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XGlobal Markets Review - Is it scam or safe?

XGlobal Markets Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS XGlobal Markets
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage Average Spreads
Universal $500  0.01 1:200  1.2 pips on EUR/USD 

 

XGlobal Markets offers its clients a single universal account type: STP commission-free one.


In addition, XGlobal Markets provides swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn interest for religious reasons).


Besides, micro lots are available for trade, as well as unlimited demo accounts, which are usually appreciated by novice traders.


The Company. Security of Funds


Founded in 2012, XGlobal Markets is a forex broker, offering more than 50 currency pairs, precious metals and some CFDs on Energy products and indices.


This is the brand name of X GLOBAL Markets Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).


CySEC applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €1,000,000 in order to prove their good financial standing. In addition, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.


Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.


What is more, the broker states on its website that regular audits are performed - Internal by Ernst & Young, and external by Deloitte.


Trading Conditions


Minimum Initial Deposit
In order to open an account with XGlobal Markets, traders have to invest a minimum of $500. Such minimum initial amount is a bit high, taking into account that many Cyprus-based brokers require less. For instance, XM demands just $5 from its clients as a start.


Spreads & Commissions
Being a true STP broker, XGlobal Markets offers floating spreads, the average ones for the EUR/USD pair amounting to around 1.2 pips, which is average. Traders, however, can benefit from commission-free trading, as the broker gets its remuneration from the spread.


For purposes of comparison, Excess’s average variable spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, and XM provides variable spreads from 1 pips on majors and also doesn’t charge any commission.


For more information, you may look up real-time spreads of 15 leading brokers here.


Leverage
The maximum leverage level offered by XGlobal Markets is 1:200, which is standard for the FX market. However, many Cyprus-based brokers offer considerably higher leverage rates - for example, XM provides leverage up to 1:888 and Exness currently runs Unlimited Leverage Promotion. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.


Nonetheless, we advise traders to be careful when operating with higher leverage, for it involves greater risk of losses, which may even exceed the initial investments.


Trading Platform


This broker supports the standard forex market trading platform MetaTrader4 (MT4).


MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.


MetaTrader 4 is available to clients of XGlobal Markets as desktop and mobile versions. More brokers using the MT4 can be viewed here


Unlike most brokers, XGlobal Markets does not provide VPS – a virtual server that you can use for hosting your MT4 EAs, providing extra protection when trading forex.


Methods of Payment


In line with its strategy to offer standardized and narrow range trading conditions and to its clients, XGlobal Markets supports a small range of payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill and Neteller.


All Transaction fees are covered by XGLOBAL Markets.


Conclusion


XGlobal Markets is a well-regulated broker that offers online in more than 50 forex currency pairs, as well as precious metals through the MT4. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  No choice of trading platforms & account types
MT4 available  Mediocre leverage levels offered
STP Model  
No commission & transaction fees  

 

Latest news about XGlobal Markets
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Traders` reviews for XGlobal Markets

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Price feed

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