X Global Markets Review: What Is Up With This Broker?
Since we had similar cases before, we know exactly where the problem lies here. It has got to do with the fact that this company operates via an offshore domain.
Our X Global Markets Review will hopefully answer all your questions regarding this controversial broker and its business. By the time you reach the end, you will have figured out the dangers and risks associated with X Global Markets.
Which Website Domain Are We Focusing On Here?
XGlobalMarkets is a trading brand active across many jurisdictions in the world. This platform is operated by three different entities, i.e. companies depending on the jurisdiction. Thus, we have one in Cyprus (xglobalmarkets.com), South Africa (xglobalfx.co.za) and Vanuatu (xglobalfx.com). So is X Global Markets legit and which domain is reliable? That is what we will answer in the following section.
|Broker name||Reliable Broker Must Have|
|Legal name:||X Global Markets||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Regulated + Offshore Broker||Within your legal jurisdiction – local regulator|
|Registered in:||Cyprus, South Africa, Vanuatu||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2012||The older the domain – the higher the possibility the company is trustworthy|
|Websites:||xglobalmarkets.com,||Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings:||N/A||None|
|Contacts:||Phone, email, social media, web form||Phone, email, social media, web form|
|If withdrawal is possible:||Yes||Yes|
|Fees:||3.75 $ per lot||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Active||Often present on social media|
|Investor Protection:||Compensation fund (Cyprus)||Compensation fund|
Is X Global Markets regulated? The short answer is yes but we have some explaining to do. First of all, there are three different websites on which you can create an account with X Global Markets Ltd.
The company was founded in 2012 in Cyprus. It has branches registered in South Africa (regulated by FSCA), and Vanuatu (regulated by VFSC). It is important to stress that the Cypriot domain, i.e. the xglobalmarkets.com branch regulated by cysec, a reputable European financial market watchdog, is the most reliable one.
Follow the link we provided to see which domains are approved by CySEC and implement the rules and regulations of the European Securities and Markets Authority (ESMA), which proved to be the most effective for safe trading.
The problem arises if the broker redirects you to the offshore branch of Vanuatu. The regulations that the branch adheres to are nowhere near as strict as in Europe or South Africa. That makes xglobalfx.com pretty risky for trading. It may be a trap just like Interactive.
Furthermore, you may not be entitled to special benefits that the CySEC-regulated branch offers. We’re talking about negative balance protection, segregated funds, safe leverage (1:30), and most importantly, a compensation scheme (CySEC pays up to 20,000 EUR) in case something goes wrong with the broker.
X Global Markets Profile
|Account types:||XG Raw, XG Zero, XG Islamic|
|Financial Instruments On Offer:||
|Maximum leverage:||1:500 (offshore), 1:30 (onshore)|
|Minimum Deposit:||100 $|
|Commissions/bonuses:||3.75 $ per side|
|Education or Extra tools:||Courses|
X Global Markets offers MetaTrader 5 trading platform, which is one of the most widely used platforms in the industry. MT5 features advanced charting, automated trading, technical analysis tools, and a customizable interface, making it ideal for both beginners and experienced traders. There is a mobile version available for both Android and iOS systems too.
This company offers variable spreads that depend on the account type. For instance, the XG Raw spreads start from 0.2 pips and the broker charges 3.75 $ per lot on top of that. XG Zero account has zero commissions but the spreads start from 1 pip, which is also decent.
The leverage cap is 1:500 for the offshore branch and 1:30 for the Cyprus platform. Keep in mind that the former level is extremely high and risky. Trading with such high leverage is not recommended, it often ends up in the trader losing big money.
Trading Account Types
- Minimum deposit of 100 $;
- Spreads from 0.2 pips;
- Maximum leverage 1:500;
- Commissions 3.75 $ per side;
- Minimum deposit of 100 $;
- Spreads from 1 pip;
- Maximum leverage 1:500;
- Zero commissions.
- Minimum deposit of 100 $;
- Spreads from 1.2 pips;
- Commissions 4 $ per lot;
- Maximum leverage 1:200;
- Swap free.
Is This Broker Safe?
X Global Markets’ offshore branch is not reliable due to the lax regulations under which the platform operates. We believe that it is not safe. Instead, we suggest you trade on platforms regulated by top financial market watchdogs. In this case, it would be CySEC or even the FSCA.
The CySEC-regulated branch offers numerous benefits such as negative balance protection, safe leverage (1:20-1:50), segregated funds, and even a compensation scheme (up to 20,000 EUR). X Global Markets is not likely to provide all those benefits if you trade with the Vanuatu branch.
If X Global Markets stole your money, call us. Book your consultation with us today and we’ll go through your case.
Exposed by the Forex Peace Army
Here is why we do not trust X Global Markets. Namely, the Forex Peace Army (FPA) caught the broker bribing traders to write dishonest “positive” reviews. On forexpeacearmy.com, the admins stressed that from May 26 to June 3, 2021, there was an “extremely large number of positive reviews have been submitted for XGlobalMarkets. Many of these are suspiciously similar in their wording. Many contained text stolen from other reviews.”
The FPA has confirmed that this company offered clients a $30 bonus in exchange for a review. The FPA specifically forbids compensated reviews. Over 80 clients of XGlobalMarkets/XGlobalFX lied by checking that box.”
We don’t need to go any further into this. Bribing traders to write fake reviews? How is someone supposed to take this broker seriously after this? Please take this information into account if you are still interested in this broker.
How the X Global Markets Platform Reaches Clients and Who Are They?
X Global Markets has been active since 2012. The majority of clients using this broker’s services are mainly traders from the following countries:
- South Africa;
To reiterate, the South African branch is legit for South African traders but the Vanuatu domain is not reliable. Aside from a phone number and email, this company is also very present on social media (Facebook, Instagram, etc.). These platforms are the main means of reaching and communicating with potential clients.
Deposits and Withdrawal Methods
In terms of funding methods for deposits and withdrawals, X Global Markets offers the following payment methods:
- Credit/debit cards;
- Wire transfers;
- E-wallets (Neteller, Skrill, etc.).
The X Global Markets minimum deposit is 100 $ for all account types. There is also a risk-free demo account, which we recommend you try out if you’re still interested in this platform. It can be selected on the X Global Markets login page. As for the fees, the broker claims that it does not charge any deposit or withdrawal fees.
Reasons To Avoid This Company
We do not recommend you trade with the Vanuatu offshore branch of X Global Markets. The obvious reason is that this company tried to lie and boost its reputation with fake reviews.
This broker tried to bribe and deceive traders to make the whole thing seem more convincing and legit. Offshore jurisdictions have no strict regulations and are not credible in terms of trading security measures and rules.
If you’re still interested in this broker, make sure you open an account with the Cyprus branch since you will be entitled to compensation of up to 20,000 EUR if something goes wrong.
We can help you with that and also offer our fund recovery services.
Our Safe Trading Experts’ Opinion on X Global Markets
X Global Markets is a trading brand with offices in Cyprus, South Africa, and Vanuatu. The company was founded in 2012 and is mainly interested in providing services to traders from South Africa, India, and Botswana.
Our opinion is that this broker is not reliable since the FPA already exposed the lies, fake reviews, and bribery attempts. We are against the Orbex broker as well.
Getting your money back is possible via a chargeback. If you believe that you have been deceived by X Global Markets, book a free consultation with us and we will explain how you could get your money back.
Book your free consultation today and start the chargeback process.
Is X Global Markets Regulated?
Yes, X Global Markets is regulated in Cyprus, South Africa, and Vanuatu. However, the Vanuatu license is offshore and not credible enough.
What Is The Minimum Deposit For X Global Markets?
X Global Markets demands 100 $. If you made money with X Global Markets and cannot withdraw, contact us for help.
What Are The Different Types Of X Global Markets’ Accounts?
X Global Markets offers three different account types - XG Raw, XG Zero, and XG Islamic. There is also a demo account option.