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Trade XN Review – Scam Behind TradeXN.Com
Table of Content
Trade XN broker claims to operate under the Trade XN group of companies based in St. Vincent and Grenadines. This is an offshore country and trading companies are usually opening their branches there to hide something. Whether it’s taxes or regulations, something doesn’t add up.
In this Trade XN Broker review, we are discovering all the facts behind their actions. Stay tuned.
|Headquarters||St. Vincent and Grenadines|
|Broker Type||Offshore non-licensed|
How Are You Protected at Trade XN?
Saint Vincent and Grenadines as the country don’t provide any sort of regulations for FX and CFD trading companies. They have stated that clearly. Therefore, the company that is trading on CFD markets should have regulations of the country where they perform their activities.
Trade XN broker doesn’t have any kind of license for trading. Not to mention Tier 1 regulations that are most trusted like FCA, BaFin, ASIC or any other from the group. As that being said, we can conclude that any of the funds there are not safe.
Confirmation of that is their leverage. Goes up to 1:500 which is not allowed in any European country according to ESMA rules. For retail traders, maximum leverage is 1:30. Since they don’t care about those, we are wondering if they care about anything except for scamming traders out for money.
Broker scams work on the same principle. They lure you with fancy advertisements, most of the time about some robot trading software. After that, they will show you some quick results and pitch you for more money. With Trade XN it doesn’t matter if you are going to deposit 5.000$ or 250.000$. Anyway, it goes to their pocket.
Just be careful when considering trading companies and go for regulated ones. Pitch is always the same because companies are in the same business. But the important part is security, which is completely different.
Available Trading Software
As expected from a non-regulated broker, they don’t provide any trusted trading platform. The only available option is their web trader. However, to get access to the trading platform you need to complete a registration form. Upon registering you have to wait for approval. This is already a bad sign.
Throughout researching companies like Trade XN Broker we found that many scam brokers do the same thing. They filter whom they want. They present their web trader as the latest invented technology. The reality is most probably different and we believe that their software can’t offer anything more than MT4/MT5 or cTrader.
It’s available for mobile but when the company is not regulated they can state whatever they want. It doesn’t mean it’s going to be true.
Account Types Offered
Another anonymous thing about this broker is their account types. You will see even in regulated trading companies a variety of account types or at least minimum requirements. We had to dig through their website to find what is the minimum offered. It would be 25 USD. This is all right, but considering that you are providing your information to a scam broker, we wouldn’t be sure about it.
This broker doesn’t provide a demo account, most probably due to the lower minimum requirement. However, you should be aware that they will call you to make you deposit more money. From other Trade XN Broker reviews we found that is the only reason for the call.
What Market Instrument Can Be Traded at Trade XN?
Surprisingly this broker doesn’t offer stocks CFDs. They only offer 4 different trading classes:
- Forex – USD/AUD, USD/CHF, USD/SEK
- Indices – S&P500, Dow 30, DAX
- Commodities – oil, coffee, gold
- Cryptocurrencies – BTC, ETH, SOL
Understanding the risks you are taking in CFD trading is crucial to keep your money safe. Besides leverage of up to 1:500 for these assets, spreads are a bit higher than usual. That’s why we always advise people to choose a licensed company over scam brokers like Trade XN.
Deposit and Withdrawal Process
According to the company’s website, the only available payment method is a bank transfer. That might vary from country to country but that is the base principle. However, we always expect companies like these to switch to crypto transfers since they are harder to be traced.
Withdrawal fees are reasonable. 30$ for withdrawals higher than 1.000$ and 16$ for less than 800$. Of course, the process takes a couple of business days.
There are only a few Trade XN reviews that we can look at. From the company that is on the market apparently since 2006, we should get many more. Moreover, those that are written state that clients could withdraw money and that there are no fees. So that’s a fake review because the broker clearly has withdrawal fees.
This broker is without regulation and there is no guarantee that you can get any of your funds back. That’s what a license brings to clients – security.
How Do I Get My Money Back If Trade XN Scams Me?
Being scammed can happen to anyone. We are hoping that you learned through this Trade XN review how to stay safe. However, if you were scammed by this broker, know that not everything is lost.
You have the option to recover your funds with our expert team. They are helping people all over the world to trace transactions and make the first steps in fund recovery.
Let’s find the best recovery method for you. Tell us what happened and contact us today to get advice on your first move!
FAQs About Trade XN Broker
Is My Money Safe with Trade XN?
No. This is an offshore and non-regulated broker that is not reliable for trading on the financial market.
How Long Does it Take to Withdraw From Trade XN?
According to the company a couple of business days. However, since they are not licensed, it might take forever.
What Are The Funding Methods For Trade XN?
The company offers only wire transfers for deposits and withdrawals. There is potential that they are using crypto wallets along the way.