Beware! XBPrime is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
XBPrime looks like your everyday common forex broker. We have encountered dozens of websites like this one that utilizes a similar template. The structure of the menus, the way the texts are laid out, and the overall feel of XBPrime, keep reminding us of how familiar this all feels. And we do not think this to be a good thing, because in a world of FX where 90% of brokers look alike, the real step forward is to adopt a visual style that sets you apart from all the rest. Read the review for more information.
The registration form was a reminder of brokers that turned out to be unregulated or offshore. Judging by this, we can start to see where the review for XBPrime is headed. Furthermore, the resulting client dashboard was also reminiscent of previous unlicensed brokerages that we had reviewed.
To our surprise, we were able to open a live account, and we actually opened a fully functioning MT5. Then we hit a wall. The name that the MT5 went under was in no way connected to the broker’s name, nor its holding company title. Immediately upon opening the MT5, the platform gave us a demo account, and when we tried opening a live one it only gave us one choice, a PSMH. We scouted the internet for some sort of info on this firm, and so far we found of evidence, and so far we found almost nothing on it.
Anyway, without risking to digress, the issue here is that technically XBPrime has no applicable trading conditions. Whatever the website reveals as a spread, leverages, or financial instruments cannot apply to a broker that has no trading software.
The website is available in English, Arabic, Vietnamese, Spanish, Japanese, Italian, Portuguese, and French.
XBPRIME REGULATION AND SAFETY OF FUNDS
XBPrime is the brand name of MARKETFINANCIALS LIMITED. The latter is located in Seychelles, and as such is regulated by the local Seychelles Financial Service Authority. It all checks out, and the broker is licensed by the overseer.
The Financial Service Authority has some requirements for its brokers that must be met in order to be regulated by it. One of the crucial ones is that all firms must be domestically incorporated with 2 shareholders and 2 directors present at all times on location. Another important prerequisite is a minimum capital holding requirement of $50 000 for all firms.
How can such a broker be regulated, you ask? The same question we ponder on also. The only logical assumption that can be arrived at is that XBPrime received its license not so long ago, and it still has to fix its services.
XBPRIME DEPOSIT/WITHDRAW TIME AND FEES
The user area reveals a minimum deposit of $50. The account funding methods are BitWallet, PayRetailers, WireTransfer, AstroPay, LetKnow, PerfectMoney e-voucher, CallPay, and credit card. For a licensed broker, so,e of these payment methods are too suspicious for comfort.
We could open an account is a total of 4 base currencies. The choices were GBP, USD, EUR, and JPY
Withdrawals are processed within one working day. The terms and conditions clearly mention that there are withdrawal fees and refer users to a fee section in the website that does not exist.
XBPrime does not constitutes a legal and fair forex broker. The firm behaves like an unregulated entity, which is ironic seeing that it is regulated. And this is the only thing that is having it from the pit that it illegitimate brokerage pile.
Nevertheless, we do not recommend to anyone XBPrime. You are risking your money and patience with unprofessional firms like this one. Give it some time, and come back to in the future to see if they have taken FX trading seriously.