Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOne genuine active Belize licence confirmed on the register, but only offshore cover, an Anjouan registration expiring 24 August 2026, a cancelled Australian licence, a renounced Cypriot licence and two national alert-list entries for unlicensed solicitation.
Identity & transparency
6/10 · HighEntities, registration numbers and addresses are disclosed and the register matches the domain, but the Belize licence number differs between the website and the app store, the LEI address differs from the published one, and a sister site branded Xtrade names no regulator at all.
Withdrawals & conduct
9/10 · CriticalA consistent 2026 pattern of blocked or reversed withdrawals with amounts and dates, including specific demands for further payment before funds are released, partly offset by public company responses and some reports of payouts arriving.
Reputation
8/10 · CriticalTrustpilot 1.9 out of 5 across 389 reviews with 48 percent one star, alongside Australian enforcement findings and press reports of a call-centre operation selling the platform being raided.
Website claims
7/10 · HighDescribes itself as fully licensed and says compliance protects your funds while holding only offshore permissions, publishes an award-winning platform claim we could not verify, gives an inconsistent licence number on Google Play, and offers no verification links.
Operational history
2/10 · LowLongevity is verified rather than claimed: domain registered in 2000, the group's Cypriot licence dates from January 2010 and its South African company from 2013, so the advertised history is genuine.
Who they are
A quick desk file on the company behind the brand.
The desk file, as we verified it:
- Brand: XTrade
- Legal entity that holds client money: Xtrade International Ltd, Belize company registration 000007984
- Registered: Suite 301, No. 54 Queen Street, Belize City, Belize. The company's own LEI record gives a different Belize address, No. 35 New Road, 2nd Floor Flat.
- Website: www.xtrade.com. Related sites include xtrade.net and xtrade-dm.net, the latter branded Xtrade but operated by DM Markets Ltd with no regulator named anywhere on it.
- Only real trading licence: Belize FSC 4705379, Trading in Securities as Agent, Active
- Also on record: Anjouan (Comoros) licence L15808/BC held by Blacsley Como Ltd, valid to 24 August 2026, and South African FSCA licence FSP 44681 held by Peak Wealth (Pty) Ltd
- Offers: CFDs on forex, shares, indices, commodities, crypto, ETFs and bonds through an in-house web and mobile platform, with a 50 percent first-deposit bonus advertised on Google Play
- Not accepted: the terms exclude the USA, Canada, Iran, North Korea, Europe and the United Kingdom, and the site shows a country-blocked notice to European visitors
- Age claim: copyright since 2010 and over 10 years of experience. This one is fair: the group's Cypriot arm was licensed on 14 January 2010 and the domain dates from 2000.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (FSC), Belize
Anjouan Offshore Finance Authority (AOFA), Comoros
Financial Sector Conduct Authority (FSCA), South Africa
Found by our investigation (3) — the broker does not list these on its own site
Financial Services Commission (FSC), Belize
Found by us — not listed by the broker
Australian Securities and Investments Commission (ASIC)
Found by us — not listed by the broker
Cyprus Securities and Exchange Commission (CySEC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We reached likely scam, not confirmed scam, because the evidence splits cleanly in two. The company's identity is real. Its conduct is the problem.
- Two regulators name this exact operation. Malaysia's Securities Commission Investor Alert List carries an entry for Xtrade with the address https://www.xtrade.com/, recorded in 2021, for carrying on unlicensed capital market activities of dealing in derivatives. Japan's Kanto Local Finance Bureau published a warning on 22 March 2024 naming Xtrade International Ltd of Belize City for soliciting over-the-counter derivatives through the internet without registration. Both name the anchor, one by website and one by legal entity.
- A third regulator has already acted. ASIC cancelled the Australian financial services licence of XTrade.AU Pty Limited on 26 April 2024, finding unconscionable conduct and failures to supervise its representatives, and stated that the firm is part of the international XTrade Group. In July 2024 it banned two of its directors, finding they used unfair tactics to entice Australian clients to deposit and trade with more funds than they initially wanted.
- The complaints describe the same mechanic the regulator described. On Trustpilot, across 2026, clients report account managers pressing for more deposits, balances wiped by trades opened for them, and withdrawals blocked. One reviewer in June 2026 wrote that in the name of withdrawal they demand a huge amount to be transferred to their account. Another in July 2026 reports 10,000 dollars stuck with withdrawals repeatedly rejected. A UK client in June 2026 gave dates and amounts, 500 pounds on 17 April and 250 pounds on 23 May, a balance shown at 2,346 pounds, then zero. A demand for a further payment before money is released has no legitimate counterpart.
- The group's European history was ended by the group itself. The Cypriot entity behind the brand, XTrade Europe Ltd, later renamed Merba Limited, was fined 200,000 euros by CySEC in 2020 over anti-money-laundering failings, partially suspended in 2017 over marketing, and its CIF licence 108/10 was withdrawn on 10 February 2025 after the firm renounced it. Retail business now sits in Belize and Anjouan, where client protection is close to nil.
- Its own paperwork does not agree with itself. The website gives the Belize licence as 4705379. The Google Play listing, updated 9 August 2026, states FSC Belize licence No. FSC000281/48 and describes the firm as fully licensed. Our own record carried a third number, IFSC/60/383/TS/15. The Belize register returns exactly one current entry for this company, 4705379.
- What holds the score below the confirmed band. The licence really exists, the register entry matches the domain and the company email, the platform is real, some clients do report withdrawals arriving in one to three days, and the company answers 93 percent of its negative reviews. That surviving evidence is why this is filed as likely rather than confirmed.
- Arithmetic. The weighted dimension mean is 7.0, which is 70 percent. We publish 82 because two independent regulator warning lists and a completed enforcement action sit on top of that, and we hold it under 90 because the register match is a genuine point in the firm's favour.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Belize Financial Services Commission register returns one current entry for this company: licence 4705379, category Trading in Securities as Agent, licensee XTRADE INTERNATIONAL LTD., email [email protected], domain xtrade.com, status Active. Name, domain and contact all match the operation under review, so the clone test passes.
E2The Securities Commission Malaysia Investor Alert List carries an entry headed Xtrade, giving the address https://www.xtrade.com/, dated 2021, with the remark that it is carrying on unlicenced capital market activities of dealing in derivatives. The warning names the exact website under review.
E3Japan's Kanto Local Finance Bureau published a warning dated 22 March 2024 against Xtrade International Ltd, address No. 5 Cork Street, Belize City, Belize, for soliciting over-the-counter derivatives transactions over the internet without registration, adding that the service this operator provides is named Xtrade.
E4ASIC cancelled the Australian financial services licence 343628 of XTrade.AU Pty Limited, effective after the tribunal refused a stay on 31 May 2024, finding unconscionable conduct and a failure to ensure representatives complied with financial services laws. The release states that XTrade is part of the international XTrade Group.
E5ASIC banned two former directors and responsible managers of XTrade.AU Pty Ltd, Shay Zakhaim for three years and Anthony Anderson for five years, finding they used unfair tactics to entice Australian clients to deposit and trade with more funds than they initially wanted, over conduct between June 2018 and September 2022.
E6Trustpilot for xtrade.com shows 389 reviews at 1.9 out of 5, distribution 30 percent five star and 48 percent one star, 163 reviews in the past year, and the company replying to 93 percent of negative reviews. Named 2026 reviews describe funds of 10,000 dollars stuck with withdrawals rejected, a demand for a large transfer before withdrawal, and a UK client giving deposit dates of 17 April and 23 May and a balance falling from 2,346 pounds to zero.
E7At least two independent Trustpilot accounts describe being asked for a further payment before their money would be released, one stating that in the name of withdrawal they demand a huge amount to be transferred to their account. A demand for extra payment to release funds is the advance-fee pattern.
E8The Anjouan Offshore Finance Authority verification page returns LICENSED for licence L15808/BC, company Blacsley Como Ltd, company number 15808, incorporated 24 August 2024, licence valid until 24 August 2026. The licence is real but is an offshore registration that expires within weeks of this report.
E9The FSCA register returns FSP number 44681 as PEAK WEALTH (PTY) LTD with status Authorized and no trading name recorded. The South African authorisation is genuine but sits with a different company from the Belize entity that contracts with clients and holds their money.
E10CySEC's entity record for Merba Limited shows CIF licence 108/10 issued 14 January 2010, former names XTrade Europe Ltd, XFR Financial Ltd and O.C.M Online Capital Markets Ltd, approved domain offersfx.com, and status Voluntary Renunciation. The group's European authorisation has ended.
E11The broker's own licences page names three entities and licence numbers but publishes no external verification link for any of them, and describes the firm as a globally trusted broker whose commitment to compliance protects your funds, which overstates what an offshore licence provides.
E12The Google Play listing, updated 9 August 2026 with 5 million downloads, states that Xtrade is fully licensed and gives the Belize licence as FSC000281/48, a number that does not appear on the Belize register, where the company's only current licence is 4705379. The same listing advertises a 50 percent first-deposit bonus.
ModerateGoogle Play, Xtrade app listingE13Philippine police announced on 26 May 2026 the arrest of 63 people at a Pasig City operation whose staff, organised into marketing, telesales and retention teams, pushed victims to invest in a trading platform branded XTRADE, using faked celebrity images and controlling withdrawal requests. The reports name the brand but not a website, so we treat this as a lead rather than proof about this domain.
E14The domain xtrade.com was registered on 6 November 2000 and xtrade.net on 16 August 2002, so the operation's web presence genuinely predates its advertised 2010 start date.
ModerateVerisign RDAP domain recordE15A second live site, xtrade-dm.net, registered on 18 July 2022, carries full Xtrade branding and trading pages but names DM Markets Ltd and Xtrade Group Ltd of Limassol, Cyprus in its footer with no regulator or licence number anywhere on it.
E16The GLEIF record for XTRADE INTERNATIONAL LTD. confirms the company exists and is active in Belize, with entity registration number 151830, though it gives the address as No. 35 New Road, 2nd Floor Flat, Belize City, which differs from the Suite 301, No. 54 Queen Street address published on the website. Corporate existence is not proof of a trading licence.
E17The FCA warning list contains entries for hertha-xtrade and XTradeMAX, and the Australian investor alert list contains Immediate xTrade. Each names a different website and a different operation, so none of them is a warning about this broker.
The other side
The strongest case in this broker’s favour.
The case for XTrade, put as strongly as it can honestly be put:
- This is not a clone and not a shell. The Belize regulator's own register shows XTRADE INTERNATIONAL LTD. holding an active licence, with xtrade.com recorded as the website and [email protected] as the contact. That is the strongest single piece of evidence a broker can produce, and XTrade passes it.
- The operation is old. The domain was registered in November 2000, the group's Cypriot arm was licensed in January 2010, and the South African entity dates from 2013. This is not a fresh site with a bought history.
- The Anjouan licence L15808/BC is genuinely on the authority's register, held by Blacsley Como Ltd, and the South African FSP 44681 is genuinely authorised in the name of Peak Wealth (Pty) Ltd. The company discloses all three entities, with registration numbers and addresses, on its own licences page.
- Not every review is bad. Roughly 30 percent of the 389 Trustpilot reviews are five star, some describe withdrawals completed in one to three business days, and the company replies publicly to almost every complaint.
- Warnings from Malaysia and Japan are about not being registered there. Plenty of well-known offshore brokers appear on the same Japanese list. Read narrowly, they prove unlicensed solicitation, not theft.
- The ASIC action was against a separate Australian company covering conduct between June 2018 and September 2022, and that entity no longer trades. The site also blocks European and UK visitors, which is the behaviour of a firm trying to stay inside its permissions rather than outside them.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict in either direction:
- Removal of the Xtrade entry naming https://www.xtrade.com/ from Malaysia's Investor Alert List, and withdrawal of the Japanese warning against Xtrade International Ltd, would take away the two hardest items against it.
- A tier-one or tier-two licence covering the entity that actually holds client money, for example a fresh CySEC, FCA or ASIC authorisation for the contracting company, would change the whole risk picture.
- A run of independently verifiable payout reports, with amounts and dates, and no further advance-fee reports over a six month window, would pull the withdrawal score down sharply.
- Correcting the Google Play listing so the Belize licence number matches the register, and publishing direct verification links to each regulator, would answer the transparency point.
- Going the other way: a warning from an EU, UK or US regulator naming xtrade.com, a court or enforcement action against Xtrade International Ltd itself, or the Anjouan licence lapsing on 24 August 2026 without renewal, would push this to confirmed.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Belize FSC register entry, licence 4705379
The regulator's own record, showing the licence active against xtrade.com.
Anjouan Offshore Finance Authority licence verification
Enter L15808/BC to see the Blacsley Como Ltd record and its expiry date.
FSCA South Africa FSP search
Enter FSP number 44681 to see the Peak Wealth (Pty) Ltd authorisation.
Securities Commission Malaysia Investor Alert List
Search Xtrade to see the entry naming this website.
Japan, Kanto Local Finance Bureau warning against Xtrade International Ltd
The 22 March 2024 warning about unregistered solicitation.
ASIC media release 24-122MR, licence cancellation
Australia cancelling the group's licence for unconscionable conduct.
ASIC media release 24-157MR, director bans
Bans on two former directors over deposit-pressure tactics.
CySEC record for Merba Limited, formerly XTrade Europe Ltd
Shows CIF 108/10 licensed in 2010 and now voluntarily renounced.
XTrade licences and regulations page
What the broker itself claims, with no verification links published.
Frequently asked questions
Quick answers about this broker’s safety.
Is XTrade a scam?
We rate XTrade a likely scam. The company and its Belize licence are real, but Malaysia and Japan have both publicly warned that it solicits their residents without permission, Australia cancelled its local licence for unconscionable conduct in 2024, and the dominant complaint theme is money that does not come back.
Is XTrade regulated?
Yes, but only offshore. Xtrade International Ltd holds an active Belize FSC licence, number 4705379, which we confirmed on the regulator's register. There is also an Anjouan licence held by Blacsley Como Ltd and a South African FSCA licence held by Peak Wealth (Pty) Ltd. None of these is a top-tier authorisation and none of them protects deposits the way a UK, EU or Australian licence would.
Can I withdraw my money from XTrade?
Some clients report withdrawals arriving within one to three business days. Many others report the opposite: requests stalled, accounts blocked, balances wiped after account managers opened trades for them, and demands for extra payments before funds are released. Treat withdrawal as uncertain.
Is my money safe with XTrade?
A Belize licence carries no compensation scheme and no ombudsman. If the firm fails or refuses to pay, you have no realistic route to recovery. On that basis your deposit is not protected in any meaningful sense.
Who owns and operates XTrade?
The contracting company is Xtrade International Ltd, registered in Belize under number 000007984 at Suite 301, No. 54 Queen Street, Belize City. Related entities named on its own site are Peak Wealth (Pty) Ltd in South Africa and Blacsley Como Ltd in the Comoros. The brand previously ran through XTrade Europe Ltd in Cyprus.
How old is XTrade?
The brand is genuinely long established. The xtrade.com domain was registered in November 2000, the group's Cypriot company was licensed in January 2010, and its South African company dates from 2013. We could not obtain an incorporation date for the Belize entity, since that registry is not publicly searchable.
What is the Belize FSC licence worth?
Belize is a low-tier offshore jurisdiction. The licence proves the company exists and is registered to trade in securities as agent, and we confirmed it is active. It does not bring segregated-fund guarantees you can enforce, a compensation scheme, or an independent complaints body.
What is the Anjouan or OFA licence?
It is an offshore registration issued on the autonomous island of Anjouan in the Comoros, held here by Blacsley Como Ltd under number L15808/BC. The authority's own verification page shows it valid only until 24 August 2026. Licences of this class offer close to no protection for client money.
Is XTrade a clone of another broker?
No. We ran the clone test and it passes. The Belize register records the licence in the name of XTRADE INTERNATIONAL LTD. with the website xtrade.com and a company email at that domain. Note that regulators have warned about unrelated firms with similar names, such as XTradeMAX and Immediate xTrade, which are different operations.
Why do regulators in Japan and Malaysia warn about XTrade?
Both say the operation offers derivatives to their residents without being registered locally. Malaysia's Securities Commission lists the website itself on its Investor Alert List, and Japan's Kanto Local Finance Bureau named Xtrade International Ltd in a warning dated 22 March 2024.
What happened with ASIC in Australia?
ASIC cancelled the licence of XTrade.AU Pty Limited, AFSL 343628, on 26 April 2024, finding unconscionable conduct and inadequate supervision of its representatives, and said the firm was part of the international XTrade Group. In 2024 it also banned two former directors, finding they used unfair tactics to push clients to deposit more than they intended.
Should I accept the 50 percent deposit bonus?
We would not. Bonus terms are one of the mechanisms clients complain about: at least one reviewer describes a bonus being reapplied after a withdrawal request, which reclassified their own deposit as non-withdrawable. A bonus that limits access to your own money is not a benefit.
I already lost money with XTrade. What should I do?
Gather your deposit records, chat logs and ticket numbers, contact your bank or card issuer's fraud team about a chargeback, and report the matter to your national financial regulator and police cybercrime unit. Do not pay anyone who offers to recover the funds for an upfront fee, and never pay a release fee to the broker itself.
What should I check before depositing with any broker?
Look up the licence number on the regulator's own register, not the broker's website, and confirm the site you are using is the one recorded there. Check whether the regulator is top tier, whether a compensation scheme applies, and search the exact domain on regulator alert lists and review sites before you send any money.
What we recommend
The practical takeaway from everything above.
What we suggest if you are dealing with XTrade:
- Do not deposit new money while two regulators list this operation as soliciting without permission and the complaint pattern centres on withdrawals.
- If you hold a balance, request a full withdrawal in writing to [email protected] and keep every ticket number, screenshot and bank reference.
- Never pay a tax, fee, insurance or verification charge in order to release your own funds. No genuine broker requires that, and it is the single most common way losses are doubled.
- Refuse account-manager instructions to open positions on your behalf or to top up to unlock a withdrawal, and turn down bonus offers, which can reclassify your own deposit as non-withdrawable.
- If you already lost money, report it to your card issuer or bank fraud team immediately, and to your national regulator or police cybercrime unit. Ignore anyone who contacts you offering to recover it for a fee.
- Before depositing with any broker, check the licence number yourself on the regulator's own register and confirm the website listed there is the one you are using.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 12, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.