XtreamForex Review: Never Deal with XtreamForex.Com
XtreamForex Review, It wouldn’t be an exaggeration to say scam brokers are getting out of hand. Their numbers increase on a daily basis, and it looks like there’s no end to them. Typical places of establishment seem to be offshore zones.
For XtreamForex that’s the Marshall Islands. We have many other examples, like a number of firms located in SVG. Another similarly dangerous broker, Athens Markets, is based in the British Virgin Islands.
XtreamForex gives several license numbers on its website and claims to be regulated in Marshalls, Belize, Cyprus, and Dominica. This XtreamForex review deals with all the details pertaining to this offshore project’s legitimacy.
|Xtream Markets LTD
|Available up to 100%
XtreamForex Regulation and Fund Security
XtreamForex has a separate web presentation that explains their regulatory line of work. Just like another scam we’ve reviewed before, Vertex Markets, XtreamForex also claims their brokerage is licensed by jurisdictional regulators in several countries.
The following regulatory entities are mentioned: GLOFSA (Marshall Islands), CySEC (Cyprus), FSC (Belize) and FSU (Dominica). Naturally, we immediately proceeded to check with their public databases of the licensed entities. Guess what? XtreamForex is listed in none of the registers!
Out of the mentioned financial authorities, CySEC is a Tier 1 regulator. Getting their license is not a joke, as they enforce some of the harshest standards in the world. Not only do the firms have to invest a remarkable 730 000 EUR upon applying, but they also have to provide the best measures and security.
Segregated bank accounts, leverage of 1:30 and negative balance protection are some of them. Compensation funds, transparency and transaction reporting are some more standards brokers have to meet to qualify for a license.
Being licensed also means accepting the regulatory law enforced by ESMA through MiFID. So additional customer protection and AML measures have to be implemented.
Comparing these premium standards with how XtreamForex does their business tells us why this broker is considered not trustworthy. Despite offering their services to a number of countries, they do not respect the leverage restriction but offer a crazy high leverage of 1:1000. Along with that, negative balance insurance and compensation funds are missing, so say goodbye to your deposit in no time! This XtreamForex will further show you just how untransparent and shady this site is, so stay with us.
XtreamForex Trading Platform Overview
How refreshing it was to see one brokerage site offer premium trading software such as MT4 and MT5. Although MT4 has reigned the Forex market for a longer time, MT5 has its reason to be considered the absolute winner. Nonetheless, both platforms were developed by MetaQuotes and are absolutely untouchable as far as richness in features, speed and flexibility go.
XtreamForex offers both apps for all platforms, from desktop to mobile devices and across all operating systems. It’s such a shame the broker is not licensed to perform their services and bank transactions. All the offer is worthless when there’s no license for their practice.
Account Types Available
XtreamForex has a number of trading account types. Each with its own deposit requirements and supposed features and options to offer. The legitimacy of the services is questionable, due to the missing license or regulation of any kind. Nonetheless, let’s take a look at the displayed packages and their prices:
- Micro account – $5
- Standard account – $250
- ECN – $250
- ECN Pro – $5 000
- VIP – $20 000
XtreamForex Deposit and Withdrawal
To build trust with clients and assure them of safe transactions, XtreamForex lists a number of different funding methods:
- Credit Cards (Visa, MasterCard)
- Wire Transfer
- Crypto (Bitcoin)
- E-wallets (Skrill, Neteller, PayTrust)
Except for the wire transfers, other payments should complete from several minutes to instantly. However, anyone can put up just about anything online and claim it’s true. So do not rush with investing.
Especially because this broker operates without a license and they can easily use your trust to steal your financial data.
Because such darkness envelops withdrawals, there are no policies covering the process. So we couldn’t find out how long they take and if any fees occur.
How the Scheme Was Put Into Practice
XtreamForex is such a cunning scheme, you won’t know what hit you until it’s too late. You see, their clientele is helplessly hooked by the deceptive looks and a bunch of bonuses, promotions, and affiliate programs.
However, rarely do the newbie customers bother to read the tiny explanation at the bottom of the page. It’s actually crucial and the same should be done with the Bonuses Policy at XtreamForex.
While you can get up to a 100% bonus on your deposit, withdrawing it is prohibited. Before allowing you to process any payouts, XtreamForex will deduct from your funds the bonus previously given.
The amount equals the withdrawal amount x 1 (100%). Not to mention XtreamForex may come up with more excuses not to allow you to complete a withdrawal. Since they don’t mention it anywhere, they can alter the conditions, including fees. Expect them as high and threatening as the sky.
A considerable number of dissatisfied customers at Trustpilot seem to be as disappointed in XtreamForex as we are. Despite the most convincing mask and entire web presentation, none of the XtreamForex claims could be taken at face value. And all of that because of the lack of a license. There’s always another layer of lies and another one after that.
We’ve demonstrated an easy method to confirm if the broker is regulated or not in this XtreamForex review. So make sure you read it before getting into any new investment projects that could cost you more than you bargained for.
FAQs About XtreamForex Broker
Is It Safe to Use XtreamForex for Trading?
Unfortunately, we can’t say this broker is safe for trading or any investments, even the lowest ones. That’s simply because they do not have a license from any regulatory body.
Does XtreamForex Offer a Demo Account?
Yes, the site allows you to either open a Demo account or one of the five live account types.
What Is The Funding Method of XtreamForex?
There are several funding methods available at XtreamForex: Credit cards, Wire, E-wallets, and Crypto.