XGlobalMarket – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
XGlobalMarket - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Upon researching the official website of the XGlobalMarket, you will come to know that this broker is no more than an unregulated entity because there is no indication that the broker is holding a legit license from any regulatory authority. Nowhere on its website does XGlobalMarket have mentioned the name of the company or the parent company behind the creation of this broker. There is only an indication that they are based in Cyprus while at the same time the number they have mentioned on the website is from the UK. Apart from this, there is not a single word mentioned about the regulatory status of this broker, which is a clear indication that it is an unregulated broker.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://xglobalsmarket.com/
Founded: 2017
Regulations: Unregulated
Languages: English, Arabic, and Russian
Deposit Methods: PayPal, Western Union, Visa and Master cards, Union Pay, and Neteller
Minimum Deposit: No information is given on the website. However, their minimum account starts from $500.
Free Demo Account: Yes
Number of Assets: No information given on the website
Types of Assets: Gold, Oil, Indices, Stocks, Forex, Cryptocurrencies, and Stock Indices
Trading Accounts and Conditions
There are five types of accounts offered by XGlobalMarket and their trading conditions are:
- Minimum Account: with a minimum deposit amount of $500.
- Standard Account: with a minimum deposit amount of $1000.
- Gold Account: with a minimum deposit amount of $5000.
- Platinum Account: with a minimum deposit amount of $10,000.
- VIP Account: with a minimum deposit amount of $100,000.
XGlobalMarket – Advantages
XGlobalMarket does not offer any advantages to the customers for investing money with them.
XGlobalMarket – Disadvantages
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An Unregulated Enterprise
Upon researching the official website of the XGlobalMarket, you will come to know that this broker is no more than an unregulated entity because there is no indication that the broker is holding a legit license from any regulatory authority. Nowhere on its website does XGlobalMarket have mentioned the name of the company or the parent company behind the creation of this broker. There is only an indication that they are based in Cyprus while at the same time the number they have mentioned on the website is from the UK. Apart from this, there is not a single word mentioned about the regulatory status of this broker, which is a clear indication that it is an unregulated broker.
On top of this, if the XGlobalMarket was registered in Cyprus, it should be registered with the CySEC or any of the national financial regulators from the EU states. While if the broker is registered in the UK as the contact number implies, the FCA authority of the UK should license it. Unfortunately, when the databases of both regulators were checked, it was clear that XGlobalMarket is registered neither in Cyprus nor in the UK.
Consequently, a broker without a legit license is a risk to all the investment and all the personal details provided. Hence, XGlobalMarket is a fraudster operating with an anonymous website.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poorly Designed Trading Platform and Non-Functional Website
One of the earliest signs that there is something wrong with the broker’s services is mirrored in its user dashboard area. After you sign-up and register an account with XGlobalMarket, you will be directed toward a half-broken user portal, which shows a warning sign that it is a swindler. The dashboard area has no traces of the trading terminal and there is no trading information mentioned anywhere. Hence, you cannot confirm whether the trading conditions mentioned on the website are accurate or not. Half of the links of the trading platform are broken, while the other half links, lead to a web-trading platform, which you will not be able to access because the trading account creation page does not exist at all. It means there is no way to access the trading platform that XGlobalMarket claims to offer and it is all a huge mess. You can look at all this mess in two ways: either the process is just broken and the website is non-functional, or the broker has a process of choosing its own users. It means such questionable firms like XGlobalMarket do this based on how willing the client is to deposit the money.
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Bonus Traps
What basically happens when you mistakenly register and choose to trade with an unregulated suspicious broker like XGlobalMarket is that an account manager will immediately contact you to convince you for depositing funds as much as you can by assuring you that the more you invest, the higher will be payouts. They may also trick you to believe that you are earning a lot of money by showing a growing balance in your account. However, dubious brokers can easily manipulate the account trading results. You will only come to know the reality when you will attempt to withdraw an amount and it will turn out that you are not eligible to withdraw the amount because of the bonus and the minimum trade volume requirement it comes attached with. Whatever the excuse they make, deceivers like XGlobalMarket will never allow you to withdraw even a single dollar. Furthermore, the XGlobalMarket’s website is completely and utterly devoid of any withdrawal details, which confirms the belief that the broker will not return the investments at all.
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Risky Spread Levels
Talking about the trading conditions offered by XGlobalMarket, if you try a free demo account you will find the benchmark EUR/USD spread at a fixed level of 3 pips, which when opened a position yielded a resulting actual spread as high as 8 pips which is simply a horrible figure to trade with. Trading at such high levels of spread increases the cost of trading which is of course not with the advantage of the investor. Hence, XGlobalMarket’s starting spread level is acceptable only if there is no trading commission and the spread is lower than 1.5 pips for a standard account.
Conclusion
XGlobalMarket presents itself as a well-established award-winning forex broker, which was founded back in 2011. They offer a wide variety of trading accounts with attractive leverage and a large selection of trading instruments on a web-based platform. Although all these facts show an alluring offer, however, you should be aware that XGlobalMarket is a suspicious broker operating with no legit license and an anonymous website.
Consequently, due to the fraud evidence stated above it is advised not to trade with this unregulated broker having zero credibility. Instead, choose authentic and legit forex brokers who are working under renowned and reputable financial institutions, such as CySEC in Cyprus and FCA in the UK.
XGlobalMarket
Pros
- None
Cons
- An unregulated enterprise
- Poorly designed trading platform and non-functional website
- Bonus traps
- Risky spread levels
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.