Xtrade Brokers earned its reputation in a short amount of time. In July 2022, there was a massive outcry from the online community trying to withdraw their money from this broker.
It seems that now xtr-brokers.com is down and that they stopped operation. Maybe this XTrade Brokers review can deconstruct the fraud and help you find out how these investors got ripped off.
Regulation and Security of XTrade Brokers
In the company’s “Terms and Conditions” there is no company name, it just states that they are operating under the jurisdiction of the Saint Vincent and Grenadines (SVG) financial market regulator.
However, the issue is that the FSA of SVG doesn’t regulate the Forex market, making it impossible for the brokerage firm in question to operate under the said market regulator.
Finansinspektionen (FI), the Swedish Financial Supervisory Authority issued a warning, pointing out that XTrade Brokers is not authorized to offer financial services.
All this means that the XTrade Brokers are scamming people into believing that they can make money.
Offshore Brokers’ Techniques
Being stationed offshore means that there are very few tools put in place to make sure that the company will uphold its part of the deal made with investors. There is no one to make a complaint to as offshore regulators are rather loose, or in the case of SVG, non-existent.
Furthermore, offshore companies enjoy the anonymity of their owners. The only thing they need to assure is an inflow of investors’ funds, and they use every trick in the book to get to it.
Trading Platform at XTrade Brokers
Xtrade Brokers said to offer their Webtrader platform. On the upside, Webtrader offers trading without any downloads, applications, or programs, basically running in the browser.
However, its downside is that it leaves investors open to all kinds of manipulation on the side of the brokerage company. You can be placing orders to make trades in one such Webtrader, when in fact, you would be pushing money into scammers’ pockets.
This is why we always recommend investing with a legitimate brokerage firm offering reputable software such as MT4 or MT5.
XTrade Brokers Trading Instrument
The brokerage offered the following trading instruments:
- Precious Metals
The online community indicates that XTrade Brokers operators collected info for trading in cryptocurrencies over the phone only to empty entire accounts. Thus, don’t be deceived by the solid number of assets; they are worth nothing.
XTrade Brokers Deposit and Withdrawal Method
The brokerage only accepted crypto deposits. With a $250 minimum deposit, a clearance fee of 1% for all executed trades, a quarterly fee of $75 for all accounts, and a dormant account fee of $30 after just 60 days, you could say that these conditions are unrealistic at best.
Withdrawal is offered only after having a minimum turning volume of 25 times the value of the bonus plus the deposit. Nowadays, no respectable broker would ask for that kind of commitment.
Best Performing Forex Brokers
Getting scammers exposed is one step toward helping investors find a safe environment to trade. Having a list of brokers that offer just that is making the rest of the journey.
The companies listed below are regulated by the official financial market regulator. They offer low minimum deposits and enjoy good ratings from a rather big number of reviews.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$25||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100||Fpmarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$1||FBS.com|
XTrade Brokers Summary
XTrade Brokers used fake credentials and a lack of regulations to get ahold of investors’ money. They advertised that they take deposits through bank wire and credit cards, but in reality only accepted cryptocurrencies (Bitcoin, Ethereum, and Tether).
Their focus on crypto was most likely of nefarious nature, as it was probably used just to deny investors chargeback and refund options.
On top of that, their initial offer was far from good as it involved large fees uncommon in the industry. Withdrawal policies inhibited investors from collecting their funds by requiring a massive turnover.
The online community flooded comment sections with complaints about this scammer, telling a sad story of a fraud unraveling. If you have been defrauded by this or any other broker you can let us know we can at least help you by reporting your scammer.
FAQs About XTrade Brokers Broker
Is XTrade Brokers Legitimate Broker?
Not in the least. They are unregulated. Their credentials are fake. Their company is not even registered.
What is the Minimum Deposit for XTrade Brokers?
The minimum deposit was $250. They only accepted cryptocurrencies (Bitcoin, Ethereum, and Tether).
How Long Does it Take to Withdraw from XTrade Brokers?
Making a withdrawal was more subject to meeting their conditions, such as a trading volume requirement of 25 times the value of the bonus plus the deposit.