A regulator warning has been issued by Canadian authorities against FX Markets Xchange in September 2023
FX Markets Xchange is a forex and CFD broker that claims to offer competitive trading conditions, low spreads, fast execution and a variety of trading platforms. But are they a scam or a reliable broker?
In this review, we will examine the background, regulation, features and services of FX Markets Xchange and see if they are worth your time and money.
Background and Regulation
FX Markets Xchange is operated by FX Markets Group Ltd, a company registered in St. Vincent and the Grenadines with registration number 25989 BC 2020. The broker also has an office in London, UK, but does not provide any information about its regulatory status or license.
This is a major red flag, as St. Vincent and the Grenadines is an offshore jurisdiction that does not have any financial regulatory authority or oversight. This means that FX Markets Xchange is not bound by any rules or standards to protect its clients’ funds, data or interests. Moreover, the broker does not provide any details about its trading conditions, such as the leverage, spreads, commissions or fees that it charges.
Therefore, we advise you to avoid FX Markets Xchange and any other unregulated brokers, as they pose a high risk of fraud and scam. You should always trade with licensed and reputable brokers that are regulated by well-known authorities such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia. These regulators ensure that brokers comply with strict rules and standards to ensure fair and transparent trading practices, client fund segregation, data security and dispute resolution mechanisms.
What to Do If You’ve Lost Money with FX Markets Xchange?
If you have been scammed by FX Markets Xchange or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.