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If you are looking for a reliable and trustworthy online broker, you might have come across XLN Trade. XLN Trade is a forex and CFD broker that claims to offer competitive spreads, fast execution, and a variety of trading instruments. But are they legit? In this review, we will examine the features, advantages, and disadvantages of XLN Trade, and help you decide if they are a good choice for your trading needs.
What is XLN Trade?
XLN Trade is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. They are regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, which is not a very reputable or strict regulator. Therefore, traders should be cautious when dealing with XLN Trade, as they may not have adequate protection or recourse in case of any issues or disputes.
XLN Trade offers trading in forex, commodities, indices, stocks, and cryptocurrencies. They have four types of accounts: Basic, Standard, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the maximum leverage is 1:400. The spreads vary depending on the account type and the market conditions, but they are generally higher than the industry average. For example, the spread for EUR/USD on the Basic account is 3 pips, while on the Platinum account it is 1.5 pips.
XLN Trade provides its clients with the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 has a user-friendly interface, advanced charting tools, technical indicators, automated trading options, and a large community of traders and developers. XLN Trade also has a web-based platform that can be accessed from any browser without downloading or installing anything. However, the web platform has fewer features and functionalities than MT4.
XLN Trade claims to have a customer support team that is available 24/7 via phone, email, live chat, and social media. However, some online reviews suggest that their support is slow, unresponsive, or rude. Moreover, some clients have reported that XLN Trade has denied their withdrawal requests or charged them hidden fees without explanation.
Pros and Cons of XLN Trade
- Offers a variety of trading instruments
- Supports MT4 platform
- Has a web-based platform
- Not regulated by a reputable authority
- Has high spreads and commissions
- Has poor customer service
- Has negative online reputation
- May be involved in scam activities
XLN Trade is an online broker that offers trading in various markets, but they are not regulated by a credible authority and have many red flags that suggest they are not trustworthy or reliable. Their spreads and commissions are high, their customer service is poor, and their online reputation is negative. Therefore, we do not recommend XLN Trade as a good option for your trading needs. Instead, we advise you to look for a broker that is licensed by a reputable regulator, has transparent and fair trading conditions, and has a positive feedback from its clients.
What to Do If You’ve Lost Money with XLN Trade?
If you have been scammed by XLN Tradeor any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.