XForex Review (2023)

Is XForex a scam or legit broker?

It is not safe to trade with XForex, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

Xforex is a Belize established and registered company that states its compliance with international regulatory standards through its operation via Xtrade International Ltd (ex. Financial Arena Ltd) that is regulated by the International Financial Services Commission in Belize.

Nevertheless, the IFSC considered to be an offshore regulation authority that does not set strict performance criteria or compliance with the highest level of the client protection. 

Belize as a gorgeous tourist destination, while also is a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.

Therefore, the traders are strongly advised to open an account only with the reputable world registered companies that are licensed by the serious authorities are Regulated Forex Brokers and deliver the range of guarantees that protect clients from the frauds.

Even though the Xforex Broker claims that the company is fully licensed and registered and the clients’ funds are fully segregated along with the other necessary money protection set of rules, there is no guarantee provided as for the money management due to the lack of regulation.

The company doing its best to offer a competitive trading condition with a range of trading accounts, attractive deposit requirements and provided an award-winning platform to access multi-asset trading on a range of CFDs.
Moreover, the website of Xforex in redirecting to XTrade, which is a parent company of the brand that earlier performed various promotions and marketing campaigns, as well as operated via a range of international companies while targeting worldwide clients.

Overall, the company is quite confusing about their proposals and the reliability itself, previously Xforex had received warnings from various authorities due to its unregistered nature while offering or advisory services to the residents of particular zones or jurisdictions.

“We became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.” BCSC

We advise all investors and traders to avoid Xforex and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

You can also share your trading experience with Xforex by commenting on this review.