XtreamForex Review 2020
XtreamForex is a trading broker with a range of different assets available to trade via the intuitive MetaTrader platforms for desktop, web and mobile (iOS & Android). The brokers account types and funding options are flexible whilst they offer some additional trading tools and a signal copying service. There is also an informative trader’s academy filled with useful learning materials.
XtreamForex Review 2020, Pros & Cons
- Trader's academy
- Trading tools
- User-friendly MetaTrader platforms
- Flexible account types & funding options
- 24/5 customer support
- $5 minimum deposit
- Range of trading instruments
- No regulation
- No US clients
- USD account currency only
In this detailed XtreamForex review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
XtreamForex is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including XtreamForex.
XtreamForex Review: Summary
XstreamForex is an online broker that offers traders around the globe in various asset classes including Forex, Cryptos, Indices and Stocks. The broker uses straight through processing with a liquidity pool of institutional partners, enabling them to offer competitive price quotes with raw spreads starting from just 0 pips and reliable trade execution speeds. They state that all client orders will be passed straight through to their liquidity providers – therefore there is no dealing desk intervention or conflict of interest. In addition to this, they provide clients with 24/5 customer support, segregated accounts, trading education and market analysis.
XtreamForex is committed to providing superior forex trading services for all clients, both retail and institutional, irrespective of the size of their investments or trading experience. The company’s vision is to grow to be a leading and reliable broker that takes pride in offering the most professional pricing and services to forex Traders. They also offer some promotions from time to time.
XtreamForex Review: Regulation
XtreamForex is the fastest growing ECN broker that is operated by Xtream Markets Ltd. They are registered by the Marshall Islands. XtreamForex provides trading services in Forex, Commodities, Indices, Stocks and Cryptocurrencies.
Although not regulated, XtreamForex is a member of the Investors Compensation Fund and state that client funds are held in segregated bank accounts as per their regulations requirements and that they provide negative balance protection.
XtreamForex Review: Countries
XtreamForex welcomes clients from all over the globe excluding countries where strict regulations are in place that prevent them from doing so, such as the United States of America.
Some XtreamForex broker features and products mentioned within this XtreamForex review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
XtreamForex Review: Trading Platforms
XtreamForex provide clients with one of the most popular and powerful forex trading platforms, MetaTrader. There is a choice between the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Millions of traders choose MetaTrader for its unique features including a fully customisable interface, flexible trading conditions, advanced charting & technical analysis, expert advisors (EAs) for automated trading and various inbuilt technical indicators. It also has its own built-in MetaEditor programming interface where users can develop their own customised indicators, scripts and EAs. There is a strategy tester for back testing EAs over historical data and large online MQL community where users share ideas and tools. Some of the key MetaTrader features are as follows:
- Real time bid/ask price quotes in the market watch window
- Multiple chart types (including bar, line & candlestick)
- Multiple chart timeframes from 1 minute to 1 year
- Multiple order types supported & one-click trading directly from charts
- Technical indictors for conducting in-depth chart analysis
- Automated trading with expert advisors (EAs)
- Strategy tester for back testing EAs over historical data
- Set price alert notifications via email, SMS and pop-ups
- Freely available for desktop, web & mobile devices (iOS & Android)
XtreamForex Copy Trading Program offers the opportunity to automatically copy trades of other traders so that you do not have to spend time developing your own strategy and stare at charts all day. It must be strongly emphasised that there are no guarantees on performance when copying signals and past results are by no mean any indication of future results. You should have a clear understanding of the significant risks involved before trading online.
XtreamForex Review: Trading Tools
The broker offers some additional trading tools to try and help traders improve their trading strategies such as a currency converter, pip calculators and various other trading mechanisms that can be used when trading the forex market.
The Forex market is the world’s biggest financial market in terms of volume so it can be beneficial to be aware of the world’s happenings. Forex holidays can significantly affect the trading schedule and the volatility of the market. Using the holiday calendar, you can take a look at the list of exchange market holidays and stay up to date with all upcoming changes to the trading schedule.
XtreamForex provides an automatically updated, independent calendar featuring important economic events for active traders. It helps users to stay updated on the significant events with instantaneous information and can help aid decision making according to market volatility. The economic calendar shows all of the major and minor economic events for today or for this week.
Position Size Calculator
The position size calculator is a free tool that helps you to estimate the size of your trade to avoid excessive risk. Your position size should always be based on your risk tolerance and you should be fully aware of the significant risks involved with trading online.
The Pip Calculator is a useful tool that will help you to calculate value of pip for the currency you want to trade.
XtreamForex Review: Education
XstreamForex has an impressive trading academy full of useful trading guides, tutorial videos, e-courses, webinars, daily market analysis and much more. There is plenty of content to help traders of all experience levels to improve their skills and knowledge.
XtreamForex Review: Trading Instruments
The broker has a wide range of trading products to trade online including the following:
Trade More than 60 major, minor and exotic currency pairs from 0.0 pips.
Trade the world’s most traded digital currencies such as Bitcoin, Litecoin, Ethereum and more via one trading platform.
Trade indices with competitive trading conditions. There are over a dozen baskets of indices to choose from. You can trade with the world’s most active stock indices including NAS100, SPX500 and US30.
Trade 60+ stocks of some of the largest and most famous companies from the US, UK and EU. You can buy and sell stocks including Apple, Amazon, Facebook and other major companies in the world.
XtreamForex Review: Trading Accounts & Fees
XstreamForex have a variety of 5 different account types to suit different trading styles and investment sizes. The minimum deposit to open a micro trading account is $5 or equivalent. The minimum deposit to open an ECN trading account is $250. Spreads start from just 0 pips and leverage of up to 1:1000 is available. The minimum lot size to trade is 0.01. All accounts, except the ECN and ECN Pro, are commission-free and offer variable spreads. Scalping, hedging as well as automated strategies (EAs) are allowed on the Xtream account.
You can have up to 5 trading accounts, according to the brokers policy. In order to open an additional account, you need to login to the Client Area, click on “Add a New Account” and then choose the account type, base currency and leverage. You can manage multiple accounts by using the MT4 MultiTerminal platform, which you can request by sending an email to customer support.
Swap Free Accounts
As long as you meet the brokers criteria (e.g. client of a Muslim faith), you may be eligible for a swap free account. In order to get a swap free account, you just need to open an account as usual and send an email to customer support to request the swap free account.
XtreamForex provide free demo accounts where you can practice your trading strategies on the different trading platforms. In order to open a forex demo account, you have to fill in the online registration form here. As soon as you finish the registration process, your account details will be sent to your email and you will get $100,000 in virtual money to trade with.
As broker fees can vary and change, there may be additional fees that are not listed in this XtreamForex review. It is imperative to ensure that you check and understand all of the latest information before you open an XtreamForex broker account for online trading.
XtreamForex Review: Customer Service
XtreamForex Customer support is available 24/5 during market opening times via email, telephone and live chat. The broker believes in building long-term relationships with clients and all the people who work with them.
XtreamForex Review: Deposit & Withdrawal
XtreamForex support a variety of convenient deposit and withdrawal methods. In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill, Neteller, UnionPay and more. To fund your account by bank wire transfer, you will need to obtain the brokers bank details from the Client Area or request them by sending an email to customer support. As soon as you make your deposit by bank transfer, you will have to provide them with a swift copy of your transaction.
Funding your account with all the other payment methods is initiated directly via the Client Area. To withdraw funds from your trading account you need to go to the Fund Transfers section, then choose Withdraw Funds, fill in the form and submit it. The funds must be withdrawn by the same method used for deposit.
The broker does not charge any commission for deposits nor withdrawals but fees may apply from the respective banks or payment processing companies. All withdrawal requests are processed within the same working day of receipt, during business hours, but it will take 2-4 working days for the funds to reach your card/bank account. Accounts can only be opened in USD which means that you may have to pay currency conversion fees if using another currency.
XtreamForex Review: Account Opening
In order to open a live account with XtreamForex, you have to fill in the online registration form, which you can find on the brokers website. Once you’ve submitted the form, you’ll be sent all of your account details to the email address that you provided. To get your account verified, you’ll need to submit all the requested documentation and make your first deposit to start trading online. As long as you complete the registration process, submit a proof of identification and proof of address and make your first deposit, your trading account will be opened immediately.
XtreamForex Review: Conclusion
XtreamForex is a true ECN forex broker that has a good selection of trading products to trade with competitive conditions on the user friendly MetaTrader trading platforms along with an abundance of trading tools. In addition to this, they offer flexible account types, a variety of funding options and an informative traders academy.
CFD’s and Foreign Exchange (FX) traded on margin carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with leveraged CFD and FX trading before deciding to trade because you can lose some or all invested capital. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.