Objective XtreamForex review reveals if the broker is a scam
XtreamForex is no dealing desk broker that offers trading Forex, indices, stocks, cryptos, and commodities. The brokerage is established in 2015 and is operating on the international market. The broker offers standard and ECN accounts to the worldwide audience. Those who want to register with the broker can get the standard account with the minimum deposit of 5 USD and enjoy 1:1000 leverage. While the offerings might look great for many inexperienced traders, it is worth to check the features of the broker in details as there are some signs of XtreamForex scam.
The broker is registered in the Marshall Islands and does not display its license number. It indicates that the broker is not regulated and hence does not have any authorization to offer its services to the residents of any country. Xtream Forex has some misleading information on the website to lure the customers. If you are considering to open an account with the broker, make sure to read XtramForex review that provides all the necessary information about the broker.
Can XtreamForex be trusted?
This is the main question to be answered. The broker claims that it is a well-established and reliable brokerage that is constantly growing on the International market. TradeMax does not state which countries do they provide with the financial and trading services. As understood from the website, anyone can register with the broker, however, it targets English, Vietnamese, Arabic, and Nigerian traders since the website is available in these languages. The brokerage is operated by the company Grand Investing Ltd, which is registered in the Marshall Islands. The broker does not claim that it is regulated, there is no license number mentioned on the website, which means that the XtreamForex is not regulated and provides unauthorized service. Moreover, scam brokerages love the Marshall Islands, as the registration is very easy and acquiring the license is very cheap. Brokers who are registered there are operating from the different countries. The broker claims it has an office in London, however it does not seem to be true for several reasons. This reveals XtreamForex scam.
The broker has social media accounts on almost every platform – Facebook, Instagram, Twitter, LinkedIn, and even Pinterest. According to the Facebook page, it was created in February 2015 but the name of the page was Uniglobe Markets Asia but was renamed to XtreamForex in one year. While there are hardly any reviews made by the customers of XtreamForex, there are a lot of them about Uniglobe Markets Asia, and the majority of them claim that the broker is a scam. Uniglobe Markets Asia is still operating on the market and unsurprisingly is registered in the Marshall Islands. It is also worse mentioning, that according to Facebook the page is operated from India and Isreal.
The website does not leave a very positive first impression. It is designed in black and red colors and is full of stock images that make the website looks scammy. Navigation on the website is not very easy. While the front page is loaded with information, during the Xtreamforex.com review I was not able to check all information since some of the links does not work. For example, if you want to check the trading products you will only be able to see the currency pairs and metal & energies since the links for stocks, cryptos, and indices do not work. Contentwise the broker looks better, it has an educational blog for the beginner traders where the last post was made 3 days ago before writing this review. In general, the website is not very bad but is not good either. Now let’s check the features of the brokerage.
What does the broker offer
XtreamForex FX brokerage is an ECN broker that offers to trade major and minor currency pairs, some of the metals and energies, such as the US crude oil, the US natural gas, and Silver/US dollar, Gold/EUR, Gold/USD Dollar. The broker also offers crypto, stock, and indices, however, as mentioned above the information about those is not available on the website. XtreamForex broker offers to trade on MT4 trading platform and claims to be the best MT4 Forex broker, it also claims to have an award for the best brokerage and tight spreads. Unfortunately, there is no information about these awards which could mean that there is no real award given to the brokerage. Such a lie lowers XtreamForex rating a lot. Moreover, the broker has misleading information about the “tight” spreads as well.
Spread and leverage
XtreamForex claims to have 0 spreads, and average 0.1 spread for EUR/USD currency pair. However, in reality, the spreads are much higher. The page dedicated to the currency pairs show that the spread for EUR/USD is 1.2, and the typical spreads for other currencies are much higher.
XtreamForex offers leverage as high as 1:1000. It is very high leverage and traders should be very careful with it. While most of the brokerages will tell you that you can make more money with the higher leverage, in most cases it means that you will lose more than you can bear with the leverage like this. Especially when it is offered by the untrustworthy brokerage just like XtreamForex Forex broker.
The broker offers five types of accounts with different features Micro, Standard, ECN, ECN Pro, and VIP account. The minimum deposit one needs to register with XtreamForex is 5 USD for Micro accounts. Here the broker states that typical spreads start from 1 pip, 0 pips are available for ECN and VIP accounts where there are commissions. The maximum leverage 1:1000 is available only for the micro accounts, other accounts have 1:400, and 1:200 leverage available. Traders with the micro, standard, and ECN account can get XtreamForex bonus.
XtreamForex withdrawal and payment methods
According to the website, the broker offers multiple payment methods for depositing and withdrawing funds. The list of payment methods includes Visa and Mastercard, Skrill, Neteller, Qiwi, Bitcoin, Wire transfer, Jeton, Perfect Money, WebMoney, and Fasapay. However, on the other page dedicated to depositing the funds only following payment methods are showcased: Neteller, Skrill, and Unipay, with the minimum deposit of 5 USD, Visa card with the minimum deposit of 10 USD, and Bitcoin where the minimum amount should be 100 USD. As for the wire transfer, if anyone wants to use it, they have to deposit 500 USD, the funds deposited by the wire transfer will be reflected on account in 2-7 business days.
As for the XtreamForex withdrawal, there is no page dedicated to the information. It can only be seen in the FAQ section. According to it, there are no commissions for withdrawing money, however, there will be transfer fees based on the payment account used. Unfortunately, the broker does not state how much the fees are. One must use the same payment method for withdrawal which was used for depositing funds. As broker claims, withdrawal requests are processed on the same day but it might take 2-4 business days for the trader to receive the money.
Is XtreamForex legit?
As you can see from this detailed review there are a lot of signs pointing out XtreamForex scam. The brokerage is registered in the Marshall Islands and does not have a legal right to provide its financial and trading services to the worldwide audience. While at first glance some of the beginner traders might find XtreamForex to be a good broker, experienced traders can see that it is not trustworthy. The broker claims to has an award of the best broker with the tight spreads, but the information on the website shows that the broker does has higher spreads than average. The low minimum deposit and high leverage are the main tricks the broker uses to lure customers and make its services attractive for them. There are not many details about the broker’s services. Overall, our verdict of XtreamForex review is that the broker cannot be trusted and it is better to find an international brokerage that is regulated by the reputable regulators and offers truly good service.