Heard of xmtrade.org trading platform? Really want to find more details before choosing the broker? You can carefully read the XMTrade reviews to know about this forex broker whether to use or not.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
XMTrade otherwise known as xmtrade.org is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Furthermore, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is XMTrade a Scam Forex Broker?
First of, XMTrade claims to hold a legal address in the United Kingdom. The financial regulator saddles with the regulatory duty in the UK is called Financia Conduct Authority (FCA). FCA provides extensive information about each licensed broker.
To clear the doubts, we searched the register of the UK’s financial regulator, the FCA and it showed this broker is not authorized to provide investment services.
Additionally, XMTrade does not provide access to the Client Agreement or other documentation.
Following this, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does XMTrade Have Account Types?
XMTrade provides variety of trading account for clients. The broker provides a leverage capped 1:100 and a spread of 0.7 pips.
XMTrade minimum deposit is specified to be $150 based on the account type. In contrast, some licensed FX brokers can offer clients trading rate as low as $100 with the assurance of their trading funds.
The broker only allows deposits via the cryptocurrencies. There are a few reasons why scam brokers prefer to receive payments in crypto. One, transactions are irreversible and untraceable.
Another important thing, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
XMTrade Trading Software
XMTrade offers access to a fairly basic web-based trading platform. The broker’s web trader comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
XMTrade Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that xmtrade.org is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
XMTrade broker appears like a reliable trading platform, however, you should not take the words they say and the attractive website layout. By all appearances, the broker lacks one important indicator – its license. Thus, traders should steer clear from an unlicensed broker as its likely run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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