Xtradesness Review 2024 – Validity Check Failed

Describing itself as a world recognized trading domain, the subject of today’s Xtradesness review is actually nothing but a lowly scammer, promising a lot and delivering nothing. The platform owners invite all interested Forex beginners and professionals to test the wide range of tools and options. 

Exploring the offer a bit more in detail shows none of these to be present. What is the site really intended for and how to avoid getting scammed is what we discuss further. 

Legal Nowhere

The Xtradesness broker is allegedly located in Cyprus and owned by a Cypriot firm called Exness Capital LTD. Detailed search of the CySEC database of regulated entities shows no firm operating legally under such name. 

While looking through other registers of prominent authorities like FCA, BaFin, ASIC, and others, we found something more worrying – an investor warning issued by the Central Bank of Russia.

Now that we know we’re dealing with an international criminal, we have to warn our audience of the dangers of investing with illicit online trading companies. Firstly, no proper fund safety is provided, as well as segregation of funds, compensation scheme and negative balance insurance. 

Practice caution, however, even when dealing with seemingly regulated entities like Moonance. Without a Tier 1 license, no brokerage can guarantee you safety.

How Scammers Work

The main domain for this particular fraud is xtradesness.com. It was launched in November 2023, which makes it a rather recent development.

The majority of Exness Capital victims are residents of the following nations:

In order to attract new clients, this fraudulent scheme uses boiler room agents. They contact people either by phone, or various social media where they pretend to be employees of a reputable financial institution.

These unsolicited phone calls heavily rely on emotional pressure, and do not leave a lot of room for rationale. The agents will pester their marks to invest continuously, while avoiding important discussion topics.

Some people eventually give in to the pressure and invest. Many other unregulated firms like Changelly use a similar strategy to steal their clients’ investments. If you need help with recovery, feel free to contact our experts.

Unknown Costs of Anything

Concealing the exact trading conditions and terms is a way for the swindlers to better manipulate traders into spending their hard-earned money. This financial con only reveals the leverage available (up to 1:500) depending on the account type. 

However, any costs that are characteristic for each separate bundle, including the spreads and commissions are hidden. The same issue we encountered concerning the taxes on monetary transfers.

35% Bonus on Deposit

Investing more cash is encouraged by greater deposit bonuses. Starting from 10% for the initial account type, this cash reward can go up to 35% of the total deposited amount. 

Legal documents do not clarify bonus withdrawal conditions. We wouldn’t dare to expect the non-deposited funds to be eligible for withdrawal without being followed by some malicious clause.

Trading Features Bait Victims

With our experience investigating various fraudulent companies, we’d come to expect a thick layer of false advertisement. Depending on how you look at it, we weren’t disappointed while writing this Exness Capital review. Everything that is claimed on the site is either false, or falls short of any industry standard or average.

Basic Trading Environment

The app is a basic web trader, made in such a way to visually resemble the MT4 web terminal. Other than the aesthetic semblance, these two share nothing in common.

The trading app that is provided to the traders is slow, unresponsive, and with poorly defined options. This makes using the software seem sophisticated and advanced, while offering near-zero added functionality.

Small Asset Selection

The company does not openly advertise their selection of assets, which makes it necessary for clients to open an account.

Only the major groups are supported, with a relatively slim selection of instruments. Here’s a couple of examples:

• Forex – EUR/USD, EUR/RUB, USD/RUB, AUD/CAD
• Cryptocurrencies – BTC, ETH, XRP, MATIC, DASH
• Commodities – Brent, Natural Gas, Soybean, Coffee, Gold, Copper
• Stocks – McDonalds, Apple, GM, VISA
• Indices – FTSE100, NAS100, NIKKEI225, US30

Live Trading With No Demo

Account types seem diverse, but the only thing that differentiates them is the cost. To encourage marks to deposit additional funds, some alleged benefits are added to the mix.

Perks include access to larger deposit bonuses, and an increased leverage. Here’s the minimum investment amount:

• Start – $2,000
• Silver – $5,000
• Gold – $10,000
• Platinum – $20,000
• Diamond – $50,000

Shady Payment Providers

False brokerage sites make you feel safe and secure when it comes to funding procedures. All deposits and withdrawals are claimed to be swift and free of charge. It would be overly ambitious to believe such nonsensical claims even for a second. 

This suspicious services provider only offers one payment channel – credit cards. However, the payment processor is Intercassa, an anonymous service that doesn’t exist online. Do not make such a mistake as to share your credit card details with this company!

Not Much to Expect From Support

You’re probably well aware that strictly regulated brokerage brands do not shy away from sharing their detailed contact information. They also enable you with various means for reaching out to the support center. 

The customer service on this domain only exists as an idea we couldn’t verify because no one responded to our email and online form inquiry. 

Got Scammed? We Can Help!

This forex broker is not a company you would want to try trading with, as this fraudulent entity is already placed on a regulatory blacklist. Nearly all of their trading features are implemented merely to attract potential victims.

The major issues are not about the poorly devised trading amenities, but the lack of any trustworthy financial channels for deposits and withdrawals. Should you find yourself needing a chargeback, you may rely on our experts for help. We are available 24/7 in the live chat for your convenience.

FAQ Section