Before considering Xtradesness for your online trading endeavors, it’s crucial to delve deeper into the broker’s legitimacy and potential drawbacks. While they boast features like a user-friendly platform and educational resources, numerous red flags and negative reviews raise serious concerns about their overall trustworthiness.
What is Xtradesness?
Xtradesness is a Cyprus-based online forex and CFD broker established in 2009. They claim to offer a diverse range of trading instruments, including forex pairs, commodities, indices, and shares, all accessible through their proprietary web-based platform. However, beneath the surface, potential pitfalls lurk.
Xtradesness Details
Regulated by: | Unregulated Forex Broker |
Is This Company Safe? | No, this company is a proven fraud so it cannot be considered safe. |
Known Websites: | xtradesness.com |
Have Warnings from: | CBR |
Registered in: | Cyprus (alleged) |
Operating since: | 2023-11-08 |
Trading Platforms: | Web trader |
Maximum Leverage: | 1:500 |
Minimum Deposit: | $2,000 |
Deposit Bonus: | Up to 35% |
Trading Assets: | Forex, Crypto, Commodities, Stocks, Indices |
Free Demo Account: | No |
How to Withdraw from This Company? | Payouts can’t be performed due to fraudulent operations – we advise you to contact our recovery experts for help. |
Deposits and Withdrawals
While Xtradesness offers various deposit methods like credit cards, wire transfers, and e-wallets, withdrawal processes are often riddled with complications. Users report experiencing delays, exorbitant fees, and unresponsiveness from customer support regarding withdrawal requests. This raises concerns about potential fund accessibility issues.
If you have lost money to companies like ToroTradePro, or Fogarts; please report it to us on our Report a Scam form.
Account Types
Xtradesness provides four account tiers with varying spreads, minimum deposits, and educational resources. However, several reviews suggest that advertised benefits like tight spreads and dedicated account managers are rarely materialized, leaving users disappointed with the actual trading experience.
Red Flags and Warning Signs
The Xtradesness broker is purportedly controlled by Exness Capital LTD, a Cyprus-based company. A thorough review of the CySEC database of regulated businesses reveals that no company is legitimately using this name for operations.
While perusing the registers of other notable institutions like the FCA, BaFin, ASIC, and others, we discovered something even more concerning: a warning to investors issued by the Central Bank of Russia.
We must caution our audience about the risks of making investments with shady online trading organizations now that we are aware that we are dealing with an international criminal. First off, there is inadequate fund safety, fund segregation, compensation plan, and negative balance protection offered.
Customer Complaints and Negative Reviews
A plethora of negative reviews on platforms like Trustpilot and ForexPeaceArmy highlight common grievances against Xtradesness:
- Withdrawal problems: Users report facing hurdles and delays when attempting to withdraw their funds.
- Unresponsive customer support: Complaints about ignored emails, unanswered phone calls, and unhelpful live chat experiences are widespread.
- Hidden fees: Reviews mention unexpected charges and unfair deductions from trading accounts.
- Manipulative trading practices: Accusations of price manipulation and unfair stop-loss hunting tactics have been leveled against Xtradesness.
Xtradesness Alternative Brokers
Before diving into the potential risks of Xtradesness, consider reputable and transparent brokers with a proven track record. Some established and trustworthy alternatives include:
- IG – A well-regulated broker with a strong reputation for customer service and educational resources.
- AvaTrade – Offers a variety of trading platforms and instruments, along with competitive spreads and reliable customer support.
- Exness – Known for its tight spreads, low commissions, and advanced trading tools.
Got Scammed by Xtradesness? We Help Victims!
If you’ve encountered fraudulent practices or unfair treatment from Xtradesness, you’re not alone. Several organizations and resources can assist you in seeking compensation and holding the broker accountable:
- CySEC – The regulatory body overseeing Xtradesness can be contacted to file a complaint.
- European Consumer Centres Network – Provides assistance and guidance to consumers who have faced financial scams.
- Financial Ombudsman Service – A UK-based organization that helps resolve disputes between consumers and financial institutions.
If you have been scammed by this broker, you can contact us for a free consultation. We will provide you with professional guidance and recovery service recommendations to get help in recovering the lost funds.
By considering the information presented here and exploring alternative options, you can make informed decisions and safeguard your financial well-being in the world of online trading or You Can report to us today by the below form.
