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Xero Markets Review - is it scam or safe?

Xero Markets Review - Is xeromarkets.com scam or good forex broker?

RATING: 1.4 / 2 REVIEWS ForexBrokerz Xero Markets
Xero Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Xero Markets is a forex and CFD broker, offering three account types on the MetaTrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mirco Account $10 1:500 2 pips
Regular Account $10 1:500 2 pips
ECN Account $100 1:500 0,1 pips*
*commission

 

Xero Markets Advantages:

 

Good variety of forex pairs, including exotic currencies

 

Xero Markets offers some 68 forex pairs, including exotic currencies like Danish Krone, Swedish Krona, Polish Zloty, Norwegian Krone, Hungarian Forint, Czech Krona, South African Rand, Turkish Lira, Thai Baht, Mexican Peso, Hong Kong Dollar and Singapore Dollar. The broker also offers CFDs on spot metals like gold, silver, palladium and platinum, as well as on oil. However we do not see indices, commodities, stocks or crypto currencies, so here you may check our list of brokers offering Bitcoin and other crypto CFDs:

 

>>Bitcoin Forex Brokers<<

 

Just 10 USD to open an account

 

With Xero Markets you can open a Mirco or a Regular Account with just 10 USD, while for an ECN Account the minimum deposit is 100 USD. This is perfectly in line with the industry standards, as with most brokers you can open a standard account with 100 USD, while with some big names like XMFXTM and IG you can start trading with just 5 USD or even less.

 

Maximum leverage of up to 1:500

 

The maximum leverage Xero Markets offers with all account types is 1:500 and this is generous enough to fit any trading strategy. Still, have in mind that experienced traders rarely use leverage of more than 1:100, as higher the leverage means higher risk of loosing your money much faster.

 

MetaTrader4 supported

 

MetaTrader4 is the platform of choice for over 80% of the traders worldwide and has been an absolute market leader for the past 10 years and more. The platform features intuitive interface, elaborate charting tools and the option to run automated trading sessions with the help Expert Advisor trading bots, which you can easily modify and even compile yourself on a specially designed editor. Here you can check our list brokers, also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Various payment methods

 

You can deposit and withdraw funds with Xero Markets by all major credit and debit cards like Visa and MasterCard, e-wallets like Neteller, Skrill and PaymentAsia and bank wire. Still as Bitcoin payments get more and more popular, here you can check our list of brokers accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

Xero Markets Disadvantages:

 

Lack of regulation

 

Xero Markets, operated by Xero Capital Markets Ltd. says it is registered and regulated in Saint Vincent and the Grenadines.

 

The local Financial Services Authority (FSA), however, recently warned in a statement that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“.

 

In addition the FSA warns that “there are financial institutions that falsely claim they are registered or licensed by the institution and that their purpose for doing this is more than likely for illicit reasons“. 

 

That makes us believe Xero Markets is an unregulated, offshore broker and that significantly erodes their reputation.

 

Regulation is crucial for the safety of any investment. Brokers, regulated by well respected authorities, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) have to follow strict financial and ethical rules, among which to maintain good fiscal discipline and to keep all clients funds in a segregated, protected from creditors account.

 

In addition FCA and CySEC regulated brokers have to participate in clients money insurance schemes. The FCA backed Financial Services Compensation Scheme for example insures up to 50 000 GBP of the traders' capital, while a similar CySEC backed scheme guarantees up to 20 000 EUR in case a broker goes insolvent. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Spreads on the demo account do not match the ones on the website

 

Xero Markets says spreads with its Micro and Regular account start at 2 pips without a commission. With the ECN account spreads are advertised to start as low as zero pips, but a commission of 5 USD per lot is applied. A commission of 5 USD per lot adds 0,5 pips to the spread, when the second currency of the pair is US dollars and 1 standard lot is 100 000 base currency units.

 

However, when tested with a Demo account the EURUSD spread was as high as 4 pips, which is considerably higher than what traders usually expect to see with a standard account. Starting spreads are considered acceptable if they are below 1,5 pips. Here you can check our list of brokers, offering tighter spreads: 

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

Trading conditions set aside, Xero Markets is an unregulated, offshore broker and that significantly limits its credibility. By definition traders can have little trust with unlicensed brokers and any investment with such entities comes with an implied risk.

Latest news about Xero Markets
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UK FCA MT5 $5 Review Website
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for Mac
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Traders` reviews for Xero Markets

Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Xero Markets - 100% Scam Broker In The Forex World

Xero Markets is a 100% scam broker and Bucket shop, without any physical location, anywhere in the world, they never let you profit, i traded with them, and made some decent profits and i received this below email from them today, they accuse me of trading arbitrage, when i never used any ea to trade all this while, all my trades were done manually by my self in person (i mean manual trades and not use of any ea) and i never got any trades below 3 minutes, all my trades were long term trades, then to aviod paying me my profits, they accuse of doing arbitrage or hedgeing, this is a fat lie and a big scam broker, please stay off this broker, for your own good, never trade with them, they will seize your profits,

even while trading, whenever your account increases, they mystiriously, manipulate your profits, and the account will keep decreasing, even with no new trade opened at all

i advice all traders, do not use them , never, otherwise your money is gone, they are thieves, with bryn, there customer care or owner a big criminal.


see thier scam below email;

Dear Uzo,


We are sorry to inform you that during a recent audit of your trading account, we found reasonable grounds to discontinue our business relationship. Therefore, your account has been closed. Please note that this decision is final.

Based on our Investigation, your account are using Expert Advisor that been involve in commonly known as "latency arbitrage trading", "picking/ sniping" and abusive trading strategy.

If profits arising out of Prohibited Trading were already withdrawn, Initial Deposit can be confiscated from the Client’s related accounts in order to make up for the difference.

In your cases, the amount to be refund to you is none since that you have withdrawal more than your first deposit.

More information on the issue is available in the Terms and Conditions you accepted when you registered with us on 24th May 2018.


The following articles apply:


4.Client orders and transactions


4.8. Using arbitrage strategies on linked markets (e.g. currency futures and spot currencies) is prohibited. In case the Client uses arbitrage in either clear or hidden way, the Company reserves a right to cancel such orders.

4.8.1 The Client is not allowed to enter into any form of prohibited trading i.e. certain trading techniques commonly known as "arbitrage trading", "picking/ sniping" or the use of certain automated trading systems or “Expert Advisors”; and/or follow an abusive trading strategy i.e. any trading activity which is aiming towards potential riskless profit by opening opposite orders, during periods of volatile market conditions, during news announcements, on opening gaps (trading sessions starts), or on possible gaps where the underlying instrument has been suspended or restricted on a particular market, between same or different trading accounts. The Client agrees and acknowledges that if the Company considers that the Client has been acting in any of the manners described above; the Company may at its sole discretion and without prior notice to the Client, take one or more, or any portion of, the following actions:

- close the Client's account;
- suspend the Client's account for an indefinite period of time;
- carry out an investigation on the Client's account for an indefinite period of time;
- charge a penalty fee to the Client in the same or greater amount of money that resulted from the Client using such techniques; or
-close the account, confiscate any profits that arose from prohibited trading techniques and return the original deposit(s) to the account holder. If profits arising out of Prohibited Trading were already withdrawn, profits can be confiscated from the Client’s related accounts in order to make up for the difference.

We would like to thank you for interest in XeroMarkets and wish you every success in your future endeavours.

We appreciate your understanding in this matter.

Kind Regards,

Support
www.xeromarkets.com



Legal: Xero Capital Markets Ltd. is authorized and regulated entity. The registered office for Xero Capital Markets Ltd. is Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. Details on Xero Capital Markets Ltd. and its business services can be found at www.xeromarkets.com.

Risk Disclaimer: Trading FOREX (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubtor all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubt.

uzo 07/02/2018
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