Beware! XMarket 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.
XMarket is exactly the kind of broker we always urge readers to stay away from. This is just another unregulated enterprise that asks you to deposit and offers nothing in return – no company information, trading conditions information, or even a functional trading platform.
XMarket Regulation and Safety of Funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
XMarket is supposedly a Hong Kong-based broker. Legitime Hong Kong brokers have to be regulated by the local Securities and Futures Commission (SFC) – a strict financial regulator. A quick check of the regulator’s register proved that this was not the case.
The broker did not claim to be regulated anywhere else which is hardly surprising – everything, from the unsightly website to the lack of sufficient company information – screamed scam.
Our recommendation is to only trade with regulated brokers since those are generally far more reliable. Companies regulated in strict jurisdictions such as the UK, the EU, the US, Australia, Hong Kong, Canada, etc. have to meet a ton of requirements in order to prove their financial stability and reliability and have to report to authorities regularly. They are a much safer choice than scammers that have not met any requirements whatsoever and have done nothing to prove their trustworthiness.
XMarket Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
XMarket claimed to offer a web-based trading platform but we were unable to confirm that. When we tried to open an account, the broker’s website malfunctioned and would not allow us to proceed. This means we were not even able to check if the broker even offers a functional trading platform at all, let alone see what that platform looked like.
The platforms offered by such scam brokers are often very rudimentary anyway. What we would suggest is turning to a broker that offers well-known platforms like MetaTrader 4, MetaTrader 5, and cTrader instead. These platforms have a lot more to offer and would definitely provide a much better trading experience.
XMarket Trading instruments
XMarket offers access to popular markets such as Forex, Indices, Commodities, Stocks, and Cryptocurrencies – or at least that is what they claimed. We cannot be sure of anything the broker says without access to a platform.
XMarket Spreads and cost of trading
Since we did not get access to a trading platform, we are unable to say what sort of spreads this broker offers. We would like to point out, however, that plenty of legitimate brokers offer great spreads – sometimes even as low as 1 pip or less.
XMarket Maximum leverage
|XMarket broker||No information||No information||No information||No information||No information:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
XMarket did not say what the maximum leverage it offers is. We will still use this opportunity to remind you to always be careful with your leverage settings – trading with leverage higher than you can handle is likely to result in far bigger losses.
XMarket Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|PayPal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
XMarket did not say which deposit methods its clients would be able to use. Depositing with such shady brokers is a very bad idea anyway – avoid taking such risky actions.
Most legitimate brokers accept a wide variety of payment solutions such as credit/debit card, wire transfer, crypto, and popular e-wallets like Skrill, Neteller, and PayPal.
XMarket Minimum deposit
XMarket asked for a minimum deposit of €500 in order to open a standard trading account. This might not seem like that much but few brokers would ask for more than $250 these days. In fact, plenty of legitimate brokers would open an account for as little as $10.
XMarket Withdrawal requirements
XMarket did not mention having any sort of withdrawal requirements but be careful – such scammers often do. Some of them charge outrageous withdrawal fees – up to 20%. Others ask their clients to reach outrageous turnover requirements before allowing any withdrawals. Whatever the case, you should always read the Terms and Conditions carefully to make sure that the broker would not try to prevent you from getting access to your funds in this manner.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|XMarket / offshore brokers||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|