Broker XP – Can You Trust Them?

Website URL: www.brokerxp.com

Founded: 2017

Regulations: Unregulated

Languages: English

Deposit Methods: Credit/Debit Card, Rave by Flutterwave

Minimum Deposit: $1,000

Free Demo Account: Yes

Number of Assets: 100+

Types of Assets: Cryptocurrencies

Trading Accounts and Conditions

Broker XP has provided no details about the types of trading accounts it offers. Furthermore, there are no trading terms mentioned anywhere on this broker’s website. And since we could not download its trading platform, we were unable to find out what the trading conditions are.

Broker XP – Advantages

Traders will find no advantages in doing business with Broker XP.

Broker XP – Disadvantages

The following are the disadvantages of Broker XP:

• Unlicensed Broker

On the broker’s Signup page, there are two pieces of information mentioned. The first is that Broker XP’s operating address is in Lithuania. The second piece of information is the name of a company – Aviant Marketing Limited – which is based in the Marshall Islands.

Besides these two pieces of information, we know nothing else about Broker XP. The Terms and Conditions do not mention any company name, so if you sign up with this broker, you do not know which entity you are contracting with. There is no contact number available either. We also do not know if Aviant Marketing Ltd is the parent company or not.

In essence, this broker is anonymous.

Even if we assume that Broker XP’s parent company is Aviant Marketing, Marshall Islands does not have regulations in place for forex and cryptocurrency brokers such as this. So, to operate legally, this broker requires a license from a financial authority that does regulate companies that offer such services.

Unfortunately, with the exception of a single line that states that Broker XP is registered in the Marshall Islands, there is no evidence that this broker is regulated in any way.

Thus, we can conclude that Broker XP is an anonymous broker that is completed unregulated.

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• Client Information Shared With Third Parties

Broker XP states that it will share your personal information with third parties for two purposes:

• So that they can offer you their services through Broker XP’s platform, and
• To help these third-party companies connect with you.

The problem with this is that the broker does not specify the kinds of third-party companies that it will share your information with.

Regulated brokers are prohibited by law to share their client information with third parties unless expressly allowed to do so. And even in these cases the broker is required to mention the name of the third party that your information is going to be shared with – after your permission has been granted.

• Trading Platform Not Accessible

Broker XP claims to offer its clients the MetaTrader 4 trading platform.

Had this been the case, it would have been a huge plus for the broker. This is because the trading platform is the world’s best. The MT4 software has a range of features that make it perfect for all kinds of traders – novices and experts. You get charting options, market analysis tools and even trading bots for automatic trading.

However, we were unable to download the platform, so we do not know for sure whether the platform actually works or not.

• Very High Minimum Deposit Requirement

There is absolutely no information provided on Broker XP’s website about the types of accounts it offers. So, we can only assume that there is only one account type. And it was only after registering that we found out that the minimum deposit requirement is $1,000.

This amount is more than 4 times the market average. For our readers’ information, the minimum deposit that most regulated brokers require ranges from $100 to $250.

• No Trading Conditions Given

Since we were unable to download the trading platform offered by Broker XP, we could not see for ourselves what the trading conditions offered by this broker are.

And since this broker has not provided this information on its website, we do not know anything about the trading costs you will incur when you use this broker’s platform.

• Unusual Deposit Conditions

Broker XP has some strange deposit conditions. Here are a few examples:

• You may only deposit funds into your account using your credit or debit card or via the payment gateway called Rave by Flutterwave. Other more popular payment options such as bank wire, and e-wallets such as Skirll or Neteller.
• Broker XP states that it can give you a credit of 35% of up to $1,500 at its sole discretion.
• If you cancel a deposit, you will be charged $30.

• Unfair Non-Deposited Funds Clauses

All funds in your account that haven’t been deposited directly by you are classified as Non-Deposited Funds. And all bonuses qualify as such funds. The conditions on these funds are unfair as you can see:

• All profits you have made using non-deposited funds cannot be withdrawn.
• If you wish to withdraw your funds if you have accepted non-deposited funds – in this case bonuses – then you must trade 30 times the amount you have deposited before you will be allowed to withdraw your money.

• Unfair Terms and Conditions

The Terms and Conditions laid down by Broker FX are very disadvantageous for traders. If you contract with this broker, you will not be allowed to make chargebacks. Furthermore, this broker states that it reserves the right to change its terms and conditions at any time and without giving its customers any notice. And finally, it has an indemnification clause that absolves the broker of any responsibility in case you suffer losses because of the broker.

Conclusion 

Broker XP is not a broker that you can trust. It is unregulated, more or less anonymous doesn’t seem to have a working trading platform and has very unfair terms and conditions. We would advise all traders to stay away from this broker.

Broker XP

2.5

User Experience

3.2/10

Payment Options

2.3/10

Security

2.4/10

Support

2.2/10

Reputation

2.3/10

Pros

• None

Cons

• Unlicensed Broker
• Client Information Shared with Third Parties
• Trading Platform Not Accessible
• Very High Minimum Deposit Requirement
• No Trading Conditions Given