XGlobal FX – what we know and have as facts about it; This is a trade name of XGLOBAL FX Ltd, which is authorized and regulated by the VFSC under register number 15062. In addition, X Global Markets Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 171/12. These licenses allow it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Client Agreement document of X Global Markets Ltd that the company transmits client orders for execution to third party entities. For client orders in relation to the financial instruments offered by the company, the company always acts as principal and not as agent on the client’s behalf. Even though the company electronically transmits client orders for execution to third party liquidity providers and/or other entities, contractually it is the sole counterparty to all client trades and any execution of orders is done in the company’s name. So, although the company is the sole counterparty for client’s orders, it transmits all of them to its liquidity providers using the Straight Through Processing (STP) model for orders fulfillment. However, in the Client Agreement document of XGlobal FX Ltd it is written that the company acts as a dealer, trader etc. in a private contract with the client. XGLOBAL FX LIMITED may, in turn, enter into “back-to-back” transactions with other dealers, traders. In other words, XGlobal FX Ltd is a market maker. In general, dealing with market makers involves a conflict of interest because they do not transmit every customer deal and hope that customers will lose. Every loss of customers is their profit.
We also found that there are some posts in the forums about cancelling profitable deals and defining them as fraudulent.
So far, we have not received any complaints from customers of XGlobal FX. If you have any criticism to share with us or feel annoyed by XGlobal FX, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and XGlobal FX if you wish.