Unauthorised Firm Details
Name: XenitMarkets
Website: xenitmarkets.com
Overview:
XenitMarkets presents itself as a global trading platform offering forex, CFDs, and cryptocurrencies. It claims to provide over 150 assets and emphasizes a user-friendly interface. However, several concerns have been raised regarding its legitimacy and operations.
Key Concerns
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Unregulated Status:
XenitMarkets claims to be regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Conduct Authority (FCA) in the UK. However, the SEC does not regulate forex trading, and no matching information was found in the FCA database. This raises questions about the platform’s regulatory oversight. -
Lack of Transparency:
The platform provides limited information about its ownership, physical address, and regulatory licenses. This absence of transparency is a common red flag for potential scams. -
User Complaints:
Reviews and reports from users indicate issues such as blocked withdrawals, unresponsive customer support, and difficulties in accessing funds. -
Security Concerns:
Security analysis tools classify the website as suspicious, citing factors like a low trust score, hidden ownership, and potential malware risks.
Bottom Line
Given the unregulated status, lack of transparency, and user complaints, XenitMarkets.com exhibits multiple characteristics commonly associated with high-risk or fraudulent brokers. It is advisable to exercise caution and consider alternative platforms with stronger regulatory oversight and more consistent customer feedback.
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