XLR Trade Review (2023)

Is XLR Trade a scam or a legit broker?

XLR Trade is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

XLR Trade is a trading name used by Nostro Technology Ltd, an online trading company established in the UK. Yet, until now, the company is not registered by any regulatory agency or authority, even though, almost every financial service company in the UK should obtain an FCA license to deliver its services.

XLR believes the trading experience should be a journey of learning and understanding the market, while the broker states its mission to protect and guide clients every day through their trading experience. The XLR trader has a choice of a diversified portfolio with 200 currencies, commodities, indices, stocks and CFDs while the broker doesn’t disclose its operational standards and trustability. 

Moreover, Italian regulatory authority CONSOB listed an XLR Trade as a trading scam and generally advises Italian and world investors to check the broker’s status before the deposit of any funds with a particular company. The blacklisting of the XLR Trade caused by lack of the appropriate license and authorization to deliver its service, since the mission of CONSOB is to ensure transparency and trusted behavior of the participants. As the XLR Trade is registered to none the company appears to have issues with its services which may be unreliable.

“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 website globalfxm.com and xlrtrade.com”

CONSOB, February 2018

Overall, while trading with non-regulated broker the trader involves himself in a very high risk, as the funds are simply not secured. There are many fraud companies in the industry, while the mission of regulation is to protect the clients, therefore basically we advise to trade only with CONSOB Regulated Brokers or others that comply with the international standards.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

Yet, it is always great to hear your personal opinion about XLR Trade. So you may share your experience or thoughts or discuss them below or ask us for additional information.