As a trader who wants to step in the trading world, you will face more challenges in the beginning than you will at any other time. The biggest challenge for you will be to find the right broker and start your trading career in safe hands. Choose the wrong broker and you might never want to come back to the trading world ever. What makes matters worse is that people mix a lot of good and bad, right and wrong, etc. information on the internet. As a result, you never know when what you are reading is the truth or just a lie.
At times, people spread rumors about a broker just because they did not have a good experience with a broker. Just because you do not like Microsoft Windows does not mean Microsoft is a scam. So, a trader needs to show responsible behavior before maligning a broker. Now, among many brokers that have been maligned in recent history, one is XTRgate. Today, we will talk at length about this broker to know if it really is a scam or that some people are spreading rumors about it with a motive.
XTRgate – Debunking the Many Rumors
The Trading Platform Is Not Specific for Mobiles
Such a statement can come only from complete lack of knowledge of how trading platforms work. Yes, when you research many online brokers, you will find out that not all of them have trading platforms specifically built for mobile devices. However, this does not mean they do not have a trading platform for mobile devices. Instead, they have a better solution in the form of a webtrader. A webtrader is a trading platform that works on the website. To log in to this platform, you have to use the browser on your device, regardless of which device you have.
A webtrader offers more benefits than a downloadable version of the trading platform on any given day. Think about it, you never have to download anything on your device. For that reason, you do not even have to worry about patching the software or its upgrades. In addition to that, you can access your trading platform on any device of your choice. Since the platform runs on the web, you just need the browser on your operating system to access it. What makes things even better is that you get a uniform trading experience in this way. On the other hand, downloadable software can be completely different on different devices, taking away the uniformity of your trading experience.
It Is Not the Safest Online Broker
This could not be any farther from the truth. When you sign up with an online broker, you can get all the information you want right on the website. So, from the website, you can find out if a broker pays attention to security or not. So, in many cases, you have traders complaining about the fact that the broker asks for too much personal information. Here is what you need to know. How do you think a broker can protect you from identity theft? If you do not provide your identification information at the start, how can broker recognize when someone else signs up with your information?
When you have provided your accurate identification information, you are sure to stay safe because no one else can sign up with the same information with the broker. Furthermore, XTRgate also has proper SSL certificates. These certificates are there to ensure that every piece of information you provide to the broker is protected through encryption. Also, the broker has anti-money laundering policy, which ensures no money launderer can use the platform for illegal purposes. So, with those things in mind, you know that XTRgate is not doing anything wrong. In fact, all of the steps it is taking are for the safety of its traders.
It Is Not Friendly to New Traders
Everything that makes a broker new trader friendly is there in this broker. You will be surprised to know that this particular claim or rumor has not legs to walk with. So, there are certain factors that you have to consider when you talk about a broker’s friendliness to new traders. First of all, you want to see if there is an account that suits new traders. It will surprise you to know that this broker has five different account types for you to choose from. There are so many accounts to choose from because the broker wants to keep room for new traders as well.
The first and the most basic account that you can sign up with is called the Basic account. In this account, you just have to deposit 1000 units of the base currency and you are on your way to trade cryptocurrencies. What more can you expect from a broker. You are starting your trading career with an amount that students can get from their parents as a pocket money in a few months. In addition to that, the broker also has an educational center, so when you sign up, you do not have to trade blindly. You can learn how to trade cryptocurrencies before you put your money on the line.
It Only Lets You Trade a Small Number of Assets
Again, this statement can come from people who are new to the trading markets. The first thing you have to realize when you enter the trading world is that there are many different ways to trade. You can choose from a variety of financial markets and assets. You have stocks, shares, commodities, ETFs, CFDs, etc. and many more assets to choose from. However, these assets are available to you when you choose those markets. You have the choice to start with them all at once or start with one first and then move on to other assets. How many assets can you trade when you are a beginner trader anyway?
Not to mention, you are talking about a broker that is particularly for cryptocurrency trading. XTRgate provides you cryptocurrency trading and no other forms of trading. This is the new market that even the most experienced broker are not comfortable with right now. They do not want to take risks because of the volatility of the cryptocurrency market. You have to admire the efforts of brokers that are providing you with a platform to trade in the cryptocurrency market. You must also know that within the cryptocurrency market, you will have access to ethereum, bitcoin, and litecoin, which happen to be three of the biggest cryptocurrencies available today.
What you will love about this broker, on the other hand, is that it provides you with huge leverages on your trades. What it means is that you do not have to put all your money on the line just because you want to trade bitcoins. You can take advantage of the leverage from the broker so you can get a huge contribution to increase the size of your trade and your profit as a result. For now, you will see that the broker offers you a leverage of 1:5 on your cryptocurrency trades. It might seem small but only until you realize the volatile nature of the cryptocurrency market.
It Is a Scam
Here you go, the entire maligning of the broker in one sentence. You have people who like to claim that XTRgate is a scam broker. First of all, you have to know what a scam broker is. A scam broker will run with your money within a few days and never come again. On the other hand, XTRgate has traders from around the world using its platform for trading. In addition to that, the last thing you would want a scamming broker is putting your address on the website. In most cases, a scam will only provide you with a contact through email. In this way, you can never catch the broker.
If you want to sign up with the right broker, you have to know that it exists physically as well. A scammer will never be stupid enough to provide you access to its headquarters or the office for that matter. On the other hand, you can find the complete physical address of this broker on the website. So, if you live in the Commonwealth of Dominica, you can actually go and see where the broker is based. That one throws all the claims of this broker being a scam out of the window.
Of course, as a trader, you are free to choose whichever broker you want to sign up with. However, if you want to trade cryptocurrencies specifically, you will not find many online brokers. Among those that provide cryptocurrency trading, not every broker is reliable. There are very few brokers that provide you with a web-based trading platform, a proper signup process with proper identification procedure, etc. If you have heard only negative news about this broker, you are highly recommended to take a look at it yourself and then decide.
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