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UK’s FCA Warns Against Unregulated Forex Broker XP

The FCA’s Broker XP warning, dated 2 July 2019, says the firm was not authorised and was targeting people in the UK. Check any forex broker’s current identity and permissions on the FCA Register, and contact the FCA through its official channels if you believe you were approached by an unauthorised firm.
From TheFinanceBase Team7 min to read
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The FCA’s warning page for Broker XP says the firm was not authorised by the regulator and was targeting people in the UK. The notice was first published and last updated on 2 July 2019, so it does not establish whether Broker XP operates today or whether the details on that page are current. Before dealing with any forex firm, check its exact identity and permissions on the FCA Financial Services Register.

The FCA says: “We believe this firm may be providing financial services or products in the UK without our authorisation.” It also says: “This firm is not authorised by us and is targeting people in the UK.” These are the FCA’s statements in its Broker XP warning, not an independent finding that every person connected with the name committed fraud.

What the FCA warning means

The FCA warning page identifies Broker XP and says the firm was not authorised by the FCA and was targeting people in the UK. The notice is dated 2 July 2019. The FCA warns that people dealing with the firm will not have access to the Financial Ombudsman Service or FSCS protection, and are unlikely to get their money back if things go wrong. That is the FCA’s warning about this firm; outcomes and protections in other cases depend on the firm, investment, service and permissions involved.

An FCA warning is not, by itself, a criminal conviction or court judgment proving fraud. It is a regulatory warning about the firm’s authorisation position as stated on the notice.

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Do not confuse a brand name with an authorised firm

“Broker XP” is the name used on the warning page, but a brand name alone is not enough to identify a firm safely. A website may use a brand name while its terms and conditions name a different company. Another business may use a similar name, or an authorised firm may be impersonated.

The FCA warning page lists brokerxp.com, addresses in the UK, Hungary and Lithuania, and telephone numbers and email addresses. These are details displayed on the 2019 notice, not independently confirmed current contact details. The FCA cautions that firms may give out different details or change their contact details over time.

Before depositing money, record all of the following:

  • the precise legal company name;
  • the website and any alternative domains;
  • the registered address;
  • the company number or licence number claimed by the website;
  • the email address and telephone number used to contact you; and
  • the name of the firm shown on the payment instructions.

Search those details in the FCA Financial Services Register, rather than searching only for “Broker XP”. A firm is not authorised merely because its name appears in a search result, Companies House record, payment provider directory or overseas regulator’s database.

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What to check on the FCA Register

Check Why it matters
Exact legal name A similar name may belong to an unrelated business or a clone firm.
FCA reference number Use the number shown on the official FCA record, not one copied from the broker’s website.
Register listing Check the current Register rather than relying on an old notice or the broker’s own claims.
Permissions Being listed does not mean the firm may offer every service; permissions depend on the activity and service involved.
Contact details Compare the details you are using with the official record. A mismatch may indicate an impersonator or other problem.

The warning page says to check the Financial Services Register. It also says that if a firm claims to appear on the Register but does not, readers should contact the FCA Consumer Helpline on 0800 111 6768. The FCA cautions that contact details on a warning may change, so use current official FCA resources to verify details.

Why an offshore registration does not solve the problem

Company incorporation and financial authorisation are different things. A company may legally exist while lacking permission to provide investment services in the country where its customers live.

For a UK customer, check whether the firm is authorised for the specific regulated activity it is offering. The FCA says protection involving an authorised or registered firm depends on the investment, the service provided and the firm’s permissions. An overseas address or registration does not establish what protections apply.

Common warning signs in forex offers

The FCA’s warning about Broker XP is specifically about the firm’s authorisation and its targeting of people in the UK. When considering any forex offer, be cautious of claims or conduct such as:

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  • guaranteed profits or unusually high returns;
  • pressure to deposit more money quickly;
  • requests for a fee before a withdrawal;
  • contact through unsolicited calls, social media or messaging apps; and
  • payment instructions that do not match the firm’s verified identity.

A professional interface or trading platform does not establish that a firm is authorised. Verify the legal entity, permissions and contact details independently.

If you have already sent money to Broker XP

  1. Stop sending money. Do not make another payment simply because someone says it is required to release a withdrawal.
  2. Contact your bank or card issuer promptly. Explain what happened and ask what options are available for the payment method you used.
  3. Preserve evidence. Save emails, messages, call records, account statements, transaction details, screenshots and the full website address.
  4. Contact the FCA through its official channels. The FCA says people who think they have been approached by an unauthorised firm should contact it. Check its current website for reporting information and contact details.
  5. Secure your accounts. Change passwords if you shared login details, enable two-factor authentication and check whether remote-access software was installed.

Be cautious of recovery firms that contact you after a loss and promise to recover funds for an advance payment. Verify any such contact independently before sharing information or paying.

Can customers get compensation?

The FCA’s Broker XP warning says people dealing with the firm will not have access to the Financial Ombudsman Service or FSCS protection, and are unlikely to get their money back if things go wrong. Do not assume that the same outcome applies to every unauthorised firm or every payment. The FCA says protection involving an authorised or registered firm depends on the investment, service and permissions involved.

Ask your bank or card issuer what process may apply to your payment, and use the FCA’s official channels for questions about the warning or authorisation.

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What safe verification looks like

Go to the FCA Register independently rather than following a link supplied by a broker. Compare the legal name, reference number, permissions, website and contact details with the official record. If a firm claims to be listed but you cannot find it, contact the FCA Consumer Helpline on 0800 111 6768 as the warning page advises; check the FCA’s current site for up-to-date contact information.

Do not rely on:

  • a badge reading “FCA regulated” on a broker’s website;
  • a screenshot of a Register entry;
  • an FCA number without a matching official record;
  • reviews that discuss only successful deposits and apparent profits; or
  • claims that regulation is pending while customers can deposit now.

If you believe you have been approached by an unauthorised firm, contact the FCA using its official channels. Treat the Broker XP notice as a dated warning, and verify any firm’s present-day identity and permissions before transferring money.

FAQ

Is Broker XP FCA regulated?

The FCA’s Broker XP warning, first published and last updated on 2 July 2019, says the firm was not authorised by the FCA and was targeting people in the UK. Check the current Register and the specific firm details before relying on any claim about present status.

Is Broker XP a scam?

The warning establishes the FCA’s stated authorisation position in that dated notice; it does not by itself establish criminal fraud or every current circumstance. The FCA says people dealing with the firm are unlikely to get their money back if things go wrong.

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  • ✅【Sturdy & Protective】 :Made of sturdy metal, it can support up to 17.6 lbs (8kg) weight on top; With 2 rubber mats on the hook and anti-skid silicone pads on top & bottom, it can secure your laptop in place and maximum protect your device from scratches and sliding. Moreover, smooth edges will never hurt your hands.
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How do I check if a forex broker is authorised in the UK?

Search the exact legal name and reference number on the FCA Financial Services Register. Confirm that the permissions cover the service offered and that the website and contact details match the official record.

What should I do if I think Broker XP contacted me?

Do not send money based on the contact. Preserve messages and payment details, check the firm independently, and contact the FCA through its official channels. The warning page gives the Consumer Helpline as 0800 111 6768; confirm current contact details on the FCA website.

Could another company with XP in its name be legitimate?

It could be a different firm. Check the precise legal entity, permissions, website and contact details rather than assuming that every business using similar initials is the firm named in the warning.

The Bottom Line

The FCA’s warning for Broker XP is dated 2 July 2019 and says the firm was not authorised and was targeting people in the UK. The notice does not establish current operations or current contact details. Check a broker’s identity and permissions on the current FCA Register, and contact the FCA through its official channels if you believe an unauthorised firm approached you.

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