Is XtreamForex scam? Find details in this review
XtreamForex Forex broker is one of the brokerages that looks good at first, but after some research on the website, it is clear that the broker is not trustworthy. It offers trading Forex and other trading assets such as cryptocurrency, commodities, stocks, and indices. The broker has been established in 2015 and is registered in the Marshalls Islands. According to the broker, the office of it is situated in London. XtreamForex’s offers might look very attractive for the traders all around the world as it requires 5 USD minimum deposit which is very low. At the same time, it offers 1:1000 leverage to all traders who will get the standard account with XtreamForex. It also showcases multiple payment methods on the website and emphesizes that it has spread from 0 pip. However, it is too early to get excited about these offerings since not everything is as good as it seems on the surface. This XtreamForex review will go into the details and discuss the real features and quality of the service that the broker provides.
Is XtreamForex legit?
The company behind XtreamForex is Grand Investing Ltd which is registered in the Marshalls Island. Seemingly the company does not have a license from the local regulator as there is no license number showcased on the website. Even if the broker has one the license from the financial authority of the Marshall Islands does not provide much of a security to the trader. First of all, the regulator is not considered to be the reputable one, as the offshore country is known to be the haven for all scam brokages. Moreover, the license granted by it does not cover foreign customers and does not protect them from XtramForex scam.
There is one more company associated with the XtreamForex. The Facebook page of it provides information that the page was first created with the name of Uniglobe Markets Asia on February 2, 2015. Later in 2016, the page changed its name to XtreamForex. Uniglobe Markets is currently operating and has different Facebook page. While making this Xtreamforex.com review I checked the website of Uniglobe Markets Asia as well, and it has the exact same template and even some texts are the same. It is important to take into consideration, since there are a lot of negative opinions about Uniglobe Market Asia, claiming that the broker is a scam. Both of the Facebook pages show that the company is in London, however, XtreamForex Facebook page is managed from India and Israel, and Uniglobe Market Asia is managed from Cyprus and India. Last but not least, both of them are registered in the Mashall Islands. It is safe to assume that these two companies are operated by the same group or has some other connection. Can XtreamForex be trusted when the other company related to it is considered to be a scam?
XtreamForex account types
XtreamForex offers standard and ECN 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, 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 average spread for the major currencies like EUR/USD o.1 pip. Already in account types, one can see that spreads are from 1 pip 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
Deposit, Payment methods, and XtreamForex withdrawal
Payment methods are another thing that affects the XtreamForex rating in a negative way. On the main page, there are available payments listed Wire transfer, Visa and Mastercard, Skrill, Neteller, FasaPay, WebMoney, PerfecMoney, Jeton, Qiwi, and Bitcoin. The number of payment methods mentioned in the information about the deposit is considerably fewer. Moreover, while the lowest minimum deposit is 5 USD for the Micro account, one has to deposit more if using certain deposit methods.
The information about XtreamForex withdrawal can only be seen on the Frequently Asked Questions page. But the information there is very limited. 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.
Customer support is one of the most important things to check before registering with the new broker. Our XtreamForex opinion about its customer support is negative. XtreamForex has three options available to get assistance from the broker. 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 the worldwide audience. For example, the website is available in English, Vietnamese, Arabic and Nigerian, which makes us think that the broker targets people speaking these languages, therefore there should be several phone numbers available for these regions. 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 an 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.
As you could already guess our final verdict about the broker is not very good. XtreamForex fraud seems to be possible, and even without it, the broker’s service does not seem to be good. Even though XtreamForex claims to have very low spreads, it takes a minute to see that the real spreads are higher than average. The broker is not regulated and hence, none of the customers are protected from scam and wrongdoing. The customer support is designed in a very bad way, meaning that in case of some problem occurs, traders cannot be sure that these issues will be addressed professionally by the broker. Last but not least, the brokerage is associated with the other broker, that is called out for being scam by the traders. Based on this, we can confidently say that trading with XtreamForex is not safe and one should search for a reliable broker.