Xtrade
We checked Xtrade against the AskCheck register. It has been reported (2021) and carries the red flags below. Treat it with extreme caution.
Why it’s flagged
What we found
Xtrade claims to hold a license from the Belize Financial Services Commission (Belize FSC). However, our verification with the authority suggests that all potential licenses associated with the broker have been canceled. In addition, the company purports to be licensed in South Africa by the Financial Sector Conduct Authority (FSCA), and the related firm name is Peak Wealth PTY Ltd supposedly under License Number FSP44681. But on the FSCA register, the company under FSP44681 is PEAK WEALTH 8INVEST (PTY) LTD and the associated information with the licensee is inconsistent with what Xtrade asserts. Therefore, there is no evidence to suggest that Xtrade is regulated by the FSCA. In essence, Xtrade is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. Xtrade appears to be a scam.
Assessment source: FastBull BrokersView.
What to do next
- Stop sending money. Don’t make another deposit, pay a “tax” or “release fee”, or share remote-access to your device.
- Gather your evidence. Save statements, chat logs, transaction IDs and the wallet addresses you paid to.
- Report it to your regulator and to local police / action-fraud line so it’s on the official record.
- Add your report here so the next person searching this name is warned — report Xtrade.
- Verify on the register. Cross-check the full entry on the SentFunds register before you trust anyone offering to help.