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As an experienced trader, I approach every broker with a strong emphasis on regulatory status, platform transparency, and risk management. When evaluating XP Investimentos, I was struck by its broad offering of asset classes and robust platform choices, such as MetaTrader 5 and domestic platforms like Nelogica Profit Ultra. Their market presence and range of investment services—including fixed income, stocks, futures, and mutual funds—suggest a certain operational maturity. I also found their digital account options and features, like PIX/TED transfers and investment-linked Visa cards, to be convenient from a client perspective. However, despite these positives, a critical factor for me is the absence of valid regulatory oversight. XP Investimentos operates without recognized financial regulation, which is clearly indicated and flagged as a high risk by multiple sources. In my experience, this lack of external oversight exposes traders to significant risks, especially concerning the safeguarding of funds, dispute resolution, and transparency. While having a full MT5 license implies a reliable trading infrastructure, it cannot substitute for proper regulation. Based on my priorities around capital protection and accountability, I am extremely cautious with unregulated brokers. I would not consider XP Investimentos trustworthy or reliable for significant trading activity until they obtain satisfactory regulatory licensing. For anyone considering this broker, I urge extra caution and recommend only using fully regulated entities for trading.