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XSocio Markets Review
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XSocio Markets Review
Looking at XSocio Markets website, it shows that they are owned by XSocio Markets Ltd. XSocio Markets Ltd is located in Saint Vincent and the Grenadines, a well-known offshore zone and a preferred location for shady brokerage. XSocio Markets is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.To get more news about xsocio markets review, you can visit wikifx.com official website.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you dont know who will be dealing with YOUR MONEY. This is the reason why XSocio Markets is a dangerous broker to deal with.
With such lack of information and XSocio Markets being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is XSocio Markets is withholding vital information to users.XSocio Markets could go bankrupt from one day to another since there are no banking information about this broker.
XSocio Markets is a forex broker registered in Saint Vincent and the Grenadines, a popular offshore jurisdiction where forex brokers are not regulated by the government. The broker offers ultra-high trading leverage of up to 1:2,000, and trading on the classic MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.In terms of trading instruments that are available, XSocio Markets has a fairly basic selection, with around 45 forex pairs, the most popular stock indices, as well as commodities such as precious metals, oil and natural gas. The broker does not offer any single stocks, nor any crypto pairs, bonds or other popular instruments.
Besides these four main types of trading accounts, there are also PAMM Manager and PAMM Investor accounts available for XSocio’s clients. PAMM stands for percentage allocation management module, and is a special type of account for traders who manage money on behalf of others, and thus operate a sort of fund.
To deposit money into a trading account with XSocio Markets, clients need to use either a Visa or MasterCard payment card, or one of the e-wallet services FasaPay, FPX, PayTrust, Walao Pay, Skrill or Neteller. There is also an option listed on the website to pay with crypto through a service called B2BinPAY.
What’s worth noting is that clicking any of the payment icons on the broker’s website redirects users to an unfinished website that promotes a blockchain network and token called Hoverex. The Hoverex website appears to be a scam, and we advise everyone to avoid using any of the services offered there.
As far as trading platforms go, XSocio Markets supports both MT4 and MT5, two classic and still-popular trading platforms among retail forex traders. The platforms are available in versions for both Windows and Mac computers, as well as mobile versions for Apple and Android devices.
In addition to the trading platform itself, the broker also supports certain social trading and copy trading tools directly from its website. For example, a rating of different social trading “providers” is available, with details of each trader’s profits, drawdowns and equity.
In summary, we see XSocio Markets as a forex broker that is trying to offer its services to a global audience but with very limited resources. The broker has a limited selection of trading instruments, is unregulated, and has a very unclear relationship to the Hoverex blockchain project, which to us looks like a scam. There is also little to no information about the founding team behind the broker, which we believe is very unfortunate.