About the Company and the Security of Funds
XtreamForex is an offshore and full B-Book broker (market maker) offering to trade in currency pairs, CFDs on shares & commodities, and precious metals on the MetaTrader 4 Trading Platform. XtreamForex.com is a domain owned and operated by Grand Investing Ltd., a business conglomerates in South Eastern Europe. The company is registered in the Marshall Islands but it is not Regulated. However, they have smartly mentioned it on their website so that people think that it is regulated but it is NOT. To quote: XtreamForex is a fully licensed and Regulated Marshal Island Investment Firm (MIS) (License Number 84516). XtreamForex is licensed to provide Investment Services (Reception and Transmission, Execution and Dealing on own account) and Ancillary Services. UnquoteHere is our detailed analysis of the Background of the Company:
- It is registered in Marshall Islands which was Blacklisted as a Tax Heaven by the European Union and only recently, it was announced that EU has decided to remove the Marshall Islands from the Blacklist. (The Brokers based in the Marshall Islands have a simple registration procedure and don’t face any of the stringent requirements like that US or EU based brokers. They are not required to report regularly to any regulatory authorities, to conduct external audits, to hold clients’ funds in segregated or escrow accounts, to satisfy the minimum capital norms in order to prove their financial stability, nor to arrange a compensation scheme in the event of the insolvency of the company).
However, it is mentioned on their website that KPMG and EY are their Internal and External Auditors. In the absence of any financial results being published on the website, we cannot rely on this information.
Also, XtreamForex says on its website that it is a member of the Investors Compensation Fund and that client funds are held in segregated bank accounts as per “our regulations requirement ” (Surprising as they are not regulated, yet they use these words to satisfy their investor’s psyche). Furthermore, the broker claims to provide negative balance protection to all its investors, ensuring that its clients do not lose more than they have invested.
2. Going further, we see this registration certificate issued by the Special Agent of the Republic of Marshall Islands. However, nowhere in the certificate, we can find out as to whether it belongs to Grand Investment, Ltd or to XtreamForex or to none of them. But what we can clearly see is that it is an Offshore Company as the document was signed on June 13, 2016 at Greece (instead of Marshall Islands).
3. The Genuineness of the Company is questionable Please look at the following two pictures carefully! The Company shows their Address as: If you have observed, the Company shows a Contact Number belonging to the United Kingdom but the Company shows it’s addressed in the Marshall Islands. The Number for the Marshall Islands should have started from +692 but here it is starting from +44. Moreover, there is no mention of any UK based office on their website. 4. Hosting Information: The hosting information as per the domain search website www.who.is shows that the Domain was registered on 30th September 2015 and is based in Asia. Why Asia, When Both Marshall Islands and even the UK are in Europe? This further adds to our suspicion!- The Awards on the Website:
- The Banks mentioned on their Website:
- The Offers given by XtreamForex
Account type | Minimum deposit | Minimum trade size | Maximum leverage | Spread | EAs |
Micro | $10 | 0.01 | 1:500 | From 1 pip on EUR/USD | Yes |
Standard | $500 | 0.01 | 1:300 | From 1 pip on EUR/USD | Yes |
ECN | $1000 | 0.1 | 1:200 | from 0.0 pips on EUR/USD + commission $10 per lot (round trip) | Yes |
Xtream | $250 | 0.1 | 1:200 | From 1 pip on EUR/USD | No |
- Scalping
- Hedging
- EAs (allowed only in 3 account types)