Introduction to XTraderFX Review:
Even though scammers have different ways to trick the customers, They have a common strategy after luring them in. Upon making an account, these cybercriminals will ask them to deposit a huge amount of money in return for large profits. These innocent traders deposit all their hard-earned savings in the hope of getting huge profits in exchange for the trade. The first trade might be successful as the scam brokers need a way to convince the traders into depositing more money. When the second trade happens, these scam brokers purposefully make the trader lose money. This act of losing and alleged winning continues till the fraudsters extort a satisfactory amount of money from the innocent traders. XTraderFX advertises itself as a CFD broker with customers from all corners of the world. The company does not deal in any other tradeable asset and has a very limited range of information available for the public. Read the full XTraderFX review to know more about why we think XTraderFX is a potential scam.
Debunking the claims:
Address and Regulations:
Founded in 2018, XTraderFX claims on their website that they are based out of the UK. However, apart from this self-proclamation, there is no other proof of this company having an office in the UK. Furthermore, if a company is based out of the UK, it must have a license from the regulation of the UK. In the case of XTraderFX, we were not able to see any license from any regulation at all. This poses the first red flag against XTraderFX in this XTraderFX review.
Blacklisted and Warning:
Apart from not being regulated, the Financial Conduct Authority or the FCA of the UK has issued a warning against XTraderFX. In the statement, they have asked the citizens to stay away from XTraderFX as it is a potential scam.
Minimum deposits are discouraged by the regulators. For this same reason, the brokerage firms ask for a minimum deposit in very small amounts such as $5 or $10. However, scam brokers take full advantage of this unnecessary payment and steal as much money as they can from the customers. XTraderFX has not revealed any information about the minimum deposit that they demand from their customers. This is yet another red flag as such information should be made available to the public.
XTraderFX does not offer any demo account to its customers. Demo accounts are vital as they give the new traders the experience and knowledge of trading. This poses yet another red flag in this XTraderFX review.
To sum up, all that has been stated above, we can say that XTraderFX is a potential scam. We request our readers to stay away from XTraderFX and only proceed at your own risk. If you have been scammed by XTraderFX or any other scam brokerage firm, you do not have to worry anymore. Just file a complaint with All Scam Reports and get instant solutions for fund recovery from our experts.
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