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XIG Limited Review - Is it scam or safe?

XIG Limited Review - is xiglimited.com scam or safe forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz XIG Limited
XIG Limited is an offshore broker. Your money is not safe.

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 Trading Accounts

Account type  Quotes Maximum leverage Spread
Cent Fix 4 digits 1:1000 From 2 pips
Cent Pro 5 digits 1:1000 From 0.4 pips
Standard Fix 4 digits 1:1000 From 2 pips
Standard Pro 5 digits 1:1000 From 0.4 pips
ECN Pro 5 digits 1:300 From 0.0 + $2 commission per lot
ECN Fixed Spread 5 digits 1:300 From 1.6 pips

 

XIG Limited is a forex broker, offering a plethora of account types. In fact, the trading conditions, as mentioned on their website feel slightly miss-leading. This is the first time we heard the terms ECN and Fixed spread being used to describe a single account type. 

 

The Company. Security of Funds

 

Company Country Regulation
XIG Limited Vanuatu VFSC

 

XIG Limited is registered in Vanuatu and is regulated by the local Financial Services Commission (VFSC). This does not bring a lot of credibility to the company. 

 

Although all off-shore brokers are at least somewhat dubious, the ones registered in Vanuatu are probably the least credible. This is due to the country’s loose regulatory standards – one can register a forex broker there, after having $2,000 in capital. Naturally this low entry barrier attracts scammers. For the sake of comparison the Cyprus Securities and Exchange Commission (CySEC), requires minimum capital holdings of €730,000. Furthermore CySEC enforces several key rules upon the brokers, who are registered with it. From a trader’s perspective, two are the most crucial – the segregation of accounts and the compensation scheme.

 

Segregation of client accounts means, a broker can not freely access the funds, deposited by their customers. This prevents the most basic forms of fraud. On the other hand the compensation scheme is a mechanism, which guarantees traders’ funds against broker bankruptcy. If you trade with a CySEC regulated company, which becomes insolvent, the scheme will cover up to €20,000 of your account.

 

XIG Limited focuses heavily on its RAMM service. This is something similar to a PAMM scheme, which is one of the multiple ways you can follow other traders.  

 

Trading Conditions

 

Minimum Initial Deposit

XIG Limited does not have a minimum deposit requirement. This is not that unusual nowadays, with multiple brokers (such as the FCA-regulated industry leader IG) not setting an entry barrier. This is done in order to attract new clients, who may not be that experienced with trading. 

 

The veterans will tell you, this is not that important of a trading condition, as you need a reasonable account balance in the first place. That being said, remember the most important rule of trading is to never risk money, you can’t afford to lose.

 

Average spreads & Commissions

The spreads offered by XIG Limited varry quite significantly for their different account types. Our tests with a Demo Pro account (which should have spreads starting from 0.4 pips) yielded different results. The EUR/USD Spread was floating around 1.5 – 1.7 pips at the New York Open, one of the most liquid times of the day. This is slightly above the current offers by other brokers, but more crucially different than the information provided on the website. 

 

Leverage

Leverage at XIG Limited is capped at 1:1000, which s not much of a cap when you think about it. Such leverage ratios can be dangerous, especially if placed in the wrong hands.

 

What some beginners do not understand is that you do not have to use the maximum leverage, provided by your broker at the same time. If you use your entire account as collateral at a 1:1000 leverage ratio, a 0.1% market move against you will lead you to lose everything. Familiarize yourself with the basics of risk management before trading.

 

Trading Platforms

 

The trading platform provided by XIG Limited is MetaTrader4(MT4). This is the most popular currency trading solution in the world. The platform is relatively light on the hardware, but provides amazing charting. Furthermore, its popularity, combined with the easy to use coding language have led to the development of multiple new trading tools. The most popular add-ons are new technical indicators and automated trading systems, known as Expert Advisros.

 

Here is a preview of  XIG Limited’s MT4 offering:

 

 

MT4 also has a web version, which you can access through any browser, as well as mobile apps for Android and iOS. All of the platform’s iterations work pretty well, in our opinion.

 

Methods of Payment

 

XIG Limited accepts payments via Bank Transfer, Skrill and Neteller. This is a solid list, although the lack of the most popular instant payment method (Credit/Debit Cards) is rather odd.

 

Conclusion

 

XIG Limited is an off-shore forex broker. Being regulated by the VFSC, doesn’t give them that much credibility. The trading conditions on the company’s website are presented in an extremely complicated way, with multiple (even too many in our opinion) account types being available. Here are this broker’s pros and cons

 

Pros Cons
MetaTrader4 Platform Off-shore regulation
  Poorly presented trading conditions
  Demo accounts having different conditions from the website

 

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Traders` reviews for XIG Limited

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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