XBMarkets is an online foreign exchange broker established in Cyprus in 2022, offering a diverse range of financial trading services, including foreign exchange, precious metals, crude oil, and more. However, the platform lacks regulation, and the company's transparency is low. The official website of XBMarkets is: https://xbmkfx.com/index.html
XBMarkets Company Background:
XBMarkets' registered entity is XBMarkets. According to information obtained from Whois, the domain name for the company's website was registered on November 6, 2023. The official website claims the company address is at Vasili Michaelidi 21-23, Areti Tower, 2nd Floor, 3026 Limassol, Cyprus. In reality, it is located at Αργύρη Εφταλιώτη, 1, RAVICO BUILDING, Floor 1, 3085, Λεμεσός, Κύπρος, indicating false advertising by XBMarkets. Traders are advised to conduct further investigations and verifications before making any decisions, to ensure they obtain accurate company information and minimize potential risks.
XBMarkets Regulatory Information:
Regarding regulatory information, XBMarkets claims to be regulated by the Cyprus Securities and Exchange Commission with the number 391/20. However, in reality, XBMarkets is not regulated, making this claim untrue.
XBMarkets Account Opening Process:
First, visit the XBMarkets official website and click "Open an Account" at the top right corner.
Then, click "Register" at the top right corner.
Follow the steps to fill in information (such as email, password, etc.) to complete account registration.
XBMarkets Trading Products:
XBMarkets offers a variety of trading products, such as precious metals, crude oil, foreign exchange, cryptocurrencies, stocks, and commodities. However, it lacks detailed information on specific product details, such as trading fees, which potential investors should consider regarding the transparency of its products.
XBMarkets Trading Platform:
XBMarkets offers the ST5 trading software, although it lacks a detailed introduction to its features and user support, providing a potential trading tool for investors.
XBMarkets Deposit and Withdrawal Process:
XBMarkets does not provide specific details on the deposit and withdrawal process, which could pose an obstacle to investors in managing their funds, increasing the uncertainty of using the platform.
XBMarkets Customer Support:
Although a customer service email is provided (support@xbmkfx.com), the quality and responsiveness of customer service remain unknown due to the lack of effective regulation and transparency.
Conclusion:
The XBMarkets case highlights the crucial factors of regulatory compliance, company transparency, and the quality of customer service that must be considered when choosing a forex broker. Investors should conduct thorough investigations to ensure the legitimacy and reputation of the broker to safeguard their investments. Currently, XBMarkets is listed as "Suspected Fraud" on Traderknows.
