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XSocio Markets Review - is it scam or safe?

XSocio Markets review - Is xsocio.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz XSocio Markets
XSocio Markets is an offshore broker. Your money is not safe.

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XSocio Markets is another offshore broker, offering a variety of trading accounts with a leverage of up to 1:500 and the MetaTrader4 platform. Be aware, however, that the broker is not regulated, so if you are thinking about opening an account with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Cent Account

$10 1:500 n/a
Classic Account n/a 1:500 3,2 pips
Pro Account n/a 1:500 n/a
ECN Account n/a 1:500 n/a


XSocio Markets Advantages:

 

Lots of forex pairs and a selection of CFDs

 

One possible advantage with XSocio Markets might be their long list of trading instruments, including 46 forex pairs, some of which exotic or minor like  USDCNH, USDHKD, USDNOK, USDPLN, USDSEK, USDTRY and USDSGD. And there we also found a nice selection of CFDs, on gold, silver, oil, natural gas and 13 indices, but as no crypto assets are offered, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

At XSocio Markets you may trade with a leverage as high as 1:500 and that sounds pretty attractive. Still, do not forget that higher leverage comes with a price – your funds might be erased in a matter of minutes with the slightest market fluctuation. 

 

And besides, currently not many brokers offer that kind of leverage precisely for that reason – it is too risky and it has been capped by most regulators in Europe, the US, Canada and Japan, virtually leaving Australia the only regulatory hub, where higher margin trading is still legal. Here you may check our list of brokers regulated in Australia as well:

 

>>Brokers regulated in Australia<<

 

MetaTader4 available with a demo account 

 

We tested XSocio Markets's MetaTrader4 platform with a demo account, but it turned out the platform is provided by another company - XIG Limited. In any case we will credit XSocio Markets for MT4 as this is undoubtedly the most venerated trading platform on the market. And here are some of the platform's advantages – it is light, with an intuitive and user friendly interface, a nice set of advanced charting tools and numerous market indicators and modifiable trading bots which will help you run automated trading sessions. So here you may check our list of brokers, offering MetaTrader4 as well:

 

>>MT4 Brokers<<

 

You can start trading with just 10 USD

 

That is definitely another positive point as most brokers actually have a minimum deposit requirement of about 250 USD. Still, bear in mind that some big and well respected companies like FBS and IG do not have a minimum deposit requirement at all.

 

XSocio Markets Disadvantages:

 

Not a licensed broker 

 

XSocio Markets is a trading name of XSocio Markets Ltd – an offshore company incorporated on  Saint Vincent and Grenadines. All payments, however are processed by two other linked companies - Hirose Financial Limited, supposedly based in Hong Kong and Hirose Financial UK Ltd , which has a contact address in the UK.

 

And do not get us wrong – there is nothing wrong for a broker to be owned by an offshore company – some businesses do that for tax purposes. The problem here is that non of the above mentioned companies is licensed by an official financial watchdog such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) and that significantly decreases their credibility.

 

The issue with all unregulated brokers is that they are completely unaccountable for the way they handle your money and too often such companies are simply involved in scam. 

 

With legit brokers holding legit licenses on the other hand you can feel safe, especially if you trade with a broker regulated in the EU, where your funds will be insured for at least 20 000 EUR, as is the case with all CySEC brokers regulated in Cyprus.

 

With a FCA broker regulated in the UK on the other hand your insurance will cover up to 85 000  GBP of your funds, so here you may check our list of broker regulated there:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

As tested with a demo account, mirroring XSocio Markets Classic Account the benchmark EURUSD spread floated about 3,1 pips – 3,2 pips and that is almost three times higher then the levels traders would usually consider attractive with a standard, opening account. So definitely we are not impressed by the spreads and here you may check our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

XSocio Markets  says they accept payments with credit cards like VISA and MasterCard as well as Neteller and bank wire. It is interesting, however, that they do not mention Skrill and that is notable, especially after the money transfer company forced all brokers using its services, while targeting customer in Europe, to prove they hold a legit license. As we already noted XSocio Markets is not a licensed broker.

 

Conclusion:

 

XSocio Markets is a low credibility, unregulated, offshore broker, with which your money will not be safe. So once again, here we will repeat our usual advise to trade only with brokers, properly licensed and authorized by a legit financial regulator such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for XSocio Markets

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