Should You Trade with Broker XP?
Broker XP has been the subject of an FCA and FINRA warning. This broker has no license and it is a suspected clone broker, which means they took a name similar to a regulated broker to fool people into trading with them. Broker XP is mainly promises but doesn’t provide any information about itself. This lack of transparency is a reason to suspect Broker XP. After all, if this broker were legitimate, why would it have so much to hide?
We Have Found Some Problems with Broker XP
Broker XP has received many client complaints. Although many reviews are fake, these are direct complaints, rather than reviews, and certainly have gotten the attention of major regulators. We take these seriously also because they are about a broker that has no license and doesn’t reveal any information about who runs it. We therefore recommend that you research a regulated broker and open an account with them instead.
Red Flags Concerning Broker XP
- No license
- Warnings from the FCA and FINRA
- Lack of transparency
- Negative reviews
What Should You Do If You Have an Account with Broker XP?
We do not recommend opening an account with Broker XP. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.