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Xpoken is an online broker promoting its activities from St. Vincent and the Grenadines. It has gained fame for offering fruitful investment aid in a safe online trading environment since it was established in 2021.
Following SVGFSA regulations imposed by St. Vincent and the Grenadines, this Forex and CFD broker continues its service on a proprietary web-based platform. Xpoken provides a demo account, and the minimum deposit is $250 to get service from the company. Its leverage is 1:400, and no fees are required for withdrawal and inactivity fees.
Pros / Cons
- Offering More than 500+ Instruments
- Great Platform
- A variety of Trading accounts
- High CFD Fees
- Low Regulation
Xpoken is an outstanding broker on the proprietary trading platform with a massive product portfolio having more than 500 CFDs. It doesn’t have slippage or requirement issues, which is also a positive. However, there are some cons to investing in Xpoken also. It offers high CFD fees and high minimum deposits. You may not get the necessary support in emergencies as it doesn’t offer 24/7 support to its clients.
Safety and Regulation
Xpoken didn’t receive licenses from major regulators like the FCA, ASIC, or CySEC due to being a new online broker, but the SVGFSA monitors its activities. The company also follows all standard AML and KYC policies.
Is Xpoken Safe or a Scam?
Even though a top-tier regulator does not regulate the broker, Xpoken is considered a safe broker to trade with as it maintains all safety measures. Xpoken strictly follows all AML and KYC standards to ensure all kinds of safety. Besides, it supports transparency with its execution policy, and negative balance protection is also available for VIP clients. It also holds a good record regarding being reliable towards clients and managing funds.
Xpoken can be used by citizens of any country except the U.S., Iran, and North Korea. But you must ensure that the broker’s service and terms are legal in your area.
Xpoken has chosen high trading fees, which are different for different account types. You cannot estimate the expenses properly because the broker is not transparent. Moreover, you will have to pay a higher minimum deposit to enjoy lower spreads and the best facilities. There is also no commission charged for trading.
The maximum leverage of Xpoken is comparatively high, which is 1:400, and it offers its clients extra advantages with online trading.
What is Xpoken’s Minimum Deposit?
Xpoken fixed its minimum deposit as low as $250 or equivalent, but you have to deposit a minimum of $100,000 to get full service and lower spreads.
This company offers six types of trading accounts for clients. Among them, the Student Account and the Starter Account are low-end accounts, and the Premium Account, the Advanced Account, the Pro Account, and the VIP Account are high-end accounts.
The account types are described in more detail below:
This account requires a minimum deposit of $250; trading is possible up to 1:400 leverage with a 0.01 minimum lot size.
Islamic accounts are available with this account, which requires a minimum deposit of $2,500. You can use more tools and massive assets with up to 0.01 lot size, initiated with 2,500 USD.
By depositing a minimum of $10,000, you can open this account and enjoy an enriched portfolio with in-depth market analysis. It allows a 0.01 minimum lot size and offers Islamic accounts.
By depositing $25,000, you can enjoy a customized portfolio with this account. An account manager and daily analysis are also available. It also allows a minimum of 0.01 lot size.
The minimum deposit for this account is $50,000. With this account, you will get strong account protection for the tiniest market price difference, along with a customized portfolio and the amenity of fixed pricing and daily analysis.
A VIP account allows you to have account protection, the lowest market price differences, daily analysis, a customized trading portfolio, and access to a personalized account manager and fixed pricing opportunities. To get all these perks, you have to deposit at least $100,000.
All these accounts run on the user-friendly XpTrade Platform, with the facilities of having an account manager, mobile adaptability, and 24-hour trading.
Deposit and Withdawal
With Xpoken, you can fund your trading account using several funding methods. All deposits and withdrawals are carried out differently according to account types. Only USD is allowed as a currency in the accounts.
How to Make a Deposit?
You can deposit your money through credit or debit cards, bank transfers, wire transfers, and using e-wallets. To make a deposit, first, log into your account and go to the ‘Deposit’ section. Then click on the method you prefer and put in the amount you want to deposit. Now add the payment method details in the field and press the enter button, keeping the arrow on “Deposit.”
Xpoken invented and is using its proprietary investing platform, called XpTrade. For that, it spent a lot of time, energy, and money. The interface of XPTrade is user-friendly, and its technical analysis tools are robust. You can use the platform on mobile and desktop, but only through web browsers.
Markets and Financial Instruments
Xpoken gives you access to CFD trading with 500+ assets, and assets can be classified into currencies, stocks, indices, commodities, and cryptocurrencies.
Xpoken has a well-trained team to provide service to customers regardless of their account types and problems.
Means of Communication
You can communicate with them by live chat, emailing firstname.lastname@example.org, or calling +1 800 8614098.
After you deposit the minimum account, Xpoken will give you access to its education center and resources so that you can learn the required skills and knowledge to trade online with this online broker.
Xpoken is a legal and trusted CFD and Forex broker that runs online and was established in 2021 in St. Vincent and the Grenadines. By offering six distinct trading accounts and floating spreads, Xpoken allows you to access 500+ financial assets that make your trading experience memorable.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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