concern and one of the key pointers of a trading scam. If you look at the website, the company has a UK number while it’s not authorized to trade in the UK.
While the regulation is registered in Belize and South Africa, the client transactions are processed by a company registered in Nicosia, Cyprus. All these different addresses point to a brokerage firm that’s not honest.
Our conclusion is that it might be hard to contact the customer care service or the company reps in case of a problem due to the multiple locations.
As much as the company states that the customer funds are placed in segregated accounts, it’s hard to believe this type of disorganization.
There are Questionable Promotions
On the website, Xtrade offers various types of promotions to investors. The welcome package has a first deposit bonus of up to $2,500 and a first trade cash bonus of $500.
These figures are quite high for bonuses. Could the company be using this to attract new unsuspecting traders to a scam? Be the judge.
Who Owns Xtrade?
Xtrade seems to operate behind the shadows. While the brokerage is registered under Xtrade International Ltd, formerly known as Financial Arena Ltd, there’s no clear information about the ownership.
These regulated affiliations are also registered in offshore zones, which increases the suspicions that the company is a scammer.
Fake Positive Reviews
The customer reviews on Forex Peace Army show that the company is a scammer. However, there are several positive reviews that have come into question.
This review site highlighted that there was an influx of fake positive reviews between January and April 2019.
Some comments also came from the exact location of the company, which means it could be an employee.
If you were considering this trader, such reviews should be reason enough to stay away.
Aggression From the Company Customer Care
While some customers have lost money to this broker, others have had to endure the endless calls from the customer care staff.
The company staff calls from different numbers even after being blocked by customers who are no longer interested in its services.
Is Xtrade A Scam Or The Real Deal: The Final Verdict
If you are not careful, you could easily fall prey to Xtrade and its scammy practices. From the general look of the website, the brokerage looks like a legitimate trader.
However, an in-depth Xtrade review shows that this company is not to be trusted. In simple terms, Xtrade is a scam.
The lack of regulation from reputable bodies, poor customer reviews, fake reviews, and harassment from customer support are signs of a rogue broker.
If you’ve already lost money trading CFDs, shares, indices, or forex with Xtrade, contact us today and book a free consultation with our team. Trader Protection specializes in recovering funds from such scammers.