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As someone who approaches broker selection with great caution, I've spent considerable time evaluating XP Investimentos. While their offering is fairly broad—inclusive of products like stocks, futures, funds, and life insurance—my confidence is tempered by notable red flags. The most significant concern for me is their lack of formal financial regulation. Even though they've operated in Brazil for several years and provide popular platforms like MetaTrader 5 and Nelogica Profit Ultra, absence of regulatory oversight raises important questions about the protection of my funds and dispute resolution mechanisms. In the world of trading, especially for retail traders like myself, regulation is not just a box-ticking exercise: it's foundational for basic security, transparency, and recourse in case things go wrong. I did notice that user feedback available is mildly positive, with some saying XP Investimentos is a good broker and not a scam. However, the limited number of reviews and the broker's unregulated status prevent me from placing robust trust in these assurances. While the range of investment services is attractive on paper, the potential risks associated with an unregulated entity outweigh the potential benefits, especially considering this is a Your Money or Your Life (YMYL) decision where safeguarding your capital is paramount. For my own trading, I only consider brokers that are fully licensed and supervised by reputable authorities—it’s a standard I’m not willing to compromise.