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Is Xtrade a scam broker?
Xtrade International Ltd formerly known as Financial Arena Ltd has registration in Belize. It is authorized and regulated by the International Financial Services Commission (IFSC) in Belize. Xtrade provides financial services under the company’s scope. Client transactions are being processed by Reituca Marketing Ltd with registration in Cyprus. Before doing any trading with XTrade, you must follow this review.
About the XTrade:
XTrade has the head office in Cyprus, authorized and regulated by the Cyprotic authority CySEC. Cyprus is part of the Euro Zone and the European Union. XTrade adheres to all rules and regulations of the EU and Euro Zone. Furthermore, XTrade’s Italian branch is registered with CONSOB. While XTrade is based in Europe it satisfies the MiFID community regulations. The involvement of Cristiano Ronaldo as a sponsor provides customers a high sense of security, but it does not provide any information on reliability. Demo accounts are very useful for a beginner or want to practice new strategies avoiding real loss. XTrade provides a demo account but significantly lacks essential options that are present in the real account.
Commission and fees applicable by the broker is another important aspect. The leading broker who trades in CDFs never apply charges on every action, Xtrade does the same. Rather XTrade charges you $50 for three months inactivity. Considering some associated cost all services provided by XTrade are free. XTrade provides the basic account with a minimum deposit of $ 100 with the Spread range is fixed from 4 to 6 pips. The Premium account holder gets better conditions with the pips range is from 2 to 4 with a minimum deposit of $1000. What makes XTrade odd man out is Leverage on CFDs Trade. XTrade offers maximum leverage of 1:400 for international users and 1:30 for European users. Simultaneously, one can easily lose more money with this leverage. XTrade also provides CFDs over cryptocurrencies. The platform used for trading is developed and maintained by XTrade.
Is XTrade scam or legit??
The comprehensive feeling about XTrade is it provides a stable and easy to use platform for trading. It also provides free of cost service. Also, education about trading is available. XTrade entertains deposits by cards, bank transfer, and other methods. XTrade is registered and monitored by CySEC like authority is major pros. In the end, no broker is perfect, XTrade is a mid-level firm that should improve its operation using MetaTrader4, lowering Spreads, availing more deposit and withdrawal methods for international account holders.
We have seen a good number of negative reviews about the broker, so keep yourself safe when trading with this broker is based on negative reviews Xtrade can be a scam.