XBPrime Review: Forex Scam Exposed (Latest Update 2023)
XBPrime is an offshore broker located and regulated in the Seychelles that claims to offer access to approximately 80 currency pairings. However, the truth is that XBPrime is operated from Cyprus by M&N Equity Research Ltd.
M&N Equity Research Ltd. is a Cyrus registered firm. According to the claims the firm is involved in programming and statistical modeling services of Equities, Securities, Bonds and Share. However, it is sources indicate the involvement of the firm in unfair play.
XBPrime also claims to serve institutional clients, investment managers, and professional traders worldwide. Even if the offer appears beneficial, questions about the broker’s background and license status remain unanswered.
The offshore entity is alleged to be owned by Proverial Ltd, a Cyprus-registered company with Israeli Asher Afriat listed as a director. This individual was also a CySEC-regulated K-DNA Financial Services Ltd director, which later became FTX (EU) Ltd.
XBPrime refers to the brand name of Marketfinancials Limited, an offshore firm in Seychelles licensed and authorized by the Seychelles Financial Services Authority (FSA). So far, so good, but there is no proof of a connection between XbPrime and Marketfinancials Limited.
XBPrime: A Dubious Platefrom
Marketfinancials Limited is FSA-licensed, yet their website’s domain name differs from our broker’s domain name here. Marketfinancials Limited’s official website is market-financials.com, also listed in the FSA registers but not xbprime.com, which is XbPrime’s domain address.
Also, this broker lacks a contact phone number that can not match the contact numbers in the Seychelles Commission’s register.
There are some more dubious features of XbPrime as well. The firm meant to process all payments differs from the one that controls the website.
No connection with Marketfinancials Ltd
M&N Equity Research Ltd, situated in Cyprus, is said to be the billing company. Another company that provides its trading platform is SPM Hypersonic Ltd. All of this is, to say the least, strange.
Even if we assume that XbPrime is genuinely owned by Marketfinancials Limited and regulated by the Financial Services Authority (FSA) of Seychelles, it will not change our view of their credibility much because offshore regulators like the FSA cannot oversee internationally operating brokers like XBPrime.
The only primary need for a broker authorized by the FSA in Seychelles is to create a local business with a share capital of at least USD 50,000, which should initially be kept in a local bank. After the license is issued, that capital can be used for the broker’s day-to-day operational expenses.
XBPrime has No Security For The Client’s Funds
In comparison, all brokers regulated in the EU, the UK, or Australia must hold much more capital as minimum operational capital to cover all overdue payments to traders – 730 000 EUR in the EU and the UK and 1 000 000 AUD in Australia.
Furthermore, unlike in Europe, the United Kingdom, and Australia, Seychelles-regulated brokers are not required to keep their clients’ cash separate from their own trust accounts. Still, they can simply mix the trading capital with their own. This presents substantial dangers, especially if the broker becomes bankrupt, because traders will almost certainly lose their entire investment.
And, because there is no necessity for the segregation of trading and operational capital in Seychelles, we have no foundation to believe that XbPrime is, as they claim, securing their clients’ funds from their own.
According to their website, they are not governed by any regulatory body. That’s a huge red flag!! That should be reason enough not to invest with them. They also collaborate with websites that provide “Automated trading software,” which is another red flag because these websites are renowned for scamming schemes.
So XBPrime is just another illegal forex broker, which means customers have no protection, and they will most likely get away with your money. There will be no regulatory body to hold them accountable.
What Do Clients Say About XBPrime?
A Scammy Platform
- An XBPrime client shared his terrible trading experience and advised others not to trust this platform. He stated that he easily believed their advertisement, investing $1,000; when he experienced a loss, he attempted to withdraw his funds; however, they changed their alignment, claiming that there was an error in his account and thus blocking his account. He went on to say that he has yet to discover a way to recoup his $1,000.
- Another investor reviewed this scam broker and mentioned that he would never trust this company again; they charged him 56000 USD in withdrawal fees, and his withdrawal order was still not executed. He called support after the manager left, but it was always the same, with no genuine person to speak to.
- A trader stated that he traded on the XBPrime platform for four months and got scammed out of his money. He said that their customer service is poor and that no one genuinely cares about their customers.
Can I make money with XbPrime?
With a properly regulated broker, whether you can make money depends entirely on your skill as a trader. Because your funds’ safety comes first, we strongly recommend avoiding offshore brokers like XBPrime.
Moreover, in their Terms and Conditions, XBPrime openly states that they “reserve the right to impose withdrawal limits on your requests at any time,” which speaks for itself. Check it out:
This broker makes misleading claims and refers to itself as Marketfinancials Limited, a Seychelles-based offshore corporation licensed and authorized by the Seychelles Financial Services Authority (FSA); nevertheless, there is no confirmation of a connection between XbPrime and Marketfinancials Limited.
The platform is dangerous, and you might lose all your money. It is not suitable for all traders or investors. Please verify that you understand the platform’s risks. As clients address claims, they discover that XBPrime makes false claims and blocks traders from withdrawing their funds.