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Company Name
BrokerXP
Company Abbreviation
BrokerXP
Platform registered country and region
Lithuania
Company website
Company summary
Pyramid scheme complaint
Expose
Note: BrokerXP's official website - https://www.brokerxp.com is currently inaccessible normally.
| BrokerXP Review Summary | |
| Founded | / |
| Registered Country/Region | Lithuania |
| Regulation | No regulation |
| Market Instruments | Currency pairs, CFDs on indices, commodities, stocks, and cryptocurrencies |
| Demo Account | ❌ |
| Islamic Account | ✅ |
| Leverage | Up to 1:200 |
| EUR/USD Spread | Fixed, 3 pips |
| Trading Platform | MT4 |
| Min Deposit | $500 |
| Customer Support | Tel: 00442080682624 |
| Email: support@brokerxp.com | |
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
| Pros | Cons |
| Diverse tradable assets | Inaccessible website |
| MT4 supported | Lack of regulation |
| FCA warning | |
| Single account type | |
| No demo accounts | |
| Wide spreads | |
| High minimum deposit | |
| Limited payment options | |
| Various fees charged |
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.
| Tradable Instruments | Supported |
| Currency Pairs | ✔ |
| CFDs | ✔ |
| Indices | ✔ |
| Commodities | ✔ |
| Stocks | ✔ |
| Cryptocurrencies | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
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
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | PC, web, mobile | Beginners |
| MT5 | ❌ | / | Experienced traders |
Deposit and Withdrawal
BrokerXP only accepts credit and debit cards as deposit options. Besides, it charges certain amounts of fees.
| Cancellation Fee | $30 |
| Dormant Fee | 10% |
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