XPATFX says to be a global forex and CFD broker with a special focus on the Nigerian market, trusted by thousands of traders in over 20 countries. Their offer is said to consist of more than 250 trading instruments, including forex pairs and CFDs on precious metals, commodities and crypto coins, with a choice of several account types, leverage as high as 1:400 and a MetaTrader4 platform.
And XPATFX also says to be regulated and licensed by all necessary agencies, which sounds reassuring, if only it was true. Regrettably XpatFX is not regulated anywhere, which basically means that we are taking about a scam. Be sure to read the following lines if you are still tempted by XpatFXs offer.
Is XpatFX legit？
No, a unregulated broker like XpatFX can not be legit. What is more, the fact that they falsely claim to be licensed and authorized, clearly points out that we are talking about a scam. Better check our list of trusted UK regulated brokers instead.
As we already noted, in their presentation XpatFX says to be “regulated and licensed by all necessary agencies”, without elaborating any further. Take a look:
A statement like this seems a bit vague, so we hoped for more specific information on the matter further down the line. And we did came across a clarification. In their Terms and Conditions XpatFX says that GF Markets LLC (the company that presumably owns and operates the whole enterprise) is “authorized and regulated by the Financial Supervisory in St. Vincent and the Grenadines”. Take a look as well:
Now, let us start with a clarification on our part. The financial regulator in St. Vincent and the Grenadines is actually the Financial Services Authority (FSA) and not the Financial Supervisory in St. Vincent and the Grenadines, and second, the FSA of St. Vincent and the Grenadines simply does not pay attention to the forex industry.
So basically XpatFX lies about being regulated, which obviously does not help with their credibility.
Otherwise the broker also says to be operating in Nigeria, and there, the local Nigerian Securities and Exchange Commission (SEC) also does not regulate forex and CFD brokers. As a matter of fact some time ago the Nigerian SEC, citing the increased number of ads soliciting investments in forex and CFDs, issued a warning stressing that for the time being the retail forex market in the country remains unregulated and anyone investing in such instruments should personally consider the risks involved.
Besides, XpatFX is also linked to another low credibility, offshore broker – 24Domino – so it is most probably a part of a serial scam.
Can I make money with XpatFX？
No, obviously you can not make money with a unregulated broker, because you will hardly be allowed to withdraw a single dollar. So better check our list of brokers regulated in the EU instead.
And talking about withdraws in their Terms and Conditions XpatFX openly states that they “reserve the right to impose withdrawal limits and withdrawal fees” in their systems, at any time, which is simply ridiculous. No legit broker will ever restrict your right to withdraw funds from your trading account in any way. See for yourself:
What is the minimum deposit requirement at XpatFX？
The minimum deposit requirement at XpatFX is just 50 USD, but since the broker is anything but legit, here we may also suggest our list of brokers, offering micro accounts as well.
What leverage is available at XpatFX？
XpatFX offers leverage of up to 1:400, but since they are not regulated and lack legitimacy whatsoever, here you may check as well our list of brokers, offering leverage as high as 1:500 instead.
What trading platforms are available at XpatFX？
XpatFX offers MetaTarder4 – a well known platform supported by many brokers in the forex industry. Since XpatFXs credibility is bordering zero however, here we may also suggest our list of brokers, supporting MetaTrader4 as well.
Alternatively you may also check our cTrader and MetaTarder5 brokers too, since the two latter platforms are considered by many to be even more advanced in certain ways than the good old MetaTarder4.
What payment methods are available at XpatFX？
XpatFX says to accept payments with VISA, MasterCard, Neteller, Perfect Money, Web Money, PaySafe Card and major crypto coins like Bitcoin, Ethereum and Litecoin. Since we are talking about an obvious scam however, here you may check as well our list of brokers, accepting credit cards indeed.
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