Trade XN Should you trust and What Are the Most Commonly Traded Currency Pairs?

 

Currency pairs are the national currencies from two countries coupled for trading on the foreign exchange (FX) marketplace. Both currencies will have exchange. Forex trading is the simultaneous buying of one currency and selling of another. Currencies are traded through cross currency pairs.

Trade XN promises low spreads and no hidden fees as well as easy access to well over 100 trading instruments, including forex pairs and CFDs on commodities, indices, stocks and precious metals with leverage as high as 1:500 and a state- of- the- art trading software.

Trade XN is a leading global online trading provider, offering.

And Trade XN also says to be a leading STP broker, authorized to provide financial services to clients around the world, which all sounds wonderful was it not for the forex indices minor detail that the website appears to be completely anonymous, that it is not regulated anywhere and that it basically bears all the hallmarks of a scam. If you are still considering Trade XN’s offer, Forex, Indices. better check the following lines.

Trade XN and Safety of Funds

Trade XN says that their company is authorized to provide financial services to clients around the world. And they particularly point out their presence in Malaysia, Singapore, Myanmar, Japan, Chile, Australia and United Arab Emirates. Take a look:

If that was really so however, they should have also been licensed and authorized by the respective local, official regulatory authorities as for example the Australian Securities and Investments Commission (ASIC) or let say the Monetary Authority of Singapore (MAS), but that is simply not so. The website is not regulated anywhere.

Not to mention major pairs that it also appears to be completely anonymous. Just take a look at their contact details – no corporate address, no corporate background, not even a company name.

Offshore brokers’ dirty tricks:

Forex is always traded in pairs The following applies to all unregulated, offshore brokers in general, but even more so to completely anonymous websites like this one. Being unregulated and not supervised in any way by an official regulatory institution, Trade XN have no problem to come up with virtually any pretext to tell you that you can not withdraw even a single dollar.

That is all what scam websites like this one are all about. You will be tricked into accepting some lucrative looking trading bonus for example, which latter will turn out to have strings attached.

In the general case you will have to meet some minimum trade volume requirement before considering any withdrawals. Unfair as such an additional withdrawal condition might be – legit brokers will never restrict your right to withdraw funds from your trading account no matter what – the truly nasty part here is that scammers like Trade XN will also have no problem to increase the above  trading bonus you will never be considered eligible to withdraw anything. As simple as that.

 

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