Xpoken Review – All You Need To Know Before Investing With Xpoken Broker
There’s not a lot to say about Xpoken broker. The company is offshore, unlicensed, and operates without following any regulatory rules. For more information about its business and what to do if you have been scammed, read our Xpoken review.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Xpoken Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||XpTrade – proprietary platform|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About Xpoken Regulation?
According to Terms and Conditions, the company is allegedly owned by Xpoken Ltd from Saint Vincent and the Grenadines. Since this offshore country has an FSA, sort of a financial register, any new company has to sign up with them. Yet, Xpoken Ltd is nowhere to be found.
In addition, the country itself has no regulator but requires companies to apply for licenses in service countries. After checking with the FCA, ASIC, BaFin, and several more Tier1 authority bodies, we’ve determined that Xpoken is not regulated and operates without following any rules.
Fund Withdrawal Issues With Xpoken Broker
Of course, offshore investment firms choose far-away headquarters for a good reason. A lack of regulatory supervision and a good distance guarantee successful scams. That’s why Xpoken feels good about extorting money from clients and not paying out any profits.
If you decide to submit a withdrawal request, you may find yourself without access to your trading account. The broker tends to freeze accounts and never communicate with the client again.
Areas Of Xpoken Trading Scam
Mainly, Xpoken complaints come from France, Belgium, and Germany. Besides, we’ve seen comments from the UK, Australia and more. Basically, there are just a few restricted areas where the broker is not operating, while everyone else could be approached and defrauded.
Traders About Xpoken Scam
What could you say when involved with a scammer? The company has a terrific score on Trustpilot, 4.5 stars, which is why many investors are falling for the scheme. But if you check carefully, all the latest reviews are from France, a country we have already marked as Xpoken trading scam target. And all of them come from accounts with one review only – marvelous things about Xpoken. Should we believe such? Of course not.
Real reviews can be heard when talking to Xpoken customers who have lost their funds and cannot get them back since the company is not regulated.
Xpoken Assets and Markets
There are allegedly over 1,000 trading instruments, including:
- 90+ currency pairs
- Commodities, including precious metals
- Worldwide indices
- Cryptocurrencies like BTC, ETH, and XRP
- Over 1,000 shares
However, we wouldn’t believe these numbers. The leverage goes up to 1:400, which is against every regulation, while the spread is not disclosed. Yet, there’s no Demo account, so we’re limited in reviewing.
How Does Online Trading Scam Work?
Once you see an ad on Facebook or similar social media about investing $250 and making thousands in return, you should know that something is suspicious. After you sign up and leave your details, you will be pressured to invest without seeing the platform and without being left to check about regulations and more. All because Xpoken doesn’t really have one.
Then, you will be assigned with an account manager who will pretend to be your best friend while extorting everything you have in your bank. And in the end, when you ask this same account manager for withdrawal, the communication will stop and you will not be able to access your trading account again.
Scammed by Xpoken? – Tell Us Your Story
If you were scammed by Xpoken or a similar bogus broker, let us know. It’s important to know that you’re not the only one in this situation, and getting your money back is actually possible, based on our experience. Our chargeback specialist will assist you in filing a dispute.
But What Is A Chargeback?
This is a way for your bank to recover the funds from the merchant within up to 540 days of the fraudulent transaction occurring. Contact us via online chat to tell us your story, and let’s find the best refund solution for you! Note that our consultation is free and we will quickly evaluate your case quickly.
What Is Xpoken?
Xpoken is a CFD and Forex trading provider from an offshore country.
Is Xpoken A Scam Broker?
Xpoken is a fraudulent broker based offshore without an actual license.
Is Xpoken Regulated?
Xpoken is not regulated and provides unauthorized financial services.