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XTRADE is an online trading platform that offers various financial instruments, such as forex, stocks, commodities, indices, and cryptocurrencies. The company claims to provide a user-friendly interface, advanced trading tools, competitive spreads, and fast execution. But are they a scam or a reliable broker? In this review, we will examine the features, pros and cons, and reputation of XTRADE to help you decide if they are worth your time and money.
Features of XTRADE
- A web-based trading platform that does not require any download or installation. The platform is compatible with most browsers and devices, and has a simple and intuitive design. The platform also supports one-click trading, charting tools, technical indicators, and market news.
- A mobile app that allows you to trade on the go. The app is available for both iOS and Android devices, and has similar functionalities as the web platform. You can access your account, monitor the markets, place orders, and manage your trades from your smartphone or tablet.
- A variety of trading instruments to choose from. You can trade over 2000 assets across different markets, including forex pairs, stocks from major exchanges, commodities such as gold and oil, indices such as the S&P 500 and the FTSE 100, and cryptocurrencies such as Bitcoin and Ethereum.
- A range of account types to suit different levels of experience and budget. You can open a standard account with a minimum deposit of $100, a premium account with a minimum deposit of $1000, a platinum account with a minimum deposit of $5000, or a VIP account with a minimum deposit of $10,000. The higher the account type, the lower the spreads and the higher the leverage you can enjoy.
- A demo account that allows you to practice trading with virtual money. You can use the demo account to test the platform and your strategies without risking any real funds. The demo account has the same features and conditions as the real account, except for the execution speed and slippage.
- A variety of payment methods to fund your account and withdraw your profits. You can use credit or debit cards, bank transfers, e-wallets such as Skrill and Neteller, or cryptocurrencies such as Bitcoin and Ethereum. The minimum withdrawal amount is $50, and the processing time varies depending on the method.
- A customer support team that is available 24/5 via phone, email, live chat, or social media. You can also find answers to common questions in the FAQ section on their website.
Pros and Cons of XTRADE
- A user-friendly web-based platform that does not require any download or installation
- A mobile app that allows you to trade on the go
- A wide range of trading instruments to choose from
- A variety of account types to suit different levels of experience and budget
- A demo account that allows you to practice trading with virtual money
- A variety of payment methods to fund your account and withdraw your profits
- A customer support team that is available 24/5 via phone, email, live chat, or social media
- No regulation by any reputable authority
- No MetaTrader 4 or MetaTrader 5 platforms available
- High spreads compared to other brokers
- No educational resources or market analysis provided
- Numerous complaints and negative reviews from former clients
Reputation of XTRADE
XTRADE is not regulated by any reputable authority, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, or the Australian Securities and Investments Commission (ASIC) in Australia. This means that they are not subject to any oversight or supervision by any independent body that can ensure their compliance with industry standards and protect their clients’ interests.
Moreover, XTRADE has received numerous complaints and negative reviews from former clients who claim that they have been scammed by the broker. Some of the common issues reported include:
- Difficulty in withdrawing funds or receiving no payments at all
- Manipulation of prices and execution
- Unauthorized charges or fees
- False or misleading advertising
- Unprofessional or rude customer service
- Account closure without explanation or notice
Conclusion: Is XTRADE a Scam?
Based on our research and analysis, we conclude that XTRADE is not a reliable broker and may be a scam. They are not regulated by any reputable authority, they have high spreads compared to other brokers, they do not provide any educational resources or market analysis, and they have received numerous complaints and negative reviews from former clients who claim that they have been scammed by them.
Therefore, we advise you to avoid trading with XTRADE and look for other brokers that are regulated, reputable, and trustworthy. You can check out our list of the best forex brokers here.
What to Do If You’ve Lost Money with XTRADE?
If you have been scammed by XTRADE or 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.