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XLR Trade Review - is it scam or safe?

XLR Trade Review - Is xlrtrade.com scam or good forex broker?

RATING: 1 / 1 REVIEWS XLR Trade
XLR Trade is an offshore broker. Your money is not safe.

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Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Micro $1.000 1:300 Around 2 pips*
Standard $5.000 1:300 Around 2 pips*
ECN $20,000 1:300 Around 2 pips*

*Spreads at XLR Trade are disclosed via a section on their website, which may be unreliable.

 

XLR Trade is a STP forex broker, which also provides several CFDs. The company provides a rather poor presentation of its trading conditions, with a few contradicting sections.


 
The Company. Security of Funds

Company Country Regulation
Nostro Partnership lp UK   N/A


XLR Trade is owned and operated by Nostro Partnership lp. The company is registered in the United Kingdom, but does not claim affiliation with the Financial Services Authority (FCA) or any regulatory agency. While they may be applying for a license, the current is highly troubling and probably enough for us to recommend avoiding dealing with the broker.

 

When trading with an unregulated company, you are basically taking their word, for the security of your funds. Scammers have been around since the beginning of time, but most countries nowadays have regulatory agencies to separate the honorable companies from the more shady elements.

 

The aforementioned FCA is one such agency, which has a very high reputation. They oversee a lot of companies and enforce a lot of rules upon them. In terms of the security of your money, two of them are key – the segregation of client accounts and the compensation scheme. First of all, having segregated accounts means the broker can’t freely access your funds. A strict procedure for transferring client money is in place. On top of that, all FCA-regulated brokers are forced to participate in the Financial Services Compensation Scheme. This is basically an insurance pool, to which they have to contribute a portion of their profits. The money is then used as a guarantee against one of the participating companies going bankrupt. All accounts are covered up to £50,000.
 

Trading Conditions


 
Minimum Initial Deposit
 While the account types section of the website claims $1,000 as the minimum, another section of the website states it is $500. We are not certain which one of these is true, but both levels are rather high for forex brokers.  As an example, easyMarkets only requires $100.

 

That being said, the minimum deposit shouldn’t be a key factor when comparing brokers, unlike their regulatory status.

Average spreads & Commissions

While the costs of trading at XLR Trade are not fully disclosed, there is a live feed displayed on their website. Here is a screenshot:



As you can see the EUR/USD spread is 2 pips, which is a bit wider than the most competitive offers, provided by other brokers. Most companies offer something in the 1.0-1.5 pips range for this pair. You can compare the conditions provided by some of the best forex brokers here.


 
Leverage
1:300 is the maximum leverage provided by XLR Trade. This is a perfectly suitable leverage ratio for all trading strategies, despite the fact some brokers provide even higher levels like 1:500.

 

Keep in mind, margin trading is very risky, especially if you do not understand how leverage works. This is the main reason, why US regulators have limited the maximum leverage provided to retail clients to 1:50.

 

Trading Platforms


 
XLR Trade provides its services backed by the power of MetaTrader4(MT4), the  world’s most popular currency trading platform. It provides great charting potential, as well as a plethora of customization options. The MQL marketplace, provided by the developers of the platform (who are not related with any broker) has thousands of technical indicators and automated trading systems available, including some free ones. Mt 4 also has very comprehensive mobile and web versions.

 

That being said there appears to be an issue with the platform provided by XLR Trade, as we couldn’t connect to their servers. Hopefully this is a temporary problem, which will be resolved in the future.
 

Methods of Payment


 
XLR Trade offers a few payment methods. They are Bank Transfer, Credit/Debit Card and Webmoney. While an e-wallet is present it isn’t among the most popular ones.

 

Conclusion


 
XLR Trade is an unregulated forex broker. The company doesn’t fully disclose the spreads it provides, in ways other than the “live feed” which may be unreliable. Currently, there appears to be an issue with the trading platform. We will update this review, once the situation changes. Here are the current pros and cons of this broker:
 

Pros Cons
MetaTrader4 Platform Lack of regulation
  Lack of information on spreads
  High spreads in the “live feed”
  Few payment methods

 

Latest news about XLR Trade
No news about XLR Trade. Check back later.
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Traders` reviews for XLR Trade

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

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Summary

Pros

Cons

 

 

terribly - money was stolen

We closed the account unilaterally. Money was stolen. Profit by any means do not withdraw. You'll never see your money if it's a Trustee.

Evgeniy 08/07/2018
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