XtraderFX Review (2023)

Is XtraderFX a scam or legit broker?

No, it is not safe to trade with XtraderFX.The company is owned and operated by GPay LTD, based in England. Also, all the card payments and billing services are processed by GPay LTD. The address and the contact phone number show that the company has an office in England, although the company is not regulated in the UK.

The Financial Conduct Authority is responsible for the regulation of the brokers that offer their services in the country. There is no record about XtraderFX or GPay LTD in the FCA Register (Read about FCA Regulated Fortrade Broker). Usually, it is the sign to keep the funds away from the broker as trading with unregulated brokers is very risky. Moreover, the FCA has issued a warning against XtraderFX in July 2018:

“Xtraderfx (a trading style of Gpay Limited) is not authorised 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 authorisation.”

Also, the broker was recently banned by the German BaFin:

“The company calls German customers under German and British phone number and offers them cryptocurrencies, currencies, commodities, indices and equities. As a result, the company commercially conducts investment advice and proprietary trading. However, XTraderFx does not have the permission of BaFin. It is therefore illegal. The company GPay Ltd. also appeared under the name Cryptopoint.”

Check the BaFin regulated Legacy FX’s Review.

Conclusion

We advise all investors and traders to avoid XtraderFX and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Pepperstone.

XtraderFX website is no longer active.