Xtradesness Raises Red Flags: A Warning from CBR

In today’s scrutiny of Xtradesness, a self-proclaimed globally recognized trading platform, we uncover a deceptive scheme posing as a legitimate Forex service. Despite claiming to offer a variety of tools and options for both Forex beginners and professionals, our detailed investigation reveals a lack of substance in their offerings, raising concerns about the true nature of this platform.

Xtradesness alleges its location in Cyprus, under the ownership of Exness Capital LTD, a Cypriot firm. However, a thorough search in regulatory databases, including CySEC, FCA, BaFin, ASIC, and others, yields no evidence of any legally operating entity by this name. Adding to the suspicion, the Central Bank of Russia has issued an investor warning against Xtradesness, classifying it as an international threat.

The primary domain for this fraudulent platform, xtradesness.com, emerged in November 2023, indicating recent activity. Targeting residents of Germany and Lithuania, Xtradesness employs boiler room agents who utilize unsolicited phone calls or social media interactions, pretending to be representatives of reputable financial institutions. Employing emotional pressure tactics, these agents coerce individuals into continuous investments, avoiding crucial discussions.

Xtradesness deliberately conceals specific trading conditions and terms, creating an environment ripe for manipulation. Details regarding spreads, commissions, and other costs associated with different account bundles remain hidden. This lack of transparency extends to information about taxes on monetary transfers, leaving traders vulnerable to unforeseen financial risks.

Encouraging higher deposits, Xtradesness offers escalating deposit bonuses, ranging from 10% for initial accounts to potentially 35% of the total deposited amount. However, legal documents fail to clarify the conditions for bonus withdrawals, raising concerns about potential restrictions and unfavorable clauses.

Xtradesness employs a basic web trader application that visually mimics the MT4 web terminal but lacks functionality. The platform offers a limited selection of major asset groups, requiring users to open accounts to access detailed information. Despite showcasing a variety of account types, the sole differentiator is the associated cost, creating an illusion of diversity.

Xtradesness claims swift, free-of-charge deposits and withdrawals using credit cards processed through Intercassa, an obscure and unverifiable service. The lack of alternative payment channels and the dubious nature of the chosen processor raise significant concerns. Furthermore, attempts to contact customer support through email and online forms proved futile, indicating a lack of responsiveness.

Xtradesness finds itself on regulatory blacklists, signaling its illegitimacy. Beyond subpar trading features, the platform’s major pitfalls revolve around the absence of trustworthy financial channels for transactions. Traders who fall victim to this scam can seek assistance for chargebacks through our 24/7 live chat support. Xtradesness is a fraudulent entity, and caution is advised against engaging with this platform.