XpresTrade review is about an offshore broker. Even at the first glance at their website, you can notice that it doesn’t look very convincing. Thorough research and investigations only confirmed our presumptions.
This is a trading provider based offshore – in the Marshall Islands. This country is known for loose regulations, and that’s why you should be extra careful when cooperating with businesses located there.
Is XpresTrade a Scam? Fund Security and Regulation
According to its website, XpresTrade broker is owned and operated by Signix Ltd, a firm established in the Marshall Islands. In addition, the payment agent is Tera Solutions Ltd, a Bulgarian-based company.
The Marshall Islands have a financial regulator called GLOFSA. They are known as one of the loosest monetary authorities. This particular license provider is not controlling companies open on its territory, allowing many to slip under the radar. We checked the GLOFSA’s but we did not find Signix Ltd or XpresTrade.
We wanted to give them a chance, so we also researched a couple of the most famous regulators – FCA, ASIC, BaFin, and CONSOB.
Long story short, this is an unlicensed offshore trading firm. You can’t trust them.
Overview of the Trading Platform
XpresTrade promises a unique and innovative trading platform. They even mention one of the most famous trading platforms – MetaTrader 4. In reality, upon registering an account, you get a basic WebTrader.
Offshore brokers often manipulate their software to make it seem like the client’s money is being traded, when that is not the case – any deposit you make with these firms goes directly to their pockets and any trading volume on their platforms is entirely made up.
MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although it is most commonly associated with forex trading, MetaTrader 4 can be used to trade a range of markets including forex, indices, cryptocurrencies, and commodities, via CFDs.
MT4 is extremely popular because it is highly customizable to your individual trading preferences. It can also be used to automate your trading, using algorithms that open and close trades on your behalf according to a list of set parameters.
You can find trading enterprises that use the real MT 4 at the end of this article.
XpresTrade Trading Instrument Offered
XpresTrade offers trading with the following instruments:
- Forex – GBP/USD, USD/CHF, USD/TRY
- Indices – S&P500, NSDQ, FTSE100
- Commodities – copper, soybeans, natural gas
- Shares – AMD, NVDA, MSFT
- Cryptocurrencies – DOGE, SHIB, ETC
This offer may be tempting, but you should know the risks of investing with unregulated firms. There’s a high chance you won’t see your money again.
Spread as high as 3 pips for the benchmark EUR/ USD pair, which we came across after registering our trading account, can hardly be described as attractive. This is 3 times worse than usual. The standard spread for the pair is 1 pip or below, meaning that clients are paying $10 or less per lot traded, while the same service offered by Xprestrade costs $30.
The trading risks are also high. The maximum disclosed leverage is 1:400, but XpresTrade claims the ratio can go even higher. The fact that customers cannot reduce leverage below 1:100 is very problematic. This means their services are not only too expensive but too risky, as well.
Some people are attracted by leverage, but it’s a dangerous tool, and we believe that customers should be given a choice to reduce leverage if they want to. Legitimate businesses, unlike XpresTrade, offer that possibility.
Also, the EU regulators do not allow more than 1:30 leverage, which is yet another evidence that Cryptics aren’t regulated.
Deposit and Withdrawal Methods
The only funding method is via credit/debit cards, but each transaction goes through the fishy payment processor gate.shinepays.com, which was previously exposed as a scam facilitator. This processor was used by several scam brokers in the past, so we are suspicious when we see the name Shinepays.
XpresTrade also claims that you may fund your trading account with e-wallets like Neteller, Skrill, and Klarna, which however does not seem to be the case.
The minimum deposit is $250. That’s not an attractive offer since credible brokers open accounts for as little as $5. The bigger issue is that they are unregulated, of course.
The withdrawal conditions are causing some concerns, as well. The first one gets triggered with the minimum withdrawal requirement of $100, which is an exceptionally high demand compared to the regulated brokers.
Withdrawals can take up to 30 days to complete, which is a pretty long time since regulated brokers deal with the matter within 24 to 48 hours. And last but not the least, each withdrawal is subject to minimum trading volume requirements – $500 000 in turnover. Clients who fail to execute the necessary volume should pay a fixed fee of $120, which is nothing else but a scam clause.
The fees are not any better – the minimum fee per transaction is $20, which is also an exceptionally unfavorable requirement. Highly unfair fees.
How Do They Initiate The Scam?
The first thing that fraudsters do is to make you believe they are a legitimate business. They promise some of the benefits that other brokers don’t, with the explanation that they are the good guys that understand your problems, and want to help you.
The thing is, this informal type of communication and unusual benefits are not a surprise, since every shady enterprise does this. Benefits that seem favorable to you, like high leverage, are illegal. This offshore trading company isn’t some lifeboat. They are abusing your trust.
There is no real trading going on, it’s all a disguise, and behind it is a scheme that’s stealing innocent people’s money.
Reliable Forex Brokers
You don’t need to spend your precious time surfing the internet, reading all kinds of blogs and forums, and trying to find a trustworthy intermediary. We have done the job for you and listed some of the best traders in the market.
Picking one of these enterprises is the safe way to go. With them, you won’t be worried about your money being stolen.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||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||$100||FBS.Com|
XpresTrade is an unregulated broker company located in the Marshall Islands. They are not regulated by the local regulator, or by any other authority.
They claim to offer MetaTrader 4, instead, it’s a basic WebTrader. Their minimum deposit is a lot higher than it should be.
Their trading conditions and withdrawal fees are also concerning. Overall, there are no good things about this trading company.
FAQs About XpresTrade Broker
Is XpresTrade Regulated?
XpresTrade is not regulated. They are deceiving people into believing they are.
What Are the Funding Methods for XpresTrade?
The only funding method is via credit/debit cards, but each transaction goes through the fishy payment processor gate.shinepays.com
How Long Does it Take to Withdraw from XpresTrade?
The withdrawal requests are usually processed within a day. However, the time needed for the funds to be transferred to your account will vary, depending on your payment method. It can take between 2-7 days.