TraderXP Review – Don’t Invest In The TraderXP Trading Scam
Broker status
|
Unregulated |
Regulated by
|
Unlicensed brokerage |
Scammers Websites
|
traderxp.com |
Blacklisted as a Scam by
|
No Info |
Owned by
|
TraderXP LTD |
Headquarters Country
|
Alexandrou Business Centre Omirou 76, Limassol 3096 Cyprus |
Foundation year
|
N/A |
Supported Platforms
|
Web Trader |
Minimum Deposit
|
$200 |
Cryptocurrencies
|
N/A |
Types of Assets
|
N/A |
Maximum Leverage
|
No info |
Free Demo Account
|
No |
As of May 2023, the broker (traderxp.com) has ceased operations. But you can read the article to avoid falling for similar scammers.
Security and Regulation
Trader XP did not have any authorization or license to offer financial services during any of their operations. The broker operated from the British Virgin Islands and was not subject to any financial supervision or regulations. Anybody who invests with this broker may lose their funds at any moment, and there is no way to get them back.
CySEC issued a warning about the broker in our TraderXP Review. In September 2013, the regulator informed us that the broker had not been licensed to provide financial services. This warning was issued at a time when binary option trading was legal in many places and many binary brokers held CySEC licenses. The warning stated that TraderXP LTD is not registered with CySEC or any other regulators.
In What Countries Does TradeXP Offer Services?
Based on the Trade EXP location within the British Virgin Islands, it appears that this broker did not have the authorization to offer services anywhere. They stated that they did not offer their services to Japan, Canada, or the United States during their operations. These brokers are usually unable to offer their services to these countries, at least not on paper. The CTFC pursued affiliate markers to illegally direct US investors to the broker as late as 2018.
What can you trade with TraderXP?
Our TraderXP review revealed that the broker offered only binary options during their operation. These are illegal in the European Union as well as most other countries. Binary options could be purchased on more than 80 assets with a trade size of no less than $5.
To open a new account, you had to deposit $200. In order to receive the bonus XP Trader offered, you needed to make a minimum deposit. There was a robo Trader XP option that allowed you to let algorithms trade your binary options broker accounts. Many XP Trader home brokers lost a lot of money by trading this way.
Is TraderXP’s Trading Platform Safe?/strong>
This TraderXP review reveals that the broker isn’t safe, and has never been safe. Trader XP was never granted a license by any regulator to sell their products. Many victims also deposited money only to be able to withdraw the funds later.
This is how trading frauds work. Brokers simply won’t let traders get their money back. Although they might make excuses for XP Trader errors or verification problems, these are not valid reasons.
Chargeback Is Your Solution!
A chargeback is the retroactive cancellation and refund of a charge made using your credit card, wire transfer or some other payment methods.
By putting together a compelling chargeback strategy from beginning to end, victims of online fraud have a relatively high probability of recovering some of all of their funds lost.
However, using a trustworthy service such as MyChargeBack is critical in this endeavour as a typical chargeback process can often be complex and drawn out without the right guidance.
Request a free consultation today by clicking the button below!
What is a chargeback?
Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to begin the process. Let’s have a free consultation to discuss how we can get your money back right away!
TraderXP: Video
Below you will find a short video about TraderXP. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about TraderXP!
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Copywriter with more than 10 years of experience. Wrote analytical content for one of the largest forex brokers in the world. Works as an editor-in-chief at assistance-refund.com
FacebookFAQ
- How Can I Withdraw Money From TraderXP?
The broker accepted standard withdrawal methods such as wire transfers, credit cards and Skrill. They did however do everything they could to stop clients from withdrawing.
- How Can I Check TraderXP Reliability?
You should verify that you have a valid license from CySEC and the FCA. Financial regulators may have issued warnings. These warnings can be a red flag.
- Is TraderXP Legit or a Scam?
The first thing to do when searching for brokers to trade with is to find out about their certifications. This will let you know if they are regulated or if TraderXP operates as an offshore entity.
- How Online Trading Scams Work?
The most common online trading scam is to show profitable trades to give investors a false sense confidence and lure them to the idea that 'easy money'. Once the investor has gained confidence, they will be sold the idea of investing more money in order to make higher returns. Other incentives might also be offered to encourage investors to invite their family and friends to join the platform.
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