Caution Investors XLNTrade – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
XLNTrade is the trading name of XLN Trade Ltd, a company registered in St. Vincent and the Grenadines, a notorious offshore jurisdiction that does not regulate forex brokers. The broker claims to offer over 200 trading instruments, including forex, indices, commodities, stocks, and cryptocurrencies. It also claims to provide competitive spreads, fast execution, and various account types.
However, XLNTrade is not regulated by any reputable financial authority, such as the FCA in the UK, the ASIC in Australia, or the CySEC in Cyprus. This means that the broker does not comply with any rules or standards regarding client protection, fund segregation, or fair trading practices. Moreover, XLNTrade has been blacklisted by several regulators, such as the CNMV in Spain, the FMA in Austria, and the FSMA in Belgium. These regulators have warned investors that XLNTrade is operating illegally and may be involved in scam activities.
Regulation and Compliance:
One of the most important factors to consider when choosing a forex broker is regulation. A regulated broker must follow strict rules and standards imposed by a reputable financial authority. These rules are designed to protect investors from fraud, manipulation, or abuse. A regulated broker must also keep client funds in segregated accounts, participate in compensation schemes, and provide transparent information about its services and fees.
XLNTrade is not regulated by any reputable financial authority. It is only registered in St. Vincent and the Grenadines, which does not regulate forex brokers. This means that XLNTrade can operate without any oversight or accountability. It can change its terms and conditions at any time, manipulate prices and execution, charge hidden fees, or refuse to process withdrawals.
Moreover, XLNTrade has been blacklisted by several regulators around the world. These regulators have issued warnings against XLNTrade and advised investors not to deal with this broker. Some of the regulators that have blacklisted XLNTrade are:
– The CNMV (Comisión Nacional del Mercado de Valores) in Spain
– The FMA (Financial Market Authority) in Austria
– The FSMA (Financial Services and Markets Authority) in Belgium
– The CONSOB (Commissione Nazionale per le Società e la Borsa) in Italy
– The AMF (Autorité des Marchés Financiers) in France
These warnings indicate that XLNTrade is operating illegally and may be involved in scam activities. Therefore, we strongly recommend you avoid this broker and choose a regulated and reputable one instead.
Customer Reviews:
Another way to assess the reputation and reliability of a forex broker is to check customer reviews. Customer reviews can provide valuable insights into the quality of the broker’s services, products, fees, support, and overall performance. However, customer reviews should be taken with caution, as they may be biased or manipulated by the broker or its competitors.
We have searched for customer reviews about XLNTrade on various websites and forums. Unfortunately, we have found mostly negative reviews and complaints about this broker. Many customers have reported that XLNTrade is a scam broker that does not process withdrawals, provides poor customer service, charges hidden fees, and manipulates prices and execution.
Here are some examples of customer reviews about XLNTrade:
– “XLNTrade is a scam broker. They do not allow me to withdraw my money. They keep asking for more documents and fees. They do not answer my calls or emails.”
– “XLNTrade is a terrible broker. They have very high spreads and commissions. They also have very slow execution and slippage. They do not honor their promises or bonuses.”
– “XLNTrade is a fraud broker. They have changed their terms and conditions without my consent. They have closed my trades at a loss and wiped out my account.”
These reviews confirm our suspicions that XLNTrade is an untrustworthy and dishonest broker that should be avoided at all costs.
Products and Services:
XLNTrade claims to offer over 200 trading instruments across various markets, such as forex, indices, commodities, stocks,
and cryptocurrencies. It also claims to provide four types of trading accounts: Basic, Silver, Gold, and Platinum. Each account type has different features and benefits, such as leverage, spreads,
commission fees, minimum deposit requirements,
and access to educational materials.
However, we have found several issues and red flags with XLNTrade’s products and services. First of all,
the broker does not disclose the exact trading conditions and fees for each account type. It only provides vague and general information, such as “low spreads” or “no commission”. This lack of transparency is a sign of a scam broker that may charge hidden fees or change its terms and conditions at any time.
Secondly, the broker offers very high leverage ratios, up to 1:500. While this may seem attractive to some traders, it also entails a very high risk of losing money. High leverage can magnify both profits and losses and expose traders to margin calls and stop-outs. Moreover, high leverage is usually offered by unregulated brokers that do not comply with any leverage limits imposed by regulators.
Thirdly, the broker does not provide any demo accounts or free trials. This means that traders cannot test the broker’s platform, products, and services before opening a live account and depositing money. This is another sign of a scam broker that does not want to reveal its true nature and quality.
Location:
XLNTrade claims to have its headquarters in St. Vincent and the Grenadines, a small island nation in the Caribbean. However, this location is not a reliable indicator of the broker’s legitimacy or credibility. St. Vincent and the Grenadines is a notorious offshore jurisdiction that does not regulate forex brokers. This means that any broker can register there without any requirements or verification.
Moreover, XLNTrade does not provide any physical address or contact details on its website. It only provides an email address and a phone number with a UK country code. However, this phone number is not registered in the UK, but in Estonia, another offshore jurisdiction. This suggests that XLNTrade is hiding its true location and identity from its customers and regulators.
Customer Service:
XLNTrade claims to provide 24/7 customer service via phone, email, live chat, and social media. However, we have found that this claim is false and misleading. Many customers have reported that XLNTrade’s customer service is very poor and unresponsive. They have complained that the broker does not answer their calls or emails, provides rude and unprofessional support, and ignores their requests or complaints.
Here are some examples of customer complaints about XLNTrade’s customer service:
– “XLNTrade’s customer service is horrible. They do not reply to my emails or calls. They are very rude and disrespectful.”
– “XLNTrade’s customer service is useless. They do not help me with my withdrawal issues. They only tell me to wait or pay more fees.”
– “XLNTrade’s customer service is a joke. They do not know anything about trading or their platform. They only give me generic and irrelevant answers.”
These complaints show that XLNTrade does not care about its customers or their satisfaction. It only cares about taking their money and avoiding their problems.
Is Your Money Safe in an unregulated company?
The answer to this question is simple: No, your money is not safe in an unregulated company like XLNTrade. An unregulated company can do whatever it wants with your money without any consequences or accountability. It can use your money for its purposes, mix it with its funds, or transfer it to other entities. It can also refuse to pay you back your money or make it very difficult for you to withdraw it.
Moreover, an unregulated company does not participate in any compensation schemes or insurance programs that can protect your money in case of bankruptcy, insolvency, or fraud. If an unregulated company goes out of business or disappears with your money, you have no recourse or legal action to recover it.
Therefore, we strongly advise you to never deposit your money with an unregulated company like XLNTrade. You will be putting your money at a very high risk of losing it all.
Defensive Measures Against Fraudulent Brokers:
If you have already deposited your money with XLNTrade or any other fraudulent broker, you may still have some options to recover it or minimize your losses. Here are some defensive measures that you can take against fraudulent brokers:
– Contact your bank or payment provider and request a chargeback or a refund of your money.
– File a complaint with the regulator or the authority that oversees the broker’s activities.
– Report the broker to the police or the relevant law enforcement agency.
– Seek legal advice from a lawyer or a professional who specializes in forex fraud cases.
– Share your experience and warn other traders about the broker on online forums and review websites.
Conclusion:
XLNTrade is an offshore regulated broker that is not licensed by any reputable authority and has been blacklisted by several regulators. It offers over 200 trading instruments but does not disclose its trading conditions and fees. It also offers very high leverage ratios but does not provide any demo accounts or free trials. It claims to have its headquarters in St. Vincent and the Grenadines but does not provide any physical address or contact details. It also claims to provide 24/7 customer service, but many customers have reported that it is very poor and unresponsive
