XtreamForex Review (2023)

Is XtreamForex regulated?

XtreamForex is a scam broker. The broker is located and incorporated in the Marshall Islands and does not hold any other license apart from an incorporation one, while Marshall is an offshore zone that requires only a very small capital in order to establish a firm. In fact, there is no regulation of company financial service or implementation of international investment standards. Therefore, the statements of the broker are absolutely misleading and confuse the potential investors about the services provided while the real things go in a different direction. That means that the company is a simple offshore firm that uses an STP connectivity to trade, attracts with the bonuses and competitive conditions while the rest remains unknown.

What is XtreamForex?

XtreamForex is a trading name that is operated by Grand Investing Ltd. Company registered in the Marshall Islands. XtreamForex claims its Award Winning pure STP/ ECN trading environment with real-time execution, tight spreads (see Zero Spread Forex Brokers) and truly advanced trading instruments offered on a variety of platforms. What is more, the broker states its delivery of fully licensed and regulated services and license to provide investment services along with funds security protection.

Licenses & Regulation

Is XtreamForex a scam?

In fact, the Marshall Islands is an offshore zone attracting various firms that for some reason or another escape from the serious regulation or compliance to international service provision. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

XtreamForex in India

XtreamForex allows Indian traders to open accounts and trade. However, XtreamForex has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

XtreamForex in the USA

The United States is one of the countries that is not accepted by XtreamForex. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for XtreamForex, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill (Moneybookers), Neteller. You can deposit funds in widely used currencies such as the U.S Dollar (USD). 

The minimum deposit to open trading starts from $5 to $20,000.  It depends upon the account type one selects. In a Micro account, the minimum deposit is $5 USD, the Standard account is $250 USD, the ECN account is $250 USD, ECN Pro $5000 USD, VIP account is $20000 USD.

It’s an Instant deposit of the fund at the same time to your MT4 account. In the case of bank transfer, the deposit is affected by your bank and correspondent bank timings. 

All withdrawal requests are processed within the same working day of receipt, but it will take 2-4 working days for the funds to reach your card/bank account.

Apps

XtreamForex MetaTrader 5 Mobile integrates the possibility to view market statistics of financial instruments traded in the exchange execution mode, as Forex is the large market with a massive daily trading volume and can require your constant attention. XtreamForex now provides you with every solution where you can monitor the market quickly and easily. Mobile app allows you to access the Economic Calendar and online market news. It also has Internal mail alerting you of any updates, full management of the trading account and a detailed trade window.

Demo Account

XtreamForex also offers a demo account with 100,000 USD virtual money for trading. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Conclusion

We always advise trading only with the regulated broker only, since the financial investment is a risky business that requires much more standardization of the service delivery than the sweet words about its service. For that reason, XtreamForex remains as a Broker to Avoid while our recommendation will go to those companies who comply with the set of customer protection rules. There are many reputable jurisdictions that conduct Forex industry with authorization agencies, which are regularly checked on the brokerage and protect clients’ interests and are serious regulated Brokers.