WikiFX Review: Is XtreamForex a reliable broker?

The currency market, which is filled both opportunities and risks, is unpredictable. While many investors have gained considerable returns after investing in the forex market, those who suffered great losses have learned painful lessons. Today, WikiFX is going to review a forex broker named XtreamForex (xtreamforex.com) for investors and traders. WikiFX is going to evaluate this broker according to various aspects such as general information & regulation, feedback from social media and exposure by investors.

Regulatory Status

First lets search “XtreamForex” on WikiFX APP to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/7151422317.html), XtreamForex currently has no valid regulatory license, and it has been given by WikiFX a low rating of 1.43/10. WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

General Information

WikiFX also paid a visit to the brokers official website to find out more. XtreamForex claims to be the Fastest Growing ECN Broker operated by Xtream Markets Ltd., registered and regulated by Marshall Island.

Marshall is an offshore zone that requires only a very small capital in order to establish a firm. In fact, there is no regulation of company financial service or implementation of international investment standards.

The Marshall Islands is an offshore zone attracting various firms that for some reason or another escape from the serious regulation or compliance to international service provision. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors investments. Therefore, WikiFX always advises avoiding offshore or companies with no license as there are too many frauds around.

The broker also claims to provide trading services in Forex,commodities, indices, stocks, and cryptocurrencies:

There are five trading account types for investors to choose from at XtreamForex, namely Micro, Standard, ECN, ECN Pro and VIP:

The minimum deposit to open trading starts from $5 to $20,000. It depends upon the account type one selects. In a Micro account, the minimum deposit is $5 USD, the Standard account is $250 USD, the ECN account is $250 USD, ECN Pro $5000 USD, VIP account is $20000 USD.

As shown in the screenshot above, the maximum leverage is up to 1:1000 on Micro, 1:400 on Standard & ECN and 1:200 on ECN Pro & VIP. Such ratios are generally considered overly risky for retail investors, which is why leverage was capped in many jurisdictions, including the UK, Australia, the USA, all EU Member States, and more. In any case, WikiFX would advise you to use levels of up to 1:100, provided only by legit brokers.

XtreamForex provides clients with access to the worlds financial markets through the MetaTrader 4 (MT4) platform as well as the MetaTrader 5 (MT5) platform, which are both used by millions of traders around the globe. MT4 and MT5 are widely regarded as the most popular online forex and CFD trading platforms for traders of all experience levels.

In order to deposit into your account, you can choose Wire Transfer, Bitcoins, Visa, Skrill (Moneybookers), Neteller.

As for trading hours, you can trade with XtreamForex 24/5:

XtreamForex on Social Media

As of Aug 1st, 2022, XtreamForex does have official accounts on major social websites - Facebook, Twitter, Youtube, LinkedIn.

It seems hard to find negative comments related to this broker on these social media, where it doesn't have much popularity.

Exposure related to XtreamForex

On WikiFX, the Exposure section consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

One trader who has invested in XtreamForex complained that his $335 profit was cancelled:

Another investor complained that the broker forged payment methods:

Source: https://www.wikifx.com/en/exposure/exposure/7151422317.html

Other investors also made complaints regarding the broker:

Source: forexpeacearmy

Source: trustpilot

Conclusion

To conclude, XtreamForex is an unregulated broker and investors are thus advised to choose a more reliable broker instead. It is always better to be cautious when trading in the forex market. Therefore, a trader must always stay alert and sensitive to the changes not just within the market action and/or market price movement, but also with their brokers performances to keep themselves safe.

For any forex broker-related enquiries, simply log on to https://www.wikifx.com/en/ or download the free WikiFX mobile application on Google Play/App Store and get all the verified and relevant broker information at your fingertips. With just a few swipes you will be able to easily review, survey and compare to determine the reliability of your chosen forex brokers.