Xtra-Trade

Xtra-Trade is a forex and CFD broker registered in Singapore, having been established on 29 March 2022. The broker operates under the domain profixtd.com and presents itself as a trading service provider catering to various levels of traders. However, as of our review, Xtra-Trade does not hold any known regulatory licenses from financial authorities, which raises significant considerations for potential clients.

Given the lack of verifiable regulatory oversight, traders are advised to exercise caution. The broker's Singapore registration alone does not imply compliance with international trading standards or investor protection schemes. Our assessment is based solely on the limited factual data available from public records.

A critical aspect of any broker evaluation is its regulatory status. Xtra-Trade has no listed regulators on file, meaning it is not supervised by any major financial authority such as the Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA), or the Cyprus Securities and Exchange Commission (CySEC). This absence of regulation means that traders do not have access to compensation schemes or dispute resolution mechanisms often provided by regulated brokers.

Without regulatory oversight, the broker's operational standards and client fund segregation practices are not independently verified. FXCanary's Scam Risk Score for Xtra-Trade is 49 out of 100, denoted as 'Guarded', reflecting the inherent risks associated with trading through an unregulated entity. Potential clients should consider this a significant red flag.

Xtra-Trade offers four distinct account tiers, each with varying minimum deposit requirements. The BASIC account requires a minimum deposit between $50 and $1000, targeting entry-level traders. The ADVANCED account has a range of $1000 to $5000, followed by the SILVER account with $5000 to $10000, and the GOLD account with $10000 to $50000.

The maximum leverage for each account is not disclosed in the available records, which is another point of concern. Typically, brokers specify leverage ratios to inform traders of potential risks. The lack of this information complicates risk assessment for potential clients.

No specific information is available regarding the trading instruments offered by Xtra-Trade. Commonly, forex brokers provide access to currency pairs, indices, commodities, and cryptocurrencies, but without official confirmation, these remain speculative. Similarly, the trading platform(s) used by the broker are not specified in the known facts.

Potential clients should seek clarification on these aspects directly from the broker, as the absence of publicly available details may indicate a lack of transparency. A reputable broker typically highlights its offerings and platform partners prominently.

Xtra-Trade is registered at the address: 3015 Suit pagla road, Singapore. The legitimacy of this address has not been independently verified. The broker's official website, profixtd.com, is the primary point of contact. However, we were unable to confirm additional contact details such as phone numbers or email addresses from the known facts.

The lack of comprehensive corporate information can be a warning sign. Established brokers usually provide multiple channels of communication and detailed company information to build trust with clients.

Xtra-Trade presents itself as a multi-tiered forex broker, but the absence of regulatory oversight and limited public information make it a high-risk choice. The FXCanary Scam Risk Score of 49/100 ('Guarded') underscores the need for extreme caution.

Traders are strongly urged to conduct thorough due diligence, including direct communication with the broker to verify claims and seek evidence of licensing or third-party audits. Opting for regulated brokers with a proven track record is generally advisable to mitigate risks.