Xtrader365

Xtrader365 is a scam broker that is targeting traders with promises of easy profits. The company claims to offer a wide range of trading instruments, a state-of-the-art trading platform, and professional support. However, users who believe these promises risk losing all the money sent to the accounts of this site. How to understand that this project was created by scammers, and thereby protect your own funds, read our review.

Overview of Xtrader365

To choose a CFD broker wisely and assess the fairness and transparency of its operations, a trader should gather and analyze all available information about the company. The best place to start is the broker’s official website. In this review of Xtrader365, we will do just that.

Broker History

Xtrader365 makes many grandiose claims about itself, but it provides no evidence to support them. For example, the website does not provide any information about the company’s history or its achievements. This is a red flag, as legitimate brokers are usually proud to share their history and success stories.

The lack of information about Xtrader365’s history is not necessarily proof that it is a scam, but it is a cause for concern. It is possible that the company is new and simply hasn’t had time to build a long history. However, it is also possible that the company is hiding something.

In any case, the lack of information about Xtrader365’s history is a sign that the company is not as transparent as it could be.

Xtrader365.com Website

The Xtrader365 website is well-designed, but it lacks important information that traders need to make informed decisions.

However, content managers seem to have decided to practice writing advertising texts, rather than creating an informative web resource.

Judge for yourself:

• The documents governing the relationship between the broker and the trader only include the Privacy Policy and Terms & Conditions (which you still have to find). What is passed off as Risk Disclosure does not disclose any risks at all. And therefore, should be considered a pathetic scrap of a real disclosure. And, for example, Xtrader365 does not publish AML and KYC policies at all.
• There is no mention of the payment methods used to deposit and withdraw funds.
• The table of account types barely mentions the trading conditions.
• The descriptions of the groups of trading assets do not even mention the specific parameters and specifications of contracts, etc.

In a word, the site rather marks the presence of Xtrader365 on the network than actually fulfills its functions of representing the broker to visitors and attracting clients. It seems that the project owners did not count on it in this regard, and they are expanding the user audience by completely different, less legal methods. This approach is also very characteristic of fraudulent platforms.

Registration Process and Personal Account

Registration for new users is significantly simplified, as with many scam brokers. To create a new Xtrader365 client account, you need to fill out a simple form.

The following data is entered in the fields:

• First and last name, date of birth, and country of residence.
• Email address and phone number.
• Account’s currency.
• Password (twice, the second time for confirmation).

The user should also pass the reCaptcha verification and confirm their agreement with the terms and conditions (this is the only place where a link to this document is found on all Xtrader365 website pages).

For those with experience working with legitimate brokers, the differences in account creation approaches are immediately noticeable:

1. The number of personal data requested by Xtrader365 is less. For example, you do not need to enter a mailing address.
2. Contact data verification (sending a verification code via SMS or email) is not performed during registration.
3. The number of documents that must be read is also significantly less. For example, when registering, Xtrader365 users are not asked to agree to the Privacy Policy and Risk Disclosure.
4. The citizenship of the United States is also interesting. The form has a checkbox labeled “American nationality.” It is unclear which American country’s citizenship is being referred to, and whether it is to be confirmed or denied. In a word, a task for clients to be resourceful.

Judging by the evidence, the management of Xtrader365 either does not know the applicable legislation and regulatory requirements, or deliberately ignores them. This is only possible if the platform operates illegally, outside the legal framework. In fact, the broker provides evidence of its fraudulent nature.

The situation in the Xtrader365 client’s personal account is no better. It is worth noting that the broker uses a standard template for it, which is used by dozens of other scam projects.

In it, the user will find a basic set of features:

• Editing ‌personal data, sending documents for verification, and changing the profile password.
• Non-trading operations: depositing funds and submitting a withdrawal request.
• View the history of trading transactions and non-trading operations.
• Contacting support.

At the same time, the problems noted during registration do not go away, but new ones are added:

• Contact data is still not verified.
• The security settings of the profile only include the option to change the password, and more advanced options, such as enabling 2FA, are not provided.
• The client’s data does not provide for the entry of an address, but the broker plans to verify it (at least, documents for its confirmation must be sent to the representatives of the platform).

All this once again indicates that Xtrader365 does not use the standards of brokerage services that are in force in most countries. We deeply doubt that a legally operating licensed company can behave this way, rather, such an approach is characteristic of scammers.

Trading Platform

Xtrader365’s website claims that its webtrader “Takes Online Trading to Unprecedented Heights!” However, a closer look by experienced traders reveals that the platform’s shortcomings far outweigh its strengths.

Here are some of the key problems with Xtrader365’s webtrader:

• The market overview is poorly organized. It is not possible to limit the number of displayed assets, making it difficult to find the ones you are looking for. Additionally, the overview shows even assets that are not available under the active tariff plan.
• The list of charting tools is limited to just four. This severely restricts a trader’s ability to analyze the market and forces them to modify their own trading systems, often for the worse.
• It is not possible to create or connect additional modules, such as indicators or trading robots. This means that creating your own original trading systems or automating your trading is not possible.
• Settings for the price chart, indicators, and the terminal as a whole are not saved. This means that you have to manually restore the configuration after refreshing or reloading the page.

These problems are also present in the desktop version of the platform. However, Xtrader365 does not actually develop the software itself. Instead, it is provided by a company called Easy Technologies. Easy Technologies’ software is well-known, but it has a less-than-stellar reputation. It has been criticized for being used by scam brokers, as server administrators have unfettered access to the market data feed and the ability to manipulate it.

Contacts

The Contact Us page on the official Xtrader365 website was also frankly disappointing. A broker who is trying to appear reputable and regulated suggests using exactly 2 channels to communicate with company representatives:

• Feedback form.
• Email support@xtrader365.com.

Of course, the company also shows here the postal address, 100 Michael Zavou, Ayios Athanasios, 4107, Limassol, Cyprus, but the reliability of this information is questionable. The fact is that it is difficult for us to imagine an office that is not equipped with telephones. In the execution of Xtrader365, everything looks exactly like this – there is an office, but there are no phone numbers.

We understand that we are not talking about any office rental. The broker bought a mailbox and did without renting the premises. It remains unclear whether, while describing their merits and desire for leadership in the industry, the project owners could not allocate funds to purchase at least a virtual phone number.

Another interesting question that arises when considering Xtrader365’s contact information is about social media. The header of the official website contains at least three links, but they all lead nowhere. Does the broker not need social media as a source of customer acquisition? Or is the platform’s staff so “large” that social media is simply no one’s responsibility? Then why were these links left in development?

Xtrader365 representatives are unlikely to find answers to these questions. In fact, scammers have many channels of communication and do not want intrusive customers to bother support staff with inconvenient questions.

Analysis of Services Offered by Xtrader365

When analyzing the activities of a broker, the most important issues for traders are the honesty and security of non-trading transactions and the conditions for concluding trading transactions. In our review of Xtrader365, of course, we are not going to ignore them.

Funding and Withdrawal

Xtrader365’s website is silent about payment methods and financial transactions in general. The only thing that hints at the possibility of depositing funds into and withdrawing funds from client accounts are logos of payment systems. However, images on the pages (naturally, without links) are by no means a reason to think that all of the systems mentioned are used by the platform.

Usually, comprehensive information can be found in the relevant sections (deposit and withdrawal) of the personal account. In Xtrader365, only two available transfer methods are mentioned in the relevant sections:

• Bank transfer.
• Credit or debit cards.

However, when trying to make a transaction, the user is faced with an unpleasant surprise. It turns out that payment systems are unavailable, and to send funds, you need to contact Xtrader365 support.

Frankly speaking, we expected something like this. When, in the registration form, when choosing the account’s currency, several cryptocurrencies are included in the list. It is logical to assume that operations with crypto wallets will be included in the list of payment methods.

In fact, for scammers, cryptocurrency transfers are the most preferred because they allow for anonymity. That is why other payment systems do not work: Xtrader365 employees will likely provide the client with the details for sending cryptocurrencies.

Xtrader365 Trading Conditions

Xtrader365’s publication of trading conditions is even worse than its disclosure of payment methods. Traditionally, brokers provide this information either in their tariff plans (account types) or in the specifications of contracts for asset groups. In Xtrader365, it seems that the creators of the project believe that it is completely unnecessary to provide such information to traders.

As you can see, in the table of tariff plans, the creators of the project have chosen to specify only the deposit amount. For each of the four types of accounts, it is as follows:

• Silver – $500 – $5,000.
• Gold – $5,000 – $7,000.
• Platinum – 7k – 10k USD.
• VIP Club – $10k+.

The other published options have little to do with trading conditions. Rather, they are services for account management and access to analytical materials. Naturally, experienced traders would be more interested in, for example, the size of the margin or spreads. However, Xtrader365 is clearly not oriented towards this audience. Educational materials and analytics indicate that the broker is betting on beginners who feel uncomfortable without outside help.

This approach is also characteristic of scammers. It is easier to persuade inexperienced traders to deposit significant amounts of money, and it is still difficult for them to identify fraudsters.

Is Xtrader365 Trustworthy and Reliable?

Perhaps the main arguments indicating the integrity of the company’s work in the financial markets are confirmed registration information, availability of licenses, etc. Actually, in the Xtrader365 review, we only have to check them.

Assessing Legitimacy

Xtrader365 does not provide any information about its registration or licensing. The only information that is available is the address of its office in Cyprus. It is logical to assume that this is where the broker is registered and, in accordance with the law, operates under a CySEC license (although the number of the permit document is also not available on the official website).

A search in the register was unsuccessful. We anticipated this outcome, even when we talked about the absence of a phone number from the company showing a mailing address. In fact, there is confirmation of the fact that Xtrader365 is not an officially registered legal entity and exists only on the Internet.

Naturally, a virtual platform cannot expect to obtain licenses. Thus, all brokerage activities of Xtrader365 are absolutely illegal. This leads to another unpleasant fact for traders. No liquidity providers or quote providers cooperate with those who do not have official registration. Therefore, real trading in the project can be forgotten. All that users see in their terminals is an ordinary imitation, which is fully controlled by representatives of the fake broker.

Established Track Record

The only thing left to do is to find out the real age of the Xtrader365 project. Since the scammers themselves do not provide any information, we will use the domain registration data, obtained using the Whois service.

As you can see, the domain was created on August 8, 2023. At the time of writing this review, the project has only been around for 3.5 months. We would not recommend opening or depositing accounts here, as the likelihood of a scam increases with each passing day.

Implications for Traders

Xtrader365 is a fraudulent project that operates without registration or licenses, providing false information to customers. There is no question of any brokerage services. The scam platform is designed to collect and appropriate the money of traders. If you do not want to become another victim, do not have any relations with this pseudo-broker.

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