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BrokerXP Review - is it scam or safe?

BrokerXP Review - is brokerxp.com scam or good forex broker?

RATING: 1 / 4 REVIEWS ForexBrokerz BrokerXP
BrokerXP is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Min.trade size Max. leverage Spread
Standard $500 0.1 1:200 3.0 pips, fixed

 

BrokerXP offers trading in forex and wide range of CFDs. It seems that it does not offer different account trypes, but there is a swap-free account available to investors of Islamic belief.

 

Besides, the broker has a rich educational section on its website called “Academy” which is accessible to all users who sign up with BrokerXP (even before depositing any money).

 

 

BrokerXP Advantages

 

MT4 offered

Like most brokers, BrokerXP supports the highly praised MetaTrader 4 platform, simply known as MT4. This piece of trading software is the favorite of forex traders since it was launched more than 10 years ago. This is due to its ease of use, great charting capabilities, numerous indicators and automated strategies (Eas), back-texting environment, and customization options.

 

Wide range of CFDs, including on crypto

Another possible benefit of trading with this broker is its rich and diversified product portfolio. BrokerXP offers trading in numerous currency pairs and wide range of CFDs, including on indices, commodities, stocks and a number of cryptocurrencies. Oddly, the most popular and the largest in value, Bitcoin and Ethereum, seem to be missing. Nonetheless, we would not advise you to invest with this broker - it is not regulated and not to be trusted. In case you are keen on trading Bitcoin and other cryptocurrencies, here is a list of reliable brokers duly licensed in the countries of their operation.

 

 

>> Tightly regulated Bitcoin forex brokers <<

 

 

Sufficient leverage

The maximum leverage ratio provided by BrokerXP is 1:200, which would be enough for most traders, and is not dangerously high. As some of you probably know, leverage is a double-edged sword which can multiply both your profits and your losses. That is why high leverage ratios are generally not suitable for newbies.

 

 

BrokerXP Disadvantages

 

Unregulated, offshore broker. FCA warning against it

BrokerXP is owned and operated by Mergers and Acquisitions Consultancy LP, a company based in Edinburgh which, however is only registered in the UK, and is not authorized by the local Financial Conduct Authority (FCA). There is another company associated with BrokerXP: Aviant Marketing Limited, which is incorporated offshore, on the Marshall Islands and allegedly acts as a General partner appointed of Mergers and Acquisitions.

 

Offshore and / or unregulated brokers can basically do whatever they like with your account and the money you have invested, so we generally advise traders to avoid them. What is more, you’d better not open an account with BrokerXP in particular, as the FCA has issued a warning against it.

 

 

Trading conditions not fully specified
The actual costs of trading at BrokerXP are not specified clearly on the broker’s website. It only mentions that the spreads start out at 0 pips. In fact, they appear significantly higher.

Wide spreads
The spreads provided by BrokerXP, which we saw when we opened their web-based platform (without logging in, as there are no demo accounts) were rather high. EUR/USD, the most liquid currency pair, was trading with a 3.0 pips fixed difference between the bid and ask.

 

 

Click on the image to zoom in.

 

Most brokerages go below 2 pips and you can always check the offers provided by some of the best at our dedicated page.

 


>> Compare real-time spreads of leading FX brokers <<

 

 

$500 minimum deposit
While most forex brokers allow newcomers to try their service with something in the $50-$100 range, BrokerXP requires an initial investment of $500. Many, like the industry leaders at IG have even removed the minimum deposit level – you can open an account with as little as you want.

 

No demo accounts, MT4 not freely available

Yet another disadvantage of this broker, albeit a small one when compared to some of the rest, is the lack of demo accounts. So, one cannot freely download and use the MT4 platform and test the broker’s services.

 

Negative user reviews

As we searched for more information on BrokerXP, we came across several negative user reviews on this broker. Most of them complain of denied withdrawals and accuse the broker of being a scam.

 

 

Conclusion

 

BrokerXP is a unregulated forex and CFD broker, against which the reputable FCA has recently issued a warning. This should be enough for most traders not to invest with this broker, no matter what their trading conditions are.

 

Instead, you’d better select a broker that is licensed by UK’s FCA. These brokers have to comply with one of the highest standards in the forex industry. Some of these include a minimum capital adequacy requirement of 730 000 EUR, client account segregation, transaction reporting and participation in the local Financial Services Compensation Scheme (FSCS).

 

 

>> Brokers authorized by UK’sFCA <<

 

 

To sum up our recap of BrokerXP:

 

Pros Cons
MT4 offered Unregulated, offshore broker. FCA warning against it
Wide range of CFDs, including on crypto Trading conditions not fully specified
Sufficient leverage Wide spreads
  $500 minimum deposit
  No demo accounts, MT4 not freely available
  Negative user reviews

 

Latest news about BrokerXP
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Traders` reviews for BrokerXP

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

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Good the Bad and Ugly

I had few small investments with them.I will mention only 2 of them,one was 150 pound and second was 100 pounds.I lost the first one and on second I earned it about 450 pounds more from initial investment.
Its all gambling must say.

Larsen 07/08/2019

Scam or not?

A scam - dont invest here. They keep on asking gor more money and promise big returns. A 100% growth turns into a negative growth within weeks
And if you ask for your money back they tell you that they cant cause your account is in negative growth.
Brokers are sick or fired or leave - every time someone new phone with a different request for more money

SCAM
SCAM
SCAM

Therina 05/30/2019

Difficult to have contact with Broker

Hi I am Andre and have an account at Brokerxp, I have to admit I am a rookie and having problems onderstanding... USD
Balance 797.08
Credit 1136
Equity 1872.65
Open P&L -60.43
Free Margin 1048.59
This i s my Account what i have now this account is open almost 2 months now
I deposited 543 euro and they deposited 500 dollar, but did not much profit yet as you can see, and its difficult to withdraw if I try i am in the nminus, so in other words this poor rookie is having problem, I am not a rich man who is trying to have a better live, i am 66 year old. so please advise me whаt I can do to withdraw my money and have it back, and i can try an other investing co who is ligit, I live in The Netherlalds
Thank Andre H Hergraven

Andre 02/12/2019

profitable but dangerous

I would strongly advise you to withdraw your money when balance will be bigger than first investment. You may make a profit several months (55% is my best)… but you will gradually give it all back over the next 6 months… Its a zero sum game people.

Chrisopher 01/03/2019

Thiefs

They are scammers stealing your money!!!

Vincent 11/15/2018

This platform is a scam be aware

Warning people this platform is a scam. They just took my money.

Maxley Barrett 11/01/2018

wd request

On the top of that article wrong information, because I started with 250 usd not 500 usd, after some weeks with broker I transfer 1800 usd to that company, worked with 2 different brokers, with one lost 900$ on the market and with another recovered 300$
Received a lot info about market, but still don't understand nothing, but spent some nice hours talking to charming man, and once he punished me good because I changed the number on the website and he couldn't reach me))))))
my withdrawal request was in procces 4-5 weeks nothing was happened, after that I sent some angry mails and called support, but in the end they returned just 1350 usd because I lost some money, comission and bla bla bla
At least they entertain me good, ahahaha

Anett Ullmann 09/27/2018

only button that works is the deposit funds.

high pressure selling techniques used to try to input more funds when you refuse account is just left to stagnate trying to close account but very hard to contact.

michael howarth 09/19/2018

BrokerXP withdrawal

Sorry to say I invested £1000 in July and they made one small
Investment for me , then I did the research in the company
I requested a refund of balance £966.05 on Aug 1st, I'm still waiting for the money 6 weeks later I have phoned and emailed many times to no avail, steer clear. !!!!

Christina Yesil 09/14/2018
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