upamfva
Anmeldungsdatum: 12.04.2022
Beiträge: 970
|
 Verfasst am: 04. Feb 2023 04:42 Titel: XLN Trade review – 5 things you should know |
 |
|
XLN Trade review – 5 things you should know
XLN Trade is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform, not the MT4 trading platform, however, the leverage is quite generous at 1:300 but the spread is twice the industry average at 3 pips on EUR/USD and quite unfavorable for traders.To get more news about xlntrade review, you can visit wikifx.com official website.
On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name Eqron Ltd. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, it appears that the payments of the brokerage are processed by a Bulgarian company, however, we find no mention of a license from the Bulgarian authorities either. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Putting all this aside – the brokerage does not provide the MetaTrader 4 trading platform, a big disadvantage for traders since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. XLN Trade provides a web-based platform and we could see a spread of 3 pips which exceeds what we would consider favorable for potential clients. However, the wide range of trading options which include CFDs on currency pairs, gold, silver, indices and more as a certain advantage and positive side of the broker.
Potential clients of the brokerage may deposit or withdraw via only the standard Visa, MasterCard and bank wire. E-wallets such as Skrill are missing.
Going through the terms and conditions of the brokerage we did discover troublesome provisions such as the bonus conditions. Even though unregulated brokers such as XLN Trade offer attractive bonus promotions we remind readers that such promotions are always tied with trading turnover requirements which make it almost impossible to withdraw the funds. With XLN Trade a client has to achieve a trading turnover of 5 thousand times the initial deposit.
This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
Even though the Forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. |
|
Registrieren
Login
FAQ
Suchen
