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XSpot International Review – is it scam or safe?

XSpot International Review  – Is xspot.international scam or safe forex broker?

RATING: 2 / 1 REVIEWS XSpot International
XSpot International is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Basic £/€/$250 0.01 lots 1:200 2 pips
Standard £/€/$2500 0.01 lots 1:200 1.6 pips
Pro £/€/$25 000 0.01 lots 1:100 0.3 pips+commission $5 per lot

 

XSpot International offers trading in around 50 forex pairs, plus CFDs on commodities and indices, as well as on shares and ETFs, but only on the xStation trading platform.

 

There are three main types of real trading accounts and a free demo account. The Basic account is also offered as swap-free, depending on country and presumably for those who observe the sharia laws on usury.

 

The Company. Security of Funds

 

Company Country Regulation
XSpot International SVG No

 

XSpot International is registered in two offshore zones – Saint Vincent and the Grenadines and the Marshall Islands. Additionally, it is a member of the external dispute resolution (EDR) organization, Financial Commission (FinaCom) and of its compensation fund, which covers investments of up to $20 000. On its website the broker says it keeps the client money in segregated accounts. But XSPot is not a regulated broker.

 

As a general rule we advise to avoid unregulated brokers as dealing with them is riskier than with properly regulated brokers like the ones supervised by the FCA or the Australian Securities and Investment Commission (ASIC).

 

Trading Platforms

 

XSpot offers two trading platforms – the very popular MetaTrader 4 (MT4) and the proprietary trading platform of the European forex broker XTB – xStation – which it makes available to other brokers through a white label partnership.

 

The xStation platform has been voted “Best Trading Platform 2016” by Online Personal Wealth Awards and offers fast execution, very fast execution speeds, technical analysis and charting tools, social trading and a host of other options.

 

 

MT4 comes in all its versions – for desktop, web and mobile devices, while xStation is offered as a web and mobile application.

 

Methods of payment

 

XSpot accepts payments through bank transfers, debit and credit cards and the online wallets Neteller and Skrill.

 

Conclusion

 

XSpot is an offshore unregulated forex and CFD broker. It is a member of FinaCom and its compensation scheme. This offers some level of client protection and suggests it is more reliable than hundreds of other offshore unregulated brokers, but one still has to be cautious.

 

Unlike many other unregulated offshore forex brokers, XSpot offers fairly reasonable trading conditions, particularly regarding the initial deposits for the basic type of account. Granted, the sum is still high compared to many other brokers, regulated at that, but the vast majority of offshore unregulated brokers we have reviewed recently require much bigger sums.

 

Pros Cons
FinaCom membership Unregulated
Choice of trading platforms Low leverage

 

 

Latest news about XSpot International
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Traders` reviews for XSpot International

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

PERFECT EXECUTION WITH MINIMAL SLIPPAGE AND NO WITHDRAWAL ISSUES

I have been a trader for the past 8+ years and have had many issues with a variety of different brokers. After initially coming across xspot.international I was sceptical at first but now they are my broker of choice.

Thanks to the Customer Services Team that have always made it easy regarding any queries and concerns and I can vouch that they have excellent execution as I trade High Frequency and slippage is very minimal compared to both STP and ECN Brokers which I have traded through.

I have never had a problem with withdrawals despite the amount which I have withdrawn and the withdrawal process is very fast and straight forward.

Great work to the guys inside xspot.international and you will continue to receive my business.

Keep it up!

Ijaz (Quant Technology)

Ijaz Hussain 02/16/2017
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