Xpoken is a CFD and FX broker that was launched in 2021. Apparently, it has headquarters in St. Vincent and the Grenadines, which we know by now that it’s a scam haven.
The broker says that it provides full and professional investment services. In addition, they claim to provide a secure and UI-friendly online trading environment. Apparently, you can trade at your pace and limits with a rich supply of investment options.
With its software, XpTrade, you can allegedly select from a spectrum of assets such as currencies, stocks, commodities, energies, and much more. Let’s stick to this Xpoken review to find more details.
|Leverage||up to 1:400|
|Headquarters||St. Vincent and the Grenadines|
Regulation and Security at Xpoken
XPoken broker is located on the Caribbean Island of St. Vincent and the Grenadines. However, there is no regulating body providing any supervision in this jurisdiction. This may be troubling to some traders. Apparently, it does offer the traders the power to access much greater leverage than those firms that fall under MiFID requirements.
The absence of regulation is often overblown too, as the broker is well conscious that it needs to provide a fair service if it wants to continue drawing in new clients.
This broker is not to be trusted. It is much more advisable to trade with a regulated broker.
Trading Software Overview
This broker offers the XpTrade trading software for PC, android, ios, and iPad devices.
- More than 500 assets to trade
- Zero slippage, zero requotes
- Leverage up to 1:400
- Available on Windows, Android, and Apple
Xpoken Account Types Offered
There are six account tiers offered by Xpoken that may appeal to people who enjoy increasing perks as their account size increases. The company offers a basic ‘Student Account’ with a $250 minimum deposit requirement. The accounts are as follows:
|Broker||Xpoken||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposit and Withdrawal Process
Apparently, the minimum deposit for the basic account is $250. This is relatively okay.
Sadly, nothing else on the site discloses any payment data. There are no deposit or withdrawal details that would be of any help, and the full lack of legal papers only hampers further understanding.
It is a fact that most fake brokers today offer some type of crypto payment option, cards, and wire transfers, but not always. There are almost always concealed withdrawal fees!
As a matter of fact, Xpoken is a very straightforward scam broker. All the resources it has pulled have been applied to creating appealing web pages with some mild colors. Clients will find nothing useful here, except dissatisfaction and bad experience.
How Is The Scam Carried Out?
Fraudulent FX brokers, also known as “scams” or “blacklisted” brokers, often use a variety of tactics to deceive and defraud naive traders. One common tactic is to offer unrealistic returns on investments, promising traders that they will make huge profits quickly. In reality, these promises are often too good to be true. Moreover, they are used to lure traders into depositing funds into the broker’s account.
Another tactic that fraudulent forex brokers use is to manipulate the trading platform in their favor. This can include rigging the prices of currency pairs, delaying or refusing to execute trades, and even blocking traders from withdrawing their funds.
These actions can make it impossible for traders to make a profit. What’s more, this can result in significant losses.
Scammy forex brokers may also use high-pressure sales tactics to convince traders to deposit more money into their accounts. They may claim that the trader needs to make a larger deposit to be eligible for a special bonus or to access exclusive trading strategies. In reality, these bonuses and strategies do not exist, and the trader’s deposit will simply be used to fund the broker’s fraudulent activities.
There Is More to This
To avoid falling victim to a fraudulent forex broker, traders need to do their due diligence before depositing funds. This includes analyzing the broker’s reputation, checking for regulatory compliance, and reading client reviews. This is a fact.
It is also important to remember that there is no such thing as a risk-free investment and that all types of trading carry a certain level of risk. Even legitimate and regulated forex brokers can experience losses, so traders should always be prepared to lose some or all of their invested funds.
In conclusion, scammy forex brokers are a serious problem in the industry, and traders must be vigilant in order to protect themselves. By being aware of common tactics and doing their research, traders can reduce the risk of falling victim to a scam. Remember that no investment is risk-free and that it is important to be realistic about the potential returns on your investments.
Forex Broker Recommendations
Check out this list of exceptional and reliable brokers. They have been vetted for safety and credibility. Discover which ones they are now!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
In conclusion, the Xpoken forex broker should be avoided. Despite claiming to have a location in St. Vincent and the Grenadines, it is likely that this location is fake.
It is not advisable to trade with this broker. Why? It is not trustworthy and it may put your investments at risk. Always do your due diligence and research a broker thoroughly before investing. It’s always safer to stick with a regulated and well-established broker.
FAQs About Xpoken Broker
Is My Money Safe With Xpoken?
It is not recommended to deposit money with Xpoken as it is a fake forex broker; therefore, it’s not safe to trust them with your money.
Are My Personal Details Secure With Xpoken?
As Xpoken is a fake forex broker, it is not safe to trust them with your details. It is possible that they may not have proper security measures in place to protect your information.
How Long Do Xpoken Withdrawals Take?
Since this is a scammy broker, it is not recommended to deposit money with them, and therefore, withdrawals are not possible.