UK’s FCA warns against unregulated forex broker Broker XP

May 28, 2018 at 09:01 PM

One more warning from UK’s Financial Conduct Authority was issued recently. It concerns the forex firm Broker XP. According to the regulator, this broker has been providing financial products and services in the country without being authorized.

The company operates on the website and offers trading in many currency pairs and multiple CFDs. There is quite confusing information about the operating address on the website, which is in Hungary, Budapest, when the contact phone number is British. Broker XP is owned by two companies: M&A Mergers and Acquisitions Consultancy LP, located in Edinburgh, Scotland and Aviant Marketing Limited, incorporated on Marshall Islands. Most of the companies which have an offshore regulation turn out to be fraudulent, as getting the license cost much more cheaper and the requirements are not that strict. Many of such companies are outright scams, and even if they are not, their clients have no protection whatsoever if something goes wrong. Also the internet search gives the numerous negative reviews about the broker firm. Those who invested are desperately trying to get their money back, and unable to even reach the representatives of the company. All brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.

3 responses to “UK’s FCA warns against unregulated forex broker Broker XP”

  1. I initially invested small amount with BrokerXP (Chris R). Initially I was worried but it has been proved that the company and Chris have made me good profits to date and will be investing more in the future.

    Thank you!

    David Wilson
    10th of January 2020

  2. I have invested with Broker XP for about 4 months and although i had little to invest Chris of XP has proven to me very good results based on the small investment i have made, i will be investing more now i have full trust with XP (and Chris).
    Thank you
    David Wilson
    10th January 2020

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