Reviewed by Shaun David
Shaun David
Regulation • Trading Algorithms • Market Analysis
I’m the co-founder of CleaRank, and my hands-on approach shaped the CLEAR™ rating system behind our reviews. I test platforms myself and dig into the hidden risks and costs, so traders see the full picture before they commit their money. My background is in market analysis and algorithmic trading, and my goal is a level playing field for every trader. using our CLEAR™ Methodology The CLEAR™ Score (Credibility, Leverage, Execution, Accessibility, Regulation) is our proprietary ranking system. The CLEAR™ Score provides you with the most accurate and transparent broker ranking after evaluating all the key factors that are crucial for trading success. .
Last fact check on October 22, 2026 by
Michelle Sofia
Michelle Sofia
Market Analyst • Editorial Review
Michelle is the financial content architect and SEO market analyst at CleaRank, and the final editorial reviewer on every CleaRank publication. With a background in financial journalism and fintech reporting, she fact-checks each broker investigation for accuracy before it goes live.
XPO Review 2026
XPO is an offshore foreign-exchange and CFD broker operating the consumer-facing brand at xpo.ru. The registered entities behind the brand are Xeno Portfolio Limited (British Virgin Islands company number 2129747) and Xeno Portfolio LLC (Belize, registration FSC/200/LLC 2298/24). Neither the BVI Financial Services Commission nor the Belize FSC is a Tier-1 financial regulator in the sense understood by the FCA, ASIC, CySEC, BaFin, the SEC or the CFTC. XPO holds no Tier-1 authorisation anywhere, and is not registered with the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI), the two Indian authorities whose registration would be required to legally solicit Indian retail investors.
The scale of the Indian exposure is the central editorial concern. Ahrefs data from 17 June 2026 shows xpo.ru generating 443,132 organic visits per month, of which 443,016 or 99.97 percent originate from India. That is not a market presence; it is a single-market operation built entirely on Indian-resident demand. In November 2025, Finance Magnates, citing Indian police and local media, reported that about 450,000 people in India lost nearly USD 420 million through XPO.RU, and that investigators put the actual figures at about 470,000 users and around USD 370 million in deposits. Rajasthan police arrested five associates of the operation. As of October 2026, xpo.ru is still online. WikiFX rates XPO 1.28 out of 10.
Our CLEAR investigation gave XPO a Failed score of 0.25 / 5, placing it in the severe-risk band alongside MTrading and BinaryCent. The most measurable concern is the geographic concentration: virtually every visit to xpo.ru comes from a jurisdiction where XPO has no licence and no right to solicit retail clients. Verify any broker’s current risk status using the CLEARCheck Broker Risk Scanner.
Broker Alert
Failed CLEAR™ Score: 0.2/5
- Not registered with SEBI or RBI
- WikiFX score 1.28/10, no valid licence
- ~USD 420M reported investor loss (Nov 2025)
- 99.97% of traffic from India, BVI/Belize only
- Belize FSC is not a Tier-1 licence
- No FCA, ASIC, CySEC, BaFin or CFTC licence
Customer Support0.3
Regulation0.1
Trade Execution0.4
Reputation0.2
Withdraw Speed0.2
CLEAR™ Score0.25
Customer Support0.3
Regulation0.1
Trade Execution0.4
Reputation0.2
Withdraw Speed0.2
CLEAR™ Score0.2
No Tier-1 Authorisation in Any Jurisdiction
XPO holds no registration with SEBI, RBI, the CFTC, the FCA, ASIC, CySEC or BaFin. The two corporate entities behind the brand sit in jurisdictions that do not issue retail forex licences with any investor-protection framework.
SEBI and RBI: No Indian Registration
The Securities and Exchange Board of India (SEBI) maintains a public list of registered brokers and investment advisors. XPO does not appear on that list. The Reserve Bank of India (RBI) is the authority under the Foreign Exchange Management Act (FEMA) for authorising dealers in foreign exchange. XPO is not an RBI-authorised dealer. Indian residents remitting money to an offshore broker that is not an RBI-authorised dealer may violate FEMA provisions. SEBI has published investor advisories warning the public about unregistered offshore platforms soliciting Indian retail investors.
BVI and Belize: Offshore Shells, No Retail Authorisation
Xeno Portfolio Limited is incorporated in the British Virgin Islands (company number 2129747). The BVI Financial Services Commission (FSC) is the territory’s financial regulator. The BVI FSC does not issue retail forex or CFD broker licences for consumer-facing operations targeting mass retail investors in a third country. The Belize registration (FSC/200/LLC 2298/24 under the Belize International Financial Services Commission) is a category of International Business Company registration. The Belize IFSC requires a minimal fee and registered agent; it does not conduct ongoing supervision, does not require client-money segregation, and offers no investor compensation scheme. Neither registration gives XPO the right to solicit retail clients in India or any other regulated market.
Corporate Structure: BVI Holding, Belize Operating Licence
The corporate structure behind xpo.ru pairs a British Virgin Islands holding company (Xeno Portfolio Limited, BVI number 2129747) with a Belize operating entity (Xeno Portfolio LLC, Belize FSC/200/LLC 2298/24). The BVI entity sits in a territory with no consumer forex regulatory framework. The Belize entity holds an International Business Company registration that provides a mailing address and a filing number but no ongoing regulatory supervision. Both jurisdictions are well-documented as low-cost offshore incorporation venues for operators who want the appearance of a corporate structure without the compliance cost of a real Tier-1 licence.
The XPO corporate structure
Two offshore registrations behind one consumer brand. No Tier-1 licence. SEBI and RBI unregistered. Investor losses of nearly USD 420 million reported in November 2025.
Two offshore registrations behind the xpo.ru consumer brand.
Xeno Portfolio Limited
BVI company number 2129747. The BVI Financial Services Commission does not authorise online forex or CFD brokers for retail consumers.
No retail licenceXeno Portfolio LLC
Belize FSC registration FSC/200/LLC 2298/24. Belize FSC is not a Tier-1 regulator; it issues International Business Company licences with no investor-protection framework.
Not Tier-1Indian retail investors – about 450,000 reported victims
November 2025 reports cite police estimates of nearly USD 420 million in losses. SEBI and RBI have no enforcement record for XPO because XPO was never registered with either authority.
Ahrefs Audit: 443K Monthly Visits, 99.97 Percent From India
Live data from the Ahrefs API for xpo.ru on 17 June 2026: Domain Rating 36 (Ahrefs Rank 2,181,658), 3,241 live backlinks across 312 referring domains, 52 ranking organic keywords with 35 in the top three positions, 443,132 organic monthly visits valued at $107,987 per month, and zero paid traffic. The combined monthly reach is 443,132 visits, and the geographic distribution is the entire story.
CLEAR Score Breakdown
Country breakdown of those 443,132 organic monthly visits: India 443,016 (99.97 percent of all traffic, SEBI and RBI unregistered), Nepal 56, Bangladesh 30, Pakistan 12 (SBP forex restrictions), Singapore 8 (MAS unauthorised), UAE 4, United Kingdom 2 (FCA not authorised), Canada 1 (CSA unregistered). India alone accounts for all meaningful traffic. Every visitor from India is in a jurisdiction where XPO has no registration and no right to solicit clients.
The Smoking Gun: 443K Visits, Zero Regulatory Approval
XPO generated 443,132 organic visits in June 2026. Of those visits, 443,016 came from India. XPO has no SEBI registration, no RBI authorisation, and no licence from any Tier-1 authority. The November 2025 reports of nearly USD 420 million in losses affecting about 450,000 Indian investors establish the human cost of an operation that combined high-volume Indian marketing with zero Indian regulatory standing. WikiFX rates XPO 1.28 out of 10 and lists no valid licence on the broker profile. The arithmetic is direct: an operator with no Indian licence generated more than 99 percent of its search traffic from India.
Pro Tip from CleaRank: Treat any broker whose country-level traffic contradicts its own restriction policy as if it has already failed regulation. CLEAR-certified Tier-1 brokers like IC Markets, Fusion Markets or Darwinex use real IP-blocking and KYC gates to enforce country restrictions because their Tier-1 licences require it.
Payment Rails and Withdrawal Risk
XPO accepts deposits through methods common to offshore unregulated brokers operating in the Indian market, including cryptocurrency and domestic payment gateway transfers. The November 2025 loss reports describe a pattern in which depositors were unable to withdraw. Rajasthan police made five arrests in the case in November 2025, but no public enforcement order documenting the payment mechanics was available for review by CleaRank as of October 2026. The standard risk profile for an operator with no Tier-1 licence, no SEBI registration, and 99.97 percent Indian traffic is the absence of a legal chargeback mechanism under Indian consumer-protection law once funds leave the domestic banking rail.
Smart Pro Tip: If a broker only accepts crypto, mobile wallets, or local rails outside the Visa or Mastercard network, that is a structural sign the operator is trying to evade chargeback protection. Stick to Tier-1 brokers that take SEPA, Faster Payments, Visa, or Mastercard, and verify them with the CleaRank Broker Risk Scanner before depositing.
Customer Complaints and Reported Investor Losses
WikiFX rates XPO 1.28 out of 10 and flags no valid regulatory licence. In November 2025, Finance Magnates reported, citing police and local media, that about 450,000 people in India lost nearly USD 420 million through XPO.RU, and that investigators put actual figures at about 470,000 users and around USD 370 million in deposits. The case surfaced after a complaint in Bharatpur, Rajasthan; police arrested five associates and seized jewellery, five cars and about USD 4.8 million in cryptocurrency. CleaRank treats the loss figures as allegations, not confirmed findings: as of October 2026 we found no public SEBI order or court judgment against XPO. The underlying facts, an operator with no Indian licence generating virtually all of its traffic from India and attracting press reports of large-scale investor losses, are documented from primary sources independently of any single allegation.
Action Steps If You Are Already a XPO Customer
Stop depositing immediately. Do not add another cent regardless of any bonus or recovery promise.
Preserve every record. Save deposit transaction hashes, MetaTrader account statements, chat logs, KYC submissions, every email and every screenshot.
File a chargeback fast if you deposited by Visa or Mastercard. The dispute window is typically 120 to 180 days from the deposit date.
Report the firm. UK: FCA Report an unauthorised firm. US: CFTC SmartCheck. Canada: Ontario Securities Commission. EU: your national regulator and ESMA.
Avoid recovery offers. Anyone offering guaranteed fund recovery for an up-front fee is a second-layer concern. Legitimate chargeback and regulator-complaint paths do not require an up-front fee.
Our Verdict for XPO
XPO’s 0.25 / 5 CLEAR Score reflects an operator with no SEBI registration, no RBI authorisation, and no Tier-1 licence anywhere, that generated 443,132 monthly organic visits in June 2026 with 99.97 percent from India. BVI holding entity (Xeno Portfolio Limited, number 2129747). Belize IBC operating entity (FSC/200/LLC 2298/24). WikiFX 1.28 out of 10. November 2025 reports of nearly USD 420 million in losses across about 450,000 Indian investors, and five arrests by Rajasthan police. xpo.ru is still online as of October 2026. The absence of any Indian regulatory approval combined with the near-total Indian traffic concentration makes XPO one of the most India-concentrated unregulated broker profiles in the CleaRank review set.
Avoid XPO. For real ECN execution under a Tier-1 regulator, use a CLEAR-certified broker such as IC Markets (ASIC), Fusion Markets (ASIC), or Darwinex (FCA). Verify any broker through the CleaRank Broker Risk Scanner before depositing.
XPO FAQs
Is XPO regulated?
No. XPO holds no Tier-1 licence from the FCA, ASIC, CySEC, BaFin, CFTC or any comparable authority. XPO is not registered with SEBI or the RBI. The two corporate entities behind xpo.ru sit in the British Virgin Islands (Xeno Portfolio Limited) and Belize (Xeno Portfolio LLC), neither of which issues retail forex licences with investor-protection frameworks.
Who operates XPO?
The operator entities are Xeno Portfolio Limited (BVI company number 2129747, British Virgin Islands) and Xeno Portfolio LLC (Belize FSC registration FSC/200/LLC 2298/24). Neither entity is registered with SEBI, RBI, or any Tier-1 financial regulator.
Is XPO safe for Indian investors?
No. XPO is not registered with SEBI or RBI. Indian residents sending funds to XPO have no protection under SEBI investor-compensation frameworks and may be violating the Foreign Exchange Management Act by remitting funds to an unauthorised offshore entity. November 2025 reports cited police estimates that about 450,000 Indian investors lost nearly USD 420 million.
Is XPO on the SEBI warning list?
SEBI maintains investor advisories about unregistered offshore platforms targeting Indian retail investors. XPO does not appear on the SEBI registered-broker list. Dealing with any platform not on the SEBI registered list carries the same risk: no regulatory recourse, no compensation scheme, and potential FEMA exposure for the investor.
Can I withdraw funds from XPO?
November 2025 reports cited police estimates that about 450,000 Indian investors lost nearly USD 420 million through XPO.RU, implying widespread withdrawal failure. CleaRank treats this as an allegation, not a confirmed enforcement finding. The structural risk for any operator with no Tier-1 licence and no Indian regulatory approval is the absence of any enforceable withdrawal obligation under Indian consumer-protection or securities law.
Disclaimer: This review documents the regulatory and compliance risks of an unregulated broker and is not financial advice. Always verify a broker’s licenses and seek professional guidance before trading.
Shaun David
I’m the co-founder of CleaRank. I’ve spent most of my life studying finance, from analyzing market trends to spotting early adoption in the crypto industry, and I’ve learned that markets move on the psychology and sentiment of the crowd as much as on the numbers. Over my career I’ve built trading algorithms, managed long-term investment portfolios and helped traders avoid shady brokers before they knew they were at risk. Today I write market analysis on stocks, ETFs, forex and crypto, with a focus on AI infrastructure and the companies behind it.