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What payment systems do they use?
Jaime Daz
South Africa
2023-05-11
ANSWER XMarket is an unlicensed broker we advise against trading with, despite the seemingly attractive deals it offers.XMarket claims to be operated by XMarket Finance Ltd. registered in Hong Kong with registration number EC2134234. However, our search for this broker in Hong Kong Companies Registry (CR) didn't find any records of its existence. This is a red flag. As required by law, brokers operating in Hong Kong must obtain authorization from the Securities and Futures Commission (SFC) before soliciting investors and providing financial products or services. But we found no data matching this broker in the SFC register. This means that XMarket is literally not subject to any valid regulations. In addition, the Financial Authority (Autorité des Marchés Financiers, AMF) has added XMarket to the warning list for it being an unauthorized company engaging in forex activities. You can access the full warning by clicking here.Regarding your question, we strongly suggest you avoid dealing with XMarket as it is a non-regulated broker. Entrusting such brokers with your funds and personal details could lead to significant risks including loss of funds and identity theft. Therefore, investors are encouraged to choose fully regulated ones only to avoid such risks.
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