A short glance at XtreamForex broker’s website told us all that we need to know. Speaking of offshore brokerages, we could say a lot. Of course, you shouldn’t deal with such. Yet, we decided to unveil all the schemes of this company and help you out.
Read our trusted XtreamForex review and get it all.
|Broker status:||Unregulated Offshore Broker|
|Regulated by:||Unlicensed Brokerage (Scam Broker)|
|Broker Owner:||Xtream Markets Ltd|
|Headquarters Country:||Marshall Islands|
|Supported Trading Platforms:||WebTrader, MT4, MT5|
|Cryptocurrencies (Crypto Assets):||Available (BTC, ETH, XRP)|
|Available Trading Assets:||Forex (FX), Indices, Stocks, Cryptocurrencies|
|Free Demo Account:||Available|
|Accepts US clients:||Not Accepted|
XtreamForex Regulation and Licensing Details
XtreamForex is a brand of Xtream Markets Ltd from the Marshall Islands. According to their website, the company was established in 2015, making it one of the Forex veterans. Yet, there’s a question is XtreamForex regulated?
What’s Wrong With XtreamForex License and Regulation
Reviewing the register of the Marshall Islands, we couldn’t find any trace of XtreamForex regulation. We’ve decided to check a couple of other registers of tier1 regulators, such as FCA, ASIC, and BaFin, and found nothing. It tells us that the company is not legit, like NewCFDs, and you shouldn’t be dealing with such.
XtreamForex Trading Platform Review
XtreamForex trading platform consists of several platforms – MT4, MT5, and a web trader. We would say it’s good for the company to offer such diversity and something for all the clients if we didn’t know what kind of scam we are dealing with.
XtreamForex App – Is Mobile Trading Available?
Since MetaTrader gives clients a wide range of options, one of them is a mobile app. Therefore, XtreamForex mobile app exists as an MT4 or MT5 app for both iPhone and Android. The app is available for tablets and iPads as well, making it easier to read the charts on a bigger screen.
XtreamForex Copy Trading
One of the things XtreamForex brokerage is exceptionally proud of is its copy trading system. This system allows traders to copy trades from professionals and follow their strategies. Trades are copied in real-time as per the strategy manager, meaning you have equal chances as their system to have successful trades. Yet, it’s known that scam brokers present these systems and let clients win a couple of times before they completely break it and make clients lose everything.
Countries Allowed and Prohibited by the Broker
Looking at the broker’s website, we noticed several languages on the platform, such as Vietnamese and Persian. This led us to conclude that the company mainly targets Asian countries, including India, Pakistan, Vietnam, Saudi Arabia, Iraq, and more.
On the other hand, countries such as the USA and Canada are prohibited from trading with offshore companies, including XtreamForex.
- We want to invite you to read our recently updated Primefin broker review.
XtreamForex USA Traders
XtreamForex USA traders are banned since US regulations are too strong. The country does not allow citizens to trade with offshore brokers due to the high risks of being scammed. When choosing a broker, make sure to find one regulated by a Tier 1 regulatory body.
What Can You Trade With a Broker? – Trading Assets
The broker offers its clients NDD trading with currency pairs, indices, shares, and cryptocurrencies. However, you can notice that commodities such as gold and oil are unavailable, which is rather odd.
There are over 120 assets available, including:
- 60+ currency pairs such as EUR/USD, USD/CHF, GBP/USD, EUR/DKK, and more
- 15 cryptocurrencies such as BTC, LTC, ETH, XRP
- Major indices such as AUS200, NIKKEI 225, NASDAQ
- 60+ major stocks from the EU & US market, including Apple, Amazon, Bayer, etc.
XtreamForex Account Types
XtreamForex broker gives 5 account type options:
- Micro account – XtreamForex minimum deposit is $5
- Standard account – $250
- ECN account – $250
- ECN Pro account – $5,000
- VIP account – $20,000
For the first three account types, there’s an option to start as an Islamic swap-free account. Besides, there’s an XtreamForex Demo account to practice the trades.
The main difference between accounts is in leverage, going up to 1:1000 for Micro accounts.
XtreamForex Demo Account
For opening a Demo account with XtreamForex, clients need to sign up and provide all of their details. Once it’s done, the broker will let them choose between Demo on MT4 or MT5. The Demo account comes with 100,000 units, making it not a good option for practicing since having $5 and $100,000 cannot be compared.
XtreamForex Payment and Withdrawal Methods
When it comes to deposits and withdrawals, allegedly, there are no fees on such transactions.
Broker accepts various payment methods such as:
All methods are accepted for both account funding and withdrawals.
XtreamForex Deposit Bonus
According to the broker’s website, different bonuses are offered to those who decide to open a trading account. However, a bonus is yet another scamming tool offshore companies are using. Since you cannot make withdrawals until you reach a particular rollover of funds (usually five lots a month), it makes it nearly impossible ever to get the money out. It’s all a way for brokers to extract more funds from their clients.
On the initial deposit, the broker offers a 100% of credit bonus. If you deposit over $500, you can receive up to 30% of the tradable bonus with extended equity. Those who deposit over $1,100 will get a 100% rescue bonus, while for Ramadan, there’s a special “draw day” where clients with Islamic accounts can win certain bonuses.
The promotion ends on 31.12.2021.
XtreamForex Withdrawal Problems – Unable to Withdraw Funds
XtreamForex is an offshore broker, so we were not surprised to see that there were issues. According to XtreamForex reviews, clients are complaining a lot regarding withdrawal issues. As per them, the broker is not allowing clients to take their funds out. Once they submit a withdrawal request, their account is suspended and they cannot access money ever again.
Did You Fall Victim to the XtreamForex Scam? We Can Help!
If you were scammed by XtreamForex or any other illicit brokerage, we would love to hear about it. Global Fraud Protection recently received numerous complaints about the broker and decided to help the victims. If you find yourself in our story, do not hesitate to tell us. We will help you start the chargeback process and get your funds back.
We’re available on chat. Book your free consultation today.
Don’t Let the Scammers Go Away for Free!
What is XtreamForex, and should I invest money in it?
It is an offshore brokerage with no regulations, and you should not invest your funds with such. Beware of fraud!
Is XtreamForex regulated and licensed?
XtreamForex is not a regulated or licensed brokerage and has no authority to provide financial services.
Are My Funds Safe with XtreamForex?
Company is not regulated and not legit, meaning that your funds are not safe with such a broker.
Does XtreamForex Offer a Demo Account?
Yes, XtreamForex brokerage offers its clients a Demo account to test the platform.
Does XtreamForex Have a Mobile Trading App?
Broker has a MetaTrader mobile app that it’s offering clients. Links are provided on the website.