XP Trade (Xp-trade.com) is another insane CFDs, Crypto Currency and Forex platform to hit the trading world. XPTrade is claiming to give investors a chance to maximize their profits using their platform. With such claims, unsuspecting investors signed up not knowing the real reason behind this platform. Some members are crying foul after having their accounts blocked without a valid reason given. Read this detailed XP TRADE Review for more.
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After receiving numerous email complaints from investors, we knew trouble was brewing. Make sure to read this entire review as we expose some of the dirty tricks used by fraudsters. What we have uncovered is shocking beyond words. Professional scam artists are behind this hideous platform. To find out more, we dug deeper into the roots of the website. From what we gathered, the website is a cloned website of a real trading platform. XP Trade is never going to allow anyone to trade on their platform.
Professional scam artists will design an enticing website for unsuspecting investors to fall for. They begin by using fake claims and promises such as those posted on their homepage. Most investors want to make a quick buck and scammers take advantage of this need. From calling investors at odd hours to harassing anyone who doesn’t deposit, their tricks are finally exposed. Make sure to read this entire review as our years of investing and trading helps us expose these scams.
According to their about us page, they claim to been in existence since 2012. A closer look at whois.com reveals the website was registered on August 2019. This is one of the many red flags we noticed with this platform. It is clear they have not been in the industry for long. What their about us page is trying to do is give the website a reputation. Without a credible online history, you should resist from platforms which are unknown. XP Trade is one of the platforms which is less than three months old.
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Another shocking issue with this platform is that they fail to give us their ownership details. Anonymity is rampant with scam platforms which is another red flag to take notice of. Who are the actual owners of this website? Why can’t we get the actual names of people running this website? These are some of the reasons why you must stay out of anonymous websites. In case of emergency, these scam artists will shut down the platform with no notice given. Anonymous websites are a no go zone.
XP Trade is not licensed or registered by any regulatory body that we know of. To find out whether they are truly licensed, we checked with most regulatory bodies. Some of the regulatory bodies we contacted include ASIC, CONSOB, CySEC, FCA, NFA, and SEC. None of these established regulatory bodies has ever heard of this platform. Without a valid trading license, your funds are far from being safe. It is clear we are dealing with another online fraud made by offshore brokers.
If this platform wad dully licensed, they would have posted their license and registration details on the website. A closer look at their website shows no such documents to prove their authenticity. A real trading website will have details of their license documents posted for all to see. By doing so, they show transparency and gives investors a chance to verify the details on their own. A platform with no clear license and regulatory certificates will put your funds at risk.
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We could not find any advantage of dealing with this illicit platform. Most of the information we retrieved ended up being false. With a fake address, we even don’t know their actual base of operation. Scam artists will use random address just to throw off investors. What we noticed is that scam artists will use European countries as their base of operation. They also have started using virtual phone numbers to throw off investors. Numbers listed on their website is always busy when you decide to call.
XP Trade is furnishing users with four different account types to choose from. Accounts are listed as Starter, Basic, Advanced, and Premier. What we noticed odd with these accounts is the high minimum required deposit to start trading. The basic account holders must deposit $500 in order to start trading. Folks, this is a high depository requirement which must be exposed. The industry has set $250 as the acceptable minimum required deposit. Any broker asking for more has something up their sleeve.
Another shocker with this platform is lack of a proper communication system. With XP Trade, users are supposed to use emails to communicate to brokers. Phone calls are only made by so-called account managers when they want something from investors. In most cases, they will demand you deposit more funds in order to get more profit. This has been a major issue with this platform as investors can’t get a hold of these owners at the right time. The best thing to do is to stay away from XPTRADE.
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Lack of a working demo account is another problem we must raise. A demo account is used to give users a chance to test how well a platform works. Without a demo account, users are signing up blindly. A demo account will tell users how fast trades are executed as well as advanced tools involved. Without a demo account, users are trading with a platform which is not known to them. Make sure to always try out a demo account before committing yourself to a real and working trading account.
Another shocking issue with this platform is that they don’t allow users to withdraw funds. Account funding is easy and fast and the entire process takes less than five minutes to complete. Depository channels listed include Bank transfer, Comodo, MasterCard, Visa, and others. The main problem with this platform is that they will never allow anyone to withdraw funds. Why bother signing up with a scam platform which is ready to steal your funds once you deposit?
Clearly, funds are not safe with this anonymous website. From negative comments floating around the website it is clear XP Trade is hazardous. Segregation of accounts is another problem as funds are pooled in one account. Compensation should not be expected as the platform does not participate in a compensatory scheme. These are the tell signs we are dealing with a professional scam outfit. Their only interest is to have investors deposit funds.
Evidence is overwhelming; funds are not safe with an anonymous website. With complaints coming from all corners of the world, XP Trade is a scam. Make sure to warn your family and friends from joining any of their affiliate programs. Anyone who deposits funds with this platform should expect a cold treatment from the platform. It turns out the platform will shut down once authorities catch wind of their illicit activities. Stay away from this cold platform.
We will be adding this platform to our scam blacklist to ensure no one else falls for this scam,
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Wishing you a safe trading experience.
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