Reason to avoid: Offshore License
Listed Date: September 4, 2018
Top 3 Regulated Forex Brokers
- Company name: Xforex International Ltd
- Registration/ License: Belize
- Registration requirement: 2,000 $
Xtrade is a Belize established and registered company that states its compliance with international regulatory standards through its operation via Xtrade International Ltd (ex.Financial Arena Ltd) that is regulated by the International Financial Services Commission in Belize. Nevertheless, the IFSC considered to be an offshore regulation authority that does not set strict performance criteria or compliance with the highest level of the client protection. Therefore, the traders are strongly advised to open an account only with the reputable world registered companies that are licensed by the serious authorities are Regulated Forex Brokers and deliver the range of guarantees that protect clients from the frauds.
Even though the Xforex Broker claims that the company is fully licensed and registered and the clients’ funds are fully segregated along with the other necessary money protection set of rules, there is no guarantee provided as for the money management due to the lack of regulation. The company doing its best to offer a competitive trading condition with a range of trading accounts, attractive deposit requirements and provided an award-winning platform to access multi-asset trading on a range of CFDs.
Moreover, the website of Xforex in redirecting to XTrade, which is a parent company of the brand that earlier performed various promotions and marketing campaigns, as well as operated via a range of international companies while targeting worldwide clients. Overall, the company is quite confusing about their proposals and the reliability itself, previously Xforex had received warnings from various authorities due to its unregistered nature while offering or advisory services to the residents of particular zones or jurisdictions.
“We became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.”