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Xtream Markets LTD
It has been verified that this broker currently has no valid regulatory, please be aware of the risk!
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GENERAL INFORMATION AND REGULATION
XtreamForex Forex broker is one of the brokerages that looks good at first, but after some research on the website, it is clear that the broker is not trustworthy. It offers trading Forex and other trading assets such as cryptocurrency, commodities, stocks, and indices. The broker has been established in 2015 and is registered in the Marshalls Islands. According to the broker, the office of it is situated in London. XtreamForexs offers might look very attractive for the traders all around the world as it requires 5 USD minimum deposit which is very low. At the same time, it offers 1:1000 leverage to all traders who will get the standard account with XtreamForex. It also showcases multiple payment methods on the website and emphesizes that it has spread from 0 pip. However, it is too early to get excited about these offerings since not everything is as good as it seems on the surface. This XtreamForex review will go into the details and discuss the real features and quality of the service that the broker provides.
The company behind XtreamForex is Grand Investing Ltd which is registered in the Marshalls Island. Seemingly the company does not have a license from the local regulator as there is no license number showcased on the website. Even if the broker has one the license from the financial authority of the Marshall Islands does not provide much of a security to the trader. First of all, the regulator is not considered to be the reputable one, as the offshore country is known to be the haven for all scam brokages. Moreover, the license granted by it does not cover foreign customers and does not protect them from XtramForex scam.
XtreamForex.com offers over 55 forex currency pairs, stocks, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.
ACCOUNT AND LEVERAGE
XtreamForex offers standard and ECN accounts, in total there are five different types of accounts that one can choose from. These accounts are Micro account, Standard, ECN, ECN pro, and VIP account. All these accounts have one execution type – market execution, and only one basic currency – USD. For all the accounts hedging and scalping are allowed, and all of them has Islamic account available.
The micro account starts from the minimum deposit of 5 USD, the maximum leverage that can be used by the traders is 1:1000. The leverage is different for the other account types, standard and ECN account holders can use leverage up to 1:4oo, ECN pro and VIP accounts have 1:2oo leverage available.
SPREADS AND COMMISSIONS
As for the XtreamForex FX brokerage spreads, on the front page of the website the broker claims to have spread from 0 pip, and average spread for the major currencies like EUR/USD 0.1 pip. Already in account types, one can see that spreads are from 1 pip for the Micro and Standard accounts. The lowest spread for the major currencies is for EUR/USD 1.2 pip. Other currencies, especially exotic ones have significantly high spreads.
For ECN accounts the broker claims to have spread from 0 pip, but it comes with commissions. For the ECN account commission is 7 USD, for ECN Pro 5, and for VIP 1 USD
TRADING PLATFORM AVAILABLE
XtreamForex provide clients with one of the most popular and powerful forex trading platforms, MetaTrader. There is a choice between the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. It also claims to have an award for the best MT4 Forex, and best brokerage with tight spreads. Unfortunately, there is no information about these awards which could mean that there is no real award given to the brokerage. Such a lie lowers XtreamForex rating a lot. Millions of traders choose MetaTrader for its unique features including a fully customisable interface, flexible trading conditions, advanced charting & technical analysis, expert advisors (EAs) for automated trading and various inbuilt technical indicators. It also has its own built-in MetaEditor programming interface where users can develop their own customised indicators, scripts and EAs. There is a strategy tester for back testing EAs over historical data and large online MQL community where users share ideas and tools.
DEPOSIT AND WITHDRAWAL
In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill (Moneybookers), Neteller, payTrust, online Naira and Help 2pay. You can deposit funds in widely used currencies such as the U.S Dollar (USD).
The minimum deposit to open trading starts from $5 to $20,000. It depends upon the account type one selects. In a Micro account, the minimum deposit is $5 USD, the Standard account is $250 USD, the ECN account is $250 USD, ECN Pro $5000 USD, VIP account is $20000 USD.
Its an Instant deposit of the fund at the same time to your MT4 account. In the case of bank transfer, the deposit is affected by your bank and correspondent bank timings.
All withdrawal requests are processed within the same working day of receipt, but it will take 2-4 working days for the funds to reach your card/bank account.
Customer support is one of the most important things to check before registering with the new broker. XtreamForex has three options available to get assistance from the broker. First one is an email address of the support even though it is not the most comfortable way to get some help, especially when it is urgent. There is also a phone number indicated. It is better than an email, however, there is only one number, when the broker is offering services for the worldwide audience.
Phone number: +35796750500
And they also provide live Chat support.
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Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
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