XLTRADE Review: What Is XLTRADE And How The Platform Works
XLTRADE is an offshore proprietary trading firm owned by Chimara Ltd, based in the British Virgin Islands (BVI). The prop firm claims to provide traders with access to funded accounts of up to 1,000,000 USD. XLTRADE recruits traders who can pass an evaluation process involving performance targets and risk management.
According to the website, XLTRADE offers the MT5 platform, profit payouts of 80%, and tops up funded accounts by 25% every three months for consistently profitable traders. The focus of our XLTRADE Review is on the legitimacy of this firm, i.e. can you trust XLTRADE?
|Regulated by:||No Regulation Expected|
|Is This Company Safe?||No|
|Known Websites:||xltrade-ama.net, trade4freedom.net, xltrade.net|
|Have Warnings from:||N/A|
|Registered in:||BVI, UK|
|Minimum Deposit:||500 USD|
|Trading Assets:||Forex, Indices, Stocks, Commodities, Cryptocurrencies|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||If you cannot withdraw your money from XLTRADE – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is the XLTRADE prop firm regulated?
XLTRADE is a prop firm platform, which means it doesn’t require a special license. We confirmed that Chimara Ltd is not regulated by the UK’s Financial Conduct Authority (FCA) or the BVI Financial Services Commission (FSC).
The lack of scrutinizing regulatory oversight means that XLTRADE operates without the heavy regulatory standards and protections typically required of licensed financial institutions. Therefore, it is considered an unregulated entity, just like BullishFXMarkets.
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Who Are XLTRADE’s Clients?
According to godaddy.com/whois, the xltrade.net website domain was created on April 24, 2022. Since then, the prop firm has been accepting clients from all around the world. The majority of XLTRADE’s clients reside in the following countries:
- United States;
The website traffic data from similarweb.com indicates that the number of visits to XLTRADE’s website has been in decline over the past three months, from around 8.7k in June to 3.7k in August.
All three XLTRADE websites appear pretty fumbled and misleading, with links popping up all over the place without much coherence.
We have arrived at a critical point in the assessment of XLTRADE. What do traders say about this prop firm? On XLTRADE’s trustpilot.com page, there were 29 reviews at the time of this writing, and the company had an average rating of 29 (average).
However, Trustpilot warned us about detecting “a number of fake reviews for this company and we’ve removed them.” This is a huge blow to XLTRADE’s image, automatically questioning the legitimacy of all the “positive” reviews on sitejabber.com. The XLTRADE reddit thread also shows that traders are aware of the prop firm’s shady nature.
On forexpeacearmy.com, one trader complained about his account getting terminated without proper justification. Basically, XLTRADE’s reputation is tarnished by the prop firm’s crooked practices and traders exposed it all.
If you’re experiencing withdrawal issues with XLTRADE, do not hesitate to contact us.
XLTRADE MT5 Platform
XLTRADE offers traders access to two trading platforms – MetaTrader 5 (MT5). The website did not say whether the prop firm offers a mobile version of the platform for Android and iOS systems.
MT5 offers a wide range of cutting-edge tools and options such as user-friendly interfaces, live market, reports, advanced charting capabilities, and automated & algorithmic trading features.
Although MT5 is an amazing trading software with neat tools, you must be careful because unregulated platforms that claim to offer great platforms are often cyber traps. Take Investo Capital FX for instance.
XLTRADE Account Types
XLTRADE offers four different account types with varying levels of funding. Here’s an overview of the four account types listed on the website:
- The One Million Dollar Experience: This appears to be the highest-tier account, offering traders access to a funded account with a substantial capital of up to 1,000,000 USD.
- 500k USD Lite: The 500k USD Lite account is designed for traders who may not require the full million-dollar account but still want access to a significant amount of funding.
- 100k USD Lite: This account type provides traders with access to a funded account with a capital of 100,000 USD.
- 50k USD Lite – The 50,000 USD Lite account is likely the entry-level account, offering traders access to a funded account with 50,000 USD in capital.
XLTRADE pricing and trading assets
XLTRADE offers popular tradeable assets and instruments:
- Forex currency pairs – EUR/USD, GBP/USD…
- Indices – S&P 500, FTSE 100…
- Stocks – Apple, Coca-Cola, Google…
- Commodities – gold, natural gas, coffee…
- Crypto – BTC, ETH, LTC…
As for the trading conditions, traders can set a maximum leverage of 1:500. It’s important to responsibly use high leverage with caution as it can amplify not only profits but also losses.
Traders can use XLTRADE-funded accounts with variable spreads from 1 pip for the EUR/USD Forex major pair. The prop firm charges a 7 USD commission on currency pairs and 0.04 USD on stocks.
The company does not charge deposit or withdrawal fees, but banks may charge their own fees and charges.
XLTRADE Withdrawal Process
XLTRADE listed two payment methods that can be used to withdraw funds:
- Wire transfers;
According to the website, the XLTRADE cost, i.e. minimum deposit is 500 USD. If you notice that something is wrong, i.e. you cannot withdraw your funds, you should first request a refund from the company. If you get rejected, consider the chargeback/recall option. Funds deposited via wires can be refunded but only if the transaction hasn’t gone through yet.
Key Information To Consider About XLTRADE
To sum up, XLTRADE is an offshore prop firm that provides advanced MT5 software and up to 1,000,000 USD in capital to traders. After passing the evaluation test, you become an XLTRADE trader and all your profits are split between you and the firm, in your favor.
Several traders reported issues with XLTRADE, which is why you should be cautious with this firm. If you want to retrieve your funds from XLTRADE, you should seek out professional assistance. Please book a free consultation with us and tell us more about your case.
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What Is XLTRADE?
XLTRADE is an offshore proprietary firm that claims to offer lucrative trading capital and high leverage to traders.
Is XLTRADE-ama a Scam?
XLTRADe is indeed running a crooked scheme, according to trader reviews. Book a consultation with us and get your money back!
Where is XLTRADE located?
According to XLTRADE’s website, the business is based offshore in the British Virgin Islands.