XBMarkets (xbmkforex.com) is a fraudulent broker, with its domain registered on June 26, 2024. This fraudulent broker claims to provide investment services in markets such as precious metals, crude oil, forex, cryptocurrencies, stocks, and commodities, primarily serving residents of the European Economic Area (EEA), and excluding jurisdictions where local laws or regulations might be violated, including Belgium and the United States.
Company Registration Information and Regulatory Status
According to xbmkforex.com, the broker is registered in Cyprus, with its company entity being Redpine Capital Ltd and using XBMarkets as the trading name. The company claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), with license number 391/20.
Upon verification, the CySEC website shows that the company with license number 391/20 is indeed Redpine Capital Limited. However, its legitimate website registered with CySEC is www.xbmarkets.com, which is currently inaccessible. Moreover, the design and content of xbmkforex.com are almost entirely stolen from the website of broker Colmex Pro. Additionally, the "Why Redpine Capital Ltd" page on xbmkforex.com contains information about Morgan Stanley, likely aiming to mislead and confuse investors.
Trading Products
xbmkforex.com offers trading in various financial derivatives, including precious metals, crude oil, forex, cryptocurrencies, stocks, and commodities.
- Precious Metals: Gold, silver, platinum, and palladium are often considered safe-haven assets. Investors typically buy precious metals during times of market uncertainty to protect their wealth.
- Crude Oil: One of the most critical global energy commodities, widely used for energy production and industrial purposes. Crude oil prices are influenced by supply and demand dynamics, geopolitical situations, and economic data.
- Forex: The forex market is the largest financial market in the world, operating 24 hours a day without interruption.
- Cryptocurrencies: Digital or virtual currencies that use cryptography, such as Bitcoin and Ethereum. They are typically decentralized and not controlled by any government or financial institution.
- Stocks: By purchasing stocks, investors gain partial ownership and dividend rights in a company. Stock prices are typically influenced by company performance, market sentiment, and economic conditions.
- Commodities: Includes various raw materials and basic products such as agricultural products (wheat, corn, etc.), energy (natural gas, crude oil, etc.), and metals (copper, aluminum, etc.). Commodity market prices are influenced by global supply and demand, climate conditions, and geopolitical factors.
Account Opening Process
The steps to open an account on xbmkforex.com are as follows:
- Visit their website and click the "Open an Account" button on the homepage to access the account registration page.
- Fill out the email address and set the login password in the account application form, enter the verification code received, and submit to complete the registration.
- After logging into the account, users need to complete KYC identity verification to make deposits and start trading.
Account Types
xbmkforex.com claims to offer various trading accounts, including Multi-asset accounts, Stocks CFDs accounts, ST5 Accounts, Retail Traders accounts, and Professional Traders accounts.
Retail Traders
- Major currency pairs: Leverage of 1:30
- Non-major currency pairs, indices, and gold: Leverage of 1:20
- Commodities and metals other than gold: Leverage of 1:10
- Stocks and ETFs: Leverage of 1:5
- Cryptocurrencies: Leverage of 1:2
Automatic stop-out: 50% of account equity. The least profitable positions will be closed until the margin level exceeds the minimum requirement.
Professional Traders
- Currency pairs: Leverage of 1:200
- Metals other than silver: Leverage of 1:100
- Commodities, indices, and silver: Leverage of 1:40
- Stocks and ETFs: Leverage of 1:20
- Cryptocurrencies: Leverage of 1:5
Redpine Capital Ltd account: Positions will be closed when the account balance reaches $50.
ST5 account: Automatic stop-out when account equity reaches 10%. The least profitable positions will be closed first.
Trading Platform
According to public information on xbmkforex.com, they provide the ST5 trading platform, available only on web and mobile. By clicking the mobile download link on their website, the App Store shows a trading app named Tasafeokvr, and the Google Play download link is inaccessible.
Deposits and Withdrawals
xbmkforex.com claims to support deposits and withdrawals via VISA, Mastercard, Skrill, etc.
Conclusion
Traderknows alerts investors that XBMarkets (xbmkforex.com) is actually a fraudulent website that steals information from multiple brokers. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
