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BestXtrade Review - is it scam or safe?

BestXtrade Review - is bestxtrade.com scam or good forex broker?

RATING: 1 / 0 REVIEWS BestXtrade
BestXtrade is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  $250 N/A N/A
Silver 

$2 500

N/A N/A
Gold  $10 000 N/A N/A
Platinum  $50 000 N/A N/A
Diamond  $100 000 N/A N/A

 

Above we have listed the account types offered by BestXtrade. This is an offshore broker whose presentation lacks in many ways, so be sure to read this review before registering with them and depositing any money.

 

 

BestXtrade Advantages

 

Seemingly good spreads

Although BestXtrade has not specified its costs of trading on the website, when we accessed its web-based platform, we found out the spread on EUR/USD fixed at 0.9 pips, which is a pretty good offer.

 

As this broker is not licensed and not to be trusted, we suggest that you take a look at the real-time spreads of some top-tier forex brokers.

 

 

>> Real-time spread comparison page <<

 

 

Many tradeable instruments

Another part of BestXtrade’s offer that seems attractive is its diversified product portfolio. It features many forex pairs, CFDs on indices, commodities, some stocks and a number of cryptocurrencies.

 

BestXtrade Disadvantages

 

Not regulated

The broker says to be owned and operated by Bania Technologies Online Ltd., a company allegedly registered on St Vincent and the Grenadines. This is an offshore zone where financial services providers are not subjected to any licensing, nor supervision.

 

With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

 

Trading conditions not specified on website

As we already mentioned, BestXtrade`s website is not very informative regarding the its trading conditions. We could not find details on different account types, other than the initial investment required. There is no indication of the typical spreads on majors, nor leverage levels provided. Such lack of information on a broker’s website shows lack of commitment and transparency, which is a serious drawback.

 

MT4 not supported

BestXtrade uses a web-based platform it refers to as “Status”. We have seen it offered by other unregulated brokers and it does not seem that bad. Simple and easy to use, the charting of this platform is powered by TradingView, but it still cannot be compared to the industry’s leading MT4.

 

 

BesXtrade's web platform. Click on the image to view larger.

 

The main advantages of the MetaTrader4 is the support for automated trading via trading bots called ExpertAdvisors (EAs), and the programming environment, which allows for easy customization. 

 

 

>> Wanna trade with a MT4 broker? <<

 

 

Cryptos only traded against USDT

First, we have some concerns regarding the USDT asset. USD Tether is a token which is supposed to represent one US dollar, however a lot of experts have expressed concerns that the company behind it doesn’t have enough money to actually back the full amount of coins created. We would avoid holding this token for a long period of time.

 

Second, we miss trading cryptos such as Bitcoin against US dollars or Euro.

 

Withdrawal fees and requirements

Also, keep in mind that the minimum withdrawal amount at BestXtrade  is $100 and that each withdrawal is charged with $25 fee.

 

 

Conclusion

 

The main problem with BestXtrade is that it is not licensed, nor supervised by any governmental agency, which lowers significantly its credibility. In fact, it wouldn’t be an exaggeration to say that most offshore brokers are outright scams.

 

Furthermore, BestXtrade has not announced essential trading specifics on its site, which also typical of scam brokers. That being said, it is always better to keep it safe and invest only with well-regulated financial services providers. Some of the most reputable ones are authorized by the Financial Conduct Authority (FCA) in the UK.

 

 

>> Check out a list of FCA-licensed brokers <<

 

 

Here are, once again, the main Pros & Cons regarding BestXtrade:

 

Pros Cons
Seemingly good spread Not licensed
Wide range of financial instruments Trading conditions unclear
  MetaTrader4 not available

 

Latest news about BestXtrade
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Traders` reviews for BestXtrade

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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