If you seek a trustworthy and regulated forex broker, XTrader365 may not meet your standards. Despite presenting a professional website and asserting regulation in Cyprus, a significant financial jurisdiction, the company does not possess a valid forex license.
As a result, XTrader365 does not provide the level of protection and security typically associated with fully-regulated forex brokers.
Prior to making any investment decisions, it’s crucial to conduct thorough research. We advise you to carefully review our detailed analysis of XTrader365 to make a well-informed decision.
Xtrader365 Regulation
XTrader365 presents itself as a legitimate broker based in Limassol, Cyprus, claiming to hold a license from the Cyprus Securities Exchange Commission (CySEC). However, our thorough investigation reveals that XTrader365 lacks CySEC regulation, indicating illegitimate operations and deceptive representation of its regulatory status to attract traders.
It’s important to note that Cyprus, recognized for its robust financial regulations, serves as a popular hub for numerous European forex brokers. As an EU member, Cyprus adheres to EU laws that establish specific standards for financial service providers, allowing brokers licensed in one EU country to operate throughout the EU and EEA.
The situation is compounded by the Financial Services and Markets Authority (FSMA) in Belgium, which has issued warnings regarding XTrader365’s unauthorized activities and potential involvement in fraudulent practices. FSMA’s alert emphasizes that XTrader365 operates without authorization, highlighting the inherent risks associated with this broker.
These findings confirm that XTrader365 operates entirely outside regulatory oversight and poses significant risks. We strongly advise against engaging in any transactions with this broker.
Trading Platform
XTrader365’s web-based trading platform does not meet the expectations of experienced traders in terms of its dynamic features, especially when compared to leading options like MetaTrader. This disparity underscores a significant gap in both functionality and user experience, both of which are crucial for successful trading in the fast-paced forex market.
For those seeking a superior trading experience, we recommend selecting a reputable forex broker that offers the MetaTrader platform. Renowned for its robust efficiency, advanced analytical tools, and dependable performance, MetaTrader sets the standard in forex trading software. Opting for a broker lacking this level of platform sophistication, such as XTrader365, may not be the most advantageous choice when there are more reliable and technologically advanced alternatives available. Prioritizing a platform like MetaTrader not only enhances your trading capabilities but also connects you with a global community of traders who demand and receive the best in trading technology and support.
Minimum Deposit
XTrader365 offers four account options: Silver, Gold, Platinum, and VIP Club, each requiring minimum deposits of $10,000, $25,000, $50,000, and $100,000, respectively. These required deposits stand out as notably higher than the more common industry standard, which often does not exceed $250 for most reputable brokers.
This significant difference underscores a substantial barrier to entry for many traders, particularly when compared to the more inclusive minimum deposit requirements typically offered by well-regarded brokers in the forex market.
Payment Methods
XTrader365 asserts its support for various payment methods, including credit/debit cards, wire/bank transfers, and e-wallets such as Skrill, WebMoney, and QIWI, as well as accepting cryptocurrencies like Bitcoin.
However, our attempts to access the deposit section failed, and we were greeted with a message stating, “Payment system is not available at the moment.”
Please contact your Manager for further information.”
Typically, reputable brokers ensure a smooth and uncomplicated process for deposits and withdrawals, devoid of such hindrances. This experience raises concerns regarding XTrader365’s operational reliability and its ability to facilitate crucial financial transactions for its users.
Trading Instruments
XTrader365’s platform promotes the opportunity to trade various asset classes including Forex, Futures, Commodities, Stocks, Cryptocurrencies, and NFTs. However, despite this expansive offering, the numerous red flags raised concerning this broker warrant caution.
We advise traders aiming for access to a diverse range of trading instruments and portfolio diversification to explore options beyond XTrader365, opting for more reputable forex brokers that guarantee a safer and more dependable trading environment.
Xtrader365 Spread
Moreover, the spreads on XTrader365’s platform are significantly elevated, with a 3.0 pip spread observed on major currency pairs like EUR/USD, GBP/USD, and USD/JPY.
This stands in stark contrast to the practices of most reputable brokers, which usually provide spreads around 1.5 pips on these fundamental currency pairs. Such a difference underscores the superior competitiveness and value offered by more established brokers in the market.
Xtrader365 Leverage
XTrader365 attracts customers by offering significant leverage, up to 200:1.
However, it’s important to acknowledge that legitimate brokers regulated in Cyprus are required to limit their leverage to a maximum of 30:1 for retail clients.
This substantial difference underscores that XTrader365 lacks regulation in Cyprus or any other recognized jurisdiction, further raising doubts about its legitimacy and operational standards.