TraderXP Review: Is This Broker a Scam or Legit?
The now-defunct binary options broker TraderXP was operating illegally even back when binary options were legal. Without any license, they offered their products in countries where they were not welcome. Our TraderXP review examines how this broker was ripping off their clients and what they can do about it now.
Regulated By: No Regulator Headquarters: British Virgin Islands Founded In: 2009.
Regulation and Security.
Trader XP didn’t have any license or authorization to offer financial services at any point during their operations. Operating from the British Virgin Islands, the broker was not under any serious financial oversight or regulations. Anyone investing with this broker could lose their funds at any time, with no way to fight back.
Our TraderXP review found a warning against the broker from CySEC. The regulator warned that the broker was not licensed to offer financial services in September 2013. This warning came at a time when binary options were still legal in many areas, and many binary options brokers had CySEC licenses. The warning emphasized that TraderXP LTD has no registration from CySEC or other regulators.
In Which Countries Does TraderXP Broker Offer Services?
Based on the Trade EXP location in the British Virgin Islands, this broker never had the authorization to provide services anywhere. They claimed they didn’t offer their services to residents of the United States, Canada, and Japan during their operations. These countries are typically avoided, at least on paper, by these kinds of brokers. However, even as late as 2018, the CTFC was pursuing affiliate markers illegally directing US investors to the broker.
What Can You Trade With TraderXP ?
Our TraderXP review found that the broker only offered binary options while they were operating. Since 2018, these are illegal across the European Union and most other countries. Traders could buy binary options on over 80 different assets, with a minimum trade size of $5.
It took a minimum deposit of $200 to open a new account and receive the personal bonus XP Trader was offering. Like many other binary options brokers, there was a robo Trader XP option to let algorithms do your trading. Of course, many XP Trader home broker clients lost a lot of money trading that way.
Is the TraderXP Trading Platform Safe?
The main takeaway from this TraderXP review is that the broker is not safe and never was safe. No regulator ever granted Trader XP license to offer their products, which are now all widely illegal. Furthermore, many victims deposited funds only to have any subsequent withdrawals.
This is how trading scams work. The brokers simply refuse to let traders take their money back. They might claim some XP Trader error or verification problem, but these are just excuses.
Already Scammed by TraderXP ? Here’s What You Can Do.
If anyone reading this www.traderxp.com review has lost money trading with them or any other online broker, they need to act now. When your broker doesn’t let you withdraw your funds, you need to stop asking politely and use whatever means are necessary. Issuing a chargeback can get your funds back without the broker having their way. Contact our team today to find out how chargebacks can work for you.
How Can I Withdraw Money From TraderXP?
The broker supported standard withdrawal methods like wire transfers, credit cards, and Skrill. However, they did everything in their power to prevent clients from making withdrawals.
How Can I Check TraderXP Reliability?
Check for a license from a reliable regulator like CySEC or the FCA. Look for any warnings put out by financial regulators. These warnings are major red flags.