The XtreamForex Forex broker appears to be trustworthy at first look, but after further investigation of the website, it is clear that the broker is not. It allows you to trade Forex as well as other assets like cryptocurrency, commodities, stocks, and indices. The brokerage firm was founded in 2015 and is based in the Marshall Islands. According to the broker, the company’s headquarters are in London. XtreamForex offers may appear to be very appealing to traders all over the world because the minimum deposit is only $5 USD, which is a very low amount. At the same time, it provides all traders who open a standard account with XtreamForex with a 1:1000 leverage. It also highlights that it has spread from 0 pip and displays multiple payment methods on the website. It’s too early to get excited about these offerings, though, because not everything is as good as it appears on the surface. This XtreamForex review will look into the details, reviewing the real features and quality of the broker’s service.
XtreamForex account types
Standard and ECN accounts are available at XtreamForex, with a total of five account types to choose from. Micro, Standard, ECN, ECN pro, and VIP accounts are the different types of accounts available. There is only one execution type – market execution – and only one basic currency – USD, in all of these accounts. Hedging and scalping are permitted on all accounts, and Islamic accounts are available on all of them.
The micro account requires a minimum deposit of 5 USD, with a maximum leverage of 1:1000 available to traders. Other account types have different leverage options: standard and ECN account holders can use leverage up to 1:4oo, while ECN pro and VIP account holders can use leverage up to 1:2oo.
Deposit, Payment methods, and XtreamForex withdrawal
Another factor that has a negative impact on the XtreamForex rating is payment methods. Wire transfer, Visa and Mastercard, Skrill, Neteller, FasaPay, WebMoney, PerfecMoney, Jeton, Qiwi, and Bitcoin are all listed as available payments on the main page. The number of payment methods mentioned in the deposit information is significantly reduced. Furthermore, while the Micro account’s lowest minimum deposit is 5 USD, certain deposit methods require a higher deposit.
Can XtreamForex be trusted?
This is the most important question to message. According to the broker, it is a well-known and reliable brokerage that is constantly expanding on the international market. TradeMax does not specify which countries their financial and trading services are available in. Anyone can register with the broker, according to the website, but it primarily targets English, Vietnamese, Arabic, and Nigerian traders because the website is available in these languages. The brokerage is run by Grand Investing Ltd, a Marshall Islands-based company. The broker makes no claim to being regulated, and there is no mention of a license number on the website, implying that XtreamForex is not regulated and provides unlicensed services. Furthermore, scam brokerages prefer the Marshall Islands because registration is simple and obtaining a license is cheap. Brokers who have registered there are based in a variety of countries. The broker claims to have a London office, but this does not appear to be the case for several reasons. This exposes the XtreamForex con.
The broker is active on almost every social media platform, including Facebook, Instagram, Twitter, LinkedIn, and even Pinterest. According to the Facebook page, it was founded in February 2015 under the name Uniglobe Markets Asia, but after a year, it was renamed to XtreamForex. While there are few customer reviews for XtreamForex, there are many for Uniglobe Markets Asia, with the majority of them claiming that the broker is a scam. Uniglobe Markets Asia is still active on the market, and is registered in the Marshall Islands, as one might expect. It’s also worth noting that the page is run from India and Israel, according to Facebook.
Is XtreamForex legit?
There are many signs of XtreamForex scam as you see from this detailed review. The brokerage is based in the Marshall Islands and does not have the legal authority to offer financial and trading services to people all over the world. While some novice traders may consider XtreamForex to be a good broker at first glance, experienced traders can see that it is not. The broker claims to have won an award for having the tightest spreads, but the information on the website indicates that the broker’s spreads are higher than average. The broker’s main tricks for luring customers and making its services appealing to them are the low minimum deposit and high leverage. The broker’s services aren’t described in great detail. Overall, our XtreamForex review concludes that the broker is untrustworthy, and it is preferable to seek out an international brokerage that is regulated by reputable regulators and provides truly excellent service.
Is XtreamForex a good broker?
A good broker provides traders with a good service in terms of eligible including trading instruments, customer support and deposits. What’s good for some Trader doesn’t mean the same for you. Therefore, the term ‘a good broker’ can differ. If XtreamForex is a good broker for you or not, you may decide on your own by examining the criteria. In general, XtreamForex provides Forex, Stocks, Indexes and Cryptocurrencies trading service. You can choose between Bitcoin, credit/debit cards, Neteller, PayPal, Skrill, WebMoney and wire transfer as far as payment procedures are concerned. Customer service via email, live chat and telephone is available.
The Genuineness of the Company is questionable
The Company displays a contact number from the UK, if you observe, but the Company shows that the contact number is in the Marshall Islands. It should have started from +692 for the Marshall Islands but here it starts from +44. In addition, there is no mention on their website of any UK-based offices.