XpresTrade Review: A Few Worrying Facts About the Broker

XpresTrade Review, Many factors point to Xprestrade as a fraudulent enterprise. First, their fee structure is unreasonable. Second, their trading software is substandard. Besides, their deposit methods are dubious and lack credibility. 

The confluence of these factors raises many red flags that doubt Xprestrade’s legitimacy. We will examine these issues in detail in our XpresTrade review, and we encourage you to stay tuned. 

License and Fund Security

So, the XpresTrade broker claims that Signix Ltd is their true owner. Their headquarters are in the Marshall Islands. However, the license provider doesn’t keep a close eye on things. And it looks like neither Signix Ltd nor XpresTrade is regulated by GLOFSA (the Marshall Islands financial regulator).

Key Solutions Ltd is XpresTrade’s payment provider with a reputation for questionable practices. XpresTrade lacks authorization from any Tier 1 regulator, including FCA, ASIC, BaFin, or CONSOB. It is an emerging form of cyber fraud that requires caution.

Ensuring your safety is our top priority, therefore, we advise you to be cautious of companies such as XpresTrade and Bitech Max, known for their shady practices.

Trading Platform Overview

XpresTrade promotes its trading platform as the industry’s leading software, MT4. But the truth is different. After registering, we saw only WebTrader that many similar firms use. Unfortunately, there are no advanced trading features on this web-based platform. 

Additionally, there is no mobile app because it doesn’t support MetaTrader 4. Customers can only use Android and iOS web browsers to access. All in all, this is another reason why you should avoid XpresTrade.

MetaTrader 4 (MT4) is a popular trading venue among many forex traders. It’s UI-friendly, intuitive, and steadfast, which makes it the ideal choice for every trader out there. MT4 offers a wide range of trading tools, including indicators, charting tools, and customizable strategies. This platform is also compatible with many brokers, which means traders have access to various instruments and markets.

Account Types at XpresTrade

XpresTrade has five account types available: Classic, Silver, Gold, VIP, and Black, with minimum deposits starting at $250. However, only VIP and Black accounts come with advanced trading features.

Although there is a significant difference in the money gap, it doesn’t provide any significant value. The leverage ranges from 1:100 to 1:400. Yet, only the VIP account offers a senior account manager, while the Black account includes a live recommendation feed.

Deposit and Withdrawal

This fraudulent firm only accepts credit/debit cards as payment methods. That is good news for traders since chargebacks are possible within 540 days. 

Yet, payments are processed through a questionable payment gateway known as ShinePay. Unfortunately, we could not locate XpresTrade’s withdrawal policy, so we don’t know when to expect it or if any fees apply.

A good broker should offer multiple payment options to their clients to ensure convenience and accessibility. With a variety of payment methods available, clients can choose the one that suits them best. This is whether it’s a credit card, bank transfer, e-wallet, or cryptocurrency. Offering multiple payment options also demonstrates a broker’s commitment to accommodating diverse financial needs. Moreover, it can be a sign of a reliable and responsible broker.

By providing various payment options, a broker shows that they are not only interested in making a profit but also in client satisfaction and comfort. It’s essential to choose a broker that prioritizes your convenience and offers a range of payment options. Notably, this will make deposits and withdrawals easier and smoother.

How Is the Con Carried Out?

Beware of fraudulent brokers promising big profits. Do your research, check reviews, and consult independent advisors. Protect personal and financial info. 

It’s crucial to report any scam or fraud to the authorities. It is also important to act fast. Contact the police and local regulators so they can deal with these issues. Make sure to deactivate your card immediately. After that, inform your bank about what happened. They can provide vital information and prevent further financial damage.

If you used credit or debit cards for deposits, you could file a chargeback to recover some of the money. But be cautious as some fraudulent chargeback agencies prey on victims.

Sharing your experience can help protect others. It can shed light on how these scams operate. If you have any negative experience with this or any other fraudulent broker, we would be grateful if you could share it with us.

Note: XpresTrade and Coin2FX are similar because they’re unregulated and swindle their customers.

Top Regulated Forex Brokers

We have prepared a comprehensive table of the top trading firms. Our list includes the most reputable and reliable trading brokers. These are brokers who offer excellent trading services, competitive fees, and a wide range of trading instruments. You can easily compare these firms side-by-side and decide which one suits your trading needs.

XpresTrade Summary

XpresTrade has several red flags that point to fraud. This goes without saying, by all means. The fee structure is unreasonable, the trading software is substandard, and the deposit methods are dubious. Additionally, XpresTrade lacks authorization from any Tier 1 regulator, making it a risky choice. 

XpresTrade account types range from Classic to Black, but only VIP and Black accounts offer advanced features for traders. Deposits are accepted only through credit/debit cards, with payments processed through the questionable payment gateway ShinePay. There is no clear withdrawal policy. 

Victims of XpresTrade fraud should report it to the authorities to prevent further financial damage. Sharing experiences can help protect others as well.

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