Xtrade Brokers Review

About Xtrade Brokers

XTrade operates under multiple regulatory licences: Peak Wealth PTY Ltd (Registration No. 2013/007163/07, FSCA licence FSP44681) in South Africa; Xtrade International Ltd (Registration No. 000007984, licence number 4705379) under Belize’s Financial Services Commission; and Blacsley Como Ltd (Registration No. 15808, licence number L15808/BC) under the Offshore Finance Authority of Comoros ().

ASIC (Australian Securities and Investments Commission) cancelled the AFS licence (343628) of XTrade.AU Pty Ltd on 6 June 2024 after finding that between June 2018 and September 2022, XTrade engaged in unconscionable conduct, failed to manage conflicts of interest adequately, did not ensure representatives’ compliance with financial services laws, and did not act efficiently, honestly and fairly, resulting in significant losses for vulnerable clients. ASIC’s cancellation was upheld; XTrade withdrew its appeal on 19 June 2024 and the licence remains cancelled ().

Meanwhile, ASIC also banned former directors Shay Zakhaim and Anthony Anderson on 18 July 2024, barring them from acting as directors or responsible managers in a financial services business—Zakhaim for three years and Anderson for five—for their roles in XTrade.AU Pty Ltd’s regulatory failures and misconduct, including aggressive sales tactics and inadequate conflict-of-interest arrangements ().

XTrade International Ltd is authorised and regulated by Belize’s Financial Services Commission under licence number 000281/20 ().

Pros and cons

Pros

• Regulated by FSCA in South Africa (FSP44681), FSC in Belize (4705379), and Offshore Finance Authority in Comoros (L15808/BC).

Cons

• ASIC-cancelled AFS licence in Australia (343628), with no successful appeal; licence remains cancelled.
• ASIC-imposed bans on former directors for misconduct.