XTRADE Review: A Closer Look at the Platform
XTRADE is an online trading platform that began its operations in Belize in 2022. It gives users access to a web-based trading platform, a variety of trading instruments, and apps for smartphones and tablets. While it may appear enticing for new traders, it’s crucial to analyze the platform’s regulatory standing and operational aspects to determine whether it is a legitimate service or a potential scam.
Website: https://www.xtrade.com/
Website Availability: No
Domain Age:
- Name XTRADE.COM
- Registry Domain ID 39978649_DOMAIN_COM-VRSN
- Registered On 2000-11-06T11:34:16Z
- Expires On 2027-11-06T11:34:16Z
- Updated On 2022-03-13T12:27:18Z
Overview
XTRADE allows users to trade various instruments, but it comes with a few red flags. One of the main concerns is its high minimum deposit requirement of $200, which may be off-putting for some traders. The platform also lacks access to popular trading platforms such as MT4 or MT5, which are widely used by seasoned traders. In addition, XTRADE charges a dormant/inactivity fee and has long processing times for deposits and withdrawals, which can create additional frustration for users.
Is XTRADE Legit or a Scam?
Although XTRADE asserts that it is regulated by a number of regulatory bodies, such as the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities & Investment Commission (ASIC), its regulatory standing raises questions. The platform’s licenses have been revoked or exceeded, and it is now listed as a suspicious clone by CySEC. Furthermore, XTRADE offers limited payment options and has high spreads, which are unfavorable for traders looking to optimize their strategies.
In conclusion, based on the revoked licenses, limited services, and red flags regarding its operational practices, it is advisable to be cautious when engaging with XTRADE. A deeper investigation into the platform’s legitimacy suggests that XTRADE may not be a safe platform for trading, making it essential for users to exercise caution.
XTRADE Review: Final Verdict
In light of the revoked regulatory status and multiple operational issues, XTRADE raises significant concerns. Traders are advised to proceed with extreme caution when considering this platform for their investments.
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