Is XLTrade Legit or a Scam?
No, XLTrade is not a legitimate firm. They are a prop funding firm and according to this, they don’t need any direct license or registration. However, Chimera Ltd., the firm that owns XLTrade is not licensed or regulated by any regulatory services. So, it is clear that XLTrade is not legit and they are a scam.
What is XLTrade?
XLtrade is a prop firm owned and operated by Chimara Ltd, BVI. It has significant financial support from a global pool of knowledgeable investors. Chimera traders are chosen from among the most successful XLtraders, who manage to run accounts funded by $1 million.
The offices of Chimara Ltd. are located in London, United Kingdom on City Road. The British Virgin Islands serve as the home base for XLtrade, which also has offices there as well as in Monaco, Singapore, and Dubai.
On their website, XLTRADE claims to provide traders who consistently turn a profit with the MT5 platform, with 80% profit distributions, and quarterly account top-ups of 25%. Our XLTRADE Review is centered on this firm’s legitimacy.
XLTrade Details
Regulated by: | No Regulation Expected |
Is This Company Safe? | No |
Known Websites: | |
Have Warnings from: | N/A |
Registered in: | BVI, UK |
Operating since: | 2022-04-24 |
Trading Platforms: | MT5 |
Maximum Leverage | 1:500 |
Minimum Deposit | 500 USD |
Deposit Bonus | N/A |
Trading Assets | Forex, Indices, Stocks, Commodities, Cryptocurrencies |
Free Demo Account | Available |
How to Withdraw from This Company? | Offers various withdrawal methods. If you face any issues with them or they hold the withdrawal, you can contact us for professional guidance or recommendations. |
Deposits and Withdrawals
It seems that XLTrade takes debit and credit card payments, but once more, that in no way alters the fact that this is an obvious scam.
Otherwise, it is stated that a minimum deposit of USD 500 is required, which is around twice or four times the amount that most brokers would typically demand for an initial account.
Account Types
XLtrade provides four account categories with varying financing values. You can register for up to five accounts with the prop trading firm. All accounts allow copy trading and the use of expert advisers (EAs).
There are four tiers of trader funding:
- The 1 Million Dollar Experience
- $500k lite
- $100k lite
- $50k lite
To obtain finance above the $1 million threshold, you will need to meet with the XLtrade team to go over specific requirements. You will also be regarded as an XLtrade Elite Trader at this point.
Red Flags and Warning Signs
Red flag about this company includes the absence of a proper license. The mother company of XLTrade, Chimara Ltd. does not hold any license from the FCA, UK, but they should be as they are based in the UK.
Also, the registration from British Virginia Island is another warning sign for investors, as this place is the tax haven for offshore brokers and scammers.
Customer Complaints and Negative Reviews
In regards to the customer reviews, we found several negative reviews about this firm. Their Trustpilot profile gets enough negative reviews about their account issues, withdrawal holdings, and improper profit-sharing issues.
XLTrade Alternative Brokers
If you are interested in Prop Funding trading, you can find many legitimate firms out there. Also, you can invest in other trading sectors too.
- Funded Trading Plus – Good for low-amount investment
- True Forex Funds – Best for professional investors
- eToro– Best for crypto trading
Got Scammed by XLTrade? We Help Victims!
There is nothing worse than losing money in an investment scheme that seems too good to be true. After losing the funds, you need to act quickly and take the necessary steps. You can contact other legal authorities to get help.
But, sometimes they are not as responsive as they should be as they have several other cases like yours. In that case, you can get help from us. Our professionals can help you by providing proper guidance and recovery service recommendations to get the funds back. Also, we can provide legal help too.
