XTRgate review – 5 things you should know about www.xtrgate.com

XTRgate review – 5 things you should know about www.xtrgate.com

Beware! XTRgate is an offshore broker! Your investment may be at risk.

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XTRgate looks like a very average broker, not trying in anyway to keep your attention for more than a couple of minutes tops. The pallet is boring, the interface is dull, and there is a general feel that something is not quite right. On top of that the website claims that XTRgate is a crypto only broker, something that we shall confirm in the review. Read on to find all there is to know about this one.

The registration process seemed new to us, with a focus on the colour blue, which may seem professional to some, but to us it just felt a bit too much. Anyway, registering was easy, and that produced one of the most simple and limiting user areas we have ever come across. It’s good that there was a drop down menu to be found on the top right corner, that nonetheless also was very limited in options. Overall a very minimal and shady looking dashboard:

We were admitted to a familiar trading platform, which revealed to us that XTRgate dabbles only in cryptocurrencies. Our leverage was capped at 1:100. Brokers whose only trading assets are crypto based, are most of the times frowned upon, because it still is not a centralised asset and as such holds risks.

Here are some of the major crypto/currency pairs, including BTC/USD

The website is available in English and German.

XTRGATE REGULATION AND SAFETY OF FUNDS

The only place that we found to be offering any sort of regulatory info, or similar, was the footer. Most notably, none of the legal document came equipped with licensing info.

The Commonwealth of Dominica is slowly becoming the new destination for illicit forex brokers. This slow dethroning of Saint Vincent and the Grenadines, a location that is currently on the path to reform it regulatory framework, is marked by a sharp rise of shady firms like XTRgate, who are attracted to the nation’s looser laws. Thus firms like XTRgate, can easily be operational form there, but that does not mean that they are regulated there.

There is no other indication that XTRgate  is regulated anywhere, or is located in a different location that the Commonwealth of Dominica. Thus XTRgate  NOT A HOLDER OF A LICENSE, and as such should not be trusted with your funds!

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

Furthermore, the legal documents are short, and should include so much more than what they actually have. Again, a sign that XTRgate is a scam. As we shall see, there are other signs.

XTRGATE TRADING SOFTWARE

We went with the web based trading software, because the one that was offered to download as a desktop terminal came under the simple terminal.msi file, which seemed way too suspicious for us.

So we were left only with the web based terminal, a simple trader with nothing interesting going on for itself, expect for a cool aesthetic.

The only good feature are the pending order capabilities, aside from which there are no real options to expand the experience. This is a great example of a trading software that does nothing special yet looks like it does. Many scammer trading softwares are experts in creating the illusion of abundance by focusing on visuals.

XTRGATE DEPOSIT/WITHDRAW METHODS AND FEES

When we opened the user area, we could only deposit via Credit or Debit card, with a minimum deposit requirement of $250.

During the signing up process, we were able to open an account in one of three base currencies: GBP, USD, and EUR.

Withdrawals are processed in 24 hours according to the Terms and Conditions. The Return & Refund Policy states that the processing times are between 7 and 14 days. The withdrawal ways is through credit or debit card, e-wallets, or wire transfer. We find these in contradiction to the depositing method, limited to only one. It is very common for illicit brokers to have payment methods inconsistencies. We could not get a minimum withdrawal amount, for we had to deposit beforehand, and as we have many times before stated, we will never deposit in unregulated brokers, and neither should you!

There are no indications on withdrawal fees. However, do not let this soft you. Unlicensed brokers are able to send fees at any time they wish, because they do not work within the confines of the law!

The relatively short Terms and Conditions, have a big portion that indemnifies the broker of any liabilities. Here is attached a section of these provisions:

A user can cancel her account only in the span of the first three days of her opening it.

For an illicit broker, XTRgate has not included any of the by now default shady clauses. That is not to say that there is a reason to deposit here. This is an illegal offshore broker, and must be ignored if you wish to keep your funds safe.

How does the scam work?

The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.

These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.

When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.

What to do when scammed?

Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.

We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.

Rich Snippet Data
Review Date
Reviewed Broker
XTRgate
Broker Rating
11stargraygraygraygray

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33 Comments

  1. XTRgate is a scam when you attempt to take money out the delays are endless, your so called Broker becomes less and less available usually a family sickness, they will post trades that will make a loss until your profit is gone then your original investment will go, In this day and age money withdrawls should be instant not take weeks then never happen DO NOT USE THIS SITE

  2. SCAM!! Def do not use! I made the mistake! Getting any money back from them is impossible. You will be greeted with loads of Bullshit! I lost valuable money to these fraudsters – makes me sick!!

    I would suggest in hindsight, that the platform you look at and invest on, just does not exist. It is a bogus copy!!!! Avoid, AVOID, AVOID them..

  3. TOTAL UTTER SCAM!!!. I was first asked to invest an initial Eur250, I was then assigned an account manager who at first almost doubled my initial investment, and therefore enticed and pressured me to invest a more significant sum. I subsequently made 2 more payments of Eur 2K and Eur 1.5K respectively. The account manager again was able to get my account to Eur 7.2K, but continued to put more pressure on me for further investment. At this point, I requested to withdraw Eur 4.7K, as the account had enough funds in it, only to be told that my request was too high as the trading was still open and could not be executed yet. Within barely 2 days, my account got totally wiped out, with only Eur97 left in it. It became clear that I had been scammed out of everything. The excuse that the account manager gave me was that the market went through a rough couple of days, and due to its volatility, I had lost everything. I was well and truly scammed, with absolute no way to recover my money

  4. I have to concur with the above comments – this firm is a group of scammers hiding behind a very plausible website and ‘trading platform’. The firm is NOT licensed to operate in the UK despite the advertising saying its headquarters are in London. I was very lucky – I deposited £300 to ‘test’ the waters (debited in Russian roubles, plus forex charges), and was contacted immediately by a senior ‘broker’ who said this was fine as a starter, but I’d see far greater returns for £1000 or more, but I resisted that ‘until I had established some trust’. Subsequently my £300 became £740 over a couple of weeks, with daily phone calls from the broker saying how well he had done and to establish that trust, each time saying I should deposit more. He was very pushy and a smooth talker. However I was getting very nervous about certain statements made by him, and the more I read on the website. I asked to withdraw my original £300. After some lengthy discussions the broker said he would refund the £300 – which luckily he did. Several days later, my profits were wiped out by ‘a rough couple of days’ and a ‘collapse in the crypto market’ as shown by the ‘autotrader’, according to an email from the broker. The whole setup is very, very risky, and I can only conclude that XTRgate is a group of scammers. Don’t use them.

  5. Scam!!! I lost all my money. They didn’t let me to withdraw any money. They avoid contact with me and on the end they lost all the money by doing dodgy trades… Avoid.. They will be nice to you till you pay is some money, when you say that all you have you’ll never see anything. SCAM!

  6. SCAM. I lost my money. This scam involves inducing you to make an initial deposit. This is traded, but likely makes “super-profits” in a short period of time. The trader then contacts you saying look how well we have done…… do make further deposits. However, if you wish to withdraw any of your Account balance, this is entered into trades that show losses, even if you have instructed no further trades.

  7. Scam. Avoid this broker! They do fake trades to show you how easy is to make money and when you ask for small withdraw your money are gone with a bad trades and they will blame the market!!! SCAM SCAM SCAM!!!!

  8. SCAM!!! Don’t wast your time and money with this broke. It’s all about paying the money in.. You’ll never take anything out!!! They will phone you every day just to convince you to invest more money, they show you how easy they make profit just so you transfer more money using some dodgy account abroad so they don’t have to pay tax.. Once you say no more to pay in and ask for some withdrawal they will have 100 reasons why not to transfer any money… Christopher Green is a professional liar!!! Don’t trust him!! It’s all about his commission!!!! I lost all my money with this SCAM!!! AVOID This SCAM!!!

  9. Scam.. unregulated broker.. Don’t use this scam. All they want is more money and more money! When I said enough, my broker never phone me again but others from that scam was trying to take from me more money. Any reason is good for them to ask for more money, they phoned me every day… Read reviews and don’t use this broker.. I lost all the money in few weeks just because I wanted to withdraw some money. SCAM!!!

  10. Bad experience with this scam. They don’t let me to withdraw any money… Always some excuse or broker is off or sick or some problems appeared… Disgusting!!! Every time I phone there some one says Christopher is on the meeting just so clients could think its a big company or he phone you back from his office.. there is no office there.. few guys sitting next to each other and scamming people!! Don’t believe what they say!! Don’t give them your money!! SCAM!!! Now all my money is gone with some absolutely stupid trades what didn’t have a sense to open at all… Remember they are not regulated…!!! Your money is not safe there!!! And nothing you can do!! Avoid this broker!!!

  11. 100% SCAM Christopher Green Rick Vass all they do is asking for more money but no chance for a withdrawal..!! Police should be involved in this… Stay away from this broker… They just ruin your account after you ask for withdrawal just because they hide somewhere and they think they can do whatever they want to because are unanimous and unregulated so you can’t even report it anywhere.. SCAM

  12. Last place you want to invest your money. I did that mistake and for months trying to take out some money but instead of that my account manager Christopher Green avoids me and nothing what he promised never happened. Stay away. SCAM

  13. Folks read the reviews before you invest any money in this scam! Everywhere the same scenario… Ok till you ask for withdrawal.. then suddenly some trades not making any sense appear lots of lies from the broker then your money is gone and you’re are done! Don’t believe in reviews like “they made 5k from 250£ in the week”!! They make them themselves… Remember that they are not regulated so they can go with your money and nothing you can do! SCAM SCAM SCAM

  14. Scam. Don’t trust this broker.. They don’t do real trades. They scam people! Chris Green absolute amateur and lier! It’s all about them not you. You’ll never see any money. They scammed me and many others on thousands of pounds.. I’m going to use private investigator to find they address and I’ll post it on every review website so scammed people can visit them..

  15. Scam shit.. Chris Green… handcuffs are waiting for you!!!

  16. Thieves and scam!!! Big warning!! Gtr gate scams people!! Nobody makes any money there.. just them!! Stay away!

  17. Xtr gate scam!! Xtr gate scam!! Xtr gate scam!!

  18. Scammed by xtr gate

    If you got scammed by xtr gate report it to the police! They scammed lots of people by doing fake trades! Their brokers use different names for all clients! They use suspicion bunk accounts for money transfers just so nobody could track them.. This broker is a SCAM!! They will play friendly people and even take away bad trades from your account because the trades are fake just to show you how easy they can make money to convince you to transfer them more money!! This is all SCAM!! I was scammed by Christopher Green and I have reported that to the police.. Stay away from this broker!!!

  19. Frank van der Haagen

    Yes, XTRGATE is a scam. I started with them with euros 1000. Now on 19th November I stopped all
    the trading with a free and available trading balance of 6000 euros. I filed withdrawal to my bank account but nobody answers and of course no transfer. Look what the Austrian Financial Market Authorities say about them:

    XTRGate or South Bay Holdings Ltd
    Release Date:21. October 2020 | Categories:Investor Warning
    The Austrian Financial Market Authority (FMA), inter alia pursuant to Article 4 para. 7 of the Bankwesengesetz (BWG; Banking Act), may inform the general public that a particular natural or legal person (person) is not authorised to carry out certain banking transactions (Article 1 para. 1 BWG), where the said person has given cause for such an action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the affected party.

    By publication in the official gazette “Amtsblatt zur Wiener Zeitung” on 21.10.2020, the FMA hereby informs that

    XTRGate or South Bay Holdings Ltd

    with its registered address apparently at

    Cnr Old and Church Street

    POB 2209 Roseau

    Commonwealth of Dominica

    Web: https://www.xtrgate.com/

    E-Mail: [email protected]

    is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others (Article 1 para. 1 no. 7 BWG).

    Previous news entry:

  20. Xtr gate is a scam!!! I’ve lost all the money just after I asked for a withdrawal.. they were avoiding me when I call them. Christopher Green was running my account and now there is no contact with him, all numbers all blocked also no reply on emails.. I changeback my money and you all can do that.. Don’t let them to steal your money.. Xtr gate is a scam!!!!

  21. Xtr Gate scam. Rick Voss Christopher Green scammed me. If you have account there try to take the money out!! It’s impossible!!! They use all trick just not to let you to take anything out!! Avoid this broker. SCAM

    1. Don’t use unregulated broker! They are unregulated for a reason!!! They will tell you that all crypto brokers are unregulated but that’s not true.. Don’t use xtr gate! They steal people’s money!!!

  22. Xtr lies!!!! I’ve been scammed by xtr gate!! Brokers there are a mafia!!! They phoned me every day asking for more money or my account will be wipe out… eventually it was wiped out in a couple days..!!! All money gone and my phone number is blocked. My account manager Christopher Green doesn’t reply on my emails. Save your money and don’t us this broker!!!!

  23. So is this a scam They say account with them €10k min , your saying you can’t get money out . They came recommended by a colleague who has used them and has no issues . So is main issues you can’t withdraw , individual traders or just the company . Is this whole area in regulated anyway ?

  24. Scam from India… save your money and don’t believe what they tell you!!! Scam..

  25. Scam.. I spoke with few guys from xtr gate.. they can’t speak English properly.. They just ask for more money to recover account what they lost on totally stupid trades!! Absolute shite broker.. Shane Dupre is a scam.. Don’t trust this broker it’s not a real broker but just a scam…

  26. Yes this is a total scam. I deposited euros 1000 and everything wnt well. Huge profits. Than when I had a available balance of euros 6000 I closed my account and all positions and filled for a withdrawal of the available funds to my bank account via transfer on November 19th, last.
    Than the problems started, after numerous phone calls they blocked my tel. number and did not answer my e-mails claiming the transfer. They simply refuse to send me my legit proceedings which are still on my account sheet, shown after login. My account manager was Shane Dupre and Sam D’Souza. They are a fraud and a total scam and thieves. I filed a complaint with the Dutch AFM (autoriteit Financiele Markten) and with the FCA (Financial Conduct Authority in the UK. The FCA says the following:
    Fraud is a devastating crime which has reached epidemic proportions. The FCA is committed to making all the changes necessary so that it can be as good as it can be in contributing to the fight against the scammers.
    Let’s see and wait what comes out if it. Scammers should be severly punished!

  27. Frank van der Haagen

    XTRgate is a total scam and a fraudulent company. Never deposit any money in this company because you will loose is all. They will never honour a withdrawal. They will not answer
    your phone calls or e-mails. They change their tel. numbers and cannot be reached. The
    Financial Conduct Authority should act inmediately to stop this scam and theft.
    In Belgium, Austria, Denmark, The Netherlands and Germany there are alerts from Financial Authorities against XTRgate or South Bay Holding. Beware.
    Thieves should be jailed!

  28. Very true!! They should be jailed.. Scamming is stealing!! Xtr gate is a fake broken who doesn’t do any trades!! Rats just hide somewhere in some hole in the 3rd world country and hope they will never be found.. but they are wrong..!!

  29. Xtr gate is a scam. Christopher Green Shane Dupree Rick Voss are scammers. Don’t trust those brokers they will take your money and won’t let you to withdraw even one €. Don’t trust this broker!! They scammed many people in Europe.. Read comments but not the one they make themselves… SCAM!!!! I lost all the money I transferred there on some trades what didn’t even exist.. Scam.

  30. XTR GATE is a scam online broker!! They are banned in some country’s to do any financial transactions. That’s why they are unregulated so they can do whatever they want with your money. They use some suspicion accounts and always different so they can’t be tracked. Christopher Green my account manager blocked my phone number and ignore all my emails to ultimately lose all the money from my account.. After investigation I found out all the trades they make are fake and all they do is to make you the deposit more and more money make some trades if they are bad they disappear just to show you how easy and how fast and how much they can make money for you… till you ask for some even small withdrawal… They will make all excuses not to send any money… Stay away from this broker. Christopher Green is a lier scamlike all Xtr gate. It’s all scam.

  31. Did someone do chargeback for the money got scammed by xtr gate? Don’t let them to go away with your hard worked money? It’s a crime!

  32. XTR GATE is a scam Christopher Green is a lier and thief

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