Brief Look at Xero Market
XeroMarkets, a trading name of MTG Capital SDN BHD, was registered in Saint Vincent and the Grenadines in 2017. The SVG FSA (Financial Services Authority of St. Vincent and the Grenadines), the country’s regulator, does not license or supervise Forex brokers. Consequently, XeroMarkets operated without regulation, raising concerns about its reliability. Despite this, a successful PR campaign and attractive trading conditions attracted traders to the platform.
In 2023, XeroMarkets declared bankruptcy and ceased operations. On May 2, 2023, company employees were notified by HR Manager Hanis Mutalib of the company’s financial insolvency and the termination of operations on May 14, 2023. MTG Capital SDN BHD management stated the decision came after ‘careful consideration and analysis of the financial situation, current market conditions, and future forecasts.’
Long before the official bankruptcy announcement, numerous XeroMarkets clients reported withdrawal delays and unresponsive support. The bankruptcy ultimately prevented many clients from recovering their funds, as the company lacked regulatory oversight and, therefore, investment protection.
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