XLNTrade Review: Does This Broker Have A Good Reputation?
The main focus of our XLNTrade Review is the issue of this broker’s legitimacy. We believe that XLNTrade is not such a reputable broker as presented on the website.
There are several reasons and arguments one could make regarding the legal status of this company and why this platform may not be such a good idea for trading. Many traders lost money to XLNTrade, which is why we must expose the scammer behind the platform!
|Regulated by:||FSA Seychelles|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Minimum Deposit:||200 $|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Crypto|
|Free Demo Account:||No, only live trading accounts|
|How to Withdraw from This Company?||If this company refuses to withdraw your funds, you can contact us for help|
Is XLNTrade a Safe Platform?
We are sure that the main question you are interested in is whether xlntrade.com is a safe trading platform. The answer is not that difficult to find. The legal background of xlntrade fx can be investigated by checking the registers and databases of the financial market regulators under whose jurisdiction the broker claims to operate.
XLNTrade is run by Securcap Securities Limited, an offshore company registered with the FSA of Seychelles. Frankly, this does not mean much because Seychelles is an offshore domain with lax regulations. The laws under which the broker does business are not credible enough.
Moving on, the xlntrade website claims that the “group of XLNTrade consists of Wanakena Ltd,” supposedly a European branch based in Cyprus. Although this company exists, it is not regulated by the Cyprus Securities and Exchange Commission (CySEC), meaning it has no authorization to hold and manage clients’ money.
Hence, trading on this platform is not safe. You would be risking your funds by creating an account with offshore brokers such as XLNTrade and One Pro Global. Instead, find a provider that is licensed by a reputable financial authority such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), IIROC (Canada), etc.
Areas of XLNTrade Activity
According to godaddy.com/whois, XLNTrade has been active since January 5, 2016. This offshore platform has been around for some time, and the main targets of this scam are traders from the following countries:
- Saudi Arabia;
- United Arab Emirates.
You will notice that the offshore provider is mainly interested in Latin and Arab domains, avoiding English-speaking areas. Nevertheless, XLNTrade has no license to operate in these countries. If you are a victim of this scam, you can contact us for help in recovering your funds.
Trader Reviews of the Broker
What do traders think about the xlntrade profit scam? We hopped over to trustpilot.com and wikifx.com to find out. At the time of this writing, the broker had five reviews on Trustpilot with an average score of 2.8 (average). However, three of the reviews were pure complaints, i.e. traders stating how the fraudulent platform seized their hard-earned money.
“XLN Trading is a big fraud and they took my money without any notice. All my trades were abruptly closed, and there was no explanation provided. I cannot recommend this company to anyone. Stay away from XLN Trading!”
-Trustpilot user, June 16, 2023.
“the company will never allow you to withdraw your money always asking to deposit more and more even you make a good profit and when you asking them to withdraw your money or even little…”
-Trustpilot user, June 19, 2023.
The reviews on WikiFX are older (2021) but sing the same tune. Withdrawal issues are seemingly inevitable if you trade with XLNTrade. These traders even provided evidence that they were scammed.
“I deposited $568 and gained a lot. When I wanted to withdraw, they did not reply me anymore.”
-WikiFX user, August 30, 2021.
XLNTrade Trading Platform
According to the xlntrade homepage, the available trading platform does not require downloading. This means that the broker’s trading terminal is web-based.
As such, it is equipped with some basic features such as charts, indicators, and graphs while XLNTrade even promises advanced charting and instant trade execution. We highly doubt it since web-based platforms are usually ineffective and lackluster.
And as we have already stressed, the offshore regulation of this broker is simply not credible enough to convince us that trading on this web platform is safe. XLNTrade does not support valid third-party software such as MT4, MT5, or cTrader, which puts the broker at a disadvantage.
Should you have any issues retrieving your funds from this platform, you can book a consultation with us.
Aside from the web platform, there is also an xlntrade app available for mobile. This app can be downloaded on both Android and iOS systems. Mobile trading in general offers great advantages such as trading on the go.
If you are unable to be by your keyboard and you notice something is changing in the market, you can simply take out your phone and make quick adjustments. However, trading on a platform provided by a shady broker is not the best idea.
Available Trading Assets
Let’s make an overview of the trading instruments that XLNTrade claims to offer:
- Forex currency pairs – EUR/USD, GBP/USD, AUD/CAD…
- Indices – NASDAQ 100, FTSE 100…
- Commodities – gold, natural gas, oil…
- Stocks – Apple, Google, Tesla…
- Crypto – BTC, ETH, USDT…
The xlntrade login page suggests that traders can open a live account either via Facebook and Google or register the standard way. Also, the broker has a Facebook page, the link to which is on the website.
If you wish to contact XLNTrade, you have to fill out a form on the website or send an email to the broker. There is no phone number on the website, which is odd. When it comes to support as in answers to commonly asked questions, the broker provided them on the Support page.
In any case, we believe that you will get support from XLNTrade regarding the depositing of funds but once you request a withdrawal, all your calls will go unanswered. That is why it is best to avoid financial swindlers such as XLNTrade and London Bit.
Expert Verdict on the XLNTrade Platform
To sum up, XLNTrade is an offshore broker based in Seychelles, offering Forex, crypto, and CFD trading. This platform has been active since 2016 but many traders have flagged it as a scam.
Trading on the XLNTrade platform is not safe and we do not recommend you trust this offshore broker with your hard-earned money. However, you if fell into this cyber trap, you can contact us for help. Book a free consultation with us and learn all about the chargeback procedure.
Here you can book a free consultation and find out what to do for a start.
Does XLNTrade Have a Demo Account?
XLNTrade does not offer a risk-free demo account. Only a live account is available.
Is it Safe to Invest Money in XLNTrade?
No, this platform is based offshore and is not reliable. Many traders have lost money to this trading scam.
What Payment Methods Does XLNTrade Accept?
XLNTrade accepts payments via credit/debit cards, wire transfers, and e-wallets. These transactions can be revered via a chargeback. We can explain the process to you.