TRADE X1

Note: Regrettably, the official website of TRADE X1, namelyhttps://www.tradex1.com/en, is currently experiencing functionality issues.

TRADE X1 Information

TRADEX 1 is an offshore forex brokerage registered in the Marshall Islands. It offers a web-based trading platform with a leverage of up to 1:400 and a spread of 2 pips. The required minimum deposit is $500. The brokerage provides various payment methods, including Visa, Master Card, Payeer, Webmoney, PayPal, and bitcoin. TRADEX 1 is not regulated by any recognized financial authority. The Italian regulator CONSOB has issued a warning against the brokerage, advising it to cease operations with Italian traders. The broker lacks essential safety features such as segregated accounts and negative balance protection.

Pros & Cons

Pros:

Multiple Payment Methods: Multiple payment methods are supported, including Visa, Master Card, Payeer, Webmoney, PayPal, and Bitcoin.

Cons:

Regulatory Warnings: Subject to warnings from regulators such as the Italian CONSOB.

Issues with Withdrawal Process: Users report withdrawal difficulties and unexpected fees, indicating that there may be issues with fund accessibility.

Association with Suspicious Entities: Black Parrot Ltd, the company behind TRADEX 1, operates other suspicious brands such as Trade 111. It has been associated with suspected scam brokers such as Voretex Assets, Mib700, and TradersPrime.

Is TRADE X1 Legit？

TRADE X1 is not considered legitimate due to its lack of regulation by recognized financial authorities. The broker has received warnings from regulators such as the Italian CONSOB and is linked to other suspicious entities. There are significant risks associated with trading on this platform. Additionally, TRADE X1 is associated with other suspicious entities and brands, such as Black Parrot Ltd, Trade 111, Voretex Assets, Mib700, and TradersPrime, which have been linked to fraudulent activities.

Market Instruments

TRADE X1 offers a variety of market instruments, including forex, indices, commodities, and cryptocurrencies. This range allows traders to diversify their portfolios and explore different financial markets. Forex trading includes major, minor, and exotic currency pairs. Commodity trading encompasses precious metals like gold and silver, energy products like oil, and agricultural commodities. Indices trading involves major global indices, while cryptocurrency trading includes popular digital assets such as Bitcoin and Ethereum.

Accounts

TRADE X1 provides five different account types: Micro, Standard, Silver, Gold, and VIP. The Micro Account requires a minimum deposit of $500, which is relatively high compared to industry standards. The Standard Account requires $1,000, the Silver Account $2,500, the Gold Account $10,000, and the VIP Account $25,000. Each account type offers different features, such as varying spreads and leverage options. However, none of these accounts offer essential safety features like segregated accounts or negative balance protection. This lack of basic security measures, combined with the high minimum deposit requirements, makes TRADE X1 a risky choice for traders.

Leverage

TRADE X1 offers a maximum leverage of 1:400 across all account types. High leverage can amplify potential returns but also significantly increases the risk of substantial losses. This level of leverage is quite generous and might appeal to experienced traders looking to maximize their trading potential. However, it is important to exercise caution when using high leverage, especially with an unregulated broker like TRADE X1.

Spreads & Commissions

TRADE X1 offers different spreads and commission structures based on the account type. The Micro and Standard accounts have fixed spreads of 2 pips, which are slightly above the industry average. The Silver and Gold accounts offer floating spreads starting at 0.5 pips, while the VIP account offers spreads as low as 0.3 pips. These tighter spreads for higher-tier accounts might seem attractive, but the high minimum deposit requirements make them less accessible to most traders.

Trading Platforms

TRADE X1 provides traders with two primary platforms: MetaTrader 4 (MT4) and the TRADE X1 Mobile Platform. MT4 offers a wealth of analytical tools, customizable charts, and automated trading options through Expert Advisors (EAs). MT4's desktop version is known for its stability and user-friendly interface. For traders on the move, the TRADE X1 Mobile Platform offers a convenient solution. It enables real-time market monitoring and trade execution.

Deposits & Withdrawals

Depositing funds into TRADE X1 account is facilitated through a variety of methods, including major credit/debit cards (Visa, MasterCard), bank wire transfers, and e-wallets (such as Neteller, Skrill, and others). It's important to note that traders should be aware of any potential fees that may apply, especially for bank wire transfers or currency conversion. Withdrawals from TRADE X1 can be processed through the same methods used for deposits. However, there are reports and warnings about potential delays or complications in the withdrawal process. Traders are advised to verify their accounts fully and ensure compliance with any verification requirements to avoid delays.

Customer Service

Tradex1 provides customer support through multiple language options on its website. They offer assistance via live chat and a callback option. It's important to note that the live chat feature may not always be accessible when users attempt to use it. This could potentially affect the responsiveness and reliability of immediate customer support.

Conclusion

TRADE X1 is an offshore brokerage that offers a range of trading opportunities in forex, commodities, stocks, indices and cryptocurrencies. It offers competitive leverage up to 1:400 and multiple account types to meet the needs of different traders. But it lacks the necessary regulatory oversight and security measures, such as segregated accounts and negative balance protection. In addition, there are warnings from institutions such as CONSOB. However, there are issues with the availability of customer support, a complicated withdrawal process, and even reports of users being scammed by the exchange. Traders considering TRADE X1 should proceed with caution and thoroughly assess the risks involved.

Frequently Asked Questions (FAQs)

How should I protect my personal and financial information when registering with TRADE X1？

You should use a secure internet connection, verify the legitimacy of the website, avoid unnecessary sharing of sensitive information, and regularly monitor their accounts for any unauthorized activity.

Who are the different types of TRADE X1 accounts suitable for？

Micro accounts require a minimum deposit of $500 and are ideal for beginners. Standard accounts are popular with average traders. More advanced accounts offer a variety of tailored spreads and offers. You can choose an account based on your personal experience and risk tolerance.

How should I approach my decision to deposit with TRADE X1 in light of unexpected fees and withdrawal difficulties？

You should carefully review TRADE X1's fee structure and withdrawal policy before making a deposit. It is recommended to start with a smaller deposit, monitor transaction transparency, and retain documentation to facilitate potential dispute resolution.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.