#xforex scam

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Is XTrade One of Reliable Brokerage Platforms?

Like meeting new people, the level of trust is higher when someone reputable is pointing to reliable brokerage platforms. For this reason, many brokers tend to use a famous persona to promote their brand. We can notice the tendency that football teams or players are one of the first choices for these platforms. Why is this the case? Of course, we can only guess, but one reason could be the target audience of these "reliable" brokerage platforms. Think of it, and you can conclude that football goes side by side with predicting the match outcome. However, not all football fans are gambling, nor all traders like football. Still, if the audience of some broker is a football lover, we can connect the dots. As we are covering Xtrade, we must mention that they were hiring Christiano Ronaldo as their brand ambassador. Of course, Christiano Ronaldo is a famous and reputable player. However, some of the acts of Xtrade don't go in line with this.  Seemingly, they were using the renowned name to address the particular kind of opportunist behavior. In the following lines, you will conclude whether their behavior is opportunist or not.

Location of the Xtrade

OffersFx is a company behind Xtrade at this moment. If you are browsing from Europe, when searching for Xtrade, you will get the OfferFx website. In other territories, you will get the respective Xtrade website translated to the local language. The company is from Cyprus, which is of the best administrative offices. Besides Cyprus, they have offices in Australia, Belize, and South Africa. Seemingly, all of these regulate the work of Xtrade: Securities and Exchange Commission (CySEC) from CyprusSecurities and Investments Commission (ASIC) from AustraliaInternational Financial Services Commission (IFSC) from BelizeFinancial Services Board (FSB) from South Africa In terms of regulation, this could be a good sign. But why is this the case? Well, at the height of its career, the company was sponsoring Christiano Ronaldo and two football clubs. However, the same year, CySEC suspended the license of the Xtrade, previously XForex. Soon after, the angry customers organized the strike in Limassol, Cyprus. The company had no choice but to leave Cyprus and form Xtrade International Limited in Belize. When the dust settled, Xtrade founded OffersFx to run its business from Cyprus, again. Regardless of the present Xtrade, it seems that previous ones were not reliable brokerage platforms.

Technical Side of the Platform

The website itself is very professional and well designed. You can relatively easy navigate with a drop-down menu in the right top hand corner of the site. Following the standards, in the right down corner, you will find the webchat function. At this point, there is no option to alternate between different languages. Based on your location, you will get the website with your local language. As far as the platform goes, the only available platform their web-based platform. You won't find MT4 nor some of the mobile apps. However, they have optimized their web application, which you can use on your mobile. The interface is a charting platform that has some technical analysis tools. There are a variety of options traders for deposits and withdrawals. You can choose from credit and debit cards, wire transfer, and many different types of online wallets, including PayPal. There are no fees for withdrawals or deposits, and the withdrawals can take up to five business days to process. At the same time, there is an inactive account fee. However, we couldn't find the cost or details on this fee.

Assets and Types of Accounts

There are multiple assets to trade: - CFD's - Indices - Commodities - Stocks - Forex - ETF's, - Bonds and  - Cryptocurrencies. Similar to industry standards, there are four different account types with Xtrade. Seemingly, all previous "reliable" brokerage platforms brought a lot of experience to Xtrade. Any aspect of their solution is following the industry standards, trying to overcome the expectations. The same goes for the first type of accounts, which is the standard account. The minimum deposit for this account is $200. It seems that the only difference between this and the following accounts is the lack of personalized training. It looks like they crafted an excellent offer for novice traders. However, training and education are the most important. Otherwise, trading can resemble the gamble. On the other hand, the spreads are extremely high, with a fixed spread of five pips for EURUSD. The spread of this height is not typical for reliable brokerage platforms. Only brokers known as scams are using these spreads. The next account up is a premium account with the minimum deposit size is $1,000. In this case, you will get personalized training. Moreover, the spreads are reduced slightly, with the standard EURUSD spread being three pips. Of course, this is still not a good offer. The somewhat better offer for other assets you can get with the platinum account. The minimum deposit size is not so high, as it is $5,000. What is interesting is that the spread for the EURUSD stays the same with this account.  Finally, there is the VIP account. The minimum deposit size is $25,000. In this case, you will get the same perks as for the previous, but the EURUSD spread is two pips. Of course, this is still not great.

Education and Customer Support of Reliable Brokerage Platforms

Except for the primary account, you will get personalized training. Xtrade also provides courses, e-books, video tutorials, webinars, and a resource library.  There are a plethora of ways to get customer support. You can do it by phone, webchat, email and also by fax (I doubt many people still use this method).  Their customer support services are available 24 hours a day from Sunday 10 pm GMT to Friday at 10 pm GMT. When we tested, their webchat platform is very responsive, helping as much as possible.

Is Xtrade one of Reliable Brokerage Platforms?

The majority of customer reviews are negative towards Xtrade. Many claims are that they are scamming their customers. To refresh your memory, this is the company that had organized a revolt against it! At the same time, some reputable bodies are regulating Xtrade. It should be enough to enlist Xtrade in reliable brokerage platforms. It is because the regulatory authorities would stop Xtrade if pushing their customers to deposit more money. And it is what customer reviews claim they are doing! Like some of their previous entities, Xtrade or OffersFx might lose their license. For this reason, you should keep your eyes opened when trading with Xtrade.

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