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Xtreme Forex Review

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Xtreme Forex is an award winning offshore Forex broker that describes their mission as becoming the world’s leading Forex broker. Since they are a member of the Investors Compensation Fund, clients should not have to worry about the security of their funds with this broker. However, being that the broker is established in 2015 and located offshore, on Ajeltake Island of the Marshall Islands, some clients may not consider them completely trustworthy. On their website, some of their advantages are listed as very tight stop out levels, super fast execution, no restrictions on trading styles, and more. However, if this broker truly aspires to be one of the best, they’ll face some intense competition. Stay with us to find out if Xtreme Forex is as good as they claim to be.

Account Types

Xtreme Forex offers five different accounts: Micro, Standard, ECN, ECN Pro, and VIP. Each account has its own specific deposit minimums, spreads, commissions, leverages, and more. It’s great that specialized accounts are offered, since traders can gain more of an advantage right out of the gate by choosing an account that’s perfect for their trading style. However, in order to benefit the most from a certain account, one will need to take all information into consideration before choosing which account to open.  In order to have an account approved, traders will also need to submit a valid ID and address document, which is a common standard set in place to prevent money laundering. Below, you’ll find some of the basic information about each account type.

Micro:

  • Minimum Deposit: $5
  • Spreads From Pips: 1
  • Commission: 0
  • Maximum Leverage: 1:1000

Standard:

  • Minimum Deposit: $250
  • Spreads From Pips: 1
  • Commission: 0
  • Maximum Leverage: 1:400

ECN:

  • Minimum Deposit: $250
  • Spreads From Pips: 0
  • Commission: $7
  • Maximum Leverage: 1:400

ECN Pro:

  • Minimum Deposit: $5,000
  • Spreads From Pips: 0
  • Commission: $5
  • Maximum Leverage: 1:400

VIP:

  • Minimum Deposit: $20,000
  • Spreads From Pips: 0
  • Commission: $1
  • Maximum Leverage: 1:200

You’ll want to keep reading to find out the different margin call/stop out levels, maximum trade volumes, bonus opportunities, and more of the differences for each account. Islamic accounts are also available for the Micro, Standard, and ECN account types. In order to qualify for a swap-free account, you must be of the Muslim faith. You’ll simply need to sign up as usual and send an email to support to have the account changed over.

Platforms

Xtreme Forex exclusively offers the classic MetaTrader 4 platform. This option remains the most popular platform to this day, even though the newer version, MT5, has already been released. The platform provides everything a trader could possibly need, including many tools, more than 23 analytical technologies, 30 built-in technical indicators, interactive charts, and so much more. Accessibility is also no issue, since MT4 is available for download on PC and Mac, as well as Iphone, Ipad, and Android. You can also use the Webtrader to access a browser-based version. We suggest downloading the platform on your phone, so that you’ll have access to trading from anywhere on the go.

Leverage

The highest leverage options differ based on which account has been chosen. For the very highest leverage option, traders will want to open a Micro account, which has a maximum leverage of 1:1000. This is much higher that what you’d see with most brokers, but it doesn’t necessarily mean that you should choose this leverage, since higher leverages come with more risks. We suggest choosing a leverage this high only if you are an experienced trader with a significant amount of funds to invest. Standard and ECN accounts come in second place, with the highest leverage option being 1:400. This is still a high offer, and you will have trouble finding a broker that offers higher leverages for these types of accounts.

Finally, the highest leverage options for the ECN Pro and VIP accounts are listed at 1:200. This could be considered low, depending on the trader’s preference. Many prefer to trade using a leverage of 1:100, so if you’re one of those many, you may not mind that the highest leverage for these accounts is lower. However, if you prefer a higher leverage, you’ll want to choose one of the other accounts. Since the only requirement for one of the higher leverage account types is a small minimum deposit, we felt that everyone should be able to access a leverage that they’re comfortable with.

Trade Sizes

Like most of the other categories, minimum and maximum trade sizes differ based on which account the trader has chosen. The Micro, Standard, and ECN accounts all share the same minimum trade size of 0.01, while the ECN Pro and VIP accounts share a minimum trade size of 0.1. All of the minimums are low and competitive. When it comes to maximum trade sizes, there are also differences. For a Micro account, the maximum is 5 lots. On the Standard and ECN accounts, the maximums are both listed as 50 lots. On the ECN Pro account, the maximum is listed as 100. Finally, the maximum for the VIP account is unlimited.  We felt that the maximum trade sizes were reasonable and especially high on the ECN Pro and VIP accounts. On the other hand, the maximum trade size for the Micro account was much lower. Moving forwards, traders will also need to know the margin call and stop out levels, which are listed below.

Micro: 50% margin call/20% stop out

All other accounts: 60% margin call/30% stop out

These levels are put into place by every Forex broker to help keep leveraged accounts from going negative. So regardless of which broker you choose, you’ll want to keep these levels in mind when trading. However, the stop out levels are low for both options, so you will have a hard time finding a lower sop out level, which is the point where trades begin to be liquidated, elsewhere.

Trading Costs

All brokers have to make money somewhere, and they do so by charging commissions, swap fees, and through spreads. If you’d like to avoid commission charges, you can open either a Micro or Standard account, since both options are commission free. If you have your eyes set on one of the other accounts, you’ll need to take commission charges into consideration. The lowest charge is only $1 for a VIP account, while the ECN Pro account charges $5 for commissions. Finally, the account charging the highest commission fee is the ECN account, which charges $7 per trade. Swap fees are also applicable, unless you have a swap-free Islamic account. Note that in order to have one of these accounts, you do have to be of the Muslim faith. Finally, traders will want to pay attention to the spreads, or difference between the bid and ask prices. More on that later.

Assets

Xtreme Forex offers more than 150 assets, including currencies, precious metals, commodities, CFDs and Futures. The assets are made up of more than 60 currency pairs, more than a dozen indices, a comprehensive range of stocks including Apple, Amazon, Facebook, and more, as well as the most traded cryptocurrencies. The assets offered for this broker are more than satisfying and it’s nice to see that all account types have access to every asset, unlike with many other brokers. In order to view all of the assets, users can navigate to the ‘Products’ page and choose the instrument they are interested in. Users will also be able to view various information, such as contract sizes, minimum trade sizes, spreads, and more by navigating through those pages.

Spreads

Spreads are listed as starting from 0 for the Micro and Standard accounts. Spreads start from 1 for the ECN, ECN Pro, and VIP account types. Keep in mind that spreads are always variable, but you can view the spreads for each asset by navigating through the ‘Products’ pages. When we checked, we found that some of the spreads were as low as they were listed on the account pages, although some did go higher, depending on the asset and the market conditions at that time.

Minimum Deposit

We briefly mentioned earlier that the minimum deposit amount varies for each account. The lowest deposit minimum is just $5, but this option is only available if you choose a Micro account. Every account after that point has a more significant minimum. For Standard or ECN accounts, traders will need to deposit at least $250. This is on the higher side of reasonable, although we would like to see the amount more in the hundred dollar range. The next to highest deposit minimum is for the ECN Pro account, which is listed at $5,000. Finally, anyone wishing to open the alluring VIP account will have to deposit $20,000 to do so. If you do wish to make one of the smaller deposits, we should mention that this won’t be possible with every deposit method. You’ll be able to view the deposit minimums for certain methods below. On the bright side, most of the options allow do allow deposits of $10 or less, so it is still possible to make small deposits.

Deposit Methods & Costs

Xtreme Forex does not charge any fees for deposits and will always credit the traders account with the amount that has been sent. The fact that one does not have to compare options based on deposit fees is a plus here. The deposit methods include: Visa, Bitcoin, Neteller, Skrill, UnionPay, and Wire transfer. We feel that this is a good variety of options, so all traders should be able to find a payment method they like.

Visa:

Minimum & Maximum: $10 USD/$10,000 USD

Processing Time: Up to 10 minutes

Bitcoin:

Minimum & Maximum: $100 USD/$10,000 USD

Processing Time: Up to 10 minutes

Neteller:

Minimum & Maximum: $5 USD/$50,000 USD

Processing Time: Instant to Wallet

Skrill:

Minimum & Maximum: $5 USD/$10,000 USD

Processing Time: Instant to Wallet

UnionPay:

Minimum & Maximum: $5/$8000

Processing Time: Instant to Wallet

Wire Transfer:

Minimum & Maximum: $500 USD/Unlimited

Processing Time: Between 2-7 working days

So, most of the deposit methods allow the low $5 deposit amount. If you choose Bitcoin or wire transfer however, you will need to make a larger deposit. The processing time for each method is extremely quick, with the exception of wire transfer. Do keep in mind that while Xtreme Forex doesn’t charge for deposits, certain providers may charge from their side. This is especially common with wire transfer, so be sure to check those details to avoid any unpleasant surprises.

Withdrawal Methods & Costs

When it came time to review the withdrawal methods for this broker, we had trouble finding much information on the website. This was somewhat alarming, since traders can usually find pages dedicated to withdrawal options. Xtreme Forex may have decided not to explain this since funds must be withdrawn via the same method used for deposit. This is a common rule with many brokerages, so it’s important to keep the withdrawal method in mind when choosing which way to deposit. This broker does not charge fees from withdrawals on their end, but you should keep in mind that fees may be incurred from the bank or provider’s side. For example, many banks charge for wire transfers, which often range from $0 to $30. In order to find out the exact fees, you’d need to check with your bank.

Withdrawal Processing & Wait Time

All withdrawal requests are processed within the same working day that the request has been received, during business hours, which are listed from 9:00 – 18:00 EET. Once the funds have been processed, it can take between 2 to 4 days for them to become available in your account. While the processing time is quick, we wish that funds would be available more quickly afterwards. The best thing to do is to plan your withdrawals ahead and aim to make withdrawal requests towards the beginning of the week to ensure that they are received as quickly as possible.

Bonuses & Promotions

There are currently two different bonus and two separate promotion opportunities available at this time. Note that some of these offers may not be available indefinitely. For the bonus opportunities, traders will of course need to meet certain requirements to qualify. When it comes to both promotions, traders would need to be registered under an IB account in order to participate. Since there are so many ongoing opportunities, we summarized the main points and conditions for each below.

Bonus: 100% Credit Bonus

  • Availability: Micro and Standard account
  • Bonus: Deposit will be matched 100%
  • Requirements & Conditions: Must deposit at least 100 USD.

Bonus: 30% Tradable Bonus

  • Availability: All accounts
  • Bonus: Deposit bonus on every Live account deposit. 10% bonus on deposit between $500 USD and $999 USD. 20% bonus on deposit of $1000 USD to $4999 USD. 25% bonus on deposits between $5000 USD and $9999 USD. 30% bonus on deposits between $10,000 USD and $25,000 USD.
  • Requirements & Conditions: Must make deposit of at least $500 to qualify for lowest bonus amount. In order to withdraw, traders must trade the required number of lots. The maximum bonus that can be added is $7,500 USD. The maximum leverage on the bonus account must be 1:400.

Promotion: Global IB Contest

  • Availability: Annual contest. Runs until December 31, 2019. Must be registered as an affiliate.
  • Goal: Register as an Xtreme Forex partner and become one of the first three partners to reach a set target.
  • Prizes: Cash prizes between $1,000 USD and $4,000 USD.

Promotion: Everyday Payout

Availability: IB account holders.

Promotion: IB commissions will payout after every 24 hours into IB account. No conditions on withdrawal. Client must be registered as an IB partner. Traders can earn up to $25 per lot commissions for each traded lot.

Let’s start by going over the bonus opportunities. When it comes to the 100% deposit bonus, it’s very rare to see such a large bonus offer, so Xtreme Forex is definitely ahead of the competition there. Meeting requirements for this bonus are pretty simple to meet, even though traders would need to deposit a bit more than the minimum deposit amount. Next, we’ll mention the 30% Tradable bonus, which runs until the 31st of December, 2019. After reading the conditions, you’ll find that the bonus amount is actually between 10% and 30%, depending on the amount you’ve deposited. Unfortunately, traders would need to deposit at least $500 USD to qualify, which is much higher than the smaller minimums. We do think this is a good opportunity and that owners of the ECN Pro and VIP accounts would qualify by default, but those without many funds may not be able to meet the deposit requirements. If you do meet requirements for either bonus, be sure to email support, otherwise your account may not be credited.

For all of the promotions, the client must be an IB account holder. An IB is a person who refers clients to the broker using their affiliate link. It may be hard for some to find referrals, but doing so can be rewarding. If you’re interested, try suggesting the broker to a relative or friend that is interested in trading, or perhaps offer to teach someone you know that may be a beginner. You could also share your affiliate link on social media, which could result in many people signing up using your link. If you decide to go for any of the bonus options or promotion opportunities, be sure to visit the ‘Promotions’ page on the website and click on the specific one you’re interested in. We mentioned some of the most important facts about each, but traders should be sure to read all of the terms and conditions to ensure they are meeting all of the requirements when taking part.

Educational & Trading Tools

An entire section of the Xtreme Forex website has been dedicated to education. There, traders will find helpful forex articles, an education center which focuses on providing a library of resources to help inexperienced traders, and a section devoted to live webinars. Traders will also find market news and analysis, as well as an economic calendar under this section. In addition to all of these educational options, users will also find a variety of tools included within the MT4 platform, including:

  • Unique Technical Analysis and Charting Tools
  • Full Graphical Visualization of Charts
  • Trade History Reports
  • Detailed Search Function

These are only a few of the tools traders will find available within the platform. On this section, Xtreme Forex scored very highly. We feel that brokers should understand that their clients will be of different skill levels, including beginners. All too often we see brokers fail to provide any type of educational resources, so it is a breath of fresh air to see this broker focusing such a large portion of their website to those that need educational resources. Even if you consider yourself to be a novice, it won’t hurt to check out that section of the website for helpful information.

Customer Service

Xtreme Forex has made it very easy to get in touch with their customer service staff, which is always a must. Support is active 24/5. To speak with an agent, clients can choose LiveChat, email, or phone methods of contact. LiveChat is always a quick option, since you’ll be connected with an agent almost immediately. On the other hand, phone can be a better option for confusing or detailed situations. Otherwise, traders can send an email to support and expect a quick response. With other brokers, we often find complaints about how difficult it can be to get in touch with support when needed, so we were happy to see that this broker has made it so convenient. You’ll also find this broker active on several social media platforms, which are linked to their website. Below, you’ll find the contact information:

Email: support@xtreamforex.com

Phone: +441163183156

Demo Account

Clients will have the option to open a USD based demo account with Xtreme Forex. Taking the time to open a demo account is a great way for traders to gain experience and practice, and fortunately most brokers have been offering this option as of lately. When opening a demo account, you’ll have to fill in an online registration form. Your login details will then be sent to your email, and you’ll be given $100,000 USD in virtual money to practice trading with. If you ever decide you’d like to change the leverage on your demo account, you’ll be able to send an email to support. Even if you consider yourself to be experienced, trading on a demo account will always be one of the best ways to improve your trading skills.

Countries Accepted

We found no list of restricted countries on the website and had no issues signing up for an account from the US. If you’re also from the United States, you’ll often find that you have been excluded from the accepted countries at other brokers, so we were happy to report that Xtreme Forex is allowing everyone to open an account with them.

Conclusion

In some ways, this broker is ahead of the competition. One of the things that stood out was their dedication to beginner traders, which was proven by the many educational resources that have been compiled and made available directly from the website, including the ability to open demo accounts. We also added commission free account options, competitive trade sizes, high leverages on some accounts, low spreads, lack of deposit fees, the offering of the widely popular MT4 platform, and the convenient customer service center is at the top of our list. However, like with any broker, everything wasn’t so black and white.

There are advantages and disadvantages to each account type, so traders really need to compare their options here in order to benefit the most. Some accounts come with disadvantages like commission fees, lower leverages, and higher deposit requirements. We also felt that the website could be more transparent when it came to funding information and that the time frame for withdrawals was a bit longer than we’d like to see. With that in mind, remember that if you do decide to open an account in the near future, you will be able to receive the 100% deposit bonus, so long as you deposit at least $100 USD.  That alone isn’t reason enough to choose Xtreme Forex, but if you feel that you’ve compared the information and found an account that suits you, it may be well worth opening an account with this broker.

 

 

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