Much of what has been said by the online trading community regarding XtreamForex leans on rendering a positive image for the brokerage. This had prompted the review team to look into the validity of claims through a close examination of the firm’s services and offers.
The review team firmly believes that this review is a pointed assessment of XtreamForex’s over-all capabilities. The methodology employed for the examination is exhaustive and had involved the testing of all the functionalities of the firm’s site and platforms used.
About XtreamForex
A brand name of Xtream Markets LTD, XtreamForex was founded back in 2015. It is registered and undergoes regulation within the financial authorities within the Marshall Islands.
XtreamForex is an ECN brokerage firm that claims to offer speedy order execution, a highly-responsive 24/5 customer support, segregated client accounts, high liquidity, and Forex education and analysis of markets.
The firm also claims to allow clients to earn unlimited commissions and build an affiliate business to be a partner of the firm as well. The partnerships fostered by XtreamForex are supposed to be lucrative endeavours as parties are made privy to competitive commissions and various market opportunities.
This review looks at these claims so as to either validate or dispute them.
XtreamForex’s Offers
Trading Instruments
XtreamForex offers four types of trading instruments. These are:
- Forex Currency Pairs
The firm offers a wide range of currency pairs amounting to 62. The U.S. Dollar is held as the account base currency for all Forex transactions. The trading position starts at opening 1 lot buy EURUSD at 1.11445 while the lot size is at 100,000 units. The leverage limit is at 1:400.
- Cryptocurrencies
A total of 34 cryptocurrencies can be traded through the firm. Among these are coin titans, Bitcoin, Ethereum, and Litecoin.
- Indices
The indices offered through the firm amount to 1 which includes major players such as S&P 500, Nasdaq 100, Hang Seng Index Hong Kong, and Euro Stock 50 just to mention a few.
- Stocks
The stocks here amount to 55 from major companies such as Ferrari NV, Facebook, Microsoft Corporation, and JP Morgan Chase.
The instruments that XtreamForex allows to be traded through its services are easily viable and no doubt could potentially render handsome profits. The review team lauds the brokerage for being able to provide access to these markets to provide clients of lucrative trades and deals.
Trading Accounts
XtreamForex offers five account types. Each account shares a notable amount of peculiarities. In general, what each trading account provides are equivalent of the costs that come with them and the apparent benefits that traders can derive from each.
The first account type, the most basic of all, is called the Micro Account which can be opened for only $5. With this amount, a trader can already be availed of a Maximum Leverage of 1:1000, an Islamic Account, an Expert Advisor, an Account Manager, and a Maximum Open Order of up to 250. These are the highly notable offerings of the account. On the onset, the review team had noted the firm’s generosity of having to provide this much features for such a low price.
The second account type is the Standard Account. The amount needed to open this account is quite a jump from the Micro Account. Here, $250 is required with the notable difference in the margin call of 60%, 500 allowable Maximum Open Orders, and the provision of bonuses.
The third account type is the ECN Account. Like the previous account, $250 is required as an initial deposit. Commissions are at $7, a Margin Call of 60%, Islamic Accounts, an Expert Advisor, an Account Manager, bonuses, and a 500-Maximum Open Order.
An ECN Pro Account is also available through the firm, given that this type of trading is XtreamForex’s flagship service. Through this type of account, traders are given commissions of $5, a Margin Call of 60%, unlimited open orders, a Stop Out level of 30%. The only thing that traders might be turned off is the initial deposit of $5,000 which the review team thinks too costly for services that bear little difference with the ECN Account.
The last account type is the VIP Account. This account provides the same Stop Out Level and Margin Call with almost the same provisions with the ECN and ECN Pro Accounts. The only obvious departures are the unlimited Trade Volume and $1-commission. These can be availed at a minimum deposit of $20,000. The review team notes that the price is daunting, given the risks that ECN trading comes with.
Education
What caught the attention of the review team is XtreamForex’s provision of a comprehensive set of education materials and Market Analysis. These include:
- Beginner’s Course
- Technical Analysis
- Regular Contests
- Trading Tools
- Risk Management
The review team had looked into the content of each segment and had found them to be sufficient in orienting and breaking the brokerage’s users into the industry. The team notes that this is a good initiative on top of its provision of Account Managers and Expert Advisors through the trading accounts XtreamForex provides.
Trading Platforms
The review team deems it a wise move for the brokerage to partner with MetaQuotes to provide the widely-used and respected MetaTrader Platforms, specifically MT4 and MT5.
There is good reason why these platforms are of good repute. The status that these enjoy is owed to the neat interface, ease of use, capability of being customized, and its provision of a number of trading signals.
Trading with XtreamForex
With the positive testimonies gathered by the review team from its observation of XtreamForex’s services, it is easy to understand the positive reputation that it had gathered from users across the web. However, the matter stands that it thinks that the costs for the more advanced trading accounts are expensive without clear indication of separates them from the cheaper accounts.
The review team recommends that the brokerage look into these costs and hopefully come to a resolve that would benefit all its users and invite new ones.