XtraTrade – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
XtraTrade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://profixtd.com
Founded: 2022
Regulations: No Regulation
Languages: English
Deposit Methods: Ethereum, Bitcoin
Minimum Deposit: $50
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Cryptocurrencies and Forex
Trading Accounts and Conditions
XtraTrade does not offer trading accounts. Instead, users are given Investment Plans. Here is the list of Investment Plans this broker offers:
- Basic: The deposit range is from $50 to $1,000. You are promised a 1.5% return on your investment every day for 10 days. The total is 15% plus your capital.
- Advanced: The deposit range is from $1,000 to $5,000. You are promised a 2.2% return on your investment every day for 20 days. The total is 44% plus your capital.
- Silver: The deposit range is from $5,000 to $10,000. You are promised a 2.7% return on your investment every day for 30 days. The total is 81% plus your capital.
- Gold: The deposit range is from $10,000 to $50,000. You are promised a 3.5% return on your investment every day for 50 days. The total is 175% plus your capital.
There is no mention of the traditional trading conditions such as spreads, commissions, leverages and so on.
XtraTrade – Advantages
XtraTrade has no advantages. This broker is a scammer.
XtraTrade – Disadvantages
Here is the list of disadvantages that revealed to us that we are dealing with a scammer:
-
Lies About Regulation Status
XtraTrade goes out of their way to tell us that they are a legal company. In fact, it is one of their biggest selling points on their website. However, we know this to be untrue.
The broker claims to be incorporated in the UK, and presents a certificate of incorporation to prove that point. In that certificate, the company that owns this brokerage is called XtraTrade Co. However, when you check this broker’s Terms and Conditions, then there is another company name given – FINAINVEST.
The problem is that a broker is not allowed to operate anywhere in the UK unless it has been authorized to do so by the FCA (Financial Conduct Authority), the financial regulator of the country. A certificate of incorporation is not enough. So, we checked the online register of the FCA to see if this broker was appropriately registered. We got not hits with the broker’s name, or its company name (as shown on its certificate of incorporation). So, we tried with the other name – FINAINVEST – that was in the broker’s Terms and Conditions. We still did not get any hits.
This means that this broker is not regulated by the FCA and that it has lied about its claims. This makes this broker an illegal entity, i.e., a scam.
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.
-
No Trading Platform
While this broker advertises trading in Foreign Currencies as well as Cryptocurrencies (and other asset types, but fail to mention what kinds), there doesn’t seem to be any trading platform anywhere on their website. There is no link for a download or even a web-based platform.
Legitimate brokers ensure that they offer their clients the best possible trading software since this is their prime selling point along with their trading conditions. So, with such brokers, you will get the chance to use the MetaTrader 4 or MetaTrader 5 software, two of the best in the world. These platforms offer you a plethora of functions that make trading more efficient and so easy that even novice traders will have no trouble carrying out trades.
XtraTrade, on the other hand, doesn’t even have a trading platform, which clearly tells us we are dealing with a scammer.
-
Poor Terms and Conditions
If you check XtraTrade’s Terms and Conditions page, you will see that it is just a single paragraph of very vague conditions. Furthermore, there is no mention of this broker’s name anywhere on that page. The only name mentioned is a random company called FINAIVEST.
The Terms and Conditions (or User Agreement, or Client Agreement, etc.) is critical as a legal document since it gives all the details of the relationship between the broker and the trader. It tells you the boundaries within which you are allowed to trade with the broker. It also advises you of all the broker’s policies – deposits, withdrawals, fees, etc. And XtraTrade has none of these details.
If you sign up without checking such details, you can land up losing your money, since you give the broker a fee hand to do what they like with your funds.
-
Unrealistic Returns Promised
XtraTrade claims to offer daily returns on your investment if you sign up with any one of their Investment Plans. The returns are guaranteed! Here are all the things that are wrong with these claims:
- Brokers do not offer investment plans. They offer trading accounts which you can use to carry out trades on their trading platforms.
- This broker does not offer any trading conditions, which is logical since they do not even have a basic trading platform in place!
- No broker can guarantee a return on your investment. The forex and cryptocurrency markets are so volatile that you are liable to lose more money that you make on the market. It is for this reason that regulated brokers are forced by regulators to publish how many of their clients are losing money. On average, 75% to 85% of all traders lose money on the market. So, a guarantee is absolutely impossible. This is just a way for scammers to attract novices into parting with their money.
Conclusion
XtraTrade is a scammer that has lied about its regulation status. The broker does not have a trading platform and offers its customers plans instead of trading accounts. And these plans are all false promises meant to attract unwary novice traders who don’t know any better. This is broker that must be avoided.
XtraTrade
Pros
- None
Cons
- Lies About Regulation Status
- No Trading Platform
- Poor Terms and Conditions
- Unrealistic Returns Promised
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.