Beware! Xprestrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Xprestrade is an archetype of a suspected scam! It’s registered offshore, provides poor trading software, imposes unthinkable fees and conditions, and on top of it all, all deposit methods are fishy, to put it mildly. Xprestrade waves too many red flags to consider it legit, and we’ll discuss all issues in the following review.
Xprestrade Regulation And Safety Of Funds
Xprestrade is registered offshore, and it’s not associated with any other entities, with the exception of a Bulgarian payment agent. The Marshall Island registration implies that the broker is totally unregulated and illegal as the country mentioned does not even have state-controlled financial authority, let alone an adequately regulated Forex market! Xprestrade is essentially an anonymous offshore company with unknown ownership and no obligation to provide access to its financial accounts. Hence, it’s unknown who operates the brokerage, it’s not controlled in any possible way, and worst of all, once you deposit with the broker, your money will simply disappear somewhere offshore, where it’s impossible to trace! That being the case, you can clearly see that Xprestrade is dangerous, so make sure to avoid it, or you’ll expose your money to unnecessary risks!
Xprestrade is unreliable, so if you are still interested in Forex you should find adequately regulated brokers instead! For example, both CySEC (Cyprus) licensed brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
Xprestrade Trading Software
Xprestrade claims that its platform is a high-end piece of software, but that’s simply not true. They lie and intend to create a false sense of security, and we can tell it because the Webtrader we accessed is not at all sophisticated. It’s basic, lacks functionality, it’s unreliable, and generally cannot compare with either MetaTrader4 or MetaTrader5. We refer to both MTs as the platforms are industry leaders, known for their stability, user-friendliness, customisation properties, and the abundance of advanced features – automated trading and analytical tools, many complex indicators and a marketplace with thousands of trading apps developed by traders for traders. As you probably guess, Xprestrade’s Webtrader can provide none of it!
Xprestrade Trading Conditions
Xprestrade’s trading conditions are not up to the standards. The asset classes available for trading are standard: Forex, Stocks, Indices, Cryptocurrencies and Commodities. Pretty much every regulated broker offers these instruments, so Xprestrade definitely isn’t a high-end company offering products traders have never seen!
The trading costs are high – the EUR/USD spread is 3 pips, which is 3 times worse than usual. The standard spread for the pair is 1 pip or below, meaning that clients are paying $10 or less per lot traded, while the same service offered by Xprestrade costs $30! Too expensive!
The trading risks are also high. The maximum disclosed leverage is 1:400, but Xprestrade claims there is a “tailored leverage” option, meaning that the ratio can go even higher! The worst of all, though, is the fact that customers cannot reduce leverage below 1:100, so the service is not only expensive but too risky, as well! Some people are attracted by leverage, but it’s a dangerous tool, and we believe that customers should be given a choice to reduce leverage if they want to! Well, Xprestrade does not allow risk reduction, which is a red flag nonetheless – the brokerage deliberately creates a risky environment where customers are more likely to lose money! Beware!
And before we continue, have a look at the Webtrader we accessed:
Xprestrade Deposit/Withdraw Methods And Fees
The minimum deposit with Xprestrade is $250, a typical requirement for fishy offshore brokers, but it’s also twice as much as the regulated industry standard – $100 on average. Xprestrade once again proves to be more expensive than necessary!
The funding method is Credit/Debit cards, but each transaction goes through the fishy payment processor gate.shinepays.com, which was previously exposed as a scam facilitator. Numerous scam brokers like Daxiron and 44trades were serviced by Shinepays, so it comes as a red flag that Xprestrade uses the same gateway! Beware!
The withdrawal conditions also wave red flags. The first one gets triggered with the minimum withdrawal requirement – $100, which is an exceptionally high demand compared to the regulated brokers. Another thing worth mentioning is that withdrawals may take 30 days to complete, which is a lifetime – regulated brokers deal with the matter within 24 to 48 hours! And lastly, as you can see from the screenshot below, each withdrawal is subject to minimum trading volume requirements – $500 000 in turnover! Clients who fail to execute the necessary volume should pay a fixed fee of $120, which is nothing else but a scam clause!
The fees are not any better – the minimum fee per transaction is $20, which is also an exceptionally unfavourable requirement. To put things into perspective, regulated brokers rarely charge accounts for withdrawals, so it goes without saying that Xprestrade is highly expensive! You should avoid it!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!