XTRgate – Can You Trust Them?

Website URL: www.xtrgate.com

Founded: 2020

Regulations: Unlicensed

Languages: English, German

Deposit Methods: Credit/Debit Card

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies

Trading Accounts and Conditions

There is no information given on XTRgate’s website about the types of accounts offered. From what we can make out, there is only one account that this broker has, and the minimum deposit requirement for it is $250.

We registered for an account with this broker and found that the only assets XTRgate offers are cryptocurrencies, and the leverage for trading in these assets is a maximum of 1:100.

XTRgate – Advantages

We see no advantages to trading with XTRgate.

XTRgate – Disadvantages

Here are all the reasons why we would not recommend XTRgate to any trader:

• Unlicensed Brokerage

XTRgate claims to be owned by a company called South Bay Holdings Ltd., which is located in the Commonwealth of Dominica. Today, we see a sharp rise in brokerages operating out of Dominica. This is because this country does not have strong laws in place to govern brokers that offer financial services. Essentially, if a broker is registered in this country, it is not regulated.

Since XTRgate offers two language options – English and German – we can assume that this broker targets clients in the UK and the European Union. If so, then the brokerage needs to be regulated either by the FCA (Financial Conduct Authority) of the UK or by the BaFin (Federal Financial Supervisory Authority) of Germany.

We checked the online registers of both regulators, and found that neither this broker nor its parent company was listed there. And since this broker has not presented any other information on its website with regard to its regulatory status, we can safely conclude that it is an unlicensed brokerage offering its services illegally.

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• Weak Trading Software

This broker offers two trading platform options – a desktop terminal that can be downloaded and web-based trading software. The downloadable version looked rather suspicious because it came with a terminal.msi file. So, we opted to access the web-based trading terminal.

This terminal was very basic, with none of the features that you would find on a professional platform such as the MetaTrader 4 software. There are no charting options, no tools for market analysis or even automatic trading algorithms like the ones you find on the MT4 platform.

Overall, this trading platform offered by XTRgate is very poor and not worth trading on.

• Limited Payment Options

The only methods by which you can make deposits with XTRgate are via credit or debit cards. There are no other payment options available. And you only get to choose between 3 currencies – GBP, EUR and USD.

However, when we checked the Terms and Conditions section of XTRgate’s website, the broker claims that it offers withdrawals through credit/debit card, e-wallets and even wire transfers.

The fact that the broker offers multiple withdrawal methods but only two types of deposit methods seems very suspicious. This is because such inconsistencies in deposit and withdrawal methods are usually found in brokerages that are running scams.

• Focus on Indemnification

The Terms and Conditions offered by XTRgate are very short. However, most of the terms focus on indemnification clauses. The broker really focuses on protecting itself from liabilities and complaints from its clients. XTRgate clearly states that it will not take any responsibility for any of the losses you may suffer by using their services.

This kind of an indemnification is in direct contrast to regulated brokerages. Regulated brokers are required by law to offer protection to their clients. A trader should not suffer losses by using a broker’s services. The only losses they should be exposed to are when they trade on the markets. And regulators ensure that legitimate brokers make their financial services as safe for traders as possible.

So, the fact that this broker has focused a large part of its terms and conditions on protecting itself and taking no responsibility for the services it offers clearly indicates to us that you cannot trust XTRgate.

• Account Cancellation

The only time you can cancel your account if within 3 days of having opened it. There is no other time you can close your account with this broker. This is also highly suspicious since traders should be allowed to cancel their accounts at any time.

• Lack of Information on Accounts and Trading Conditions

The broker has ensured that it has not provided any information to its customers about anything of use. We do not know what types of accounts are available. And the only way we found about the leverage ratios was by opening an account with them.

This lack of clarity is also another indication that you cannot trust this broker.

• Lack of Information on Fees and Commissions

XTRgate has provided no information on the types of fees or commissions it charges. We do not know anything about the withdrawal charges. We do not know if there are any commissions on the trades carried out. We do not know if there are any account-related charges. We literally know nothing.

What this means is that you may end up being charged all kinds of fees at the broker’s discretion and there will be nothing you will be able to do about it!

Conclusion 

Everything about XTRgate points to the fact that this broker is a scammer and that it should not be trusted. This broker is operating illegally, has no information on key points such as trading conditions, account types or even fees and commissions. The broker’s only focus is on protecting itself from its customers. What kind of broker does that? Only the scamming kind!

We strongly recommend that all traders avoid doing business with XTRgate.

XTRgate

2.5

User Experience

3.2/10

Payment Options

2.2/10

Security

2.3/10

Support

2.5/10

Reputation

2.1/10

Pros

• None

Cons

• Unlicensed Brokerage
• Weak Trading Software
• Limited Payment Options
• Focus on Indemnification
• Account Cancellation