BrokerXP Spreads, leverage, minimum deposit Revealed

WikiFX | 2021-04-21 14:27

Abstract：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.

　　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
Customer Support	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.