XeroMarkets offers to start a joint journey into trading. The broker calls itself award-winning and also claims that it has the lowest spreads in Asia. Let’s see what its words are worth. We will conduct a thorough check of the data and reviews to make sure that this is not a scam.
- XeroMarkets General Information
- Registration and Client Portal Review
- XeroMarkets Trading Conditions
- Account Types Review
- Trading Platform
- XeroMarkets — Deposit and Withdrawal of Funds
- Additional Options
- Is XeroMarkets a Scam?
- Legal Information and License
- Xeromarkets.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
XeroMarkets General Information
|Phone Number||+44 20 8123 5544|
|Address||Suite 305, Griffith Corporate Center, Beachmont, P.O BOX 1510, Kingstown, St. Vincent and Grenadines|
Registration and Client Portal Review
The official XeroMarkets website looks very simple. It works without lags, but the broker didn’t really spend time or money on its design. There is a simple white background without frills and a few color inserts. Text content occupies the rest of the space. Of course, like its other competitors, XeroMarkets does not miss the chance to list its advantages. It boasts 10 years of experience and 16 thousand customers. Legal information is publicly available. So we will check all the loud statements of the broker.
You can open a demo or a real account on the site. The real account registration form consists of three parts. First, you will need to fill in your personal data:
- First and last name
- Promo code if you have it
- And come up with a password.
In the second step, you need to specify the residential address. Then write in the form your citizenship, date of birth, and passport number. XeroMarkets will send an activation link to your email. Click on it to access your account.
The Client Portal is quite typical. The main space is occupied by the display of balance and equity. Here you can download the trading terminal. No less important tabs are located in the left menu. Among them are account deposits, money withdrawals, account settings, and social trading.
XeroMarkets Trading Conditions
Xeromarkets promises comfortable trading conditions. If the company has really been working for 10 years, during this period, it could provide for all the wishes of traders.
Account Types Review
The broker created only three accounts. We wouldn’t say that they are too much different. Nevertheless, they still have characteristic features.
- XL. The minimum deposit is only $10. Spreads start at around 1 pip. Leverage just shocked us. To call it XL is an understatement. The broker offers a leverage of 1:300.
- Regular. Spread from 1 to 2 pips. The minimum deposit is also 10 dollars. Leverage is already lower, but still very high, 1:500.
- ECN. The minimum deposit is $100. There is a commission for the lot on this account. By the way, it is rather high, $5. Leverage up to 1:500.
XeroMarkets allows customers to connect a swap-free account. There is nothing else significant in the description of trading accounts.
The XeroMarkets trading platform is a MetaTrader4. It is not entirely clear why the broker neglects the newer MetaTrader 5. It has many more customer-friendly features. However, MT4 is also a good option for trading. The platform can be downloaded to a PC. Also, you can download the app to a smartphone.
XeroMarkets — Deposit and Withdrawal of Funds
You can fund your account on the XeroMarkets platform in the following ways:
- Wire transfer
- Visa and MasterCard cards
After you have transferred the money by bank, you will have to contact the respectful Local Depositor. The same methods are available for the withdrawal of funds. Requests are processed within two working days.
You can fund your account without verification. However, the withdrawal of money without this procedure will not be available. You will need to provide proof of identity and proof of address. XeroMarkets warns that for some security reasons, it may need a bank statement from you.
There is such an option as social trading on the site. As you understand, this is a regular copy trade. Some traders make their strategies publicly available. Their results can be viewed in real-time. You can choose the strategy you like and invest your money. Besides, you can become a strategy provider yourself. However, under what conditions and what needs to be done for this is not specified.
Also, XeroMarkets has a referral program. You can register as a partner and invite newcomers to the platform. Sure, for this, you will receive a reward. However, its size is also not specified.
Is XeroMarkets a Scam?
There is nothing special about the broker’s services. At the same time, we can’t call it an unambiguous scam yet. Let’s take a close look at XeroMarkets’ offers.
Legal Information and License
The XeroMarkets management company is registered offshore. The Terms and Conditions state that the main jurisdiction for the broker is Saint Vincent and the Grenadines. There is actually such a company in the registry of this country. It was incorporated in 2017. However, what Xeromarkets definitely cannot have is a license.
The regulator of Saint Vincent and the Grenadines, FSA, warns that it does not supervise the activity of such companies. All of them receive only certificates of incorporation. And it is not a statement of good standing.
There is no further supervision of such online brokers. As a result, they can act with clients as they want. What a leverage of 1:3000 is worth. That is a direct path to the loss of capital! In general, it turns out that XeroMarkets is a typical offshore unregulated broker.
Xeromarkets.com Domain Info
We have already mentioned the broker’s ten years of experience. However, no evidence of this has been found. The management company was founded in 2017. The site appeared in 2018. It is unclear where 10 years of experience came from. Well, let’s leave it to the broker’s conscience.
As for contacts, XeroMarkets publishes phone numbers, as well as email addresses. The broker even has an office in Malaysia. However, for some reason, its work schedule is not specified. It is unclear if this is a real office where consultants can see you or the same nominal one as in Saint Vincent and the Grenadines. Besides, there are complaints from traders that it is quite difficult to get through to support.
Pros and Cons
- A small minimum deposit.
- Huge leverage.
- Offshore registration.
- No license.
- Questionable services.
- Negative reviews.
Frequently Asked Questions (FAQ)
Among the broker’s offers are CFD trading and copy-trading. You can earn more money by inviting referrals to the platform.
The minimum deposit on the platform is not too high. It is enough to fund the account with $10.
No, we cannot call this company safe. An offshore unregulated broker is not the best partner for cooperation.