Xpoken site is owned by a company named Xpoken LTD supposedly situated in St. Vincent and the Grenadines. Some fictional PO box number is listed on the site too.
By providing such useless information, this trading site is suspicious right from the start. Don’t forget that as soon as you start suspecting a brokerage company, you can immediately check if they’re regulated by visiting the jurisdictional regulator’s database.
By simply searching the respected database for a company with the name, those interested can quickly make sure if the broker in question is regulated or not.
And this is exactly the case with the non-regulated brokerage firm called Xpoken.
|Address||St. Vincent and the Grenadines|
Xpoken Reliability: Regulation and Fund Security
The simplest and the truest answer you can get to your question about funds security is: no, your funds are not safe.
The unregulated online trading platforms are straightforwardly not safe, and neither can they help you grow your funds.
Behind an unlicensed company is a scammer, simply looking to take your money and get away with it. That is their only goal and purpose in creating these kinds of websites.
They attract potential victims by making big promises of earning hundreds of dollars daily. The point is to just be convincing enough to make you deposit money, and of course to keep investing, because that means they generate more profit.
What Trading Platforms Does Xpoken Offer?
The trading platform advertised on the Xpoken website is XpTrade, for which they claim to be a ‘’multi-asset platform and number 1 across the globe’’!
If that doesn’t sound pretentious enough, even for a scammer, a site visitor can try to take a closer look at this supposedly outstanding platform.
Xpoken claims that this platform they offer provides you with the following:
- More than 500 financial instruments to trade
- No slippage, no requotes
- Flexible leverage up to 1:400
Besides these remarkable promises, they say that it is ‘’the most advanced’’ and that it’s compatible with Windows, Android, and Apple. What more can a customer want, right?
Please never fall for these unreasonable claims. If you are in doubt, just choose the superior MT5 which is basically the industry standard.
Trading Accounts Available with Xpoken
There are six different account types to choose from when joining Xpoken:
Which account you choose depends on your amount of initial deposit, with Student requiring a minimum deposit of $100 and VIP requiring an insane $1 000 000 deposit.
Of course, the more you’re willing to pay the bigger and more appealing promises you get in terms of service.
Sadly, you will not get any of the promised commodities, no matter the deposit you’re willing to invest.
Deposit and Withdrawal Procedures at Xpoken
As mentioned above, the minimum deposit required on Xpoken is $100. What is known about most shady brokerage sites nowadays is that they only allow depositing in cryptocurrencies. This is because depositing this way is irreversible.
As for the withdrawal, the site declares that it ensures fast and easy withdrawals with no additional fees. However, their Terms & Conditions page clearly shows that withdrawal depends on the infamous required trading volume.
And if you haven’t met the required trading volume all your bonuses will be forfeited, too.
Here Are Some Details About How The Scam Works
Fraudulent brokers possess impressive negotiating skills, all serving to convince you to entrust your funds with their professional traders and account managers.
They will help you earn hundreds a day and increase your beginning cash many times fold. In case an investor falls for this delusion, they are dragged into a vicious circle that only brings them loss.
Always be on the lookout for shady brokerage firms promising unreasonable profit and trading conditions. Online trading always brings a certain risk, but dealing with scammers only brings certain losses.
Forex Brokers That Are Extremely Recommended
The internet is overwhelmed by countless fake trading sites and platforms committed to cyber theft. In order not to become yet another victim of the fraudulent scheme, be advised to always do additional research and go to companies with the best rating and reviews.
Some of them can be found in the table below.
|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|
Since this offshore company with no license and regulation is yet another scammer in the sea of online fraudsters, the best advice that can be given is to avoid them at any cost.
No matter how attractive their offers are, the services and profit they supposedly provide, please, do not fall for it. Nothing that good can be true or achievable as easily as they claim.
Protect yourself from becoming a victim of cyber theft by informing yourself enough before making any decision about investing.
If you have dealt with scammers before or fallen victim to their shady business, spread your knowledge and help others not experience the same.
Try to contact authorities to get help as soon as you’re suspecting you’re being scammed and beware of ever-advertised recovery agents.
Those can again be just another form of scamming scheme and work tightly with other cyber thieves and untrustworthy brokers.
FAQs About Xpoken Broker
How Much Is The Xpoken Minimum Deposit?
The minimum deposit on the Xpoken website stands at $100 for the basic account.
What Trading Instruments Are Available at Xpoken?
Trading instruments available are currencies, commodities, stocks, indexes, etc.
What Account Types Does Xpoken Offer?
There are six different account types to choose from when joining Xpoken – Student, Starter, Premium, Advanced, Pro, and Vip.