500 : 1
200 : 1
300 : 1
50% REDEPOSIT BONUS, 100% CREDIT BONUS, 100% TRADABLE BONUS
UnionPay, Neteller, Skrill, Credit card (VISA/Mastercard), Bank wire
XtreamForex is an online forex broker, offering traders a platform to trade in precious metals, CFDs on commodities & shares, and currency pairs. The platform is owned and managed by Grand Investing Ltd., a company registered in the Marshall Islands. This makes XtreamForex an offshore broker.
Forex brokers based in the Marshall Islands do not need to adhere to any strict regulations compared to their EU and US counterparts. This means that XtreamForex does not have to conduct external audits, maintain a minimum capital, or hold clients funds in separate accounts. They do not even need to have a compensation scheme to cater to their clients in case they become insolvent.
Regardless of this, XtreamForex indicates on its website that it is a member of the Investors Compensation Fund and to this end, clients funds are held in separate bank accounts. Its features have been detailed below:
Like most brokers currently, XtreamForex offers its traders the popular Metatrader4 platform, favored for its efficiency and reliability. The platform comes equipped with numerous tools, a charting package, and a vast array of technical indicators.
XtreamForex has 4 account types, designed to cater to the expanse needs of different traders. The accounts are Xtream account, Standard account, ECN account, and Micro account. The platform does not charge commissions on all its accounts with the exception of the ECN account. All accounts offer variable spreads.
Islamic traders can enjoy swap-free services in both the standard and micro account types which are Sharia-compliant.
3. Payment methods
4. Initial minimum deposits
To open an account, one needs a minimum initial deposit of $10, which is considered very low, like with most offshore brokers.
5. Spreads, Commissions, and Leverages
The trading accounts on XtreamForex offer variable spreads which start from 1 pip on EUR/USD, the basic average in the industry. Again, this is with the exception of the ECN account whose spreads start at 0 pips. The account also attracts a commision of $10 for every standard lot round.
The maximum leverage rates offered by the broker are quite high, even reaching 1:500. However, traders need to be very careful with brokers that offer high leverage levels. This is because not only do they multiply profits on small deposits, but they may also attract huge losses eventually, even exceeding initial investments.
Advantages and Disadvantages
- Decent bonuses available.
- Very low initial deposit.
- High leverage rates.
- Offers traders the Metatrader4 platform.
- Only one trading platform available.
- Little to no regulation.
- High leverage rates may attract heavy losses.
Despite being an offshore broker, XtreamForex offers traders extremely reasonable trading conditions and a variety of trading assets through MT4. However, one cannot ignore the fact that the broker has loose regulation. In simple terms, when considering offshore brokers, you need to take into account the fact that these brokers have extremely limited regulatory protection and oversight. This means that your funds may not exactly be safe. That being said, if you do decide to choose XtreamForex as your broker, ensure you take all the caution you can.