Broker XP Review Scam Complaint
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Broker XP is a forex and CFD broker. It is an offshore unregulated broker offering almost all the popular and major financial assets. Broker XP is owned and operated by Mergers and Acquisition Consultancy LP which is based in Edinburgh. Broker XP claims having well experience in the forex market and provides its clients the best financial services accompanied with excellent client experience in trading. Whereas, things look a lot different from what the broker claims so we have presented a detailed review about the broker to help you understand better.
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About the Broker XP:
Broker XP is an unregulated Edinburgh based broker which is only registered in the UK, and it is not authorized by the UK’s local Financial Conduct Authority (FCA). However, there is one more company associated with the broker Broker XP that is Aviant Marketing Limited, which is also incorporated offshore, and that too on the Marshall Islands and allegedly acts as a General partner appointed of Mergers and Acquisitions. The broker doesn’t offer different types of account for trading, rather a single Standard account. Broker XP supports and provides its clients the highly praised MetaTrader 4 platform.
One advantage of this broker is that it has rich and diversified financial product portfolio. Broker XP offers trading in great number of currency pairs and a wide range of CFDs, including on commodities, indices, stocks and a number of cryptocurrencies. Surprisingly, the most popular and the largest in value, Ethereum and Bitcoin are seemed to be missing. The maximum leverage ratio provided by the broker is 1:200, which would seem to be enough for most of the traders, and actually is not dangerously high. Moreover, Broker XP doesn’t provide any information regarding the actual cost of trading and mentioned that the spreads start at 0 pips. While most of the forex brokers in the market allow the newcomers to try their service with initial deposit in the range of $50-$100, Broker XP requires an deposit of $500 which is way too much.
Is Broker XP legit or scam?
Broker XP is an offshore and unregulated broker and offshore/unregulated brokers can do whatever they like with your money that you have invested. Despite of being based in UK, the local financial authority FCA has issued a warning against it, stating that the broker is providing financial services in the UK without their authorization. Therefore, the broker is a scam.