Reason to avoid: No License.
Listed Date: October 14, 2018
Top 3 Regulated Forex Brokers
Beware XMarkets is a Non-Regulated Broker. It is NOT SAFE to trade.
- Company name:
Celestial Trading Ltd. XMarkets.
- Registration Address/ License:
Seychelles. No License or Regulation.
XMarkets is a Forex platform provider operated by Celestial Trading Ltd based in Seychelles while using a UK based firm as their payment provider, which is quite confusing. Obviously, due to its location, the company is not an authorized by any authority firm as simply Seychelles not regulating Forex business.
Even though the company claims its cutting-edge trading platform and the service delivery to trade the Forex to various investors, the quality can’t be guaranteed by the broker’s compliance with the required international standards.
Furthermore, the reputable UK authority FCA warns potential investors and clients about the XMarkets since the broker was detected to offer and provide its financial services without a necessary authorization within the UK jurisdiction and further. The flag on investment is based on its unregulated financial service delivery, while there is no any overseeing of the trading itself performed. Generally, we never advise trading with non-regulated companies as the financial investment is a high-risk business that requires compliance with the customer protection rules that are designed to be traded on a safe side.
“We believe this firm has been providing financial services or products in the UK without our authorization. You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
Earlier other authorities that oversee the Forex business within their jurisdiction issued a warning as well, which includes German BaFIN and other European regulators. Therefore, it’s recommended to choose among the FCA regulated brokers that deliver authorized trading environment with an FSCS coverage in case of the company insolvency and other sets of protecting rules.