XLN Trade-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

XLN Trade is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform, not the MT4 trading platform, however, the leverage is quite generous at 1:300 but the spread is twice the industry average at 3 pips on EUR/USD and quite unfavorable for traders.

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name Eqron Ltd. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, it appears that the payments of the brokerage are processed by a Bulgarian company, however, we find no mention of a license from the Bulgarian authorities either. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

MARKET INSTRUMENT

XLN Trade offers over 97 financial assets over 5 assets classes:

• Currency Pairs

Popular currency pairs at XLN Trade are EUR/USD, GBP/EUR, CAD/CHF, AUD/USD and NZD/JPY.

• CFDs/Futures

With CFD trading, you dont buy or sell the underlying asset but units for an instrument depending on whether you think prices will go up or down. They offer CFDs on a wide range of global markets and our CFD instruments includes shares, currency pairs, commodities and indices.

• Commodities

Commodities fall into 3 main categories: Energy (crude oil, natural gas) Metals (gold, silver, platinum) and Agricultural (sugar, coffee, rice).

• Indicies

Popular indices that you can trade with XLN Trade are: S&P 500, FTSE 100, NIKKEI and DOW JONES among others.

• Cryptocurrencies

ACCOUNT AND LEVERAGE

We tried to figure out the account types this suspicious broker offers, but we couldn't and it didn't reveal such information in their website starting the type of accounts, their features and the minimum deposit required by the company. Which we can consider another red flag.

TRADING PLATFORM AVAILABLE

The brokerage does not provide the MetaTrader 4 trading platform, a big disadvantage for traders since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. XLN Trade provides a web-based platform and we could see a spread of 3 pips which exceeds what we would consider favorable for potential clients.

DEPOSIT AND WITHDRAWAL

XLN Trade says they accept payments with major credit and debit cards like VISA, MasterCard, Bank Transfer, Neteller, Skrill, PaysafeCard, Payretailer, SafetyPay and two crypto wallets – Bitwallet and iWallet.

CUSTOMER SERVICE

There is 3 means of customer service options available to customers at XLN Trade. First off, customers can ramp up the convenience by requesting a call back . If they would prefer, they can approach their company address although we are not sure if the given address is correct . Customer service support is also available via email.