XTrade, operating under the name XFR Financial Ltd, is a forex broker based in Cyprus that positions itself as a provider of trading services in forex pairs, shares CFDs, indices CFDs and commodities CFDs. The company offers two account types, Standard and Premium, with a reported minimum deposit of 100 USD, maximum leverage up to 400 and minimum spreads starting from 2. It also provides a mobile application for trading on the go.
Despite these offerings, XTrade carries a scam marking due to the revocation of its CySEC license 108/10 for violations of regulatory requirements. Official records indicate that the license was withdrawn following identified breaches, which directly impacts the firm's legal standing to conduct regulated activities.
Regulators have issued specific warnings about the company's operations. The UK's Financial Conduct Authority alerted the public that XFR Financial was providing services in the UK without proper authorization. Similarly, the British Columbia Securities Commission highlighted that the firm lacked permission to trade or advise on securities within its jurisdiction, even though it had been registered with CySEC.
Client feedback includes multiple complaints regarding fraudulent actions, particularly around the handling of funds and trading practices. These reports align with the regulatory concerns that led to the loss of authorization.
Overall, the combination of license revocation, formal warnings from established authorities and documented client complaints forms the basis for classifying XTrade as a high-risk entity. Potential users are advised to exercise caution and verify current regulatory status before considering any engagement.
