Who Is XtraderFX?
XtraderFX was an online brokerage platform founded in 2018, with its registered office in Slough, UK; its parent company was Gpay Limited Trading. This organization’s website has now been shut down. During its time in operation, this broker was focused primarily on crypto trading: Bitcoin, Litecoin, and Ethereum. Funding and withdrawal methods were via wire transfer, credit card, or cryptocurrencies.
The broker offered two trading platforms to its members, Simple and Pro. The minimum trading deposit required to open a new trading account was $250, and the minimum withdrawal amount was $50. Inactivity fees were levied on members who undertook no trading in three months and also charged a commission on each trade completed.
In the XtraderFX review below, we seek to establish whether or not this broker was legit or a scam organization and, should the latter prove to be the case, the options available to investors who have been defrauded of their funds.
Is XtraderFX a Licensed Broker?
As it was based in the UK, XtaderFX required a license from the FCA (Financial Conduct Authority) in order to legally offer financial services. This broker did not have a license from the FCA and was operating without a regulator. This meant there was no safety net for investors: if an unregulated broker runs into trouble or turns out to be a scam, those that have lost money don’t have a regulator to appeal to, and that can act on their behalf. Further, brokers that are not regulated and hold no licenses are exponentially more likely to be running a scam than their licensed and regulated counterparts.
Be very careful to ensure that any broker you are considering trading with has all the necessary licenses and regulations in place, to best protect your funds and give you the peace of mind that you are dealing with a legit organization.
So, in answer to the question, ‘is XtraderFX regulated?’ - the answer is a resounding no, it was not.
Is XtraderFX a Scam or Legit?
Given the lack of regulation and the fact that this broker’s website has now been shut down, it is highly likely that an XtraderFX scam has occurred. Further red flags include the fact that its website contained very little information about trading conditions, such as the nature of the spreads, and the trading options themselves are very limited.
The FCA itself had issued a warning regarding this company, alerting the public that they were providing services without the necessary authorization and that any funds placed with this broker were likely to be at high risk.
One of the key indicators that XtraderFX was a scam broker was that it claimed to offer a simple and easy way to generate very large profits, very quickly; making unsubstantiated, fantastical claims like this are a typical tactic of a scam organization.
Is XtraderFX legit? The evidence overwhelmingly suggests that it was not.
Biggest Complaints Against XtraderFX
The most common XtraderFX complaints are from traders who discovered that they were, often inexplicably, unable to withdraw their money from their trading accounts.
There are also reports online of members being contacted by representatives of XtraderFX and told that if they invested more money they were guaranteed to earn their lost funds back. This is a trademark of a Ponzi scheme, whereby the only money coming into the platform isn’t as a result of trading, but from the investment of new members.
Can I Get My Money Back From XtraderFX?
Yes, getting your XTraderFX money back is possible, if you have been the victim of a scam. For the best chance of success, it is advisable to appoint a professional chargeback company to act on your behalf. As well as this being a much surer way to secure an XtraderFX refund, it also means that you won’t have to expend the stress and time of dealing with the issue yourself, and the team at a chargeback company will support you and be by your side every step of the way.
How Does the Chargeback Process Work?
To begin, choose the chargeback company you would like to work with: check online, paying special attention to each company’s success rates and their reviews from past clients. A member of the team you decide upon will fully discuss your case with you to determine whether it has a high chance of success. If this is deemed to be the case, then it will be taken on, and a process of evidence and information gathering will begin.
The chargeback team will use their extensive experience, expertise, and industry knowledge to pursue and track down both your scammed funds and the perpetrators and, in the majority of cases, this will result in getting your XtraderFX money back. At this point, it will be deposited straight back into your account.
If you have been the victim of an XtraderFX scam then you may be feeling angry, vulnerable, and isolated, and that there is no chance of recovering your lost funds. However, a reputable chargeback company can fight to restore this scammed money to you and are ready to support you through the entire process.
