Quick Links

• Our Review Method

• Is XtraderFX Scam or Legit Broker?

• What is XtraderFX?

• Conclusion

Our Review Method ▲

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 XtraderFX due to the issues we've identified.

Is XtraderFX Scam or Legit Broker? ▲

Engaging in trading activities with XtraderFX is categorically deemed unsafe. This firm is under the ownership and operation of GPay LTD, a corporation with its roots in England. Additionally, GPay LTD is the entity processing all card payments and billing services. Despite possessing an office in England, as indicated by the address and contact number, the company lacks regulation in the UK.

The oversight of brokers offering their services within the country falls under the purview of the Financial Conduct Authority (FCA). A thorough search reveals neither XtraderFX nor GPay LTD in the FCA Register, a situation that typically signals investors to withhold their funds from the broker. The absence of regulation heightens the risk associated with trading through unregulated brokers. Further compounding concerns, the FCA issued a warning against XtraderFX in July 2018, stating: “Xtraderfx (a trading style of Gpay Limited) is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization.”

About XtraderFX

• Registration Status: Unregistered

• License Type: No License

• Safety of Trading with XtraderFX: Unsafe

• Recommended Licenses: FCA in UK & ASIC in Australia

XtraderFX engages commercially in investment advice and proprietary trading without authorization from BaFin or any other esteemed regulatory body, rendering its operations illegal. The name GPay Ltd. has also surfaced in association with Cryptopoint.

Moreover, the German regulatory body, BaFin, has recently imposed a ban on the broker. XtraderFX has been contacting German customers through German and British phone numbers, offering trading opportunities in cryptocurrencies, currencies, commodities, indices, and equities.

What is XtraderFX? ▲

XtraderFX is an entity that has been providing investment advice and proprietary trading services without the requisite permissions from top-tier regulators, thereby operating unlawfully. The company, known also as GPay Ltd and previously as Cryptopoint, has drawn the attention of regulatory authorities. Recently, it faced a ban from BaFin for targeting German customers with unsanctioned trading offerings. This pattern of behavior underscores the legal and ethical dilemmas associated with the broker.

Conclusion ▲

Our recommendation for investors and traders is to steer clear of XtraderFX and other unregulated brokers. The absence of critical information regarding the broker's regulatory status, trading conditions, and contact details raises significant red flags. Typically, such entities are involved in investment scams. For those looking to trade, it is prudent to opt for brokers regulated in reputable jurisdictions, such as the UK or Australia.

Update on XtraderFX

According to our comprehensive research involving over 1000 brokers, the XtraderFX website is currently inactive, signaling a cessation of its trading services. Despite this, we urge potential traders to exercise caution and avoid engaging with any offers that may arise from this broker, maintaining vigilance against any potential scams.