Is XLTRADE Fund Legit or Scam?
XLTRADE Fund presents itself as an opportunity to access large funded accounts, but serious red flags raise concerns about its legitimacy. This review dives into the details to help you make an informed decision.
Company Overview
Regulated by: | No Regulation Expected |
Is This Company Safe? | No |
Known Websites: | |
Have Warnings from: | N/A |
Registered in: | BVI, UK |
Operating since: | 2022-04-24 |
Trading Platforms: | MT5 |
Maximum Leverage: | 1:500 |
Minimum Deposit: | 500 USD |
Deposit Bonus: | N/A |
Trading Assets: | Forex, Indices, Stocks, Commodities, Cryptocurrencies |
Free Demo Account: | Available |
How to Withdraw from This Company? | If you cannot withdraw your money from them – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds. |
Services or Products
XLTRADE offers funded trading accounts to individuals who pass their evaluation process. These accounts range in size from $50,000 to a staggering $1,000,000.
If you have lost money to companies like Fanhua Group, or FIBOGroup; please report it to us on our report a scam form.
Trading Platform & Leverages
XLTRADE utilizes the popular MT5 platform, offering a wide range of trading tools and features. However, it is crucial to remember that the platform’s legitimacy doesn’t guarantee XLTRADE’s.
The maximum leverage offered is 1:500, which can be extremely risky and is not suitable for all traders.
Spreads and Cost of Trading
XLTRADE claims variable spreads starting from 1 pip for major forex pairs and charges a $7 commission on currency pairs and $0.04 on stocks.
License and Regulations
This is where major concerns arise. XLTRADE operates from the BVI, an offshore location notorious for lax regulations. Crucially, it is not regulated by any reputable financial authority, including the BVI Financial Services Commission (FSC) or the UK’s Financial Conduct Authority (FCA).
Legal Warning Against XLTRADE Fund
The lack of regulation means XLTRADE is not subject to the same oversight and investor protections as licensed brokers. This raises serious doubts about its trustworthiness and increases the risk of fraudulent activity.
Deposit and Withdrawal Methods
XLTRADE reportedly accepts deposits and withdrawals via wire transfers and cryptocurrencies. However, user reports suggest potential issues with withdrawing funds, which further strengthens the case for caution.
XLTRADE Fund Pros and Cons
Pros | Cons |
Potentially large funded accounts | Unregulated and potentially risky |
| Â | Negative user reports and potential withdrawal issues |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers like XLTRADE operate outside the boundaries of established financial regulations. This means:
- No guarantee of fair treatment: In case of disputes, you may have limited legal recourse.
- Increased risk of fraud: Unregulated platforms are more susceptible to fraudulent activity.
- Limited protection of funds: Unregulated brokers may not be required to segregate client funds, putting your money at risk.
Client Feedback
While XLTRADE’s website shows positive reviews, independent sources raise red flags. Trustpilot warns of potential fake reviews, and user reports on forums like Forex Peace Army highlight concerns about account termination and withdrawal issues.
How Can “Reviews Advice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to scams can be challenging. However, seeking professional assistance from experienced individuals or organizations like “ReviewsAdvice” can increase your chances of success.
Remember, protecting your hard-earned money should be your top priority. If you have been scammed by this scam broker, get our free consultation and recovery service recommendations to help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
XLTRADE raises numerous red flags due to its lack of regulation, negative user reports, and potential withdrawal issues. While the allure of large funded accounts may be tempting, the risks associated with dealing with an unregulated entity far outweigh any potential benefits. It is strongly recommended to avoid XLTRADE and consider reputable, licensed brokers for your trading needs.
