Xtrader365 – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Xtrader365 - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://xtrader365.com
Founded: 2023
Regulations: Unregulated
Languages: English, French, Italian, Spanish
Deposit Methods: Visa, MasterCard, Qiwi, Skrill, Bitcoin, Neteller, WebMoney, Bank Transfer, Wire Transfer
Minimum Deposit: $10,000
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Commodities, Currencies, Indices, Stocks, Crypto
Trading Accounts and Conditions
Xtrader365 offers their clients four different types of trading accounts. They are:
- Silver: The initial deposit requirement is $10,000.
- Gold: The initial deposit requirement is $25,000.
- Platinum: The initial deposit requirement is $50,000.
- VIP Club: The initial deposit requirement is $100,000.
The broker does not specify their trading conditions. We had to check their trading software to get that information. This is what we found.
Spreads for the EURUSD, USDJPY and the GBPUSD all are 3.0 pips onwards. The leverage for Gold, Stocks and Indices is at 1:100, for cryptocurrencies is at 1:10 and for currencies is at 1:200.
Other trading conditions are missing.
Xtrader365 – Advantages
There are no advantages to trading with Xtrader365.
Xtrader365 – Disadvantages
Listed below are all the issues that prove that Xtrader365 is a scammer:
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Unregulated Broker
The first we notice is this broker’s lack of regulation. We do not know the name of the company that owns and operates this broker. However, on their contact us page, we get a Cyprus address, and phone numbers in Cyprus, Australia, South Africa, and the United Kingdom.
However, Xtrader365 does not give us any information about their regulation status.
Based on the information this broker did provide, we checked the online registers of the CySEC (Cyprus Securities and Exchange Commission), the ASIC (Australian Securities and Investments Commission), the FSCA (the South African Financial Sector Conduct Authority) and the FCA (the UK Financial Conduct Authority). There is no company or brokerage by the name of Xtrader365 listed with any of these authorities.
This means that this broker’s attempt at legitimacy is fake and the reality is that they are not regulated at all. And this makes Xtrader365 a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted in Belgium
Based on the languages listed on this broker’s website, Xtrader365 is also targeting traders in the European Union. Our guess proved correct, because while we were checking for their regulation status, we found out that this broker has been blacklisted in Belgium by the country’s financial regulator, the FSMA, the Financial Services and Markets Authority.
The FSMA has issued a warning against Xtrader365, stating that they are operating in their country without permission and this means that they are an illegal entity. This is further proof that we are dealing with a scammer here.
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Issues with Trading Platform
Xtrader365 claims to have their own Webtrader trading software. The broker makes tall claims about the quality of their trading platform. Sadly, all of these claims are lies.
Xtrader365 does not have a quality trading platform at all. In fact, the platform offered is just a very shoddy and poorly constructed software. There are no advanced trading tools, no automatic trading, no custom indicators and definitely no mobile version available.
A broker that offers a poor-quality trading software is a scammer. No real broker would compromise on the quality of their product.
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Issues with Trading Conditions
Another indicator of Xtrader365’s scam is their trading conditions. These are the conditions a broker imposes on traders for the use of their trading software. It is these conditions that will decide whether that broker is competitive and whether trading with them would be advantageous.
The first thing is this broker’s initial deposit requirement of $10,000. This is insanely high. Industry standards range from just $100 to $250, and there are many more brokers that have even lower requirements. Some as low as $10.
Next, the spreads. The broker does not specify what their spreads are on their website. We had to go looking for this information on their software. And when we did find them, they were at 3.0 pips and upwards. These are much high that the industry standard of 0.5 pips to 1.5 pips. We are also not told anything about the broker’s commissions, so the real cost of a trade (which is a combination of the spreads and commissions) is unknown.
The leverage ratios are also extremely high. In the UK, Europe and Australia, leverages cannot go higher than 1:30. Similar levels apply to other locations. So, what this broker offers is much too high, dangerous and illegal.
All of this information tells us that we are dealing with a scammer. A real broker would not jeopardize their business with such unfair trading conditions.
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Issues with Payments
Xtrader365 claims to offer their clients a variety of payment options – Credit cards, debit cards, bank transfers and wires, Skrill, Neteller and Bitcoin.
It sounds really good, but here is the issue. Skrill and Neteller have tightened their policies so that unregulated brokers cannot use their services. Therefore, the claim that Xtrader365 offers these two payment providers is a lie.
Added to that, their payment system does not work. We attempted to deposit a small sum to assess their payment process, and an error message was displayed. We were told that the broker’s payment system was not available and that we needed to contact the manager for further information. This is a typical scam tactic. Traders will contact the broker and then they can choose only those who are complete novices for their scam.
These are clear indicators that we are dealing with a scammer.
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Issues with Withdrawals
Xtrader365 does not tell us what their withdrawal conditions are. No details on withdrawal fees, processing time or even conditions for withdrawals. This lack of information is just another one of many other red flags.
Conclusion
Xtrader365 is not a broker to be trusted and they are not safe to do business with. This broker is a scammer.
Xtrader365
Pros
- None
Cons
- Unregulated Broker
- Blacklisted in Belgium
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more