Overview of XtreamForex
XtreamForex, an online forex trading platform, offers a range of trading instruments, including forex, cryptocurrencies, indices, and stocks. The account types offered by XtreamForex include Micro, Standard, ECN, ECN PRO, and VIP accounts, catering to different levels of experience and investment preferences.
Pros and Cons
XtreamForex offers a range of trading instruments including Forex, Cryptocurrencies, Indices, and Stocks, and provides different account types to cater to various trading preferences and experience levels. It offers leverage of up to 1:1000, utilizes popular trading platforms (MT4 and MT5), and provides trading tools and educational resources. However, customer support options are limited, making it inconvenient for clients to seek inquiries.
Market Instruments
Forex:
Forex, short for foreign exchange, is an over-the-counter market where traders can buy, sell, exchange, and speculate on currencies. XtreamForex offers a range of Forex trading products, allowing traders to participate in the currency market. Some of the available currency pairs include AUDCAD, AUDCHF, AUDJPY, AUDNZD, and AUDUSD, among others. Each currency pair has specific trading specifications, such as lot size, digits, margin percentage, swap rates, and spread.
Cryptos:
Cryptocurrencies are digital forms of money that exist in a decentralized system called blockchain. XtreamForex provides trading opportunities for popular cryptocurrencies like Bitcoin, Litecoin, Ethereum, and more. Traders can buy and sell these cryptocurrencies on the platform. The trading products for cryptocurrencies include BTCUSD, ETHBTC, LTCUSD, EOSUSD, XRPUSD, and others. Each cryptocurrency has its own trading specifications, such as contract size, minimum trade size, digits, margin percentage, swap rates, and spread.
Indices:
Indices represent the price performance of a group of shares from an exchange, providing traders with exposure to the overall economy through a single position. XtreamForex offers a variety of indices for trading, including AUS200, ESP35, EUSTX50, FRA40, UK100, GER30, JPN225, NAS100, SPX500, US30, HKG50, and more. Each index has specific trading specifications, such as contract size, minimum trade size, digits, margin percentage, swap rates, and spread.
Stocks:
Stocks represent ownership shares in a company and provide opportunities for traders to invest in various globally renowned companies. XtreamForex offers a range of stocks for trading, including Apple, Amazon, Facebook, and others. Each stock has its own trading specifications, such as contract size, minimum trade size, digits, margin percentage, swap rates, and spread. Trading sessions for stocks vary depending on the specific stock and are available during designated server times.
Account Types
The Micro Account is designed for beginners or traders who prefer to start with smaller investments. The minimum deposit required for this account is $5, making it accessible to a wide range of traders. It offers a spread starting from 1.2 pips, and there is no commission charged on trades. The maximum leverage available is 1:1000, allowing for potentially higher exposure to the market.
The Standard Account is suitable for intermediate traders and requires a minimum deposit of $250. It offers a spread starting from 1 pip and does not charge any commission. The maximum leverage is 1:400, providing a balance between risk and potential returns.
The ECN Account is designed for more experienced traders who prefer direct market access. It also requires a minimum deposit of $250 and offers a raw spread, meaning the spreads are based on the actual market prices. However, a commission of $7 per lot is charged on trades. The maximum leverage available is 1:400.
The ECN PRO Account offers spreads from 0 pips and requires a minimum deposit of $5,000 and offers the same features as the ECN Account but with a lower commission of $5 per lot.
The VIP Account, also provides spreads starting from 0 pips and requires a substantial minimum deposit of $20,000 and offers unlimited maximum trade volume., with a commissions of $1.
Additionally, XtreamForex provides an Islamic Account option for clients of Muslim faith, which is available for all three account types mentioned above. Islamic Accounts comply with Sharia law by providing swap-free trading, allowing traders to hold positions overnight without incurring interest charges.
Furthermore, XtreamForex also provides a demo account. This allows traders to practice and familiarize themselves with the platform's features and trading strategies without risking real money. The demo account serves as a valuable tool for traders to test their skills and develop confidence before transitioning to live trading.
How to Open an Account？
To open an account with XtreamForex, follow these steps:
Visit the XtreamForex website and locate the “Register”button. Click on it to initiate the account opening process.
2. Select the preferred currency for your account. In this case, the base currency is USD.
3. Choose the client type as “Individual” if you are opening the account for personal use.
4. Provide your personal information, starting with selecting your country of residence from the provided list. Similarly, select the state or province of your residence, if applicable.
5. Enter your title (e.g., Mr., Ms., Mrs.) followed by your first name and last name.
6. Provide a valid email address that will be associated with your XtreamForex account.
7. Enter your date of birth by selecting the day, month, and year from the provided dropdown menus.
8. Fill in your address details, including your residential address, city, and zip code or postal code.
9. If you have a referral code, you can enter it in the designated field. This step is optional and can be skipped if you don't have a referral code.
10. Make sure to read and accept the terms and conditions as well as the privacy policy by checking the respective checkboxes.
11. Complete any additional required fields or verification steps, if prompted.
12. Once all the necessary information is provided, review the details for accuracy, and click on the “Create account” or similar button to submit your application.
Leverage
XtreamForex offers leverage of up to 1:1000 to its traders. Leverage is a tool provided by forex brokers that allows traders to control larger positions in the market with a smaller amount of capital. A leverage ratio of 1:1000 means that for every unit of capital a trader invests, they can control a position that is 1000 times larger.
Spreads & Commissions
XtreamForex offers different account types with varying spreads and commissions. The Micro Account has a spread starting from 1.2 pips with no commission. The Standard Account offers a spread from 1 pip and no commission. The ECN Account provides direct market access with raw spreads and a $7 per lot commission. The ECN PRO Account has spreads from 0 pips with a $5 per lot commission. The VIP Account offers spreads starting from 0 pips, unlimited trade volume, and a $1 commission.
Deposit & Withdrawal
XtreamForex offers a range of deposit methods to cater to different preferences and needs. These options include Visa, Bitcoin, Neteller, Skrill, Wire Transfer, Master Card, Online Naira, Pay Trust, and Help2 Pay. With XtreamForex, there are no fees charged for any of these payment methods, which can be advantageous for traders. The minimum deposit amounts vary depending on the method chosen, ranging from $5 to $500, while the maximum deposit amounts typically go up to $10,000 or are unlimited in the case of Wire Transfer.
For Visa, Bitcoin, and Master Card deposits, the processing time is relatively quick, with funds being credited to the trading account in up to 10 minutes. Neteller, Skrill, Online Naira, Pay Trust, and Help2 Pay offer instant deposit capabilities. However, Wire Transfer deposits may take between 2-7 working days to reflect in the trading account.
Trading Platforms
TRADING PLATFORM: XtreamForex offers its clients access to two widely recognized and popular trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are highly regarded in the industry and provide traders with advanced tools and features for an enhanced trading experience.
MetaTrader 4 (MT4) is known for its widespread usage and is considered one of the most popular trading platforms worldwide. It offers a user-friendly interface and a comprehensive range of trading tools, including customizable charts, technical indicators, and automated trading capabilities. Traders can access MT4 on both desktop and mobile devices.
MetaTrader 5 (MT5) is an advanced trading platform that builds upon the success of MT4. It offers additional features and functionalities, catering to the needs of more experienced traders. With MT5, traders can access an extended range of markets, including stocks and futures, in addition to the forex market. The platform provides advanced charting tools, multiple timeframes, and a built-in economic calendar, enabling traders to make informed trading decisions.
Trading Tools
Trading Tools offered by XtreamForex include a range of useful features to enhance traders' decision-making and risk management capabilities. One of these tools is the Forex Holidays calendar, which provides a comprehensive list of worldwide holidays that may impact Forex trading. This allows traders to plan their strategies and adjust their positions accordingly.
Another valuable tool is the Position Size Calculator, which enables traders to analyze real-time values based on current market prices. By inputting relevant information, such as account currency, risk percentage, and stop loss levels, traders can accurately determine their position size and manage their risk.
The Pip Calculator is yet another useful tool offered by XtreamForex. It assists traders in calculating the value of pips for their desired trades in the Forex market. This feature enables traders to understand the potential profit or loss associated with their chosen trade sizes, contributing to informed decision-making.
Additionally, XtreamForex provides an Economic Calendar, which helps traders stay updated on market-moving economic events worldwide. This calendar offers an easy way to track and monitor important economic updates that can significantly impact the financial markets. By staying informed about these events, traders can adjust their strategies accordingly and seize potential trading opportunities.
Educational Resources
XtreamForex provides a range of educational resources to assist traders in expanding their knowledge and understanding of the forex market. One of their offerings is the XtreamForex e-Course, which focuses on providing comprehensive forex education. By opening a XtreamForex Demo or Live Account and logging into the Trader's Room, users can access the e-Course under the 'EDUCATION' tab. This course covers various topics, from the fundamental reasons behind the existence of the forex market to essential strategies that form the basis of comprehending its dynamics.
For beginners, XtreamForex offers a Beginner Course. This course is designed to introduce newcomers to the basic concepts of forex trading and serves as a stepping stone for further advancement in their trading careers.
Additionally, XtreamForex organizes webinars to provide traders with the latest insights and tools to enhance their trading experience. These webinars cover various topics, including market updates, risk management strategies, and other relevant aspects of forex trading. By participating in these webinars, traders can gain valuable insights and stay up to date with the latest market trends and developments.
Furthermore, XtreamForex keeps traders informed about the latest news and market updates. Through their platform, traders can access information about upcoming market events, economic indicators, and other relevant news that can impact forex trading. This feature enables traders to stay informed and make well-informed trading decisions based on the current market conditions.
Customer Support
XtreamForex offers customer support services through multiple channels to assist traders with their queries and concerns. One of the options available is email support, where customers can reach out to the company by sending an email to Support@xtreamforex.com. This method allows users to communicate their questions or issues in writing, providing a record of their correspondence.
In addition to email support, XtreamForex provides a phone number, +35796750500, for customers to contact their support team. This direct line of communication enables traders to seek assistance and receive real-time responses to their inquiries. Phone support can be particularly beneficial for individuals who prefer verbal communication or have urgent matters that require immediate attention. Furthermore, XtreamForex offers a live chat feature on their platform, allowing users to engage with customer support representatives in real-time.
Conclusion
In conclusion, XtreamForex operates in a regulatory gray area as it lacks recognition from financial regulatory authorities, which raises concerns about transparency and accountability. Without proper oversight, there is a higher risk of fraudulent activities and unfair trading practices, posing potential risks to customers' funds. While XtreamForex offers a range of trading instruments and account types, traders should exercise caution and carefully consider the associated risks before engaging with an unregulated platform like XtreamForex. Negative reviews on WikiFX further highlight concerns about trustworthiness and customer experiences.
FAQs
Q: What trading instruments are available on XtreamForex？
A: XtreamForex offers Forex, Cryptocurrencies, Indices, and Stocks for trading.
Q: What are the account types offered by XtreamForex？
A: XtreamForex provides Micro, Standard, ECN, ECN PRO, and VIP accounts, catering to different trader preferences and experience levels.
Q: How can I open an account with XtreamForex？
A: To open an account, visit the XtreamForex website, select your preferred currency, provide personal information, accept terms and conditions, and complete the application process.
Q: What leverage does XtreamForex offer？
A: XtreamForex offers leverage of up to 1:1000, allowing traders to control larger positions with a smaller amount of capital.
Q: What are the deposit and withdrawal methods on XtreamForex？
A: XtreamForex offers various deposit methods, including Visa, Bitcoin, Neteller, Skrill, and more. Withdrawals can be made using the same methods.
Q: What trading platforms are available on XtreamForex？
A: XtreamForex offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, known for their advanced features and user-friendly interfaces.
Q: Does XtreamForex provide educational resources？
A: Yes, XtreamForex offers educational resources, including an e-Course, beginner courses, webinars, and market news updates.
Q: How can I contact XtreamForex customer support？
A: You can contact XtreamForex customer support through email, phone, or live chat.
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