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The data are from WIKI Research 2021.04.22 updated
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Basic Information & Regulation
BrokerXP, owned and operated by Mergers and Acquisitions Consultancy LP, based in Edinburgh, is an online Forex and CFD broker not currently subject to any active regulation.
Safety Analysis of BrokerXP
BrokerXP is currently an unregulated broker, which means that the safety of investors' funds and trading activities on the BrokerXP platform are not effectively protected. Investors should choose brokers that are regulated by the FCA in the UK and CySEC in Cyprus.
BrokerXP offers investors a wide range of CFDs, including CFDs on indices, commodities, stocks, and a range of cryptocurrencies, in addition to a large selection of Forex currency pairs.
Accounts & Leverage
BrokerXP offers investors a standard account only, with a minimum deposit of $500 and maximum trading leverage of 1:200.
Spreads & Commissions of BrokerXP
The EURUSD spread on BrokerXP's standard account is fixed at 3 pips, much higher than the industry standard. Most regular dealers offer spreads between 1.1 and 1.5 pips on EURUSD.
Trading Platforms Available of BrokerXP
BrokerXP offers investors the most popular trading platform available today, MT4, the leader in Forex trading, with powerful charting tools, a large number of custom indicators, support for automated trading, and EA trading for traders of all levels.
Deposit and Withdrawal
BrokerXP supports traders via credit/debit cards, while other information on deposit and withdrawal methods is not fully disclosed.
Pros & Cons of BrokerXP
The main advantages of Brokerxp are:
1. The availability of Islamic accounts
2. A wealth of educational resources
The main disadvantages of Brokerxp are:
1. Offshore brokerage & no regulation
2. High minimum deposit requirements for accounts
3. High spreads
4. Demo accounts not offered on MT4
5. A large number of negative comments
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.