WikiFX Review: Is XTRADE a trustworthy broker?

WikiFX | 2022-08-27 09:00

Abstract：XTRADE is an online forex broker that has been newly established. Although this broker has experience of 1 to 2 years, WikiFX already received complaints against this broker. We wonder if this broker can be trusted. To better understand the truth, WikiFX has made a comprehensive review of this broker by analyzing the reliability of this broker from specific information, regulation, exposure, etc.

About XTRADE

Established in 2015, XTRADE is a multi-asset broker which has its headquarters in Belize, as well as a branch in South Africa. Xtrade offers traders 56 currency pairs, 16 commodities, five bonds, and five ETFs. The bulk of assets consists of 280 equity CFDs, complemented by 13 index CFDs. The overall selection of 375 assets across six categories remains below average.

Account Types & Minimum Deposit

XTRADE does not provide any information about its account type. It appears that the same option is available to all traders, with a minimum deposit of $250.

Leverage

The maximum trading leverage offered by XTRADE is up to 1:400. Since leverage, can amplify both profits as well as losses, choosing the right amount is a key risk determination for traders.

Spreads & Commissions

The commission-free trading environment features unacceptably high fixed spreads of up to 5.0 pips on the EUR/USD. It equals a cost of $50 per 1.0 standard lot, making Xtrade one of the most expensive brokers in operation.

Trading Platform

According to WikiFX, this broker does not use either MT4 or MT5 as its main trading platform.

Deposit & Withdrawal

The logos of a series of online payment processors exist on the website, but no further information is available.

Customer Service

Xtrade provides 24/5 customer service via phone, e-mail, and live chat. The FAQ section attempts to answer basic questions, and a glossary is also available. It also features a dedicated complaint resolution process, aiming to deliver exceptional customer service. While XTRADE does not provide response times, it does indicate an effort to assist its traders.

Regulation: Is XTRADE legit？

XTRADE is not a regulated broker. WikiFX has marked it as “No License”. Please note that unlicensed brokers are very likely to take your money away fraudulently as they are not under control. Thus, WikiFX has given this broker a very low score of 1.27/10.

Unavailable Website

We were unable to open the official website because when we opened the official website, it was directly converted to the Russian forum website.

Information on WikiFX

There are a lot of brokers using the same name “XTRADE”. But as we know so far, they dont have an obvious relationship with each other.

Exposure related to this broker on WikiFX

This trader from Argentina told WikiFX that he was scammed by XTRADE. He invested 200 dollars but suffer a heavy loss.

Conclusion

WikiFX advises you to do more research and make yourself comfortable before making a decision. An unregulated broker with a low WikiFX score should not be in your consideration. You need to be aware of the potential risks. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Broker Forex trading Forex Broker

Related broker

Not Regulated

Xtrade

Company name：Xtrade international Ltd

Score

1.99

Website：https://www.xtradeturkiye.com/en

5-10 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.99

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