BrokerXP

Note: BrokerXP's official website - https://www.brokerxp.com is currently inaccessible normally.

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.

Pros and Cons

Is BrokerXP Legit?

No, BrokerXP is is not regulated by the financial services regulatory authority in Lithuania, which means that the company lacks regulation from its registration site. Besides, its domain status shows that activities such as client transferring and updating are prohibited. Moreover, BrokerXP was warned by FCA. Please be aware of the potential risks!

What Can I Trade on BrokerXP?

BrokerXP provides several types of products, including currency pairs, and CFDs indices, commodities, stocks, and cryptocurrencies.

Account Type/Spread

BrokerXP only offers investors a standard account, with a minimum deposit of $500. BrokerXP requires $500 as a start, apparently higher than many other brokers, as they only requires $100-$200 to open an account.

Leverage

The maximum leverage level offered by BrokerXP is up to 1:200. Since margin trading is full of risk, so inexperienced traders are not advised to use too high trading leverage.

Spread

The EUR/USD 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 EUR/USD.

Trading Platform

Deposit and Withdrawal

BrokerXP only accepts credit and debit cards as deposit options. Besides, it charges certain amounts of fees.