Inauthentic company with shady claims
XP Trade claims to be the world’s largest investment firm. There are no details about the owner on the website but it is found to be headquartered in Saint Vincent and the Grenadines. The website of the company is https://www.xp-trade.com/
The company has stated that it is regulated by Saint Vincent and the Grenadines Financial Services Authority (FSA). The SVGFSA, on the other hand, does not deal and gives licenses to any of the companies involved in Forex trading. Thus, it is a fake claim and XP Trade is an unregulated broker.
The very area of Saint Vincent and the Grenadines is known as one of the notorious offshore broker dwelling places. While companies just show a fake address to gain the trust of traders that they are operating from the Caribbean region, they are not licensed by any authority.
Trading with an unregulated, offshore broker whose owners also can’t be established is highly risk involved. The company can invest your hard-earned money in any of the fraudulent channels and you will be left with huge losses. A regulated company has to maintain the traders’ money in accounts and follows the proper set of rules and regulations for every minute transaction to the complex transaction. Also, the regulation governing body has full rights to blacklist the firm in case of any discrepancy found and compensates the trader by itself also.
My XP Trade review does not recommend to do a trade before doing proper homework about the company.
XP Trade claims to be the world’s largest investment firm but has failed to provide details about its services. The company provides Forex trading, CFDs on indices, commodities, stocks, and cryptocurrencies.
There is no clarity over the trading conditions.
With no surprise, the company does not provide any demo account. You are not able to find any trading conditions before actually opening a live account with the company. The live account details are very scarce. There are types of trading accounts with XP Trade.
- Starter Account: It is the base account provided by the company. There is no information about the spreads. The minimum deposit required is $500 while the maximum leverage ratio is 1:500. The high leverage ratios invoke more risks in trading.
- Basic account: This type of account requires a minimum initial deposit of $10,000 with the same maximum leverage of 1:500.
- Advanced Account: It requires a minimum investment of $25,000 with no extra benefits involved.
- Premier Account: It is the topmost account provided by the company with initial investment rising to a whopping $100,000 with no extra benefits.
There is no facility of PAMM or IB accounts.
The differentiation of trading accounts indicates suspected fraud transactions. While there are no rules for trading, no additional terms and conditions associated with accounts are provided. A classification based on the initial investment is made to attract traders but what will be the services against the investment are still not clear.
An investment of $500 as a minimum initial deposit is too high for an unregulated offshore player. Traders must go for regulated companies with demo accounts. Even the live accounts of the regulated companies come with minimum investments starting from as low as $100-$250.
In addition to all these mismanaged trading services provided by the company, the company also charges $100 monthly as account inactivity fees and another $100 as an auto trading software fee.
MetaTrader 4 is not supported by the company. The company provides trading on an undisclosed platform about which there are no details provided by the company. You have to start a live account trading to know the same. It is like putting all of your eggs in a single basket and then looking at that basket to be kept at a branch of the tree which is too weak to handle its weight.
MetaTrader 4 is a popular platform for trading. It has excelled in every field. Its services and support are exemplary. MT4 helps the traders both amateurs and professionals to experience the power of brokerage. It can be used on both web and mobile. While the speeds of the platform are very high, it also provides trade signals to help you to invest in any busy trading day.
There has been no competitor of MT4 in terms of its services and the undisclosed platform provided by the XP Trade can never be expected to deliver the same quality of trading experience as provided by MT4.
Modes of payment
Traders can deposit their funds by using bank transfers, Comoda, Credit/Debit cards but there is no way of withdrawing funds. Yes, you heard it right; the company does not give any option of withdrawing the funds. We are not clear what the company is doing exactly and how the investors are able to get their money back.
Failing Customer support
The company has provided a UK number over its website. The relation between the UK and the company, however, can’t be determined. There are rare chances to get any actual support over the same. Email id is also provided but from the point of sales or trading investment inquiries only.
There is no live chat, no 24*7 support through phone or mails.
While the company on its website has mentioned that it has been operating since 2012, the same is not matching to the domain of the website. XP trade review has discovered that the domain xp-trade.com was first registered in the year 2019 only. There is no credible history of the company. The website looks to be a copy of the original website. Thus authenticity can’t be established.
Another surprising fact is that all of the positive reviews of the company on any website are posted from the location of the company’s representative only. The agency, thus, has set the 5- star rating reviews of such fake customers to zero.
Similar review: JQL Markets
There are no links provided to the social media accounts of the company. We tried to find their social media and could not found any official accounts of the company. While it didn’t come as a surprise, the company is least affected to know its online reputation and is lethargic to work towards it as well.
Decoding the shady claims
Firstly, the company is not a regulated broker and is not listed with any of the reputed regulation agencies. The location, address, and ownership of the company are also not clearly mentioned.
Secondly, the company has not provided any details about the trading conditions for the benefit of its traders. No information on leverage and spreads is provided.
Thirdly, it does not provide demo accounts and live accounts are also based on high initial investments. There are no details about the other facilities associated with the accounts like leverage ratios, spreads, offers, any bonuses, trading advice, account managers, etc.
Fourthly, the company has fixed unanimous charges like monthly inactive fees and monthly trading platform fees. It is not associated with the trusted MT4 trading platform.
Fifth is that there is no practical way of withdrawing funds. Why to invest if you are not able to withdraw the profits and have to forcefully reinvest the amount?
Sixth is the lack of a strong customer support team by the company. If the company is providing its trading platform, it must assign technical warriors at the service of the traders.
Seventh is the mismatching of company domain and company establishment dates. There is no online presence of the company over any social media which itself indicates its high raised negative experience.
Any company is liable to give full and correct details about the services to its customers. In the broker industry, transparency is a must. XP Trade flaunts each standard norm at each basic level. It has disappointed us so much as a trader that the traders are advised to stay away from such fraudulent companies.
XP Trade makes fake claims about their regulation. They provide no PAMM accounts or even IB accounts. To make the deal even sour, they have no live support and they don’t use MetaTrader. It’s strongly advised to go with a different broker for your needs!
- No details about the owner
- Fake claims about regulation
- Unregulated broker
- No demo account
- No PAMM accounts
- No IB accounts.
- No MetaTrader
- No live support
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