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XMarkets Review - is it scam or safe?

XMarkets review - is xmarkets.com scam or safe forex broker?

RATING: 1 / 2 REVIEWS XMarkets
XMarkets is an offshore broker. Your money is not safe.

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 Xmarkets claims on its website to be owned and operated by Celestial Trading Ltd, located at Rue de la Perle, Mahe, Seychelles. Seychelles is an archipelago of islands in the middle of the Indian Ocean with a population of just about 95 thousand people. We have serious doubts about this brokerage. Read the whole review to find out why! 

 

Disadvantages 

 

Major security concerns 

 

Let us first start with an obvious red flag regarding this brokerage. The Financial Conduct Authority came out with a specific warning in relation to the purported forex trading service provider Xmarkets. “This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization”, the FCA said, advising investors to only deal with authorized companies.  Such a warning is pretty straight-forward, but let us see what else the brokerage offers. It’s stated address is in Seychelles which is an archipelago of islands and a sovereign state in the Indian Ocean. However, we may not be entirely sure about the legitimacy of the address, since in other reviews from months ago we read that Xmarkets is registered in the Marshall Islands. Such inconsistencies are very typical and showing for shady brokerages. We have to at least acknowledge the effort of the broker, because way down on its website (where the address is usually stated) it gives a London address of a financial entity where the payments will be proccessed, while hiding its own address in the middle of the paragraph. Here is a screenshot to see for yourself: 

Click to zoom.

 

This is obviously done in a such manner as to mislead misinformed and vulnerable traders. However, trading with an unlicensed brokerage brings with it a hornets nest of risks and due diligence requires us to state them. In layman’s terms -  there is no assurance for the safety of the clients funds, besides the supposed cordiality of the brokerage. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with a regulatory agency such as the FCA also requires the broker to have a starting capital of € 730 000  which significantly lowers the risk of them being frauds, since not many scammers can pull through with such an amount.

 

Having in mind the uncertainty over the regulatory status of XMarkets, as well as its “floating address”, we advise potential traders to orient themselves to safer and more legitimate brokerages. They can check out our list of recommended FCA-regulated forex brokers: 

 

>>List of FCA-regulated forex brokers<< 

 

 

No demo account 

 

Access to the trading platform of the brokerage through a demo account is highly valued in the trading world, because it shows transparency and potential clients may get more familiar with the trading conditions of the brokerage. Because of this, we always count it as a big disadvantage when  we could not get such access from the website of the brokerage. Furthermore, without such access we cannot see the amount of the spread, nor calculate the leverage offered by the brokerage. 

 

No information on the account types

 

There is no information to be found on the website regarding account types. The lack of information should always be seen as huge negative, but having in mind the regulatory status of the brokerage, it is no surprising it is missing. We would advise clients to always be as informed as possible before deciding to trade with a brokerage. 

 

Minimum deposit 

 

We learn that the minimum deposit for the most basic account is $250 which is just about the industry average. Such a reasonable minimum deposit is usually seen as a plus, however, having in mind the major security concerns outlined above, we would not recommend interested traders risk even such a sum with the brokerage.There are other top-notch brokerages who do not even have a minimum deposit. One such is FBS where you may trade with the meager deposit of $1. 

 

 

Trading platform

 

As was mentioned above, we could not get access to the trading platform provided by Xmarkets. This is problematic since we could not see the analytic potential it might offer, as well as the quality of the charting. Furthermore, from the website we read that the brokerage offers a web-based platform and not the MetaTrader4. We would recommend interested traders always have in mind whether the brokerage has the MT4 system, since in our view it is the foremost platform at the moment and provides traders with a multitude of unique features. One such is the MQL programming language which allows traders to design and backtest their own auto-trading bots or run ready-made ones. Here is a list of our recommended MT4 forex brokers: 


>>List of MT4 forex brokers<< 


Trading products 

 

The website states that the brokerage offers a wide variety of trading products. Potential clients of Xmarkets may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Advantages 

 

Diverse payment methods 

 

Xmarket does provide diverse payment methods for traders which is always a welcoming sign. Potential clients may deposit or withdraw funds via Visa, Mastercard, Maestro, Neteller, Paysafecard, Wire transfer. 

 

Conclusion 

 

Xmarkets is an unregulated brokerage which purports to be registered in an archipelago of islands in the Indian Ocean and has an issued warning from the FCA hanging on its head. It would be safe to say that any potential dealings with such a brokerage will be overshadowed by the high possibility of fraud. The feeling of knavery permeates through much of the information presented on the website. All in all, we would suggest interested traders not risk it and put their trust in regulated and reputable brokerages to which we have linked throughout the review. 

Latest news about XMarkets
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for XMarkets

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

Cons

 

 

Unacceptable experience. False broker!!

Unacceptable experience. They stole from me 3750 euros. It is a fake trading platform. DO NOT TRUST ABSOLUTELY ANYTHING OF WHAT THEY'RE SAYING. Take your money out and do not let yourself convinced into a trade because they will take everything.

Valentin Bodea 01/16/2019

XMarkets - fraud company

It's a big fraud company, every word they said was fraud, they will trick and taking your money, then you can't withdraw, then someone from them call as financial expert show you how to trade, the your money will be gone in days. So how I can stop them from doing that to someone else

Karim Rawad Jabbar mishal 08/15/2018
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