Updated on April 15, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding XLR Trade due to the issues we've identified.
Is XLR Trade a Scam or a Legit Broker? ▲
XLR Trade emerges as a highly questionable entity in the realm of Forex brokerage, primarily due to its conspicuous absence of any formal licensing from globally recognized financial authorities. This glaring omission renders the broker highly suspect, suggesting potential fraudulent operations, given that it has not undergone any form of regulatory scrutiny or compliance checks at its inception. Moreover, it operates without any oversight regarding its operational safety, thus enabling it to conduct its business in an arbitrary manner without accountability.
Registration and Licensing:
Registered in: No Registration
Type of License: No License
Is XLR Trade safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
The lack of a secure framework for trading with XLR Trade exposes traders to significant risks, making it an unwise choice for those seeking a reliable trading partner. The absence of a license from any serious Forex authority is a red flag, indicating that XLR Trade might be operating outside the bounds of legal and ethical trading practices.
XLR Trade, operating under the umbrella of Nostro Technology Ltd, positions itself as an online trading entity based in the UK. Despite its claims, it notably lacks registration with any regulatory body, a crucial step for financial service providers in the UK, who are generally expected to be licensed by the Financial Conduct Authority (FCA) to legally offer their services.
The Company's Claims:
XLR Trade purports to offer an enriching trading experience, emphasizing education and market understanding. It positions itself as a protective guide for its clients, offering a varied portfolio including over 200 currencies, commodities, indices, stocks, and CFDs. However, it falls short of disclosing any operational standards or evidences of trustworthiness, casting doubt on its reliability.
Regulatory Warnings:
The Italian regulatory authority, CONSOB, has flagged XLR Trade as a potential scam, urging both Italian and international investors to exercise caution and verify the broker’s regulatory status before committing funds. This warning stems from XLR Trade’s failure to obtain the necessary licensing and authorization to operate, underscoring concerns over its service reliability and transparency.
“The company Nostro Technology Ou is not authorized to provide investment services and activities in Italy by any means. Therefore, also including the offering through the websites globalfxm.com and xlrtrade.com” - CONSOB, February 2018
Engaging with a non-regulated broker like XLR Trade exposes traders to considerable risk, as there lacks a secure mechanism for fund protection. The financial industry is fraught with fraudulent entities, and regulatory bodies aim to safeguard clients’ interests; hence, we advocate for trading exclusively with brokers regulated by reputable authorities like CONSOB or those adhering to international standards.
The essence of our advisory leans heavily towards the prudence of selecting a trading partner that is regulated by globally respected authorities, ensuring compliance with a stringent set of rules and maintaining a commendable reputation over a significant period of operations. We strongly discourage trading with XLR Trade, given its unregulated status and the subsequent risks involved. Traders are better served by opting for well-regulated brokers, such as those in the UK or Australia.
XLR Trade Update:
Our investigation reveals that the XLR Trade website is currently inaccessible, casting further doubts on the broker’s operational status. In light of these findings, we reiterate our recommendation to steer clear of offshore-based brokers, owing to their inherent instability and lax regulatory frameworks. The safety and security of your investments are paramount, and as such, aligning with brokers that offer a transparent and regulated trading environment is crucial for a secure trading experience.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
XLR Trade Review 2024
It actually hurts and bring tears to my eyes when I read comments of scammed victims ripped off by BINARY OPTIONS AND FAKE BROKERS. I know actually how it feels and hurts to lose money you have worked half of your life to invest with the thought of getting return when you are retired. I was a victim of such and I was scammed by a binary option platform I lost about $135,000 to them. It was really a hard time for me because that was all I have .. I was referred to Mr Lucas Jones who’s an expert in making recovery of lost funds then I gave him a try and he successfully helped me in recovering all that I’ve lost From the platform, i was in shocked because I couldn’t believe this was possible because I lost all hope in contacting anyone on the internet,So I’m taking a step forward to render solution to those affected and help them get back every penny they lost. I recommend Lucas Jones to anyone who want to make recovery of his/ her lost funds, he is an experienced Certified Binary Options Recovery Expert with a spare master key, it takes 5 working days to recover my invested capital including my bonus, kindly contact Lucas Jones through his email address: lucasjones1604@gmail.com and he will guide you on steps to take and claim your money back from your investment broker.