February 5, 2024

XSMarkets Reviews Is It a Scam or Legit Broker? Expert Findings

XSMarkets Homepage

Think of trading with XSMarkets.com platform? Really want to find more details before choosing the broker? You can carefully read the XSMarkets reviews to know about this forex broker whether to use or not.

This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

What is XSMarkets FX?

XSMarkets FX otherwise known as XSMarkets.com is an offshore brokerage operating with the trading name XS Markets Ltd  previously known as Rockfrost Ltd with a lot of promises for forex traders. The forex company claims that the company is based in Limassol, Cyprus and hold regulation by the Cyprus Securities and Exchange Commission CySEC.

What is more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

Some Findings about XSMarkets.com Broker Regulation

First of, XSMarkets claims to be fully regulated by CySEC, one of the world’s top regulators and one of Europe’s favorite.

To clear our suspicions, a check on the CySEC database shows that we discover the same legal details as on XSMarkets, which can only lead us to one single conclusion: that XSMarkets is a remarkably crafted clone site.

Furthermore, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

XSMarkets Minimum Deposit

XSMarkets deposit is pegged $200 based on its account type. Just to put a comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.

As for the funding methods, XSMarkets claims to accept a different payment options such as Mifinity, Skrill, Neteller, credit cards, and debit cards.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

XSMarkets Withdrawal process And Trading Software

XSMarkets withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements  that must be met before a withdrawal.

XSMarkets offers both the industry standard softwares MT4 and MT5, but there were no links on the website to support this claim.

Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

XSMarkets also states that its leverage is capped 1:30. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

XSMarkets Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Bottom Line

XSMarkets located at XSMarkets.com claims to appear like a trustworthy trading broker, however, you should not take the words they say. It is a non-regulated cryptocurrency broker offering financial services to clients. By all appearances, the advice to traders remains to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

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