XMarkets Review (2023)

Is XMarkets a scam or a legit broker?

XMarkets is a 100% fraud company (Find the forex scams list). The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade XMarkets. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions (Check Alpari broker review here) or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

XMarkets is a Forex platform provider operated by Celestial Trading Ltd based in Seychelles while using a UK based firm as their payment provider, which is quite confusing. Obviously, due to its location, the company is not an authorized by any authority firm as simply Seychelles not regulating Forex business.

Even though the company claims its cutting-edge trading platform and the service delivery to trade the Forex to various investors, the quality can’t be guaranteed by the broker’s compliance with the required international standards.

Furthermore, the reputable UK authority FCA (Read about FCA regulated Exness broker & FXOpen broker review) warns potential investors and clients about the XMarkets since the broker was detected to offer and provide its financial services without a necessary authorization within the UK jurisdiction and further. The flag on investment is based on its unregulated financial service delivery, while there is no any overseeing of the trading itself performed. Generally, we never advise trading with non-regulated companies as the financial investment is a high-risk business that requires compliance with the customer protection rules that are designed to be traded on a safe side.

“We believe this firm has been providing financial services or products in the UK without our authorization. You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

FCA, February 2018

Conclusion

Earlier other authorities that oversee the Forex business within their jurisdiction issued a warning as well, which includes German BaFIN and other European regulators. Therefore, it’s recommended to choose among the FCA regulated brokers such as Infinox, that deliver an authorized trading environment with an FSCS coverage in case of the company insolvency and other sets of protecting rules.