FX Markets Xchange

Caution Investors FX Markets Xchange – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)

FX Markets Xchange Review: Is It a Legit Broker?

Overview:

FX Markets Xchange is a forex and CFD broker that claims to offer trading on over 200 instruments, including currencies, commodities, indices, stocks, and cryptocurrencies. The broker also claims to provide low spreads, fast execution, and various account types to suit different trading styles and preferences. However, before you decide to open an account with FX Markets Xchange, there are some important things you need to know about its regulation and compliance, customer reviews, products and services, location, customer service, and conclusion.

Regulation and Compliance:

One of the most important factors to consider when choosing a broker is its regulation and compliance status. A regulated broker is subject to the oversight and supervision of a reputable financial authority that ensures the broker follows certain rules and standards to protect its clients’ funds and interests. A regulated broker also provides a level of security and transparency that an unregulated broker cannot.

Unfortunately, FX Markets Xchange is not a regulated broker. In fact, it has been flagged by the Alberta Securities Commission (ASC) as an entity that may be operating in or targeting Alberta residents without proper registration or authorization. The ASC issued an investment caution list on 21 Sep 2023, warning investors to exercise caution when dealing with FX Markets Xchange or any related website, such as fxmarketsexchange.com. The ASC also advised investors to check the registration status of any person or company offering securities or derivatives in Alberta before investing.

Customer Reviews:

Another factor to consider when choosing a broker is its customer reviews. Customer reviews can provide valuable insights into the broker’s reputation, performance, reliability, and customer satisfaction. A good broker should have mostly positive reviews from its clients, as well as respond to any complaints or issues in a timely and professional manner.

However, FX Markets Xchange does not have many customer reviews online. The few reviews that are available are mostly negative, accusing the broker of being a scam, a fraud, or a Ponzi scheme. Some customers have reported losing their money or being unable to withdraw their funds from the broker. Others have complained about the broker’s poor customer service, high fees, hidden charges, or false promises. There are also allegations that the broker uses fake testimonials, awards, or endorsements to lure unsuspecting customers.

Products and Services:

Another factor to consider when choosing a broker is its products and services. A good broker should offer a wide range of trading instruments, platforms, tools, and features to cater to different trading needs and preferences. A good broker should also offer competitive trading conditions, such as low spreads, high leverage, fast execution, and no requotes or slippage.

However, FX Markets Xchange does not offer many products and services that would appeal to serious or experienced traders. The broker only offers one trading platform, which is a web-based platform that lacks many advanced features and functionalities that other platforms offer. The broker also does not offer any educational resources, market analysis, trading signals, or social trading options that could help traders improve their skills and knowledge. Moreover, the broker’s trading conditions are not very attractive either. The broker charges high spreads that can vary depending on the market conditions and the account type. The broker also imposes high fees for withdrawals, inactivity, or maintenance. Furthermore, the broker does not disclose its leverage ratio or margin requirements clearly on its website.

Location:

Another factor to consider when choosing a broker is its location. A good broker should have a physical address and contact details that can be verified easily. A good broker should also operate in jurisdictions that have strong regulatory frameworks and investor protection schemes.

However, FX Markets Xchange does not have a clear location or contact details. The broker’s website does not provide any information about its physical address or phone number. The only way to contact the broker is through an online form or an email address. The broker’s website also does not mention where it is registered or incorporated. The only clue about its location is a disclaimer at the bottom of its website that states that the broker is owned and operated by FX Markets Xchange Ltd., which is registered in St. Vincent and the Grenadines (SVG). SVG is an offshore jurisdiction that has lax regulations and oversight for financial services providers. SVG does not require forex brokers to obtain licenses or follow any rules or standards regarding capital adequacy, segregation of funds, reporting requirements, or dispute resolution mechanisms.

Customer Service:

Another factor to consider when choosing a broker is its customer service. A good broker should have a responsive and helpful customer service team that can assist clients with any questions or issues they may have regarding their accounts or trading activities. A good broker should also provide multiple channels of communication for its clients, such as phone calls, live chats, emails, or social media.

However, FX Markets Xchange does not have a good customer service team. As mentioned earlier, the only way to contact the broker is through an online form or an email address. The broker does not provide any phone number or live chat option for its clients. The broker’s email response time is also very slow and unprofessional. Many customers have reported that the broker’s customer service team is rude, unhelpful, or even abusive. Some customers have also claimed that the broker’s customer service team has ignored their requests, blocked their accounts, or threatened them with legal action.

Conclusion:

In conclusion, FX Markets Xchange is not a legit broker. It is an unregulated broker that has been flagged by the ASC as a potential scam. It has also received many negative reviews from its customers who have accused it of being a fraud or a Ponzi scheme. It does not offer many products and services that would appeal to serious or experienced traders. It also does not have a clear location or contact details. It operates in an offshore jurisdiction that has lax regulations and oversight for financial services providers. It also has a poor customer service team that is unresponsive and unprofessional.

Therefore, we do not recommend FX Markets Xchange as a broker for anyone who wants to trade forex or CFDs online. There are many other brokers that are more reputable, reliable, and regulated than FX Markets Xchange. You should always do your own research and due diligence before investing your money with any broker.