XB Trade Review
Want to trade forex currency pairs? You may also want to dip your toes in the stock market, or try your luck with commodities and indices. It could be the cryptocurrency market that may have drawn your attention. Regardless of what you are interested in trading, you need to find an online broker to start and this is not that difficult. A simple Google search can give you a list of brokers that are operating in the financial markets, but this does not mean that all you have to do is pick one and sign up. If you do that, it can go wrong and this XB Trade review shows just how that can happen.
When you get a look at the list of brokers, you should bear in mind that no two companies are the same. There are good and bad companies in every industry and the same applies to online brokers as well. You will come across truly professional and reputable brokers in the market, but there are also ones that can provide barely adequate services. But, you have to remember that there is also a third category here, which requires you to be wary and careful and that is of scam brokers.
Indeed, frauds and scammers are rampant in this market and masquerading as brokers is one of their best tactics because it is easy to convince people to sign up by making some tall claims and big promises. Most people don’t even realize that they have fallen into a trap until they are unable to get their money back and that’s when it hits. It is a disaster that everyone would want to avoid because the consequences are devastating, so how do you do that? You have to find out if there are any issues with a broker before signing up to know what you are getting into.
Doing so can save you from damaging consequences and this applies to XB Trade as well. When you come across this broker the first time, you will learn that it claims to be the gateway to the global financial markets because it offers a secure and safe trading environment to everyone. They offer their clients a huge variety of trading instruments, which include forex currency pairs, commodities, indices and shares and even crypto coins. In fact, it is presented as a leader in the forex industry that offers ultra low spreads to traders.
However, all this really is an illusion because you will come across a ton of issues with XB Trade when you give it a closer look. What are these issues? You can go over them below:
No license and regulation
Checking the license and regulation of a broker should be your priority because this tells you what kind of company you are dealing with. Most authentic companies do not have a problem in obtaining a license even if they have to fulfill lots of requirements and meet a strict criteria. When you opt for such a platform, you benefit from lots of protections and security and you are provided transparent and quality services. When it comes to XB Trade, you should first look into its background to check for its licensing and regulation.
This is when you discover that XB Trade is owned and operated by a company named Hamilton Group LLC and it is incorporated in Saint Vincent and the Grenadines. Does this help in establishing the broker’s credibility? It does not because this is an offshore zone where the forex industry is not regulated. In fact, the Financial Services Authority (FSA) of SVG have mentioned it outright that they do not monitor forex brokers, which means setting up a company on paper is extremely simple there.
There is no accountability in Saint Vincent and the Grenadines and this does not help XB Trade because it means you cannot hold the broker accountable either and this means leaving yourself exposed.
Bonuses with strings attached
As you continue your research into XB Trade, you will discover that they are also offering trading bonuses to their clients. This is something that might attract a lot of traders, but you have to be extremely cautious because trading bonuses have become a thing of the past. Most regulatory authorities around the world have imposed a ban on offering trading bonuses because these come with strings attached that are not considered fair to the traders.
As a matter of fact, bonus policies tend to be downright malicious and exploitative and this is what you will find in the case of XB Trade as well. They are offering trading bonuses that have been renamed as margin loans and these also exceed your initial deposit. Furthermore, you are required to meet a minimum trading volume limit before you will be allowed to make a withdrawal. But, what makes it interesting is the fact that XB Trade has also mentioned that it can change its bonus policy when it wishes.
This means that if you come even remotely close to meeting their turnover requirement, XB Trade can simply change their policy altogether, thereby ensuring that you are not able to make a withdrawal at all.
Lack of a good platform
When you go through the offerings of XB Trade, you will be attracted to their offer of a feature-rich and advanced trading platform because this can make a big difference in your trading experience. However, as it turns out, this is just a tall claim because what you do come across is an unproven trading platform that does not come close to what a professional trading platform like MT5 can offer.
Unreliable payment methods
If you take a look at the payment options that are available at XB Trade, you will discover that they offer payments with credit cards, such as VISA and MasterCard and bank wire transfers as well. But, this is not even close to reality because they do not really accept e-wallets and they don’t offer credit cards either. Plus, the minimum deposit requirement is $10,000 and this is extreme.
These issues make it apparent that XB Trade is not authentic in any way and should be eliminated right away.