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xDirect Markets Review - is it scam or safe?

xDirect Markets Review - is xdirectmarkets.com scam or good forex broker?

RATING: 1.4 / 0 REVIEWS xDirect Markets
xDirect Markets is an offshore broker. Your money is not safe.

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xDirect Markets is an unregulated, London based forex CFD and binary options broker. There is a possibility that xDirect Markets is a UK based subsidiary of the Ukrainian based xDirekt broker, owned by the Xeta Direct Ltd, that has a license in Ukraine and Vanuatu, as the logo of the two brokers is basically the same. However we were not able to establish that and for the purpose of this review will treat xDirect Markets as an unregulated broker.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $1000 1:400 2 pips, fixed
Standard Account n/a 1:400 1 pip, floating
Pro Account n/a 1:400 n/a

xDirect Markets advantages:

 

Competitive spreads

 

xDirect advertises spreads as low as 0,3 pips. When tested with a demo account however the floating EURUSD spread was between 1 pips and 1,1 pips with no commission for the trade. We assume that this spread is offered for the Standard Account. 

 

xDirect also offers a Basic Account with fixed spreads starting form 2 pips for the EURUSD pair and a Pro Account advertised to provide Straight Trough Processing (STP) trade. Spreads as tested are in line with the market average. Still you may check our list of brokers with competitive trading conditions:

 

>> Brokers regulated by UK’ FCA <<

 

 Decent leverage

 

xDirect offers a maximum leverage of 1:400 which gives traders enough room to implement their strategies. Still most brokers offer even higher leverage. Here you can check our list of brokers that offer leverage of 1:500 or more:

 

>> Brokers offering at least 1:500 in leverage <<

 

Various trading instruments

 

xDirect offers CFDs on spot metals, commodities and indices, as well as 46 currency pairs, including more exotic ones like the Chilean Peso, Brazilian Real, Polish Zloty, Czech Krona, Hungarian Forint, Romanian Leu, Turkish Lira, Mexican Peso and South African Rand.

 

Two different trading platforms, including MetaTrader4

 

Apart form the well know MetaTrader4, xDirect offers also the web based xStation platform. Both platforms are offered with mobile versions. The advantages of MetaTrader4 are well established. Apart form the excellent graphic tools allowing you to explore and analyze historical data, the platform also allows automatic trading through specially designed customizable software – Expert Advisor.

 

The web based xStation platform has a user friendly layout and good looking charting, including Heikin-Ashi Candlesticks and 25 indicators. It lacks however the option for automated trading, offered by the MetaTrader4.

 


xStation platform
 

Here you can check our list of brokers providing the  MetaTrader4 to their clients:

 

 >> Find a good MT4 broker <<

 

xDirect Markets disadvantages:

 

Lack of regulations

 

xDirect Markets has a London address and contact details, but the website contains no information about any regulation whatsoever. It is highly risky to trust your money with unregulated or “regulated” in offshore zones brokers as they have no legal obligation to obey any ethical rules and basically can do with your money whatever they please. 

 

Licensed  brokers on the other hand had to follow strict rules. Credible licenses are issued by respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus and the Australian Securities and Investment Commission (ASIC).

 

FCA, CySEC and  ASIC ensure the financial stability of their brokers by forcing them keep at all times minimum operational capital. In the case of FCA and CySEC the requirement is for 730 000 EURO and with ASIC - 1 000 000 AUD. 

 

The financial regulators also require all licensed brokers to keep their clients' funds in segregated accounts. That guarantees traders' money will not be used by the broker or claimed by its creditors.

 

FCA and CySEC force their brokers to participate in compensation schemes that insure the trading capital, invested by their clients. With the Financial Services Compensation Scheme traders with FCA licensed brokers are entitled to up to 50 000 GBP of their trading capital in case their broker goes insolvent, while compensation with CySEC brokers can reach up to 20 000 EUR. Here is our list of  FCA regulated brokers, that provide better security for their clients:

 

Excessive minimum deposit

 

The minimum deposit for opening an account with xDirect Markets is 1000 USD, which is quite high. With some big well established brokers like IG you do not have a requirement for a minimum deposit at all, while with most brokers that requirement is not more than 100 USD. Here you can check a list of brokers that offer more favorable trading conditions to their clients:

 

>> Brokers regulated by UK’ FCA <<

 

Conclusion

 

xDirect Markets is an unregulated, UK based forex CFD and binary options broker with an excessive minimum deposit requirement of 1000 USD. And although the broker offers various trading instruments with competitive spreads, potential investors should remember that with unregulated brokers they simply do not have security for their investment.

Latest news about xDirect Markets
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Traders` reviews for xDirect Markets

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