Beware! Xpoken is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
A brokers on whose website all legal documents links lead to nowhere is obviously a broker worth avoiding. Xpoken is what it is, and this isnt saying much. Its one strength is also its downfall the website. Although very stylish and easy to go through, Xpokens site is also very limited in information. This wouldnt be too bad if the broker were trustworthy, but as we are about to reveal Xpoken is anything but. Please read the review before attempting to invest.
The first big issue was our failed registration attempt. This was probably due to the credentials we had included, but with shady brokers, you can never give away your true identity, otherwise, the firm might manipulate them to its own needs. Seeing that we failed to create an account, we will have to rely on the website for all trading and payment information. Please be aware that these details might not be close to the truth!
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.
From the website, we learn that clients can buy/sell forex currency pairs, spot commodities, spot indices, digital currencies, and spot shares. The leverage is upped to 1:400, supposedly. There is no trace of any spread information.
The website of Xpoken is available exclusively in English.
XPOKEN REGULATION AND SAFETY OF FUNDS
The one prevailing claim is that Xpoken is located in St. Vincent and the Grenadines. By now we have said it hundreds of times, but Saint Vincent and the Grenadines does not have an FX regulator. The hundreds, if not thousands, of brokers who have established base there are unregulated! And the same applies to Xpoken.
All the links to the legal documents dont do anything but refresh the site. This means that there are no legal documents, which indicates how illegitimate Xpoken actually is! The legal docs have the function of creating a legal bond between the user and the broker. Without legal provisions, Xpoken is allowed to do as it wishes, making it even more dangerous.
In conclusion, the brokerage DOES NOT HOLD A LICENSE and is, therefore, a risk to all investments!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
XPOKEN TRADING SOFTWARE
Xpoken claims to be offering some sort of a web trader, but with little evidence to support it.
The company heavily advertises this web trader- every minute or so a pop-up window pops up suggesting we access the platform. We find this to be a symptom of a trading software.
So, we think that Xpoken has it covered, at least in this area, and does come with some sort of a web trader.
XPOKEN DEPOSIT/WITHDRAW METHODS AND FEES
The section on the website dealing with accounts claims that the minimum deposit for the basic account is $250, which does seem right.
Unfortunately, nothing else on the website reveals any payment information. There are no deposit or withdrawal details that would be of any help, and the complete lack of legal documents only inhibits further insight.
We know for a fact, that most scammer brokers nowadays offer some kind of a crypto payment method, as well as credit/debit cards and wire transfer payment means, but not all the time. There are almost always hidden withdrawal fees!
As it turned out, Xpoken is a very simple scam broker. All the resources it has pulled have been applied to creating an appealing website with some soothing colors. Everything else has been given very little thought. Users will find nothing here, except disappointment and frustration.
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
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