XForex Review
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Regulation: CySEC,ASIC
Headquarter: Tortola, British Virgin Islands
Broker type: market maker
Established: 2003
Broker Reviewed: XForex
Founded in 2003 , XForex has built good reputation throughout the years. They provide service for traders who want to trade currency, gold, and silver. Unlike some other broker, you don’t need to download application for the trading platform since you can access it online.
Pros and Cons
Pros
1. Personalized training
2. Analysis report and market commentary updates
3. Free trading signals
4. High leverage
Cons
1. Spreads a little to high for mini account (4-6 pips for major currency pairs)
2. Forex robot not allowed.
3. Scalping is prohibited
XForex Review
1. Leverage; XForex offer up to 400:1 leverage which means if you invest $100 with 200:1 you can trade for 400×100 = 40,000 units. 400:1 is considered high among other forex brokers.
2. Commissions; XForex doesn’t charges commission or fees for each trade. The broker is compensated through the different between bid and ask price.
3. Support; offer 24/5 support through multi lingual live chat. You can also request a callback or send email.
4. Deposit and Withdrawal; easy deposit and withdrawal via various credit cards and bank transfer. Minimum deposit is $100 with up to 20% deposit bonus.
5. Spread; XForex offers fixed spread. The spread for EUR/USD is typical 3 pips for Standard account.
6. Trading Platform; XForex trading platform is quite unique by offering web based trading platform, which means you don’t have to download or install anything in your computer.
The trading platform is decent and provides all the basic trading features that you need such as live market price, charts, take profit order, stop loss order, financial calendar, etc. News is provided through their partnership with Reuters. Hedging is allowed, but scalping is prohibited.
7. Practice Account; provide demo account where you can choose between $100-$10,000 account values; it is based on the real account selection.
8. Security; apply SSL secured server where your personal details are kept in a highly encrypted format and are deleted from their servers once they are no longer relevant.
9. Currency Pairs; you can choose from 21 currency pairs, gold, and silver.
10. Rollover/Overnight; at XForex, you will gain or lost money due to interest for any position that held overnight. The interest is depend on what currency pair that you hold; you can be charged or gain interest.
11. Forex Robot; XForex does not allow Forex Robot or Meta Trader for their client, thus using Forex Robot is not an option in XForex. If you are into automated trading, you can still use trading signals.
12. Regulation; they’re merging with O.C.M Online Capital Markets Ltd and regulated by CySEC.
13. Citizenship; Xforex do not accept US citizens.
Conclusion
XForex offer all features that you need to trades in convenience. The online trading platform has its own benefit: you don’t need any software which means you can access it from any computer with internet. Just be very careful if you access it through public computer; make sure you delete all the history and cookies before you left to prevent information leak.
