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XLN Trade Review - is it scam or safe?

XLN Trade review - Is scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz XLN Trade
XLN Trade is an offshore broker. Your money is not safe.


XLN Trade is an offshore broker that says to be offering over 200 trading instruments, including a selection of forex pairs and CFDs on crypto currencies, stocks, precious metals, commodities and indices with leverage as high as 1:400 and a web based trading platform.


Account type Min. deposit Max. leverage Spreads
Standard Account $100 1:400 3 pips, floating


Offshore brokers in general tend to be unregulated, and XLN Trade is not an exception – they do not have a license to operate on regulated markets like the U.S., the European Union, Australia, Canada or Japan, so if you are about to deposit your funds with  XLN Trade be sure to read the following lines.


XLN Trade Advantages:


A good variety of trading instruments


A possible advantage about XLN Trade might be their comprehensive selection of trading instruments – over 200 as they say, of which some 47 currency pairs, many of which minor or exotic like USD/CNH, USD/CZK, USD/DKK, USD/HKD, USD/HUF, USD/NOK, USD/PLN and USD/ZAR, as well as various CFDs on gold, silver, natural gas and oil, platinum, palladium, sugar, coffee, cocoa, corn, wheat, soybean, cotton, copper, 15 major indices and lots stocks. An because XLN Trade also says they offer crypto coins, here you may check our list of brokers, offering bitcoin CFDs as well:


>>Bitcoin Forex Brokers<<


Acceptable minimum deposit requirement


XLN Trade says  you can start trading with just 100 USD and that is in the lower range of what most brokers would require as a minimum deposit. Still, with some well known names like FBS and IG you will be able to open a trading account with just 5 USDS or so.


Generous leverage


Another possible advantage might be the generous leverage – 1:400, and yet you should be aware that higher leverage means higher risk, so you should always use leverage exceeding 1:50 with extra caution.


XLN Trade Disadvantages:


No license


The absence of a license is a major issue. This means the broker is totally unaccountable for the way it handles your money. And what is worse, you have no guarantee that the broker will ever pay you a single dollar back. 


And that is what regulation is all about. Respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) guarantee that their licensed brokers will follow strict financial and ethical rules, among which to keep all clients funds in a segregated, protected from creditors, trust account, to provide them with a negative balance protection, to maintain at all times a certain minimum operational capital with which to cover all outstanding payments to clients (with EU regulated brokers the minimum operational capital is set at 730 000 EUR), to file regular reports, to allow external audits, and with some regulators even to participate in a client compensation schemes. 


This for example with a FCA regulated broker your trading account will be covered by an insurance of up to 85 000 GBP, payable in the unlikely event your broker files for bankruptcy. So here you may check our list of brokers regulated by the FCA in the UK:


>>FCA Regulated Forex Brokers<<


But let us return to XLN Trade. They are operated by Eqron Ltd, an offshore company based on St. Vincent and the Grenadines, while all payment services are provided by CL Vision Ltd, which is based in Bulgaria. Actually our experience shows that most probably the people who run the brokers are based in Bulgaria, while the offshore Eqron Ltd is just a shell company – it is much more complicated to bring a legal action against an offshore company, compared to a company incorporated in an EU country like Bulgaria.


And besides, if the broker was based in Bulgaria it should have been licensed and authorized by the local Financial Supervision Commission (FSC), but as we already noted XLN Trade does not have a license whatsoever.


Trading bonuses


Trading bonuses are a tricky thing. And it is not surprising that they have been banned on most regulated markets like the European Union altogether. The problem with all trading bonuses in general is that they are invariably linked to some additional withdraw conditions, usually some minimum trade volume requirement, which in the case of XLN Trade is 5000 times your deposit. The real danger however, is that quite too often scammers use those additional withdraw conditions, (which by the way they reserve the right to change on their sole discretion) to cancel your withdraw requests. 


High spreads


Let us say a few words about the trading conditions XLN Trade offers. The benchmark EURUSD spread floats over 3 pips, which is at least twice higher than the levels traders would find attractive with a standard account. Besides, here you may always check our list of brokers, offering tighter spreads:


>> Lowest spread forex brokers<<


Skrill not available as payment option 


XLN Trade says they accept payments with major credit and debit cards like VISA, MasterCard and JCB, bank wire and two crypto wallets – Bitwallet and iWallet. The broker however does not accept payments with Skrill, and that is notable, because of the new anti scam policy adopted by Skrill a year ago. According it Skrill partners only with legit and licensed brokers, and as we already noted XLN Trade does not have a license whatsoever. Here, you may take a look at our list of brokers, processing payments with Skrill:


>>Brokers accepting Skrill<<


MetaTrader4 not supported


Although XLN Trade says they offer MetaTarader4, this turned out not to be true. You can not download MT4 on their website. And what they offer instead is a cheep looking web based platform, that we have often seen with other offshore brokers. 


It lacks many standard features, readily available with a MT4. For example you do not have the option to run automated trading sessions – something which you can quite easily achieve on a MT4, with the help of trading robots and customizable market indicators. On top of that MT4 has and excellent set of advanced charting tools, so here you may also check our list of brokers, where you can trade with a Meta Trader4:


>>MT4 Brokers<<




XLN Trade is not a broker we can recommend for one obvious reason – they are not regulated, which means your funds will not be safe in their hands. So once again here we will repeat our usual advice to trade only with legit and properly regulated brokers, licensed and authorized by respectable financial institutions like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

Latest news about XLN Trade
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