Abstract：XMR MARKETS, a South Africa-based brokerage entity, continues to face user allegations questioning the authenticity of its withdrawal processes. Some complaints also talk about bonuses failing to reflect in the traders' accounts. Users have reported these allegations on broker review platforms such as WikiFX. In this XMR MARKETS review, we have examined user complaints and provided a regulatory overview of the broker.
XMR MARKETS, a South Africa-based brokerage entity, continues to face user allegations questioning the authenticity of its withdrawal processes. Some complaints also talk about bonuses failing to reflect in the traders' accounts. Users have reported these allegations on broker review platforms such as WikiFX. In this XMR MARKETS review, we have examined user complaints and provided a regulatory overview of the broker.
ContentsXMR MARKETS Broker Overview: Market Access & Account Types
XMR Markets is a multi-asset brokerage entity that allows traders to invest in forex, indices, commodities, stocks, and Exchange Traded Funds (ETFs).
The broker offers as many as five trading accounts: Green Account, Premium Account, Platinum Account, Executive Account, and VIP Account. Each account comes with specific trading conditions. The table below demonstrates these. Take a look.
The minimum deposit requirements remain quite high and cater to experienced and institutional traders with high capital. Meanwhile, the high leverage across accounts at 200 is impressive. It helps acquire a large position in exchange for a lower margin payment. On the other hand, in a volatile market, if the market movement goes against your position, your trading account balance can be wiped out. Spreads are quite high, leading to increased trading costs.
Top User Allegations Against XMR MARKETS
No Bonus, No Withdrawal: A Trader Claims
A user from Guatemala shared an incident where he could not receive a bonus upon a deposit of $300 as promised by the broker. At the same time, when the user withdrew $50, the same reportedly could not reach his trading account. The XMR MARKETS review shares insight into the reported issue.
Loss of Capital Worth $9,500 and Bonus of $5,000
A user from Colombia claimed to have reported a loss of capital worth $9,500 and a bonus of $5,000. According to the trader, he lost all of his savings on the XMR MARKETS platform. Take a look at the user's complaint below.
Only Withdrawals Worth $100 Allowed
A Colombian user reported the release of just $100 out of the complete withdrawal balance requested with the broker. The broker, according to the user, claimed that the denial was due to a bank-induced error. Allegations point out that the broker failed to connect with the user after the first instance. Read this XMR MARKETS review below.
A Reported Capital Loss of $1,300 and a Lack of Customer Support Service
A Brazilian user accused the broker of swindling him of $1,300 and preventing him from withdrawing even $100. Criticizing the XMR MARKETS customer support team, the trader alleged that the broker failed to take any responsibility for trades opened under specific instructions of the account managers. This allegedly led to a highly leveraged account to consume users' deposits to acquire more funds from depositors. Claiming that the brokerage operations are run by unqualified professionals, the trader reportedly sounded negative about XMR MARKETS.
XMR MARKETS Regulation Status & User Trust Score
Contrary to the broker's claim of a license number - 46452- from the Financial Sector Conduct Authority (FSCA), the WikiFX team failed to discover any regulation for the broker. With no XMR MARKETS regulation and surging user complaints, the broker has allegedly lost a lot of credibility. As a result, the broker manages a score of just 1.85 out of 10.
Conclusion
XMR MARKETS exhibits a wide range of brokerage products that look impressive. The offerings also remain good. However, the growing user allegations raising concerns over withdrawals and bonus issuance, along with poor trade management, pose an elementary risk for traders.
So before choosing a brokerage entity, conduct detailed research on the broker, including an investigation covering its regulation and user reviews. Choose a broker that comes with a credible license and minimum negative reviews.
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