XtraderFX cryptocurrency CFDs – March 2019 review

XtraderFX Cryptocurrency CFDs
XtraderFX Cryptocurrency CFDs

Why you should think twice before trading with this unregulated broker.

XtraderFX, formerly known as CryptoPoint, is a UK-based platform that supports CFD trading on bitcoin, Ether and a few other popular cryptocurrencies. However, XtraderFX is not authorised by its local Financial Conduct Authority, which means platform users are exposed to the risk of theft and fraud. XtraderFX also charges high withdrawal fees, offers slow withdrawal processing times, and has received a raft of negative reviews from previous users.

As a result of all these red flags, the safest option for anyone wanting to trade cryptocurrency CFDs is to consider other, properly regulated platforms which have an established reputation for security and reliability.


Product Name XtraderFX Cryptocurrency CFDs
Fiat Currencies GBP, EUR
Cryptocurrencies BTC, LTC, ETH, DASH, GNT
Deposit Methods Credit card
Debit card
Bank transfer (SEPA)
Wire transfer
Trading Fee Fees vary
Deposit Fees Fees vary
Withdrawal Fees Fees vary


  • ID check required before funds can be withdrawn from your account
  • 24/7 customer support
  • Access to several major cryptocurrencies


  • Unregulated broker
  • Large amount of negative reviews online
  • High withdrawal fees
  • £50 inactive account fee charged monthly if you haven’t logged in for three months
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is XtraderFX?

Established in October 2017, XtraderFX is owned and operated by GPAY Ltd, which is headquartered in the United Kingdom. Rather than buying and selling cryptocurrencies, it allows users to trade crypto CFDs using Tradologic CFD crypto trading software.

XtraderFX offers CFDs on 5 cryptocurrencies and 24-hour customer service. However, it's worth pointing out that XtraderFX is not registered with the Australian Securities and Investments Commission (ASIC), nor is it regulated by the UK's Financial Conduct Authority. Trading with an unregulated broker involves a high level of risk, and potentially exposes you to scams and theft. Make sure you thoroughly research your options and that you're fully aware of the substantial risk involved before deciding whether you'd like to trade crypto CFDs on this platform.

Which cryptocurrencies can I buy/sell?

XtraderFX provides access to the following crypto coins and tokens:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Dash (DASH)
  • Ethereum (ETH)
  • Golem (GNT)

The platform offers both fiat/crypto and crypto/crypto pairs.

Available countries

XtraderFX offers its cryptocurrency trading services to users in countries around the world, including Australia. However, people in the following countries and areas are unable to use the platform:

  • United States and US territories
  • Israel
  • Turkey

Which payment methods are accepted?

You can deposit funds into your XtraderFX account using the following payment methods:

  • Credit and debit cards
  • Phone deposits
  • UPayCard Wallet
  • Bank wire transfers

How much will it cost me to use XtraderFX?

XtraderFX’s trading fees aren’t clearly stated anywhere on its website. This is a red flag that all potential users should be aware of before using the platform, as a transparent fee structure is an important feature of any trading website.

XtraderFX charges quite substantial fees on account withdrawals:

  • Credit/debit card withdrawals: £20
  • Bank account withdrawals: £20 + 1% of the withdrawal amount

It’s also essential to be aware that if you haven’t logged into your XtraderFX account for two months or more, that account is considered to be dormant. The provider then charges an a monthly administration fee of 100 units of your chosen currency. This fee is deducted from your available balance.

Finally, make sure you're aware that XtraderFX offers five account levels - Basic, Silver, Gold, Platinum and Diamond - with each tier based on the amount of funds you deposit. However, if you open a £300 Basic account you won't get access to several core features, including a financial market introduction, daily market reviews or even a crucial risk management explanation. If you want access to these and other features, you'll need to deposit a larger amount - which should be another red flag for anyone considering using the platform.

Is it safe to use XtraderFX?

Companies that offer CFD products in Australia are required to be registered with ASIC, but a search of the ASIC register doesn't turn up any listings for XtraderFX.

Financial services providers operating in the UK (where XtraderFX is based) must be registered with the Financial Conduct Authority (FCA). However, at time of writing (July 2018) a search of the FCA Register for XtraderFX revealed that the firm is unauthorised, and also generated the following warning from the FCA:

"This is a firm that we have been told is either operating regulated activities without the correct authorisation, or is running a scam. We strongly suggest you avoid dealing with unauthorised firms like this."

A quick Google search for XtraderFX also turns up a host of negative reviews and sites alleging that XtraderFX is a scam. While it's not possible to verify all the claims made in those reviews, they certainly indicate that this is a trading platform best avoided.

Pros and cons


  • 24/7 customer support

  • Unregulated broker
  • Large number of negative reviews online
  • High withdrawal fees
  • No information on trading fees
  • Withdrawals take 5-7 business days to be initiated
  • Substantial inactive account fee charged monthly if you haven’t logged in for two months

Next steps

If you're considering signing up for an account with XtraderFX, be aware that there are some serious question marks surrounding the legitimacy and reliability of the platform. Its lack of regulation, combined with a large number of negative user reviews to be found online and a lack of transparency surrounding fees, suggest that this is a platform you're better off avoiding altogether.

If you're looking to trade cryptocurrency CFDs, the safest thing you can do is make sure you choose a broker that is properly registered and regulated by the relevant financial authorities. Check out our cryptocurrency CFDs guide for more information on how CFDs work and how to choose a CFD trading platform.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

At the time of writing the author holds ADA, ICX, IOTA and XLM.

Was this content helpful to you? No  Yes

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

6 Responses

  1. Default Gravatar
    TonyMarch 4, 2019

    I would like a refund, please.

    • finder Customer Care
      JoshuaMarch 6, 2019Staff

      Hi Tony,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      You can obtain a refund by directly requesting it from XtraderFX. Please get touch with their customer support to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    carloAugust 16, 2018


    I opened an account 4 days ago. I was talked into putting $4,500 with XtraderFX. I was talked into depositing $4,000 and they gave me $1,000 bonus. On first trade made $1,000 and broker asked if I wanted to put back into my bank or continue with other trade then was told he needed other $500 for the trade for margin reasons so I left the $1000 profit in trade and gave other $500 into account for trading that was 2 days ago. Then broker phoned yesterday to tell me the stock will take few days to make good profit. I’m worried now after reading this and other reviews. I’m not sure what to do. Any advice would help as I haven’t said anything to trader yet and my stock still open.

    • finder Customer Care
      JoshuaAugust 27, 2018Staff

      Hi Carlo,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      I’m sorry to hear about your situation. After researching and you have come to the conclusion that XtraderFX isn’t the good place to place your investment, then it would be a good idea to withdraw your money as soon as possible. Please note that XtraderFX charges unusually high withdrawal fees. As this might be the case, you might just endure the fee to prevent a complete loss. At least, you would still have part of your money.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


    • Default Gravatar
      HennaAugust 31, 2018

      Hi I literally was online looking for job and saw this come up and as soon as I applied it for just by putting in my name and details less then 5mins a lady phone me with an accent and she talked me to into reading £300 from my account she said someone will call me to help with rest of the information but no one has I’ve just done research be behind it now and have no idea what to do now have u been scammed into losing my money ? :( is there anyway I can get it back ?

    • finder Customer Care
      JoshuaSeptember 4, 2018Staff

      Hi Henna,

      Thanks for getting in touch with finder. I’m sorry to hear about your situation. I hope all is well with you.

      Just to confirm, is it XtraderFX that has called you? If yes, then it would be a good idea to directly get in touch with them and clear things out.

      It would be a good idea to gather as much information as possible about the company where you invested your money into. Take note of how to contact them as well as what people say about that company. If after doing all that you can do to resolve the problem and still you’re not satisfied with the result, then it is recommended to seek the help of the proper authority. In Australia, you can report online scam to ACCC or AFP.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


Ask a question
Go to site