Richard Montana | November 17, 2022
XtreamForex is a trading broker with a vast selection of different asset classes available to trade via the intuitive and user-friendly MetaTrader platforms for desktop, web and mobile devices. The broker has decent trading conditions along with flexible account types and convenient funding options. They also offer additional trading tools and a signal copying service, whilst there is an informative trader’s academy filled with useful learning materials. The minimum deposit to start trading is just $5 and free demo accounts are available if you wish to give them a try before making a commitment. Despite the positives, the broker currently has no valid regulatory license for please be aware of the risk. You can find an alternative broker that is regulated from our broker ratings.
Pros & Cons
- User-friendly MetaTrader platforms for web, desktop and mobile
- Large selection of trading instruments to choose from
- Low $5 minimum deposit required to start trading
- Flexible account types with spreads as low as 0.0 pips and $0 commission fees
- Quick & easy account funding with various convenient payment methods
- Rapid trade execution speeds with no dealing desk intervention
- Trader's academy to help educate new traders
- Copy trading solutions for traders and investors
- Free VPS for eligible clients
- Free demo account to practice trading
- 24/5 customer support
- The broker is not currently regulated
- USD account currency only
- Need a large deposit to get the best conditions
- Cannot accept clients from some countries
- Could improve standalone trading tools
- Limited non-FX instruments compared to some other brokers
XstreamForex is an online brokerage firm that gives traders around the globe access to trade 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 quick 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. This should mean access to superior pricing coming directly from the markets. In addition to this, they provide clients with 24/5 customer support, segregated accounts, trading education and market analysis to help make informed decisions.
XtreamForex is committed to providing reliable 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 forex broker that takes pride in offering the most professional pricing and services to forex traders. They have carved a reputation in the online trading industry by providing an innovative, user-oriented trading environment built on the most advanced platforms. As the broker continues to grow internationally and establish themselves as a global brand, their main priority remains your profitability, success and happiness as a client. However, I really think this all needs to be backed up by top-tier regulation for them to be considered amongst the best forex brokers.
When it comes to choosing a broker, regulation is one of the first things that I look for. It is important for me that I am using a broker who I can trust because they must follow strict rules and procedures that have been put in place to protect investors. Unfortunately, XtreamForex are not currently regulated which is disappointing as they are a fast-growing ECN broker. They are operated by Xtream Markets Ltd and registered in the Marshall Islands. The broker claims to be 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. If you would prefer to use a regulated broker, AvaTrade have an excellent range of trading products and services, whilst they are regulated in multiple jurisdictions to give you peace of mind.
The lack of regulation means that XtreamForex welcome clients from all over the globe excluding countries where strict regulations are in place that prevent them from doing so. I would make sure that your country does not have any laws in place to stop them soliciting clients. If this is the case, please feel free to use our broker comparison tool to find an alternative option.
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.
I think that MetaTrader is one of the best trading platforms for users of all experience levels who want to analyse charts to find trade setups. I have used the platforms for many years and find them ideal for manual and automated trading with minimal hassle. The desktop version of the platform has all of the features and functionalities. The web version can run directly in your web browser without needing to download or install any software and is always up to date which is great. The MetaTrader app is ideal for conveniently keeping track of your account and following the market news from your mobile devices. I have bever felt the need to switch to another platform is it does everything that I need it to and much more. You can setup the platform to be as complex or simplistic as your trading strategies require.
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)
The XtreamForex Copy Trading Program offers the opportunity to automatically copy trades of other traders, known as a strategy manager, so that you do not have to spend time developing your own strategy and staring at charts all day. The position of your chosen trader automatically gets copied in real-time and you will get the same trades as per your strategy manager. While you are imitating the position the proportion of profit would be shared among you both. You additionally also have the privilege to choose the amount you would like to invest. Copy trading is an effortless technique where you can learn the strategy from other traders. The copy trading platform features include:
- Simple: Get started in no time, with no need for advanced forex knowledge
- Flexible: By choosing from 600+ Strategy Managers, you decide who to follow & how much you want to invest
- Safe: No one, except you, has access to your personal details
- Efficient: Sign up within minutes, and monitor your trades in real-time
- Accessible: Get started via the XtreamForex Website or Client area to access XtreamForex Invest directly
- Practical: Withdraw your funds instantly, and pay your Strategy Manager only in case of profit’s discover how much you could earn by using the forex investment calculator
To get started with the XtreamForex copy trading platform, you just need to follow these simple steps:
- Register for your Investment Account
- Select the Strategy Manager of your choice
- Verify your profile
- Deposit funds and choose the signals you would like to copy
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. Whilst they do have a great variety of strategy providers, I personally prefer to conduct my own trading as I feel it is better to try and learn from your mistakes and maintain control over your own trade decisions. I don’t want to rely on and potentially blame someone else should things go wrong.
The broker has some basic 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. That being said, most of you can probably more than get by with the plethora of trading tools that are already included within the MetaTrader platforms. They are absolutely stacked with excellent tools for conducting detailed market analysis. Not to mention, you can get loads more in the MQL marketplace and can even develop your own tool in the MQL language. If you don’t have the coding skills, the MQL freelancer website can be a great place to get someone to do it for you.
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. I always like to check for any pending market news before making any trade decisions just to make sure that I don’t get caught out on the wrong side of a particular news event.
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. It is quick and easy which can help if you are planning your trades and in a rush.
Virtual Private Server
A Virtual Private Server (VPS) is a remote service that works autonomously. A VPS runs virtually imitating devoted server environments within a large Servers. It imparts secured and firm trading by providing permanent connectivity to the internet without any disruption. XtreamForex is committed to bringing forth advanced technology. They have joined forces with a top VPS provider that gives clients access to Free VPS hosting for exceptional trading conditions with security and flexibility.
Some of the main advantages of a VPS include:
- Runs 24/7
- Ideal connection speeds
- Limited effect of unforeseen down time, power cuts, and other obstacles
- Minimize delay in order execution
- Speedy recuperation of lost data
- Smooth functioning alongside other operating systems
- Run automated systems such as expert advisors (EAs)
This is especially useful for traders that run automated systems around the clock and those who don’t have reliable internet connections at home. I actually have my own VPS from a third-party provider and find it to be an invaluable tool for running my automated systems around the clock. I simultaneously run multiple instances of the MetaTrader platforms to test my expert advisors on different broker accounts to see how they perform. It should be noted that there are other brokers who provide a free forex VPS, including Key to Markets.
You can follow these steps to get access to the XstreamForex VPS:
- Create a trading account with the broker
- After the approval of your account, you can request a free VPS to receive a user name and password to access its IP address and associate it to the server using a remote desktop application (RDP)
- Once the connection to the VPS is live, you are then directed to a different desktop with similar functions and privacy as a real PC
- Finally, you can log in and start your trading as per usual
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. It is good to see that the broker are committed to being with you in every step of your forex trading career and provide you a variety of educational resources that could strengthen your basic understanding of forex trading.
You canimprove your trading experience with industry tips and knowledge from experienced forex experts by signing up for free weekly or monthly webinars. The webinars are designed to try and improve your forex trading skills that will help you to boost your confidence that you need to trade in the financial markets. If you are a beginner or an experienced trader, the experienced educators can teach you some interesting forex strategies and concepts. Every live webinar is followed by a Q&A session that will allow you to raise your question regarding the session. You can clear your all doubts with the XtreamForex educator.
The broker has a generous range of financial instruments to trade online. Whilst it is not the most extensive collection of instruments that I have come across, there is still plenty of create a diversified portfolio. I think there will be enough primarily for forex traders. If you are looking for an even greater variety, RoboForex have thousands of instruments in comparison. XtreamForex products include the following:
Trade More than 60 major, minor and exotic currency pairs from 0.0 pips.
Trade cryptos with some of the world’s most traded digital currencies such as Bitcoin and Ethereum 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 stocks with 60+ 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.
XstreamForex have a good variety of 5 different account types to suit different trading styles and investment sizes. 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. The account type that you opt for is likely to depend on your investment size and trading strategy. Generally speaking, the combined spread and commission fees are very competitive and inline with what many other brokers provide.
I would personally go for the ECN Pro account as it has the lowest spreads which is important for my strategies. I would like the VIP Account but I feel the minimum deposit is quite high, especially for an unregulated broker. You can get access to zero spreads with low commission fees from XM Group with a minimum deposit of just $5. They are also regulated and one of the best brokers in the industry in my humble opinion.
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.
The minimum deposit to open a micro trading account is $5 or equivalent. Spreads start from 1 pip and leverage of up to 1:1000 is available. The minimum lot size to trade is 0.01 and a maximum of 5 lots are permitted. There is no commission charged on this account.
The minimum deposit to open a standard trading account is $250 or equivalent. Spreads start from 1 pip and leverage of up to 1:400 is available. The minimum lot size to trade is 0.01 and a maximum of 50 lots are permitted. There is no commission charged on this account.
The minimum deposit to open an ECN trading account is $250. Spreads start from just 0 pips and leverage of up to 1:400 is available. The minimum lot size to trade is 0.01 and a maximum of 50 lots are permitted. There is a $7 commission charged on this account.
ECN Pro Account
The minimum deposit to open an ECN Pro trading account is $5,000. Spreads start from just 0 pips and leverage of up to 1:200 is available. The minimum lot size to trade is 0.01 and a maximum of 100 lots are permitted. There is a small $5 commission charged on this account.
The minimum deposit to open a VIP trading account is $20,000. Spreads start from just 0 pips and leverage of up to 1:200 is available. The minimum lot size to trade is 0.01 and there is no maximum amount that you can trade. There is a very small commission of just $1 charged on this account.
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. A carry charge is applied on selected currency pairs when holding overnight positions beyond a 7-day period. The Company reserves the right to revoke the Islamic Account status granted to any trading 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. I think demo accounts are a great way for you to trial the broker and see if they have suitable conditions for your strategies before making a commitment.
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. I have had a hit and miss experience with the support team to be fair. Sometimes they are really quick and helpful, other times they have been quite slow to respond and not answered my concerns. It is a minor hiccup but I do consider customer support to be up there with regulation when it comes to my broker reviews.
The broker does support a variety of convenient deposit and withdrawal methods. In order to deposit into your account, you can choose from bank trasfer, card payments and digital wallets. I like that there is plenty of choice, especially the online payment processors as I find this to be one of the quickest ways to move my trading funds around.
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. I think this is quite limited and would like to see them improve by providing alternative currencies, especially when you consider that they serve traders around the globe.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I think there is a lot of good things to like about XtreamForex. They do operate as a true ECN forex broker and have a good selection of trading products to trade with competitive conditions on the user friendly MetaTrader trading platforms along with a decent selection of trading tools. In addition to this, they offer flexible account types, a variety of funding options and an informative traders academy to help beginners learn more about the markets. Despite the positives, they are not regulated which may be a concern for potential clients. If you would prefer to trade forex with a regulated broker, Pepperstone are another great option to consider.