XTrade built its early reputation as a Cyprus regulated forex and CFD broker. That regulated identity is now gone in two separate countries, following two separate regulatory actions years apart, and the brand today survives only through a cluster of offshore entities that no longer serve Europe, the United Kingdom, or Australia at all.
What Happened With XTrade And CySEC?
The Cyprus Securities and Exchange Commission fined XTrade Europe Ltd two hundred thousand euros, announced in June 2020 following an investigation that began in 2018. CySEC found weaknesses in identifying and handling customer accounts and transactions, and failures to comply with rules on customer due diligence and continuous monitoring of business relationships under Cyprus anti money laundering law. The regulator's findings pointed to a lackluster anti money laundering program that could have allowed risky clients and trades to go unreported. XTrade Europe Ltd later changed its name to Merba Limited, and on 10 February 2025 that entity voluntarily renounced its CySEC license entirely, closing out its Cyprus authorization for good.
What Happened With XTrade And ASIC?
Separately, in Australia, the corporate finance regulator cancelled the Australian financial services license of XTrade.AU Pty Ltd in 2024, after the Administrative Appeals Tribunal refused the firm's stay application and XTrade withdrew its review request. ASIC found the firm engaged in unconscionable conduct and encouraged vulnerable clients to keep trading despite an inability to afford the resulting losses. The regulator also found XTrade did not take reasonable steps to ensure its representatives complied with financial services law, lacked adequate arrangements to manage conflicts of interest, and put its own interests above its clients across many years of operation. On 18 July 2024, ASIC banned two former XTrade directors, Shay Zakhaim for three years and Anthony Anderson for five years, finding both were not fit and proper to provide financial services after failing to prevent representatives from using unfair tactics to push Australian clients into depositing and trading more than they intended.
Is XTrade Still Regulated Anywhere Meaningful?
Today, XTrade's own website discloses only three operating entities: Peak Wealth PTY Ltd under South Africa's Financial Sector Conduct Authority, Xtrade International Ltd under the Belize Financial Services Commission, and Blacsley Como Ltd under the Comoros Offshore Finance Authority. None of these carries the enforcement weight of CySEC or ASIC, and the firm's own terms explicitly exclude residents of the United States, Canada, Europe, the United Kingdom, and other major jurisdictions from these entities. A brand that once held genuine European and Australian authorization has repositioned itself entirely around jurisdictions with lighter oversight.
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Losing one regulator to enforcement action can happen to any firm that gets its compliance program wrong. Losing two, in two different countries, years apart, with director bans attached to the second, is a pattern rather than a coincidence. XTrade's own current disclosures confirm the retreat: the entities left standing are South African, Belizean, and Comoros registered, deliberately walled off from the very markets, Europe and Australia, where regulators found real problems with how the firm treated its clients. Traders evaluating XTrade today are looking at a brand operating in the space its stronger regulators pushed it out of.
About XTrade
XTrade is a forex and CFD brand that formerly operated as XTrade Europe Ltd under CySEC in Cyprus and as XTrade.AU Pty Ltd under ASIC in Australia. Both authorizations have since ended. The brand now operates through Peak Wealth PTY Ltd, Xtrade International Ltd, and Blacsley Como Ltd, registered respectively in South Africa, Belize, and the Comoros Union.
Frequently Asked Questions
Did XTrade lose its Cyprus license?
Yes. XTrade Europe Ltd was fined 200,000 euros by CySEC in June 2020 for anti money laundering failures, later renamed to Merba Limited, and voluntarily surrendered its CySEC license on 10 February 2025.
Did XTrade lose its Australian license?
Yes. ASIC cancelled the Australian financial services license of XTrade.AU Pty Ltd in 2024 for unconscionable conduct, and separately banned two former directors in July 2024.
Is XTrade regulated anywhere today?
XTrade currently operates through entities registered in South Africa, Belize, and the Comoros Union, none of which carries the regulatory weight of CySEC or ASIC, and none of which serves Europe, the United Kingdom, or Australia.
Why did ASIC ban XTrade's former directors?
ASIC found Shay Zakhaim and Anthony Anderson failed to ensure adequate conflict of interest arrangements and allowed representatives to use unfair tactics encouraging Australian clients to deposit and trade beyond what they intended.