XTR Gate Review: XTRgate is a forex broker that is supposedly located in Dominican Republic. In the review below, we take an in-depth look at the features xtrgate.com allegedly offers. This review basically answer the questions: is XTRgate legit? Is XTRgate good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about in this XTR gates review.
Table of Contents
XTRgate Trading Platform
The website looks professional with average visuals, it. At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. This brokerage only deals with cryptocurrencies with leverages up to 1:100
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Target Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we discovered that this broker has three account types
XTRgate Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment section states that clients can fund an account are via Credit card and Debit card
One thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal
Is XTRgate Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
Aside from the fact that XTRgate doesn’t give any licensing information, we cannot ignore the fact that this Broker resides in the Dominican Republic, a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
We don’t think this broker is licensed.
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Accounts
Free Trial
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In fact-checking this broker, we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.
XTRGate or South Bay Holdings Ltd
Release Date:21. October 2020 | Categories:Investor Warning
The Austrian Financial Market Authority (FMA), inter alia pursuant to Article 4 para. 7 of the Bankwesengesetz (BWG; Banking Act), may inform the general public that a particular natural or legal person (person) is not authorised to carry out certain banking transactions (Article 1 para. 1 BWG), where the said person has given cause for such an action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the affected party.
By publication in the official gazette “Amtsblatt zur Wiener Zeitung” on 21.10.2020, the FMA hereby informs that
XTRGate or South Bay Holdings Ltd
with its registered address apparently at
Cnr Old and Church Street
POB 2209 Roseau
Commonwealth of Dominica
Web: https://www.xtrgate.com/
E-Mail: [email protected]
is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others (Article 1 para. 1 no. 7 BWG).
Previous news entry:
XTRgate will call you several times a day to deposit more money. I deposited euros 1000 in May 2020. On November 19th last I had a free and available trading balance of euros 6000 and stopped trading and filed a withdrawal reguest by wire transfer to my bank account and to close my
account. Than the problems started. No sign from them. They do not answer dozens of phone calls and e-mails. I filed a complaint with AFM (Authority Financial Markets) in the Netherlands and in the UK in order that competent government authorities could make an end to this practise.