Trade XN Review: Lies Behind This Scam Broker
Trade XN claims to offer low spreads, no hidden fees, and easy access to over 100 trading instruments. They also promise leverage up to 1:500 and advanced trading software. All this sounds too good to be true if you ask us.
However, the website lacks transparency raising red flags about its legitimacy. Before considering Trade XN’s services, we recommend doing detailed research and assessing their credibility. We hope that this Trade XN review can help in revealing the lies behind this scam broker. Stay tuned!
|Leverage||up to 1:500|
|Headquarters||St. Vincent and the Grenadines|
Regulation and Security of Trade XN
Trade XN is an anonymous broker with no telephone number, real address, or evidence of regulation. This lack of transparency raises concerns about the safety of your investment with them. Don’t trust them with your money because you will be sorry.
Instead, try to work with regulated brokers licensed in the UK, EU, or Australia. These companies must obey strict regulations and maintain a stellar reputation, fair business practices, and financial stability. They also have minimum capital requirements and must keep client funds in segregated accounts for extra protection.
After all, licensed brokers provide negative balance protection and compensation in case of bankruptcy. For your peace of mind and financial security, choose a broker that offers these protections.
Note: Having a base in an offshore zone, such as St. Vincent and the Grenadines, indicates that the broker is not bound by the regulations imposed by any financial authority.
Trading Platforms at Trade XN
XN Trade promises to offer a solid web trading platform, but its website malfunctions, leading to doubts about its legitimacy. They are likely unregulated and anonymous, and the lack of information about their platform raises suspicion.
It is better to use a well-established and legitimate trading platform such as MetaTrader
4 or MetaTrader 5, which are accessible and provide advanced features. Use only a licensed broker that supports these platforms.
Trade XN Account Types
There is no information about trading accounts in regard to this broker. Before opening a trading account, it is essential to assess the trading conditions. Trading conditions can impact your experience and results. Trade XN claims to offer high leverage ratios up to 1:500, which may seem attractive to some traders.
However, please try to remember that high leverage can be incredibly dangerous. For this reason, regulators in various regions have limited the offer of maximum leverage. It is concerning that Trade XN is not following these rules at all.
Deposit and Withdrawal Methods
Trade XN appears to only accept wire transfers, according to their claims. It is a big drawback, as bank transfers are difficult to reverse, making it unlikely to receive a chargeback if you have already deposited with the broker.
We recommend being cautious and avoiding depositing funds with Trade XN. You should know that the broker has undisclosed fees. Always carefully read the Terms and Conditions before opening a trading account.
How The Scam Was Carried Out
Fake and unsupervised brokers, like Trade XN, pose a significant risk for traders as they have no obligation to follow ethical business practices. These brokers can use various excuses to prevent traders from withdrawing their funds. They usually offer bonuses with conditions attached, such as minimum trade volume requirements.
These requirements can vary, making it difficult for traders to access their funds. In addition, these brokers may charge a high processing fee, even if the withdrawal request is not approved. Always choose a regulated and licensed broker who operates in a reputable jurisdiction, such as the European Union, to ensure a safe trading experience.
Best Performing Forex Brokers
These brokers have a reputation for being reliable and trustworthy. Moreover, they also offer excellent customer service. To determine the best-performing forex brokers, several factors must be considered, including their regulatory status, financial stability, trading costs, speed, and the variety of trading tools they offer.
You should thoroughly research and compare multiple brokers before choosing one. This will ensure that you are making an informed decision and finding a broker that perfectly suits your trading needs and goals.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Trade XN Summary
After evaluating what this broker has to offer, it becomes clear that it is not reputable and exhibits traits typical of a scam.
Trade XN lacks a license and operates without oversight from any regulatory authority. The trading software they use is quite manipulative as well. Since they have numerous scam allegations and negative reviews, please try to avoid this unlicensed offshore broker.
FAQs About Trade XN Broker
Is Trade XN Legitimate Broker?
No, they are not legitimate. In fact, Trade XN is an unlicensed offshore broker, which you should avoid.
What is the Minimum Deposit for Trade XN?
The minimum deposit this broker claims to ask for on all account types is $25.
How Long Does it Take to Withdraw from Trade XN?
This is their claim:” Once you submit a request, it will be processed within that day if your account is in USD or within two days for other currencies”.