Updated on April 19, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Broker XP due to the issues we've identified.
Is Broker XP Scam or Legit Broker? ▲
Trading with Broker XP is not advisable, as it is an unregulated entity. Furthermore, there are allegations pointing towards fraudulent activities. Upon investigating the company, we discovered a lack of authorization or registration for its stated address, raising red flags about the company's operations possibly being conducted from an undisclosed location.
Broker XP is a trading entity owned by Avant Marketing Limited, operating as an offshore forex broker from the Marshall Islands under a local Banking Commission license. Additionally, it claims association with M&A Mergers and Acquisitions Consultancy LP based in Edinburgh, Scotland, although no evidence supports its authorization in the UK. Engaging with a broker licensed in the Marshall Islands poses significant risk due to the minimal financial requirement of $2,000 for obtaining such a license. This is in stark contrast to the Financial Conduct Authority in the UK, which mandates a licensing fee of $50,000, along with a capital reserve of $100,000 separate from client deposits.
After extensive research involving over 1000 brokers, our findings strongly suggest that Broker XP lacks the safety and reliability required of a broker due to its unregulated status and sole operation in an offshore jurisdiction.
Our most recent update indicates that Broker XP is no longer operational, with its website being inaccessible. There is no available information to confirm whether the broker continues to operate. We strongly advise against engaging with offshore-based brokers, given their inherent instability and the absence of stringent regulations to ensure the safety of funds. Traders are encouraged to seek out brokers that are well-regulated in jurisdictions known for their stringent oversight, such as Australia.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Broker XP Review 2024
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