Xtrader365 Review: Xtrader365.com is a Brutal Scheme

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Xtrader365 Review
  • Regulation
  • Fund Safety
0.5

Summary

Xtrader365 does not have any legal information on its website about its registration. Thus, the broker is not under any legal oversight. The company is not registered by the Financial Conduct Authority (FCA) or the Australian Securities and Investment Commission (ASIC). Disturbingly, in March 2023, the broker was flagged by the Financial Services and Markets Authority of Belgium.

Forex trading is a precarious business. However, dealing with a scam broker becomes even riskier. Before making money in the forex market, one must invest time and money. Many scam brokers, however, pretend to offer a shortcut, and many unsuspecting victims lose their money.

Xtrader365 Review, Xtrader365 Company

Xtrader365 is an excellent example of such scam traders. These offer conditions that seem good at first. However, upon closer inspection, one realizes they are scammers when it is too late. When trading, only work with legit and trustworthy brokers.

About Xtrader365.com

The website makes it easy to see why this broker may deceive many. The firm claims to offer unparalleled trading services, including diverse trading instruments, security measures, personalized accounts management, 24/7 customer support, and free educational resources.

The broker offers four different types of accounts. Notably, however, there is no demo account. Any responsible and legit forex broker knows the importance of having a demo trading account where the trader can practice and hone their skills.

Founders and Team

Only a shady organization would be cautious about its founders and current leadership. Xtrader365 is unclear about when it was founded or its current leaders. When we checked on whois.com, we saw that the broker domain was established in 2023 and will expire in 2025. Apart from that, there is no other information given to help trace when or who founded the firm

Xtrader365.com Review, Xtrader365.com Features

One reason this broker may hide this information is to avoid much scrutiny. The founders may have a history of scamming people, so the company may fear revealing their names.

Contact Details

According to the company’s website, it claims to have its headquarters in Limassol, Cyprus. It also has offices in Australia and the United Kingdom. There is also an email address. However, these details could prove unreliable, given the shady nature of the firm.

If a trader has an issue with their account, it is crucial for them to reach the broker in time. In case of changes in their account, they need to be updated. Thus, there is a need to have reliable contact details and customer service from the broker.

Xtrader365 Regulation Status

A trader always looks for the broker with the most favorable conditions. However, even if a broker has the tightest spreads in the market, it is not worth investing with them if they are unregulated.

Xtrader365 does not have any legal information on its website about its registration. Thus, the broker is not under any legal oversight. The company is not registered by the Financial Conduct Authority (FCA) or the Australian Securities and Investment Commission (ASIC). Disturbingly, in March 2023, the broker was flagged by the Financial Services and Markets Authority of Belgium.

Xtrader365 Trading Conditions

You need at least $10,000 for the silver account to trade with this firm. Looking at their conditions, there is little to warrant such a vast minimum deposit. There is no information about the spreads they offer or commission charges. This is a red flag.

The broker is only interested in making money and targets only those with deep pockets. Beginner traders cannot work with such trading conditions.

Deposit and Withdrawal

Traders can deposit their money through VISA, Mastercard, Qiwi, Skrill, WebMoney, Neteller, and Bitcoin. The broker has given vague information about the withdrawal process. According to their Terms and Conditions, withdrawals take time depending on various factors, such as the type of cryptocurrency used or Fiat. This is beyond the broker’s control.

The firm has exonerated itself from all blame if the funds are delayed. Such characteristics show the broker is a scam and may not give traders their money back once they want to withdraw.

Final Verdict

This review leaves no room for doubt that Xtrader365 is a scam. As a shady broker, they have too many red flags. Much of what they say is unverifiable and only meant to entice people to trade with them. As a trader, always do your research before trusting any broker. The most important thing to check is whether they are regulated. Trade only with trustworthy crypto brokers, and you’ll never regret it.

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