XPMarkets – Test & Review

By BinaryOptions On January 31, 2012 Under Binary Options Brokers - Test & Reviews

XPMarkets highlights on its website all you need to reassure users: simple tools, a return rate of 85% and a complete training solution. XPMarkets is a British company based in London. It has existed since 2008, for the binary options is a guarantee of safety and reliability.

1. A very good first impression:

XPMarkets made a big effort in education: all resources and all the trading tools are available directly on the home page. No need to lose as some sites in pages and pages of text before getting to the desired information.

=> Discover XPMarkets (click)

XPMarkets allows trader 4 raw materials, 11 currency pairs, 12 index, 13 stocks and even bonds, which is rare on the binary options to mention. In total 41 different options, which is a good average if you compare this figure with other platforms operating in the market.

XPMarkets offers the advantage of open trades with only 5 euros, is the smallest amount currently used by brokers in the market for binary options. The minimum deposit of 200 euros, this represents 40 trades that can be opened by a beginner. Enough to get a good initiation into the world of trading binary options, with minimal risk.

=> Discover XPMarkets (click)

Take a binary option is very simple and the ergonomics of the site avoids making mistakes in choosing his contract. It’s really a plus, especially if we compare this platform to others who make no effort to simplify the user experience.

2. One criticism: No bonus is offered on this site to boost deposits:

The only criticism could be made on this site is the lack of bonuses and sponsorship offers. It’s a shame because a platform offering such guarantees serious gain many customers by implementing a more aggressive marketing policy.

The weakness of the amount required to open a trade advisor makes us the platform to all beginners: they can discover trading while thinking from the start to set up an effective management of their bankroll.

=> Discover XPMarkets (click)

1 Comment Add yours

  1. Mike
    October 2, 2012
    11:56 pm

    Trader beware!

    1 week trading on XPMarkets. Initial impression was good; I like the detail of their charts and the simplicity of the interface.

    I am an excellent binary options currency trader and I can earn steady returns on a regular basis. I deposited $500 into my xpmarkets account and turned it into nearly $1000 in a few days of trading. I say nearly $1000 because I was not allowed to reach that mark…

    When I got around $950, I noticed a discrepancy in the Rate numbers when placing trades, just at the same time I started losing trades that I should have been winning. When I looked more closely, I realized that XPMarkets had started fluffing my trades by 0.0002; that may not sound like much, but if you trade currency you know it’s a HUGE difference that will substantially turn the odds against you in all your trades.

    So how do they do it? Well, when you first start trading you should notice that the number under “Our Rate:” stays the same, whether you are looking at the chart with the CALL and PUT buttons or you have just clicked either the CALL or PUT button and now have an input box for your desired trade amount.

    If you are deemed a high risk trader – in other words, someone who is earning too much money – XPMarkets will tag your account with a handicap, a fluffing algorithm (I assume), that jacks your options purchase strike price UP if you are Calling and DOWN if you are Putting.

    So, for example, you’re looking at the EUR/USD chart and you have a CALL and PUT button to the left of the chart; there is also the text:

    Our Rate:
    1.29262

    You decide you want to buy a PUT option, so you click PUT, and you see:

    Our Rate: 1.29242

    Has the exchange rate suddenly dropped? No. XPMarkets is fluffing your trade to ensure that you LOSE your option. If you go for a CALL, the rate will go UP by 0.0002; if you PUT, it will go DOWN by 0.0002. It is consistent, every time.

    I caught on right away, so I only lost $28 to this scheme; as it stands, XPMarkets still owes me $468 in profits which I would like to withdraw before closing my account; however, XPMarkets will deny my requests for withdrawals and I will never be able to get any of my money back (see Terms and Conditions below). A friend who uses XPMarkets was also on track for steady gains and reported to me that he suddenly started losing all of his trades. I logged off and back on to my account multiple times and my trades were still being fluffed.

    Do not trade binary options with this criminal organization. I am reporting XPMarkets to the U.K. authorities.

    If this isn’t enough to scare you away, there’s more…

    The Live Chat service box crashed 36 out of 37 times that I tried to use it, on Google Chrome, Firefox, and Internet Explorer, on two different Windows7 laptops, on three different internet connections. The one time that I got a Live Rep, I was able to tell them about half of what I needed to say before they disconnected the session. I then emailed XPMarkets support with a question, completely unrelated to trade fluffing, and it has been 4 days without any reply.

    STAY. AWAY.

    I also read the entire XPMarkets Terms and Conditions, and there are a few articles you might want to focus on…

    3.5 Bonus and promotions
    http://www.xpmarkets.com offers to all its new traders a welcome bonus of up to fifty percent (50%) on their first deposit up to €5,000. The trader is obliged to carry out transactions totalling a minimum of ten (10) times the amount of his deposit and the received bonus before he can withdraw any funds generated by his investments.

    The trader is obliged to carry out transactions totalling a minimum of twenty (20) times the amount of his deposit and the received bonus before he can withdraw any funds generated by his investments for bonuses exceeding 50% of his deposit amount.
    – Yes, as I’m sure any experienced options trader is aware, if you get a bonus you are expected to make a certain amount of money before you can withdraw. But wait, there’s some more fine print…

    5.2. Transfer
    At any time, unless if blocking out or closing the trader’s account, the trader may request via the management interface of his trading account, the repayment of all or part of his available assets. After online confirmation by the trader, http://www.xpmarkets.com will forward to his bank the amount of the benefit of the beneficiary within fourteen (14) working days following the withdrawal request.
    Each repayment cannot be less than €200. Any withdrawal of less than €500 will incur additional charges. The maximum weekly amount of repayment is €1,500.
    Note that some transfers may incur additional charges which will be borne by the trader.
    – So they have 14 “working days” (that’s 3 weeks) to pay you each request, you have to withdraw at least 200 per transaction, and anything less than 500 will cost you additional fees. There is also an additional fee of 40 per transaction that is not requested on the 1st of the month, and another 40 for every bank wire (that’s not in the T&C, it’s in the web interface under Cashier). But there’s more…

    Article 11: Anti Fraud Policy
    In order to meet with our commitments in terms of anti fraud policy and to ensure the users of our platform a secure trading experience, we want to point out that regardless of the free additionnal trading volume related conditions of use, for us to be able to give a favorable response to any withdrawal request, it is necessary that a trading volume of 10 times the investment should be priorly accomplished, and that such request should be made at least 48 hours after the initial investment was processed.
    – So, even if you DIDN’T get a bonus, XPMarkets will deny any withdrawal request you make before you earn 10 times your initial deposit….so that they can protect you from fraud, naturally. That means, if you deposit $500, you have to earn $5,000 before you can withdraw any money. Combine this with the fact that they will start fluffing your trades if you earn too much money, so any good trader who catches on will realize there’s no way to meet this requirement and be forced to close their account. Which is why this next article is in the T&C:

    4.2 After registering, the trader may ask for his exclusion and a temporary or permanent block of his account. It is solely the decision of http://www.xpmarkets.com whether or not to close the account. Once the account is disabled, no other transaction will be accepted and, in accordance with trader’s request, the account will be closed. In the latter case, http://www.xpmarkets.com does not pay the balance of his account. The balance of the trading account will be considered as lost.
    – If you ask them to close your account, that decision is up to them; and, if they do close it, they don’t give you any of your account balance (including your original deposit).

    4.4. http://www.xpmarkets.com reserves the right, in its sole discretion, to block or close the trader’s account and to not offer the assets available if XP MARKETS LTD believes that the trader has a problem of addiction to trading and that the continuous use of its services prejudices the trader’s health and welfare.
    – That means, at any time, they can close your account and NOT give you the money you deposited OR the money you earned in your account. All they have to do is “believe” that you have a gambling addiction.

    10.4. All trademarks and/or trade name(s) occasionally used by XP MARKETS LTD and http://www.xpmarkets.com on the Site are trademarks and/or trade names of our subsidiaries or licensors, and/or other entities. We reserve all rights to the trademarks. In addition, other content on the Site including, but not limited to, the platform, images, photos, animations, videos, music, text (the “Site Content”) belong to us and our subsidiaries or licensors and are protected by copyright and other intellectual property rights. You are hereby notified that by accessing and using trading, you do not obtain any rights to the trademarks or the content of the Site and you are prohibited from using them.
    – I took screenshots of XPMarkets fluffing my trades to show everyone, but if I used them they could have sued me for property theft.

    Nowhere in the T&C does it state, or even imply, that they have the right to handicap your trades. There is a disclaimer at the bottom of their webpage, however:

    “The option prices that are listed on the XPMarkets website are the prices in which XPMarkets is willing to offer the options. The prices displayed are not the real time prices for underlying assets……The prices we present on our site are the ones XPMarkets is willing to sell options at and are not necessarily the real time market prices.”

    This STILL does not explicitly or implicitly allow XPMarkets to represent the underlying at a certain price and add a handicap without notification when you go to place a trade. What they are doing is illegal, unethical, and no doubt earning them staggering profits (since NO ONE can ever get money BACK from them).

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