Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
8/10 · CriticalOnly ever held an offshore Comoros MISA registration (T2023354) that has passed its end date, yet still advertises MISA regulation and a fabricated 'second tier-1 regulation'; near-zero client protection.
Identity & transparency
5/10 · ModerateEntity, registered address and beneficial owner are disclosed and verifiable on the MISA register, but the site misstates its base and history and fronts a UK phone number.
Withdrawals & conduct
5/10 · ModerateTwo unverified fund-access complaints on one third-party profile (a rejected withdrawal and a wiped balance not refunded); no confirmed multi-platform pattern and no positive payout evidence to clear it.
Reputation
6/10 · HighEssentially no genuine user reviews (no Trustpilot page, no ForexPeaceArmy reviews) despite a claimed 500,000 traders; third-party assessments are uniformly cautionary.
Website claims
9/10 · CriticalMultiple material falsehoods: a 2018 founding on a 2023 domain, a 'tier-1 regulation' it does not hold, a Trustpilot 4.8/5 badge with no underlying page, and an offshore licence advertised after its end date.
Operational history
6/10 · HighVerifiable history is only about three and a half years (domain Feb 2023, licence Aug 2023); the advertised 2018 founding overstates this by around five years with no predecessor domain.
Who they are
A quick desk file on the company behind the brand.
- Brand: XA Markets
- Legal entity: XA MARKETS LTD (Union of Comoros), plus a second entity XA Markets (Mauritius) Ltd
- Registered: Bonovo Road, Fomboni, Island of Moh'eli, Comoros; office at Caudan Waterfront, Port Louis, Mauritius
- Owner / CEO: Sreejith Venu Gopalan, Kozhikode, India (named on the MISA register)
- Website: xamarkets.com (client portal at my.xamarkets.com)
- Only licence: Comoros MISA registration T2023354, an offshore licence whose stated end date (24 Aug 2025) has passed
- Offers: 400+ CFDs (forex, crypto, metals, indices, commodities, equities) on MetaTrader 5, leverage to 1:500; deposits by card, USDT and African mobile money (M-Pesa, MTN MoMo, Flutterwave, Paystack)
- Not accepted: United States, Cuba, Iraq, Myanmar, North Korea, Sudan
- Age claim: advertises 'Est. 2018' and 500,000 traders; the domain dates only to February 2023 and the licence to August 2023
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA)
Unnamed 'tier-1' regulator (claimed)
Why we reached this verdict
How the evidence adds up.
We rate XA Markets high risk and unverified. It is a real, working broker, but it oversells its safety and its only real credential has lapsed.
- The one licence is offshore and expired. The Mwali International Services Authority (MISA) in the Comoros lists XA Markets LTD under licence T2023354, issued 24 August 2023 with an end date of 24 August 2025. That date has passed. MISA is an island registrar, not a supervising financial regulator, and the Comoros central bank has publicly disowned its licences, so even when current it protects clients very little.
- The site claims regulation it does not have. The About page timeline says the firm 'secured second tier-1 regulation'. No tier-1 authority, or any regulator outside MISA, lists XA Markets, the site names none, and it publishes no verification link.
- The history is overstated. The site advertises 'Est. 2018' and '500,000 traders', but the domain was first registered in February 2023 and the licence issued in August 2023. Independent profiles also date the firm to 2023. The real track record is about three and a half years, and rests on the domain date because the Comoros registry does not publish company incorporation dates.
- The Trustpilot badge is fabricated. The homepage shows 'Trustpilot 4.8/5', yet Trustpilot has no review page for xamarkets.com at all.
- The footprint is thin. For a broker claiming half a million clients there are no Trustpilot reviews and none on ForexPeaceArmy. Two unverified fund-access complaints appear on one third-party profile: a rejected withdrawal (April 2026) and a balance wiped after a 'market shock' and not refunded (December 2025).
- Why not a confirmed scam. There is no regulator warning naming the domain, no clone or impersonation, and no verified, multi-source pattern of withheld withdrawals. The honest rating is high-risk-unverified, not confirmed fraud.
Note on operating history: the 3.6-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The MISA register lists XA Markets LTD (company HY00823026) under licence T2023354 with website xamarkets.com and a named owner, confirming the licence belongs to this operation and it is not a clone.
E2The same MISA entry gives a licence end date of 24 August 2025, which has passed, yet the broker still advertises MISA regulation as current; the register cosmetically shows 'Active'.
E3The About page advertises 'Est. 2018' and 500,000 traders, but the domain was first registered on 21 February 2023, a roughly five-year overstatement with no predecessor domain.
StrongXA Markets About pageE4The About timeline claims the firm 'secured second tier-1 regulation'; no tier-1 or other non-MISA regulator lists XA Markets and the site provides no verification link.
StrongXA Markets About pageE5The homepage advertises 'Trustpilot 4.8/5', but Trustpilot returns no review page for xamarkets.com.
StrongTrustpilotE6Domain xamarkets.com was created 21 February 2023 (GoDaddy), consistent with a 2023-vintage operation and inconsistent with the advertised 2018 founding.
ModerateVerisign RDAPE7The register discloses the CEO and beneficial owner as Sreejith Venu Gopalan of Kozhikode, India; the contracting entity is a Comoros company with a Mauritius office.
E8The broker runs a real MetaTrader 5 server (XAMarkets-Server) and a client login portal (my.xamarkets.com), indicating a genuinely operating platform rather than a pure fake.
ModerateXA Markets homepageE9Two fund-access complaints appear on one third-party profile: a rejected withdrawal (April 2026) and profits and balance wiped after a 'market shock' and not refunded (December 2025); both lack amounts or ticket numbers and are not corroborated on a second platform.
ModerateBrokersView broker profileE10Despite claiming 500,000 traders, XA Markets has no Trustpilot review page and public review platforms show no genuine user reviews, an unusually thin footprint.
ModerateTrustpilotE11No UK FCA warning and no IOSCO investor alert names XA Markets or xamarkets.com at the time of writing.
E12The site excludes only the United States, Cuba, Iraq, Myanmar, North Korea and Sudan while soliciting broadly with 1:500 leverage and African mobile-money rails (M-Pesa, MTN MoMo, Flutterwave, Paystack), typical of offshore arbitrage marketing.
The other side
The strongest case in this broker’s favour.
In fairness to XA Markets, several things point away from an outright scam:
- The MISA licence is genuinely theirs. The register lists the same company number (HY00823026), the same website (xamarkets.com) and a named owner, so this is not a clone wearing another firm's credentials.
- The operation is real. There is a working MetaTrader 5 server (XAMarkets-Server), a client login portal, and disclosed offices in the Comoros and Mauritius.
- The beneficial owner is named on a public register (Sreejith Venu Gopalan, Kozhikode, India), which faceless boiler rooms usually avoid.
- No financial regulator has issued a warning or alert against XA Markets or xamarkets.com at the time of writing, and there is no enforcement or court record against it.
- The complaint record is thin and unverified rather than a documented wave of theft.
What would change this
What we would need to see to revise the verdict.
What would move this rating:
- Worse: a regulator warning naming xamarkets.com, a documented pattern of refused withdrawals or demands for extra 'fees' or 'tax' to release funds, or evidence the platform prices are not real. Any of these would push it toward likely or confirmed scam.
- Better: a genuine, in-force licence from a respected regulator (for example FCA, ASIC, CySEC or the Mauritius FSC) that lists xamarkets.com, plus the site dropping its false 2018, tier-1 and Trustpilot claims and renewing or correcting its MISA status.
- Clear, independent evidence that clients are consistently paid out in full and on time would also raise confidence.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA licence verification (T2023354)
The Mwali (MISA) registrar's own verification page for XA Markets LTD; the broker publishes no verification link itself.
MISA authorised brokerage register
Full MISA list of authorised brokerage companies; XA Markets appears at row 95.
FCA Warning List (UK)
Check whether a firm is authorised in the UK; XA Markets is not listed as authorised.
IOSCO investor alerts (I-SCAN)
Global regulator alert search; no alert names XA Markets at the time of writing.
Frequently asked questions
Quick answers about this broker’s safety.
Is XA Markets a scam?
We did not find proof that XA Markets is an outright scam, but we rate it high risk. It is an offshore broker whose only licence has passed its end date, and its website makes several false claims. There is no regulator warning against it and no confirmed pattern of stolen funds, but there is also very little protection for your money.
Is XA Markets a fraud?
We found no regulator finding, enforcement action or court record that XA Markets has committed fraud, so we do not call it fraudulent. We do assess the risk as high, because the site misrepresents its regulation, age and reviews. Treat any 'guaranteed' safety claims with strong caution.
Is XA Markets regulated?
Only by the Mwali International Services Authority (MISA) in the Comoros, under licence T2023354. MISA is an offshore island registrar, not a real financial supervisor, and its stated end date for this licence (24 August 2025) has already passed. The site's claim of 'tier-1 regulation' is not backed by any register.
Can I withdraw my money from XA Markets?
The site advertises fast, zero-fee withdrawals, but we could not confirm this independently. Two unverified user complaints describe a rejected withdrawal and a balance removed after a 'market shock' and not refunded. With no strong regulator behind it, getting funds back can be difficult if a dispute arises.
Is my money safe with XA Markets?
There is no government-backed compensation scheme covering XA Markets, and its own terms say so. Client funds sit with an offshore Comoros company whose licence has lapsed. If the firm fails or refuses to pay, you would have little practical recourse.
Who owns XA Markets?
The MISA register names the CEO and ultimate beneficial owner as Sreejith Venu Gopalan, based in Kozhikode, India. The contracting company is XA Markets LTD, registered in the Union of Comoros, with a second office in Port Louis, Mauritius.
How old is XA Markets really?
About three and a half years. The domain xamarkets.com was first registered in February 2023 and the MISA licence was issued in August 2023. The 'Est. 2018' claim on the website is not supported by any evidence we found.
What is MISA and is it worth anything?
MISA is the Mwali International Services Authority, a registrar on an autonomous island of the Comoros. It issues 'forex licences' cheaply but does not supervise brokers, and the Comoros central bank has publicly disowned it. A MISA licence gives clients almost no protection.
Is XA Markets a clone of another broker?
No. The MISA register lists the same company number, website and owner as the broker itself, so XA Markets is using its own identity, not impersonating a regulated firm. The broker's own site does warn that phishing clones of it exist on other domains.
Is the 'Trustpilot 4.8/5' rating on the site real?
No. Trustpilot has no review page for xamarkets.com. The 4.8/5 badge on the homepage is not backed by an actual Trustpilot profile.
What should I check before depositing with any broker?
Confirm a current licence from a recognised regulator that lists the exact website you are using, read the withdrawal terms, look for independent reviews describing successful payouts, and be wary of inflated claims about awards, client numbers or 'tier-1' status.
What do I do if I was scammed by XA Markets?
Gather your records (deposits, chats, tickets), report the matter to your local financial regulator and police, and ask your bank or card provider about a chargeback. Never pay an upfront 'recovery' fee, as recovery-room scams target people who have already lost money.
What we recommend
The practical takeaway from everything above.
If you are considering XA Markets, or already have money there:
- Treat it as an unregulated offshore broker. Do not deposit more than you are fully prepared to lose.
- Do not rely on the 'tier-1 regulation', '2018' or 'Trustpilot 4.8' claims. We could not confirm any of them, and the licence it does hold has passed its end date.
- If you have funds there, consider withdrawing a small test amount before committing more, and keep records of every deposit, chat and ticket.
- Prefer a broker with a current licence from a recognised regulator that lists the exact website you are using.
- If you have already lost money, report it to your local financial regulator and police, and never pay an upfront 'recovery' fee, which is a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 14, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.