xtreamforex review – Is it scam or safe? (www.xtreamforex.com)

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. Unquote

Here is our detailed analysis of the Background of the Company:

  1. 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!
  1. The Awards on the Website:
We thoroughly ran the search on all the websites of the Awards mentioned herein but nowhere did we find the name of “XtreamForex” or Grand Investment, Ltd anywhere. There is no hyperlink backing it, just images have been posted. They have only been placed for gaining the confidence of Prospective Investors and are fake like the following self-proclaimed award on the Homepage: To put it simply, no broker who is honest and fair would ever do that. There are a lot of minuscule things on their website that confirm that this broker is running a broker on a B-Book basis, backed by a few big shots. A note to all traders and investors:  When considering operating with offshore brokerages, traders should consider that they will be receiving very limited regulatory protection and oversight. Their Money is exposed to High Risk and there may be instances of Market Manipulation, stop loss hitting at levels set differently from the ones that they had placed or withdrawal being rejected and accounts being frozen.
  1. The Banks mentioned on their Website:
All the banks mentioned herein have no association with Xtreamforex. TBC Bank is a leading Georgian universal bank headquartered in Tbilisi, Georgia which doesn’t have any Branch in the Marshall Islands. RZB Bank, though not clear whether Russian Land Bank (fraud Bank) or RZB Bank of Austria doesn’t have a Branch in the Marshall Islands. The data mentioned here is baseless and there in no mention of their Liquidity Providers on the Website.
  1. The Offers given by XtreamForex
  Why would a genuine broker ever need to offer a 100% welcome bonus or a 50% Re-deposit bonus until and unless it is sure of gaining a 100% of the investment amount, knowing that the trader is going to lose it all or it is not going to give their withdrawals in any case. Trading Accounts and Conditions at XtreamForex
Account typeMinimum deposit Minimum trade sizeMaximum leverageSpreadEAs
Micro$100.011:500From 1 pip on EUR/USDYes 
Standard$5000.011:300From 1 pip on EUR/USDYes
ECN$10000.11:200from 0.0 pips on EUR/USD + commission $10 per lot (round trip)Yes
Xtream$2500.11:200From 1 pip on EUR/USDNo
The Traders and Investors of XtreamForex are offered 4 account types, in order to cater to the varied needs of traders of all levels and preferences. All accounts types except the ECN account type, are free of commissions and offer variable spreads. They also provide Swap-free service to clients the clients belonging to the Islamic faith in their Micro & Standard account types, enabling Sharia-compliant trading. The following trading strategies are not allowed on XtreamForex:
  • Scalping
  • Hedging
  • EAs (allowed only in 3 account types)
Maximum Leverage The maximum leverage rates offered by this broker are very high, reaching 1:500.  (Higher the Leverage, Higher will be the Chances of Heavy losses: That’s the most ideal situation for a B-Book Broker like XtreamForex).   Minimum Initial Deposit XtreamForex requires a minimum investment of $10 to open an account, which is a very low minimum deposit requirement. Just like many other offshore brokers, XtreamForex has set low minimum initial deposit requirements. Methods of Payment XtreamForex offers a large number of payments methods like Debit Card / Credit card, BitCoin, Neteller, Skrill, bank wire transfer and China UnionPay. This broker charges no fees on deposits and withdrawals. Trading Platform XtreamForex offers its customers MetaTrader 4 (MT4), desktop and mobile versions available (for Android & iPhone). Conclusion XtreamForex is a B-Book and offshore brokerage firm that offers reasonable conditions for trading in a variety of products through the robust MT4. There is no regulation. But the website is attractive enough to make the new players in the markets to fall prey to it’s Bonus offers, Low Initial deposits and High Leverage Levels. Our Rating: 1 / 5  Your Money is at a High-Risk with XtreamForex.

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