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XLTRADE SCAM ALERT: Unregulated Broker, Avoid at All Costs!
XLTRADE SCAM ALERT: Unregulated Broker, Avoid at All Costs!

Operating status: SCAM

Website: https://www.xltrade-ama.net/

Broker violations and abnormal records
  • 2023-04-10 BrokersView has Reviewed that XLTRADE is an Unregulated Broker

    There is no any regulatory information on its website. This broker locates in British Virgin Islands, but we don't find the correct information on regulatory institution matches to XLTRADE. The truth is that XLTRADE is not under valid regulation by any regulators to do forex. Investors' funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.

    There is no any regulatory information on its website. This broker locates in British Virgin Islands, but we don't find the correct information on regulatory institution matches to XLTRADE. The truth is that XLTRADE is not under valid regulation by any regulators to do forex. Investors' funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.

Related Complaints

Q&A Complaints

Does anyone hear about XLTRADE? Can I trust it?

Masud Parvez
Sudan
2023-04-13
ANSWER XLTRADE is an unlicensed broker that we advise against trading with, despite the seemingly attractive deals it offers.XLTRADE presents zero details about its regulatory status, which is a clear indication of an unlicensed broker since legitimate ones always prominently display their accreditation and licenses. In addition, XLTRADE claims to be operated by Chimara Ltd. located in the British Virgin Islands. Therefore, we searched for this company in the registry of British Virgin Islands Financial Services Commission (BVI FSC), the financial regulator for the islands, but didn't find any matching results. In essence, XLTRADE is not subject to any valid regulations.Regarding your question, XLTRADE is not reliable and you shouldn't trust it. Entrusting this broker to hold and control your funds or trading with it is highly risky, as there are no legal protections in place to protect the funds. As a result, we strongly suggest investors avoid unlicensed brokers like XLTRADE and opt for fully regulated ones instead.
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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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