XS Plus is not a licensed or regulated broker even though it states offers that look good to be true.
XS Plus claims to be a brand of HONGKONG XIN SHENG JIN YE GROUP COMPANY LIMITED (XSJY), an authorized financial service provider regulated both by the Chinese Gold and Silver Exchange Society (CGSE) with license number 081 and by the Cyprus Securities and Exchange Commission (CySEC) license number 299/16.
First, CGSE is just an Industry Organization, not the government's regulatory authority, which has no legit rights to regulate entities engaging in forex.
Second, we indeed find a match result to 299/16 in CySEC, but the number belongs to a company named "Magic Compass Ltd." As per the regulatory details shown on CySEC, the only approved domain of Magic Compass Ltd is "www.magiccompass.com" instead of the one used by XS Plus. That means XS Plus may be a clone firm that falsely uses regulatory info of a CySEC-regulated firm.
The truth is, XS Plus is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like XS Plus and trade with licensed brokers.
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