Xtrade – Is it scam or safe?
Xtrade is a trade name of Xtrade Europe Ltd (ex. XFR Financial Ltd) that is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). The CySEC license allows it to offer financial services, including forex.
However, there are some posts in forex forums that inform about money withdrawal difficulties, poor investment advice and pushing customers for more trading activity. Besides, in May 2017 the CySEC announced it had partially suspended the CIF license of Xtrade due to alleged violation of legal regulations.
So far, we haven’t received any complaints from clients of Xtrade.
If you feel frustrated by Xtrade and have something to share with us, please fill in the form below, describing your case:
They stole my money. I read many complaints in FPA forum but I couldn’t find if someone has got his money back? Cysec regulated company shouldn’t act like this!
Xtrade is the new name of the old scamming broker Xforex. Do not deal with them! They are professional crooks.
Xtrade are scam. They closed my position on wheat claiming my stop loss price was reached but this did not happen. It was so rude. Then I decided to sell wheat and when my position became on profit they closed it quickly. They are cheaters, stay away!
This is the worst broker ever! They called me nonstop and pushed me to make a minimum deal of 100,000 per trading instrument. At the end I lost near usd1,000. Do not trust this broker. Stay away!
Xtrade is not an honest broker. They force you to deposit more money and this happens every time you lose. They promise training you but this is done with your money. And actually, this training is the way to lose your money.
This is a scam company. Their trading conditions are awful. They execute orders with huge delay. If there is volatility, my orders were filled with 30 seconds delay. If you try to open a position, you must wait for these seconds to passed. But it is not sure if your order will be executed. Most probably you will be requoted with a message the price has changed. This is happening when the price is moving in your direction. If the price is against you, your order will be filled with great slippage and you will suffer a loss. I tried other brokers and the things are not like this. Xtrdade requotes but selective! If the price goes with you they will ask again for confirmation. But you won’t be requoted when the price is against you! Your market order will be always executed but with slippage. This is ridiculous and leads to the thought they are scammers. Stay away from xtrade!
Xtrade scammed me! Fraud!! I opened my position on DAX30. The spread is usually 2-3 points and the price moved in my direction. So I would have realized a big profit but xtrade widened the spread to 350 points!!! This incensement happened only to me. The other friends of mine who were trading did not suffer such a thing. I contacted my account manager and explained what happened. She told me this was a company’s fault and they will fix it in the next 20 minutes. One hour later the issue wasn’t solved. I phoned them again and they answered me the situation would remain like this. Later, they blocked my account. I decided to go to this company and see what actually happens. A man named Alex told me they would look at my case tomorrow. Nothing happened. I turned to CySec but they told me they didn’t accept complaints from individual traders. They also told me to turn to the Ombudsman and they couldn’t do anything. I asked them what can they do and the answer was if the broker fell in bankruptcy they would pay me up to eur20k. they also told me the broker can reject the Ombudsman’s decision and the file could last 7 years! Do not trust them!
Stay away from xtrade! I lost all my hard-earned money for just one day with them. It is a fraud company. Do not deposit there! You will be scammed.