Xtrade (Formerly XForex) Scam Warning: Bonus Strings Attached

Xtrade is a CFD broker formerly known as XForex, which moved to this name through a brand merger. In one reported case, a bonus was credited to a losing investor's account to "make up the loss", larger deposits were then requested, and the withdrawal request was brushed off with a partial card refund instead of full payment.

🔍 From XForex to Xtrade: The Same Company Group

XForex and Xtrade are brands of the Cyprus-based XFR Financial Ltd (formerly OCM Holdings) group; the group removed the XForex name and moved its customers to Xtrade. We covered the group's older complaints about the XForex brandTR in a separate article. Our earlier Xtrade articleTR, which describes the same brand's personal-data collection and withdrawal-blocking patterns, can also be read together with this one. The CySEC authorisation of the Cyprus company (later named Merba Limited) was withdrawn in February 2025 after the company surrendered its licence; the Xtrade brand continues to be offered through an offshore entity registered in Belize.

Xtrade does not appear on the SPK list of authorised institutions; it is not authorised by SPK. SPK Decision No. 8/297 of 24.02.2017 treats offering foreign leveraged trading services to persons resident in Türkiye as unauthorised activity.

🚩 How Does the "Loss Compensation" Bonus Work?

🔗 Other Platforms Using the Same Method

The scheme of locking withdrawals with a bonus repeats across different brands; we have written about similar examples before. XTrader, despite the similar name, is a different operationTR.

🧭 The Legal Process for Victims

1. Using the transaction records, the route a victim can follow is determined.
2. The jurisdiction and arbitration clauses in the contract are assessed in terms of a dispute with a broker abroad.
3. For the amount not refunded, the option of a restitution claimTR is examined.

For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions