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Xpoken Review – All About Xpoken.Com Broker
Table of Content
Xpoken Review, a broker on whose website all legal documents’ links lead to nowhere is a broker worth avoiding. Xpoken is what it is, and this isn’t saying much. It’s one strength is also its downfall and that is the website.
Although very stylish and easy to go through, Xpoken’s site is also very limited in information. This wouldn’t be too bad if the broker were trustworthy, but as we are about to reveal Xpoken is anything but.
Registration is the first big issue. It is complicated and sometimes it does not work at all. Moreover, brokers that block certain users are known to be scams or parts of one. This is because they block access to their platform to any users that do not seem easily exploited.
Instead of facing allegations from these users, brokers like Xpoken simply block them to rid themselves of any trouble. This all suggests that you should stay away from them.
|Headquarters||Stoney Ground Road, St. Vincent, and the Grenadines|
|Review Rating||1 out of 5|
Is Xpoken Broker Safe for Your Money? Regulation
Well in short no. Your money is not safe because this broker is not regulated.
Although they are a little bit vague about it, as far as we understand from the broker’s presentation, they are owned and operated by an offshore company called Xpoken Ltd. Which is based on the sunny Caribbean islands of St. Vincent and the Grenadines.
There are two problems with this. First, there is no corporate background whatsoever, which along with the obscure contact address makes Xpoken completely anonymous.
Second, we should take into account the lack of a legit forex license, which renders Xpoken completely unaccountable for the way they handle their clients’ money. The website can just disappear at any given moment along with all clients’ deposits and you won’t be able to do anything about it.
What Trading Platforms Are Available?
When it comes to trading platforms all scammers use simple and pretty on-the-eye trading platforms. Why? Well, that is because it attracts newbies.
Xpoken offers a basic web-based platform. It offers only basic stuff and has not much to show. Every broker that does not have a MetaTrader 4 or Meta Trader 5 should be an immediate sign that you are dealing with a scammer. Both MT4 and MT5 are used by 90% of top brokers. That is because they are the best and offer the most.
The MetaTrader platforms give users an interface that they can customize to fit their style. It also has one-click trading, live-streamed prices, and many chart types. MT4 and MT5 are essentially the same, with key differences in some features. So all in all if you see a broker that is not using any of those you should stay away from them.
What Account Types are Offered at Xpoken?
While they do not have an amazing trading platform they sure do offer a lot of different types of accounts. They offer 6 different types of accounts and no demo account which is concerning.
Types of accounts Xpoken offers:
- Basic account – it cost $250
- Starter account – it costs $2500
- Premium account – it costs $10000
- Advanced account – it costs $25000
- Pro account – it costs $50000
- Vip account – it costs $100000
As you can see the minimum amount is $250 and the maximum is $100000. These are ridiculous prices considering that most top brokers will let you open up an account for just $5 to $10. This just shows how unprofessional Xpoken is.
Trading Instruments Overview
Xpoken offers basic trading. It doesn’t have anything mouthy related to cryptocurrency. It shows how incompetent they are. Most real brokers and even a large number of scam brokers offer this type of trade.
Regulated brokers do it because it is a must. However, scam brokers do it because it can not be traced and you can not get your money back. So on the other hand it is good that they only allow transfers via credit/debit card. That way you can get your money back. It is not easy but it is doable.
Funding Method at Xpoken
Xpoken says to accept payments with Visa, MasterCard, Skrill, and bank wire transfers. And as we said there is no cryptocurrency. That being said we still can not confirm that they accept all of these. That is because their site is unregulated and most of the reviews speak about how hard the funding methods are. This is happening because the site itself is not working from time to time.
How Do I Get My Money Back if I’ve Been Scammed by Xpoken?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you. Or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how they deceived you into depositing money for a non-regulated trading company. Mention also that they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers.
This Xpoken review was conducted to give you a good explanation of how this scam broker operates. The fact that they failed to provide even the most basic info like the address from which they operate is just one out of many red flags.
Additionally, they are operating without a license and follow no regulations and therefore offer no safety for your funds.
We also found many complaints about the broker online and all of them state that after depositing the money, the broker disappeared into thin air. Always be cautious where you invest your funds, and stay as far as possible from this unscrupulous broker
FAQs About Xpoken Broker
Is Xpoken a Scam Broker and Why?
Yes, Xpoken is a scam broker. They present themselves as being registered but they are not.
What Is the Minimum Deposit for Xpoken Broker?
The minimum deposit is $250.
How Long Do Xpoken Withdrawals Take?
On their website, they say about a week. That is a long time, but even that can not be trusted considering that you are dealing with an unregistered broker.