Scam Brokerage – Caveat Emptor
After reading reviews, I decided to try BrokerXP.
I signed up, deposited the minimum amount and sat back and waited developments. There were some small wins – to be expected as I didn’t invest much – just the minimum 500€ and my broker, Frank, generally answered my many questions quite promptly.
However, things started to turn sour after the automated system made a rash of horrendously bad trades resulting in my operating capital being diminished quite severely. When I queried this, my broker responded “if we could properly predict the Stock Market, we’d all be millionaires …”
…sorry …. isn’t that your job?
That aside, another trade was opened on 15/10/2019. It hasn’t really performed well, modest gains followed by modest losses day by day …. but of course for every day the trade runs, your swap increases. The swap on this trade now far outstrips any possible gains it may make.
My broker, Frank, is no longer responding to emails or messages and the 4 requests I have made since 9 January to close this trade have gone unheeded. My ability to set Take Profit or close trades has been disabled, and I am watching what little remains be gobbled up in the swap of a very unprofitable trade.
It’s quite possible, if you have decent money to invest – a few thousand – that it will work for you. But for small investors, dipping their toe in the water, they are just NOT interested in you – you aren’t going to make them rich, so expect to see your investment dwindle. I´m posting this now as I receive no response on my account at BrokerXP and my broker is not responding to me.
Making money is nice – when it happens – and if you have a few thousand spare that you can afford to lose, you MIGHT get lucky. Might. But their customer service defies the laws of physics in that it both blows and sucks at the same time!! Be very wary … while the going is good, you’ll get a response. When things aren’t so good, or you don’t want to invest more money …. you’ll be ignored and your capital will disappear down the drain.
UPDATE: I now see warnings on fca.org.uk page and a variety of others warning that BrokerXP is a SCAM brokerage. DO. NOT. INVEST – you WILL lose your money
UPDATE: 6/4/2020. So anyway, I received a phone call from someone calling himself “Daniel” this morning. He asked what happened with the trade with “Frank” (I put the names in quotation marks as I suspect they are as fake as the “brokerage”)
I began to explain that I hadn’t heard from “Frank” since 6/2/20, when I requested a trade was closed. He asked why I didn’t close the trade myself. He seemed confused when I told him that it came up “Trade is disabled”when I tried, and he began talking over me, raising his voice, saying I know not what – I tried to get him to listen to me – the person HE had contacted to ask what happened, and he simply said “This is f*cked” and put the phone down on me. I immediately tried to call back on the number that was displayed on my phone …. “This number is not in service”. What a surprise. Go to web, look up number listed … “This number is not in service”.
So again, I reiterate DO. NOT. USE. THIS. BUNCH. OF. PIRATES. You WILL lose your money, and you WON’T get it back, nor will you get anything approximating “customer service”. This “brokerage” is a joke and really should be shut down.
Date of experience: February 05, 2020