WikiFX Review: Why is the WikiFX score of XTRADE reduced recently?

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of XTRADE based on the facts.

What is WikiFX？

To explore whether XTRADE is a scammer or not, we evaluated this broker from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1. Evaluate the reliability of XTRADE based on its general information and regulatory status.

A. General Information of XTRADE

B. Regulatory Status

2. The feedback from Twitter

3. Exposure related to XTRADE on WikiFX

4. Special survey about XTRADE from WikiFX

A. Scoring Criteria

B. Field Investigation

C. WikiFX Alert

5. Conclusion

1. Evaluate the reliability of XTRADE based on its general information and regulatory status

To understand XTRADE better, we explore XTRADE by analyzing three main perspectives:

A. General Info of XTRADE

B. Regulatory Status

C. Fund Security

A. General Info of XTRADE

XTRADEs general info has been shown below:

(Source: XTRADE)

About XTRADE

XTRADE has more than 10 years of experience in the forex market. It is an online forex broker offering a wide range of financial instruments, including commodities, forex, indices, etc. The physical address of this broker is 35 New Road, 2nd floor flat, Belize City, Belize.

Account Types & Minimum Deposit

XTRADE has set up four account types, namely Standard (minimum deposit of $250), Premium (minimum deposit of $1,000), Platinum (minimum deposit of $5,000), and VIP (minimum deposit of $20,000).

Leverage

The maximum leverage for Forex is 1:400 for major currency pairs, 1:250 for minor currency pairs, and 1:100 for low-volume currency pairs. 1:50 to 1:200 for commodities, 1:50 to 1:300 for indices products, 1:10 for stocks, also 1:10 for bonds, and 1:10 to 1:50 for ETF products.

Trading Platforms

XTRADE's trading platform, XTRADE WebTrader, is a browser-based web platform that makes it easier for traders to browse the best market analysis available and execute trades and orders quickly and easily, with no downloads required. The mobile application features an intuitive multi-asset application that includes full functionality for all major technical indicators and a wide range of tools for real-time charting. In addition, a tablet trading application is supported, which features an advanced graphical interface for fast trading and deposit, full activity reports, intuitive navigation, and alert settings.

(Source: WikiFX)

B. Regulatory Status

What is a Legitimate License？

l The legitimate license is the business license issued by the financial regulatory institution of each country/region.

l Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

l Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

l The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of XTRADE

XTRADE is a regulated broker. It is regulated by Australia Securities & Investment Commission(ASIC) with license number:343628. It is also regulated by Financial Services Commission(FSC) with a license number: IFSC/60/383/TS/15. However, The BelizeFSC regulatory with license number: IFSC/60/383/TS/15 is an offshore regulatory. The CyprusCYSEC regulatory (license number: 108/10) claimed by this broker is a suspicious clone.

(source: WikiFX）

2. The feedback from Twitter

To figure out whether XTRADE is a scam or not, we did a survey about this broker on Twitter.

Reviews on Twitter:

l XTRADE does have an official account on Twitter. It has more than 7800 followers.

l It is hard to find negative feedback related to this broker on Twitter.

3. Exposure related to XTRADE on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of 18 WikiFX has received 17 complaints against this broker within 3 months. Below are some of them that we would like to show you.

This trader from the United States told WikiFX that XTRADE asks for extra fee when this trader wants to withdraw his money.

This trader from Taiwan claimed that he suffers a heavy loss after he invested in this broker. When he asks for a withdrawal, XTRADE refused it because of too little principal left.

The trader who comes from Mexico complained that he lost control of his funds after he invested in XTRADE.

This trader living in Colombia is unable to withdraw as well.

1. Special survey about XTRADE from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

XTRADE has been given by WikiFX a decent rating of 7.15/10.

(source: WikiFX)

According to the above, it seems that XTRADE is very poor at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events. XTRADE seems not to have enough capital and good strategies to secure clients assets in the unstable market.

B. Field Investigation

l To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

l On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

l WikiFX did make an on-site survey on XTRADE in January 2020 and successfully found their office.

C. WikiFX Alerts

(source: WikiFX)

5. Conclusion:

XTRADE is a solid broker since it is regulated and has a relatively high WikiFX score. However, it also has too many complaints that we cannot ignored. Traders who plan to invest in this broker have to be aware of the potential risks. WikiFX contains details of more than 33,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.