We present to you the Xlence review, which was created after our encounter with yet another Forex/CFD broker. Of course, clients are assured that they will receive everything necessary to achieve this — the best trading platform, absolute security, and professional support. It would be great if this were true, but we hear such promises from scammers every day. Naturally, the question arises: is this yet another fraudulent project, and are its users at risk of losing all their investments? We investigated this in detail, and our findings are outlined below.
Key Features
- Company Name: Tradeco Limited
- Website: https://www.xlence.com/
- Available Contacts: [email protected]
- Foundation: 2024
- Services: Forex/CFD trading
- License: SFSA (Seychelles Financial Services Authority) № SD029
- Initial Deposit: Unspecified
From Sign-Up to Payout
We genuinely wanted to discuss Xlence’s official website. However, its developers seemed to be against that idea. They managed to design a site where text readability suffers due to the alternating dark gray and white background sections. The site’s structure and content also leave much to be desired. For instance:
- Dedicating a quarter of the homepage to listing available markets with only a one-sentence description is nothing short of genius. Apparently, the broker couldn’t find any more important or useful information to display.
- Repeating content from other pages on the homepage is another winning move. After all, why bother providing more detailed and unique information about the broker’s services and features?
- Finding complete details about trading conditions requires effort, as different pieces of information are scattered across multiple pages.
- The company decided not to disclose its own contact details. We found an email buried in the client agreement, but a phone number remains a mystery.
- Registering, filling out a profile, and performing non-trading operations in the personal account is simple. However, one key question remains: on what basis does the company verify users? Nowhere in any of its documents did we find mention of a KYC Policy.
The site’s overall navigation isn’t well-thought out either. In many cases, accessing the necessary information requires multiple clicks, making it clear that ease of access was not a priority for the developers. It appears that, in an attempt to reinforce Xlence’s image as a regulated company, the website creators focused on quantity rather than user convenience. Strangely enough, this approach is often seen with scam brokers — but isn’t it a licensed firm?
Our Trading Experience With Xlence
The broker states that it provides clients with the MetaTrader 4 trading platform in the following versions:
- For PC (Windows, Linux, MacOS).
- For mobile devices (iOS and Android).
- Web-based version.
This MetaQuotes product is well-known to traders and remains one of the most popular and reliable trading platforms. There is little point in repeating its well-documented advantages, drawbacks, and key features. Instead, let’s focus on Xlence’s trading conditions.
The broker offers four types of trading accounts:
- Essential.
- Prime.
- Deluxe.
- Ultimate.
However, based on the comparison table, the differences between them appear minimal. For all account types:
- The maximum leverage is 1:1000.
- The minimum trade size and volume step is 0.01 standard lot.
- The Stop Out level is 20%.
- There are no trading commissions.
- A swap-free (Islamic) account option is available.
We assume that the primary difference between these accounts lies in the required deposit amount. However, the broker does not disclose this information, and there is no option to select an account type during registration.
Another difference is that spreads are tighter on higher-tier accounts compared to lower-tier ones. The change is quite significant, especially for EUR/USD, where the spread decreases from 1.1 pips on the Essential account to 0.4 pips on the Ultimate account.
Of course, this information already helps traders make an informed choice when selecting an account type. However, more details would be beneficial. For instance, it would be useful to see spreads for all major assets — ideally, for all available instruments. However, Xlence has chosen to list spreads for only five currency pairs of its own choosing, even on the dedicated Spreads page.
Another missing piece of information is swap rates. Since the dealer does not charge trading commissions, swaps play a crucial role in determining traders’ costs when holding positions overnight. Some may argue that swaps are not relevant to all traders, as many focus on intraday trading, and Xlence offers swap-free accounts. It’s true that, according to various estimates, 60-80% of retail Forex traders are day traders. However, the remaining 20-40% hold positions overnight, and their deposits are usually much larger. Ignoring the interests of high-value traders is a red flag, often seen with fraudulent brokers.
Important Note! Using a swap-free account does not mean that traders avoid paying for overnight positions. Instead of a percentage-based swap fee, brokers charge a fixed commission. However, Xlence does not disclose the amount of this fee, leaving traders in the dark about potential costs.
The Reality Check
Xlence does not hide its registration details or office location. Naturally, the first point is of greater interest to us.
The broker claims to operate under Tradeco Limited, a company registered in Seychelles. The website provides a license number (SD029), issued by the Seychelles Financial Services Authority (SFSA).
We conducted a verification of Tradeco Limited’s registration and found that it is indeed a legally registered company in Seychelles with the mentioned license number. However, the official website listed for Tradeco Limited is t4trade.com. There is no mention of Xlence anywhere.
What does this mean? There are two possible explanations for this situation:
- Xlence is genuinely operated by Tradeco Limited and functions legally under its license. In this case, the broker is officially regulated and licensed.
- Xlence is an unregulated entity falsely using Tradeco Limited’s credentials to appear legitimate. If this is true, we are dealing with a scam, and traders should avoid it entirely.
Even though Xlence and T4Trade have similar website structures, this does not prove they belong to the same company. Scammers often copy website templates and modify the branding to falsely associate themselves with a legitimate business.
While there is some indication that Xlence may be affiliated with a licensed entity, there is no concrete proof. At the same time, the possibility that it is simply misusing another firm’s credentials cannot be ignored.
How Long Has Xlence Been in the Game?
The official website does not disclose how long Xlence has been operating. This is an important detail — many issues, such as website glitches or the lack of blog content, could be explained by the broker’s “young age.” To clarify, let’s check the domain registration date.
According to Whois, the domain xlence.com was registered in 2003, but it was available for purchase throughout 2023 and early 2024. The current broker only acquired it in mid-2024. This means that Xlence has been active for approximately six months.
This is confirmed by the creation dates of its social media accounts. For example:
- The YouTube channel was registered on September 9, 2024.
- The X (Twitter) account was created at the same time.
- The first post on X was not published until December 25, 2024.
- The YouTube channel contains only nine videos.
Why have the website’s obvious issues not been fixed in six months? Why is there no blog content? Did nothing noteworthy happen during this period? Why did the first social media post appear so late?
All of this suggests that Xlence does not prioritize transparency or public engagement. If they were a regulated broker, why would they operate this way? Could they actually be a fraudulent project?
Extra Fraud Indicators
In just six months, Xlence has accumulated around 50 reviews on Trustpilot and Reviews.io.
Unsurprisingly, most of them are overly positive, with generic comments like:
- “Everything is great!!!”
- “Easy to work with and good bonus”
It’s clear that many reviewers didn’t bother analyzing the broker’s services — and most likely, these are paid fake reviews. If Xlence were genuinely trustworthy, why wouldn’t real traders leave similar feedback organically?
However, about 10% of the posts look completely different. Their authors call the broker a scam and leave long descriptions of the situations they encountered with Xlence. The main complaint is that the company does not withdraw funds, not even small amounts. To get them, traders have to fight (there is no better word for it) with customer support for weeks. Some have not yet managed to resolve the issue. By the way, most of these comments were written in the last 2–3 weeks.
Is Xlence the Right Fit?
In our Xlence review, we introduced you to yet another Forex/CFD broker that claims to have a license. A check confirms that the mentioned company does exist and operates under the supervision of the Seychelles financial regulator, but whether it is actually connected to this platform is unknown. There are many other issues as well, for example, traders cannot see most of the important information, and to boost its reputation, the project’s owners pay for online publications. All of this should raise concerns for the company’s potential clients and prompt them to objectively assess the risks of working with it. We would refrain from opening an account and funding trading accounts here.
Can someone explain why Xlence considers account blocking without explanation to be normal practice?
Less than a day after funding my account, my login attempt failed. Customer support said I violated some rules but didn’t specify which ones. More than a week has passed, and I still have no access to my account with $10,000. I haven’t received any explanations from the company either. Moreover, my inquiries are being ignored: I haven’t received a single response all week!! Is this another scam? It’s really disappointing that I made the wrong choice again.
These scammers from Xlence made a good profit at my expense. I was able to afford a $15,000 deposit, and they convinced me that the larger the sum, the better the trading conditions would be. I shouldn’t have taken their word for it because I immediately faced a streak of failures. Nothing but losses, and often it wasn’t even clear why. Eventually, I tried to withdraw at least the remaining balance – there’s a little more than half left – but they wouldn’t let me. They constantly come up with reasons to refuse. But I won’t let this go!
Having support every time you need it is very great because when dealing with money people always want to have someone that they can always talk to and trust. The support staff are very polite and nice and they are also professional.