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Instant access to the best trading platform and global support – these and other services are offered by the stockbroker Xtrade. The service has been providing brokerage services since 2008 and has managed to receive several awards during this time.
Is it safe to say that this company is a scam? Or are the negative reviews not substantiated by anything?
Trading and range of available assets
Xtrade broker provides CFD trading. Such contracts can be used to speculate on currency pairs, indices, commodities, stocks, bonds and ETF funds. For each asset a separate table with the current value, average spreads and available leverage is displayed. No liquidity providers are reported.
Trading is done through the WebTrader web terminal, which opens on all devices and allows you to open trades at any time. Experienced players know that in such a platform it is easy to tweak quotes and artificially manipulate the price.
Tools for technical analysis and additional services
Some negative reviews about Xtrade note that the broker is not too concerned about improving the financial literacy of clients. There are some short tutorials and video tutorials available on the site, which open after registration. The company’s blog has not been updated since 2019.
The Xtrade platform has a section with daily market reviews and news feed, as well as an economic calendar. Any additional programs and servers are not available to users.
Comparison of Xtrade trading accounts and terms of service
Doubts about the broker’s competence arise during the review of real trading accounts. Such details as margin, spreads, leverage and other conditions are not spelled out in their description. One gets the feeling that this scam is working to launder funds.
| Account | Standard | Premium | Platinum | VIP |
| Minimum deposit | $250 | $1 000 | $5 000 | $20 000 |
| Customer support | 24/5 | 24/5 | 24/5 | 24/5 |
| Additional services | Personalized training | Welcome bonus, personal manager tutorials and books | Reduced spreads, senior manager, deposit bonuses | Development of trading strategies, withdrawal priority, exclusive gifts |
Such an abundance of “near-broker” services may sow doubts about the solvency of the service. The scam, as users say, consists of banning withdrawals and blocking accounts.
Key facts about Xtrade
Conclusively, the suspicions of the broker’s bad faith are confirmed by some known characteristics:
- Xtrade broker is registered offshore and, despite claims, is not regulated in any jurisdiction;
- it does not leave contact details and has no offices – you can only contact the scammers by email;
- the company does not have licenses and permits to conduct brokerage activities – any documents for review on the website are also absent.
When deciding whether to open an account here or not, you should first familiarize yourself with the reviews published about Xtrade. Over the past few years, the brand has received a lot of complaints and claims – users complain about the fact that scammers do not allow withdrawals.
