Is XtreamForex scam? Find details in this review

XtreamForex, a Forex broker we previously reviewed, was unregulated at the time. However, the broker has since obtained a Mauritius FSC license and implemented positive changes, which we will discuss in this review. XtreamForex offers trading in Forex, as well as other assets such as cryptocurrencies, stocks, and indices. Established in 2015 and registered in the Marshall Islands, the broker claims to have its office located in London. XtreamForex’s offerings may be highly appealing to traders worldwide due to its low minimum deposit requirement of only 5 USD. Additionally, traders who open a micro account with XtreamForex can enjoy the leverage of 1:1000. The website showcases multiple payment methods and emphasizes spreads starting from 1.2 pips.

The safety and security of the XtreamForex

The company operating XtreamForex is Grand Investing Ltd, registered in the Marshall Islands. Recently, the company obtained a license from the Mauritius FSC (Financial Services Commission), which is a significant and positive development indicating the broker’s increasing legitimacy and reliability.

There is another company associated with XtreamForex, previously known as Uniglobe Markets Asia. According to the information on its Facebook page, it was initially created under that name on February 2, 2015, and later rebranded as XtreamForex in 2016. Uniglobe Markets Asia currently operates separately and has its own Facebook page. During the course of this review, we examined the website of Uniglobe Markets Asia and noticed that it shares the same template and even has some identical text content. This observation is important to consider because there are numerous negative opinions about Uniglobe Markets Asia, with allegations of being a scam. Both Facebook pages indicate that the companies are located in London, but the XtreamForex page is managed from India and Israel, while Uniglobe Markets Asia is managed from Cyprus and India. Additionally, both companies are registered in the Marshall Islands. It is reasonable to assume that these two companies are either operated by the same group or have some other connection. The question then arises: Can XtreamForex be trusted when the other associated company is widely believed by traders to be a scam?

XtreamForex Fees, and Spreads

The spreads are looking very attractive and healthy now. on the micro account spreads for major pairs start from 1.2 pips which is close to the industry average of 1 pip. But on other accounts the spreads are ra, meaning the broker does not add markup and spreads are as low as offered by the liquidity providers. We assume it should be between the 0 – 0.2 pips range which is great. The commission for trading with raw spreads is 7, 5, and 1 USD for ECN, ECN Pro, and ECN VIP accounts. The standard account has spreads from 1 pip and no commission.

These spreads and commissions are all within the industry average which shows excellent improvements from the broker.

XtreamForex Accounts, deposits, and withdrawals

XtreamForex offers several trading accounts, in total there are five different types of accounts that one can choose from. These accounts are Micro account, Standard, ECN, ECN pro, and VIP account. All these accounts have one execution type – market execution, and only one basic currency – USD. For all the accounts hedging and scalping are allowed, and all of them has Islamic account available.

The micro account starts from the minimum deposit of 5 USD, and the maximum leverage that can be used by the traders is 1:1000. The leverage is different for the other account types, standard and ECN account holders can use leverage up to 1:4oo, ECN pro, and VIP accounts have 1:2oo leverage available.

As for the XtreamForex FX brokerage spreads, on the front page of the website the broker claims to have spread from 0 pip, and the average spread for the major currencies like EUR/USD o.1 pip. Already in account types, one can see that spreads are from 1.2 pips for the Micro and Standard accounts. The lowest spread for the major currencies is for EUR/USD 1.2 pip. Other currencies, especially exotic ones have significantly high spreads.

For ECN accounts the broker claims to have spread from 0 pip, but it comes with commissions. For the ECN account commission is 7 USD, for ECN Pro 5, and for VIP 1 USD

XtreamForex Deposits, Payment methods, and withdrawals

Payment methods are another thing that the XtreamForex improved. On the main page, there are available payments listed: Wire transfer, Visa and Mastercard, Skrill, Neteller, FasaPay, WebMoney, PerfecMoney, Jeton, Qiwi, Bitcoin, and a few newer ones. Previously there was no method to deposit 5 USD which is the lowest minimum deposit required by the broker. Traders had to deposit at least 10 USD because of payment providers’ minimum transaction amounts. Now it is possible to use methods and instantly deposit as many funds as the trader desires.

The information about XtreamForex withdrawal can only be seen on the Frequently Asked Questions page. But the information is very limited. This issue still needs to be addressed as withdrawals are probably more important than deposits. The broker claims that the withdrawal requests are processed on the same day, but it takes up to 4 business days for traders to get their money, which is a longer time than some other brokers are offering.  Also, the page informs that there are no withdrawal fees charged by the broker, but there are commissions charged by the payment companies. However, there is no further information about those that would make a trader choose which payment method is better for them. Whenever the broker states nothing about withdrawal fees we always assume there are commissions charged. In this case, the broker mentions withdrawals being free of charge which is a very good approach.

XtreamForex Trading Assets and Features

The broker offers 56 Forex pairs, 6 commodities, 34 cryptos, 11 indices, 2 futures, and 54 stocks. One interesting fact about the broker it does not mention offering commodities at all. With these instruments, it is possible to trade all major markets of cryptos, stocks, and FX pairs from one platform and do this with low spreads and acceptable trading conditions. As we have mentioned in our previous reviews there are two things we see about revisiting the Forex brokers. Either the broker goes extinct or they improve their services and fees. The cases where the young broker remained the same were very rare. In XtreamForex’s case, the improvements are clear and positive which is very good for their clients.

All these instruments can be traded on the MT4 and MT5 platforms. The broker has a platforms section on the website where traders can select their devices or system and download the right version of MT4 and MT5 platforms. These platforms are popular trading and charting software with many inbuilt professional features. XtreamForex MT4 and MT5 are available for all devices, and operating systems. Android apps allow trading and chart analysis on the go which is super comfortable for traders who have to travel often.

XtreamForex Customer Support

Customer support is one of the most important things to check before registering with a new broker. Our XtreamForex opinion about its customer support has improved since the broker introduced call-back and live chat options. XtreamForex has three other options available to get assistance from the broker as well. The first one is an email address of the support which is not the most comfortable way to get some help, especially when it is urgent. There is also a phone number indicated. It is better than an email, however, there is only one number, when the broker is offering services for a worldwide audience. The broker also has a live chat, which is usually the best way to connect with the customer support team. However, the form requests personal details such as phone and email, before connecting to the broker’s representative. It is not good, as the chat should be readily available, moreover, this way customers are not protected from having their personal information misused by the broker.

XtreamForex Education overviewed

Education is very important for a trader’s development as both stock and Forex markets are very complex and require substantial experience and knowledge to make a profit. Many brokers offer various educational resources to help their traders and XtreamForex has several webinars, articles, and educational resources covered. Webinars allow traders to register and get online live lessons about Forex and financial market concepts like market participants, fundamental, and technical analysis, and many more.

From trading tools, the broker offers an economic calendar, market news, and various Forex calculators to help traders make informed decisions and increase their accuracy in the markets.

Should you consider XtreamForex? Our verdict

As you could already guess our final verdict about the broker is better now than it was previously. XtreamForex has improved in several directions including the most important one – the broker got a real license. The broker has average spreads and offers a flexible choice of trading accounts. Customer support is also improved with new features added. One downside is that the brokerage is associated with the other broker, which is called out for being a scam by the traders. Based on this, we can confidently say that trading with XtreamForex is safer now than it was previously. What started as an unregulated Forex broker with several issues on their website, turned out to become a fully-fledged Forex broker with several improvements in key areas. While we can not fully recommend the broker, the positive improvements are clear and may indicate a bright future for XtreamForex.