The internet is a great place where you can find out about everything before you spend your money on it. Whether you are purchasing a product or subscribing to a service, you have more than enough methods available to take a well-informed decision. The same goes for online trading and choosing an online broker. Recently, some people have started to spread news that, an online broker for cryptocurrency trading, is a scam. Is it true or not? Let’s find out.

Exploring the Truth about XTRgate

XTRgate is an online broker that allows you to access a web-based trading platform for trading many cryptocurrencies. You can access its trading platform from anywhere in the world and from any device. Now, you cannot put your finger on what caused people to believe that this broker is a scam. It is just like any other broker you see online that has a trading platform for cryptocurrency trading with leverages. If you explore the website, you will notice that it has proper identification requirements when you sign up with it. There is an anti-money laundering policy as well as a KYC policy in place too.

You could say that there are two reasons from where the rumor of this broker being a scam stems from.

1.      People Are Uncomfortable Providing Personal Details

Yes, many people have been under the impression that when they trade cryptocurrencies, they can remain anonymous. What they do not realize is that they are not trading cryptocurrencies per se on this platform. Just like hundreds of other brokers, XTRgate gives you access to CFD trading, a type of trading in which you do not trade the asset itself. Instead there is a contract for difference that you trade in the name of the asset. So, you are trading cryptocurrencies just like you would trade forex, stock, commodity, etc. CFDs. Your personal information is for your safety so no one else can sign up on the platform with your details.

2.      People Do Not Understand the Nature of Trading

There are many online scams that keep promising people all the fallacies of the world. They keep telling them that trading will make them millionaires without shedding light on the other side of the story. The reality is, CFD trading is high-risk trading. While you can make huge profits in this world, you can also lose a lot of money. Your profits depend on your understanding of trading and the strategies you pick. Your wrong decisions will make you lose money, but the broker is not to be blamed for that. The broker can only help you so much with your trades. In simple words, yes, you can end up losing a lot of money when you trade, irrespective of the financial market you are in.

Bottom Line

In short, you can say that XTRgate is no different than other online brokers at the core of its services. It might have some features that make it unique from other brokers, but calling it a scam based on immature evidence can be unfair to the broker. You can always do your research, get in touch with the broker on the phone, and start with a small deposit to know how much truth there is to the rumor.