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XtreamForex Review - Is it scam or safe?

XtreamForex Review - Is it scam or safe?

RATING: 3.8 / 6 REVIEWS ForexBrokerz XtreamForex
XtreamForex is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type

Minimum deposit 

Minimum trade size

Maximum leverage

Spread

EAs

Micro

$10

0.01

1:500

From 1 pips on EUR/USD

Yes 

Standard

$500

0.01

1:300

From 1 pips on EUR/USD

Yes

ECN

$1000

0.1

1:200

from 0.0 pips on EUR/USD + commission $10 per lot (round trip)

Yes

Xtream

$250

0.1

1:200

From 1 pips on EUR/USD

No

 

Clients of XtreamForex are offered a choice of 4 account types, in order to suit the needs of traders of all levels and preferences. All accounts, except the ECN one, are commission-free and offer variable spreads.

 

Swap-free service is available to clients of Islamic belief on Micro & Standard account types, which provides Sharia-compliant trading.

 

Keep in mind that scalping, hedging as well as automated strategies (EAs) are not allowed on the Xtream account.

 

The Company. Security of Funds

 

XtreamForex is an offshore broker, offering trading in currency pairs, CFDs on shares & commodities, and precious metals on the most popular trading platform, the MetaTrader 4. XtreamForex.com is a domain owned and operated by Grand Investing Ltd., a business conglomerates in South Eastern Europe. The company is registered in the Marshall Islands. 

 

Brokers based in Marshall Islands just need to complete a simple registration procedure and don’t face any of the strict requirements that US or EU brokerages do: they are not required to report regularly to any authority, to conduct external audits, to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.

 

Nonetheless, XtreamForex says on its website that it is a member of the Investors Compensation Fund and that client funds are held in segregated bank accounts as per our regulations requirements. What is more, the broker claims to provide negative balance protection, ensuring that its clients do not lose more than they have invested.

 

To put it simply, when considering operating with offshore brokerages, traders should take into account that they will be receiving very limited regulatory protection and oversight.

 

Trading Conditions

 

Minimum Initial Deposit

XtreamForex requires a minimum investment of $10 from traders to open an account, which is a very low minimum deposit requirement. In fact, many offshore brokers have set low minimum initial deposit requirements, if any.

 

In comparison, Belize-based FX Choice requires $100 for all account types as a start (including ECN ones).

 

Average spreads & Commissions

All trading XtreamForex accounts, except the ECN one, offer variable spreads starting from 1 pips on EUR/USD, which is average for the forex market. ECN spreads, on the other hand, start at 0 pips, however a commission of $10 per standard lot round turn applies. So, in fact trading costs on all account types turn out to be similar.

 

In comparison, FX Choice’s average spreads on the Pro (ECN) accounts amount to 0.5 pips on EUR/USD and involve a commission of $& per lot, while commission-free accounts offer typical spreads of 1.2 pips on EUR/USD.

 

You may look up and compare real-time spreads of 15 leading brokers here

 

Maximum Leverage

The maximum leverage rates offered by this broker are high, reaching 1:500. Yet, many offshore brokers offer similar ratios. For example, another broker, registered in the Marshall Islands, ForexBrokerInc, also offers leverage up to 1:500, while FX Choice’s maximum leverage levels reach 1:200. More forex brokers offering leverage equal to or exceeding 1:500 can be views here.

 

We advise traders to operate carefully with higher leverage levels, for they may not only multiply their profits on a small deposit, but also lead to heavy losses in excess of initial investments. 


Trading Platform

 

XtreamForex offers its customers the famous MetaTrader 4 (MT4), desktop and mobile versions available (for Android & iPhone).

 

The MetaTrader 4 terminal is a perfectly equipped platform that allows trading in Forex, CFDs and related products. It provides the necessary tools and resources to analyze price dynamics on financial markets, conduct transactions, create and use Expert Advisors (EAs). EAs are advanced automated trading systems written in MQL4, that are able to analyze market conditions automatically, open and close positions and place, modify or delete orders.

 

Here you may look up more forex brokers offering MT4 platform.

 

Bonuses & Rebates

At the time of writing of this review, XtreamForex offers its traders the following promotions:

 

-          - 35% cash bonus

This is an on-deposit amounting from $105 to $1050, which is available on Micro and Standard accounts and is applicable to currencies, gold and silver trading. What is more, only positions which were open for more than 5 minutes and have 2pips difference between open and close price will be eligible for calculation of this payment. Bonus funds can be transferred from the credit into balance after the client has traded certain volumes.

 

-          - 100% welcome tradeable bonus

This bonus applies only to deposits between $5-$25 and cannot be withdrawn from the trading account.


Methods of Payment

 

XtreamForex offers a large number of payments methods to accommodate all our international clients through their account management portal, MyXtream: bank wire transfer, credit/debit cards and e-wallets Neteller, Skrill, and China UnionPay.

 

This broker charges no fees on deposits and withdrawals.

 

Conclusion

 

XtreamForex is a young offshore brokerage that offers reasonable conditions for trading in a variety of products through the robust MT4. The only concern one might have with this brokerage is its looser regulation. Here are, in a nutshell, the advantages and disadvantages of XtreamForex:

 

Pros       Cons
Low initial deposit, high leverage levels  Light touch regulation
MT4 available  No choice of trading platforms
Bonuses available   

                                                   

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Traders` reviews for XtreamForex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Best Execution

Best execution of any broker I have dealt with so far. I have run a scalping bot at Xtreamforex quite successfully, which failed to perform well at some other major brokers. Fast processing of deposits and withdrawals. Excellent account management interface and selection of account currencies. It doesn't really get any better than this.

Khaled Habib 01/21/2017

Really good broker with Low spreads and low commission. It's nice to use a proper ECN broker rather than the bucket shop brokers out there. I've not had any problems at all even at times of high volatility.

Daniel Lee 01/19/2017

xtreamforex

I have been trading for a while in xtreamforex broker with good stable results. This is my preferred broker because of the reliability of their services, low spread and commission cost and fabulous customer service with very high professional capabilities, well organize and quick answer and execution 24 hours

Imrantaj 01/11/2017

A better Service

I switched from another broker after their spreads kept widening and have been shifted on Xtreamforex spread and commission model. So far, I am Very happy with results. Much lower cost of trading and better platform. Deposit and withdrawals were fast for debit card deposit. Have not tried a bank wire yet.

Dian Taslim 01/04/2017

Good customer Support

The customer services support is quite helpful and response is very quick. The spreads are really tight and leverage is also very reasonable that help different types of traders specially small traders. I am having no issue about my withdraws as they are processed in quick time if we can ask support team to make it urgent.

Umais rajput 12/29/2016
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