XtreamForex Review 2023 – A Fraud Or Legit Forex Broker?
This broker is a brand of Xtreme Markets Ltd registered in the Marshall Islands. Since 2015 they are offering FX and CFD services worldwide.�
Important to realize is that many countries have their regulations in terms of trading. As a long-lasting Forex broker, we were disappointed with the number of negative comments about this firm. All facts and key features will be covered through this XtreamForex review.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Xtream Markets Ltd
|Web trader / MT5 / MT4
|Yes – ADA, BNB, XRP
|Types of Assets:
|Forex, Shares, Indices, Cryptocurrencies
|Free Demo Account:
|Accepts US clients:
Is XtreamForex a Scam Broker Without Regulation?
All brokers without regulations are suspicious. Simply, they don’t provide security and transparency to their clients. XtreamForex doesn’t hold any licenses issued in the Marshall Islands. Therefore, we checked some Tier 1 regulators accepted worldwide.
As a result, a database of FCA, BaFin and ASIC was empty when we searched for XtreamForex trading company.
XtreamForex provides very dangerous trading conditions. Secondly and more importantly, they don’t have any license for trading. Therefore, all funds deposited there are at risk.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Regulated brokers comply with strict rules. Therefore, traders receive regulatory protection and clarity. Moreover, companies need to provide compensation funds and separate bank accounts for clients’ funds.�
Another key point is negative balance protection. It is required by regulators to protect traders going into debt.
What Platform Does XtreamForex Provide?
In general, trading platform plays a huge role in choosing a broker. Traders look for software that is reliable and trusted. Of course, limitation in terms of trading tools is sometimes discouraging. That’s why we always recommend licensed brokers with access to MT4/MT5.
Even though, XtreamForex trading company offers Meta Trader 4&5 they are still a non-regulated broker. Yet, MT4/MT5 are industry-standard apps. Many advanced features are available. Starting from social and copy trading up to EAs and algorithmic trading.
For every trader, platform accessibility is everything. If you need a computer every time, then you are not effective.�
That’s why MT4/MT5 has available apps for both Android and iOS devices. More importantly, you don’t lack any features if you are using only mobile apps.
The Opinions of Traders On About XtreamForex
Other traders’ opinion is not something XtreamForex broker should brag about. More than 30% out of 20 reviews on Trustpilot have a 1-star rating.
Everything is bright and shiny until traders require a withdrawal. That’s where their nightmare starts.
XtreamForex’s Trading Assets and Instruments
XtreamForex broker lacks a very important option. Trading with commodities is one of the easiest to understand because of fundamental analysis. Instead, they offer other 4 major classes. Those are:
- Forex EUR/AUD, CAD/NZD
- Indices UK100, US500
- Shares Microsoft, McDonald’s
- Cryptocurrencies BCH, USDT
XtreamForex Broker’s Active Locations
As can be seen in some XtreamForex reviews they are scamming traders from:
- United States
Be very cautious with fairy tale adverts. That’s how these shady brokers get your personal information. After all, the option to extract money from you with well-designed schemes.
Which Types Of Accounts Does XtreamForex Offer?
All account types are designed to meet the needs of traders, as per the XtreamForex broker. However, the reality is to meet the company’s needs. That’s why every account type has some risky condition that is not going in traders favor.�
Anyway, those accounts are:
- Micro $5
- Standard $250
- ECN $250
- ECN Pro $5.000
- VIP $25.000
Does XtreamForex Have a Free Demo Account?
On the positive side, besides a live micro account, broker offers a demo account. If you are not confident with sharing personal info, try a demo account first.�
With this in mind, clients can see if trading conditions are good and decide to proceed or not. However, we would always recommend looking for a Tier 1 regulated broker that has a higher security level.
All promotions are designed to get more clients for the broker. That looks like a standard Ponzi scheme. The commission-based profits don’t guarantee that it comes from a company, but those guys that you brought.�
Be vary and avoid financial swindlers who cannot find their own customers.
Minimum Deposit and How Do I Withdraw?
As can be seen, the minimum deposit requirement is only $5. Deposits are never the issue.�
On the contrary, the withdrawal procedure is speculative. Especially after many comments from users that experienced issues. As XtreamForex broker states, they offer easy withdrawal.
XtreamForex Payment Methods Available
XtreamForex trading company offers standard funding methods. Those are:
- Wire transfers
- E-payments – Neteller, Skrill, UnionPay
In this case, the broker doesn’t charge any fees for any funding method. Only fees are coming from the payment provider itself.
Terms and Conditions for XtreamForex – What You Should Know
Important to realize is that this broker offers a variety of bonuses. Whether it’s a tradeable bonus or a cash bonus, it is forbidden by any regulator in the EEA zone. The reason for that is malicious clauses that are designed to prevent traders from withdrawing funds.
Leverage, Spreads and Fees
Another key point that violates ESMA rules is leverage. The maximum allowed for retail traders is 1:30, while this broker offers up to 1:1000.�
Even though they provide competitive spreads, you won’t get out without costs. Because if you did get a better spread, you will have more commission.
Scammed by a XtreamForex Broker? – We Want To Hear Your Story
After all, every trader faced a scam at least one time, one way or another. Help other traders by sharing your story with us here. On the other hand, to help yourself and recover your lost funds there is solution.
Our specialized fund recovery team is there to assist you. Book your free consultation now!
What Is the Chargeback Procedure?
Most transactions traders are doing with a debit/credit card. Those are very easy traceable. More importantly, reversible.�
Even though other funding methods are hardly traceable, it’s not impossible to get funds back. Get in touch today to get advice on the first step!
What Is XtreamForex?
It’s an offshore FX broker operating since 2015 from the Marshall Islands.
Is XtreamForex a Scam Broker?
All signs point to the fact that this is a scam. Many negative reviews, a lack of regulations and risky trading conditions.
Is XtreamForex Available in the United States or the UK?
XtreamForex offers only services to US clients but not to the UK.
Does XtreamForex Offer a Demo Account?
Besides live trading accounts and micro accounts, you can try their services through a demo account.