Is Xcel Markets fraudulent or legit? We know the answer. Check out our Xcel Markets review to know about the facts related to Xcel Markets. Let us explain why we included it in our list of fraudulent brokers 2024.
Website: https://xcelmarkets.com
Website Availability: No
Official Address: Street 51 Mona St Sydney New South Wales Australia Zip 2144
Regulation: Unregulated
Warned By: Australian Securities and Investments Commission (Australia)
Domain Status:
- Domain Name: XCELMARKETS.COM
- Registry Domain ID: 2861014832_DOMAIN_COM-VRSN
- Registrar WHOIS Server: whois.yoursrs.com
- Registrar URL: http://www.realtimeregister.com
- Updated Date: 2024-07-16T11:14:05Z
- Creation Date: 2024-03-05T11:29:00Z
- Registry Expiry Date: 2025-03-05T11:29:00Z
Facts That Suggest Xcel Markets Might Be a Fraudulent
It’s believed that Xcel Markets is a fraud that offers financial services to Australian customers. It is not allowed as it does not have an Australian licence from ASIC or an Australian financial services licence. In Australia, almost all providers of financial services must hold an ASIC license. Right now, https://xcelmarkets.com is not accessible. Street 51 Mona St., Sydney, New South Wales, Australia, Zip 2144 is the official address that is provided. The Australian Securities and Investments Commission has advised against doing business with them because it is an uncontrolled firm.
Is Xcel Markets Legit or a Fraudulent? Checklists.
There are several common factors to consider when assessing the legitimacy of Xcel Markets. Consider the following overview to make a well-informed decision.
Regulatory Status and Warnings
The first thing to do is to determine if the platform is registered with the appropriate financial regulatory bodies. Authorities like the ASIC in Australia, the FCA in the UK, the SEC in the US, or comparable agencies in other nations usually oversee legitimate trading platforms. These authorities ensure the platform works openly and protect investors by following regulations. An important warning indication is when regulations are unclear or nonexistent.
If a broker has received warnings from regulatory bodies, it is a significant matter of concern and should prompt further investigation before engaging with the platform. Check the regulatory status of Xcel Markets to confirm its compliance with these standards.
Negative Xcel Markets Reviews and Feedback
Check if Xcelmarkets.com has received any recent negative reviews or complaints, as these can indicate potential issues or concerns that other users have encountered. Very flattering reviews should be avoided since they sometimes include deceitful or misleading content. We found several negative reviews about Xcel Markets which is a serious indication that this broker has defrauded many users.
Transparency and Information
A reliable platform needs to offer full and clear details on its offerings, costs, terms of trade, and associated risks. Check if Xcelmarkets.com is transparent about its ownership, operational methods, and financial disclosures. The platform might be fraudulent if it is unclear about who owns it, how it operates, or if it offers impossible high returns with minimal risk. Before investing, always read the brief print and comprehend the terms and conditions.
Withdrawal Issues
Check for any reported issues or delays with withdrawing funds from Xcel Markets. Reputable trading platforms handle withdrawals quickly and without undue waiting times. It is a serious warning flag if customers often report issues with money withdrawal, such as prolonged processing periods, excessive costs, or complete denial of withdrawal requests. Before investing bigger sums of money, always try the withdrawal procedure with a smaller amount.
How to Claim a Refund from Xcel Markets?
If you have sought but failed to recover your money from Xcel Markets, gather your supporting proof. Keep copies of every correspondence as proof of your payment demands. If they halt or refuse, initiate the chargeback process immediately. Inform the bank about Xcel Markets’s suspicious business practices and absence of a license.
Regarding Wire Transfers, What is the Situation?
Because of the inability to chargeback, wire transfers are a tough means to recover money. Making a complaint and contacting the authorities are the most effective strategies to escalate the problem. This strategy frequently leads to the reevaluation of refund decisions. If you do not receive your money back, file a detailed fraudulent report and email it to the company, stating that you will send it again. Please contact fraud complaints if you need any assistance.
Xcel Markets Review – Conclusion
Based on many factors explained above we have finally concluded that Xcel Markets is fraudulent. Do extensive research on any site before investing.
Be aware of schemes like Forex Trading Deceptions, Cryptocurrency Cons, Romance Tricks, Pump and Dump Tactics, Ponzi Schemes, Investment Deceptions, Fake Trading Platforms, Phishing Attacks, Robo-Advisors Deceptions, and Binary Options Deceptions.
If you have already fallen victim to Xcel Markets, take quick steps to recover your money. While the process can be tough, patience and completing the proper steps can improve your chances of receiving your money back.
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Note: The Xcel Markets review is influenced by existing reviews online. We are not responsible for any legal actions taken by any entity favoring Xcelmarkets.com.