Is Xpoken a scam or legit broker? Read Xpoken Review
Xpoken is a St. Vincent and the Grenadines-based online FX and CFD broker that was established in 2021. With marketable trading conditions,1:400 leverage, and a strong online trading platform, they claim to offer simple entry into a variety of markets, including crypto coins, shares, indices, spot metals, and nearly 100 forex pairs.
And everything seems good, if only Xpoken had been a legitimate broker with proper licensing rather than the offshore website it ultimately proved to be. The broker website is https://xpoken.com/ and is owned and operated by an offshore company called Xpoken Ltd. Xpoken is not legit, because they are not regulated, and their offshore registration does not make things look any better.
With an offshore, unregulated broker like Xpoken, it is not possible to earn money because it’s likely that you won’t be capable of withdrawing even a single penny.
Unregulated brokers have no trouble canceling your withdrawal requests with any justification. And the reason for this is that there is no one to monitor them, and you are essentially powerless to seek any legal rights because of the identity of their offshore corporations.
The Financial Services and Markets Authority (Belgium) placed the broker on a blacklist for providing financial services without a license. It is yet another sign to avoid this broker.
Possible scam activities of Xpoken
Forex trading scams, Binary OPtions trading scams, Cryptocurrency trading scams and other investment trading scams are harder to spot. But there are some signs.
Here are some of the very possible reasons why we have flagged this broker as a scam broker in this Xpoken review.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker may have made a number of false claims through its website.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or would be hidden.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes the name and website URL without any notice to existing traders.
- The broker may be located in the countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are havens for scam brokers.
- This broker provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals, and ultimately you are not able to make a withdrawal.
Negative Xpoken Reviews and Complaints
Xpoken has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed this broker in the list of scam brokers 2023.
Scammed by Xpoken? How to get your lost money back from Xpoken?
The best solution recommended for getting your lost money back from Xpoken is Report Scam Community
It is one of the few legit recovery assistance organizations which are actually concerned with a victim’s recovery from losses. They are a committed team of Recovery specialists who have already helped hundreds of scam victims in recovering their lost money. Report Scam provides free Consultation and anyone can register by filling a very short complaint form.
Xpoken Review: Conclusion
To begin with, Xpoken is a mysterious site that needs validity. It isn’t authorized to offer trading services as it does not hold any valid license and is targeting clients of different nations. So, we advise you to stay away from a such brokers as your money may be at high risk with them.
Also, to prevent yourself from scams like – Forex scams, Binary scams, Romance/Dating scams, Cryptocurrency scams, or any other scams, you should pick a broker or company regulated by some major regulators like FCA, FINMA, SEC, FMA, ASIC, etc. Check the reviews of brokers and also read the policies and terms and conditions. These small details will prevent you to become a victim of broker scams.
To read more about Scam Brokers and their Reviews, Visit Scam Brokers 2023 Page to avoid Cryptocurrency trading scams, Forex trading scams, or other online scams.
Facebook Page – Visit – ReportScam Community
Twitter – Report Scam Forum
Instagram – Reportscamcommunity
Note: Report Scam Community has conducted many researches before flagging Xpoken as a possible scam in this Xpoken Review. Are you planning to trade with Xpoken and invest your money? Report Scam suggests you to read this Xpoken Review first.
Report Scam! as we have experience!