WikiFX Broker Assessment Series | XtreamForex: Is It Trustworthy?

Background:

Established in 2015 in Marshall Island, XtreamForex facilitates online trading in Forex, CFDs for commodities, stocks, global indices, metals, energies, and cryptocurrencies. The brokers official website can be found at https://www.xtreamforex.com/.

XtreamForex provides traders with the option of both ECN (Electronic Communication Network) and STP (Straight Through Processing) trading. This dual offering allows traders to choose the trading model that aligns best with their preferences and strategies, providing flexibility and diversity in their trading experience.

In addition, XtreamForex offers a social trading service that can help money managers and professional traders improve their efficiency and profitability and generate passive income via copy-trading.

XtreamForex also offers an introducing broker (IB) program that allows individuals and businesses to earn commissions by referring new clients to the company.

Types of Accounts:

XtreamForex offers a range of trading accounts designed to suit traders at various levels of experience.

1. Micro Account: Ideal for beginners with a low minimum deposit of $5. It features a starting spread of 1.2 pips, with no commissions, and offers a maximum leverage of 1:1000.

2. Standard Account: Intermediate traders can opt for this account with a minimum deposit of $250. It offers a 1 pip starting spread, no commissions, and a 1:500 maximum leverage.

3. ECN Account: Geared towards experienced traders who prefer direct market access, it also requires a $250 minimum deposit. Spreads are based on actual market prices, with a $7 per lot commission and a 1:400 maximum leverage.

4. ECN PRO Account: With spreads starting from 0 pips, this account demands a minimum deposit of $5,000 and offers similar features as the ECN Account, but with a lower $5 per lot commission.

5. VIP Account: For elite traders, this account boasts spreads starting from 0 pips and requires a substantial minimum deposit of $20,000. It offers an unlimited maximum trade volume with a low $1 commission.

6. Islamic Account: Available for all three account types, Islamic Accounts comply with Sharia law, providing swap-free trading.

XtreamForex also offers a demo account, allowing traders to practice and build confidence before transitioning to live trading.

Deposits and Withdrawals:

XtreamForex provides a range of deposit methods, including Wire Transfer, Visa, Mastercard, cryptocurrencies, fasapay, Neteller, PayRedeem, Perfect Money, Skirll, and bitpay, with no fees imposed. Minimum deposits vary from $5 to $100.

On the other hand, the withdrawal methods offered by XtreamForex include Wire Transfer, Visa, cryptocurrency, fasapay, Neteller, PayRedeem, Perfect Money, Skrill, WebMoney, and bitpay.

Meanwhile, the broker also claims that clients' funds are held in segregated accounts for added safety.

Trading Platforms:

XtreamForex extends its clientele access to two widely acknowledged and favored trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms hold a high standing within the industry, equipping traders with sophisticated tools and features to elevate their trading experience.

MetaTrader 4 (MT4) stands out for its extensive usage and is recognized as one of the most favored trading platforms globally. It boasts a user-friendly interface and an exhaustive array of trading tools, encompassing customizable charts, technical indicators, and automated trading capabilities. Accessibility is seamless for traders, as MT4 is available on both desktop and mobile devices.

Moving a step beyond, MetaTrader 5 (MT5) represents an advanced trading platform that builds upon the success of MT4. Tailored to the needs of more seasoned traders, MT5 introduces additional features and functionalities. Beyond the forex market, MT5 expands traders' horizons by offering access to an extended range of markets, including stocks and futures. The platform's offerings include advanced charting tools, multiple timeframes, and a built-in economic calendar, empowering traders with the resources to make well-informed decisions.

Research & Education:

XtreamForex offers a comprehensive range of educational resources to support traders in expanding their knowledge of the forex market. The XtreamForex e-Course, accessible through the Trader's Room, covers fundamental aspects and essential strategies, serving as a valuable resource for both demo and live account users.

Tailored for beginners, XtreamForex provides a dedicated Beginner Course, introducing newcomers to foundational concepts in forex trading.

XtreamForex conducts informative webinars covering market updates, risk management, and other relevant aspects of forex trading, allowing traders to stay informed and up-to-date.

Traders can access the latest news and market updates through the platform, staying informed about upcoming events, economic indicators, and relevant news impacting forex trading. This feature aids traders in making well-informed decisions based on current market conditions.

Customer Service:

XtreamForex extends its customer support services through various channels to offer comprehensive assistance to traders with their queries and concerns. One available option is email support, where customers can connect with the company by sending an email to support@xtreamforex.com.

In addition to email support, XtreamForex provides a direct phone line, +00442080894813, offering customers an immediate connection to their support team. This direct communication avenue allows traders to seek assistance and receive real-time responses to their inquiries. Phone support proves especially beneficial for those who prefer verbal communication or have urgent matters requiring prompt attention. Complementing these options, XtreamForex also features a live chat function on their platform, enabling users to engage with customer support representatives in real-time.

Conclusion:

WikiFX, a global forex broker regulatory platform, has assigned XtreamForex a WikiScore of 6.24 out of 10, indicating that it is a reasonably reliable broker in the forex industry.

The evaluation takes into account that XtreamForex is a regulated broker, governed by the FSC.

However, it highlights the concern that the FSC is an offshore regulator, which may raise apprehensions for some traders. Despite this, XtreamForex indeed operates with a legitimate license, assuring traders of its commitment to regulatory compliance.