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Is the Xtrade Forex Broker a Scam?

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Xtrade is a CySEC-regulated investment company. It offers substantial bonuses to new customers and a demo account. This investment company is a multi-asset trading platform. However, it is suspected of being a scam broker. Withdraw your funds immediately if you notice any suspicious activities.

Xtrade is a CySEC-regulated investment company.

A CySEC-regulated investment company must be transparent in its dealings with customers. This regulation aims to protect investors and the public. This is one primary reason why Xtrade must follow CySEC guidelines. As a CySEC-regulated investment firm, Xtrade will never offer a bonus without the client’s permission. Besides, all their clients’ accounts will be protected by CySEC’s Investor Compensation Fund.

CySEC is the regulator of the financial industry in Cyprus. The country is a member of the European Union, and CySEC’s operations must follow its rules and regulations. CySEC-regulated investment companies must meet MiFID (Markets in Financial Instruments Directive) standards. MiFID was implemented in 2004 and harmonized financial industry regulation in the EU’s 31 member states and the European Economic Area.

It offers a demo account.

The XTrade forex broker is a reputable company that has been around since 2010. The company is based in Cyprus but has many clients worldwide. They have many trading platforms and extra safeguards for your money. They also offer a free demo account to get a feel for the platform before you invest any money.

You can use the Xtrade demo account on multiple devices. If you make a deposit, you will get a welcome bonus. Some of these welcome bonuses are worth up to 60% of the total amount deposited. You can also get more bonus money if you deposit more than $10,000. Each account type offers the same conditions, but the VIP and Platinum account holders will benefit from the spread reduction and other educational videos.

It offers substantial bonuses for new customers.

The Xtrade website offers several promotions to potential investors, including the first-deposit bonus of up to $2,500 and a first-trade cash bonus of up to $500. Although these bonuses seem attractive, some red flags should be considered before you place your money in Xtrade. The company is based in an offshore jurisdiction and appears to be a scam.

It is a multi-asset platform.

The Xtrade multi-asset brokerage does not appear to be a scam, but a few red flags should be noted. For instance, Xtrade does not display an operating license from the FSCA. In addition, the firm does not have an address in the United States. Moreover, there are no details regarding the number of employees. This is why a person should verify information from various sources.

It is licensed to provide services throughout the EU.

XTrade is a regulated forex brokerage and a member of the Investor Compensation Fund, which guarantees the safety of client funds up to EUR20,000. Its offices are located in Cyprus and Melbourne, Australia. In addition, it offers high levels of cybersecurity, including 256-bit Secure Sockets Layer (SSL) encryption provided by Comodo. XTrade also employs several anti-identity theft safeguards. This includes True-Site identity assurance and AICPA WebTrust standards.

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