Xtream Forex Review – Forex Academy

Xtream Forex is a forex broker that is regulated and registers in the Marshall Islands. They state that their main advantages are their deep liquidity, competitive prices, the superior quality of order execution, tight limit/stop levels, the security of funds, fastest deposits and withdrawals, exceptional customer service and the list continues. In this review, we will be looking into the services actually being offered to see if they live up to the expectations they have put on themselves.

Account Types

Should you decide to sign up with Xtream Forex, you will have the choice of 5 different accounts each with their own features and requirements, here is an overview of each one.

Micro Account: This account has a minimum deposit requirement of just $5 which makes it very accessible. It has spread starting from 1 pip and has no additional commission. The margin call level is set at 50 % and the stop out level at 20%. It uses market execution and has a maximum leverage of up to 1:1000. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 250 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 5 lots and it is eligible for bonuses.

Standard Account: The Standard account has an entry requirement of $250. It has spread starting from 1 pip and has no additional commission. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:400. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 500 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 50 lots and it is eligible for bonuses, it also has access to an account manager.

ECN Account: This account requires a minimum deposit of $250 to open. It has spread starting from 0 pips and due to the low spreads has an added commission of $7 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:400. This account can be used as an Islamic account and the minimum trade size is 0.01 lots with a maximum number of 500 trades open at any one time. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 50 lots and it is eligible for bonuses, it also has access to an account manager.

ECN Pro Account: This account increases the minimum deposit of up to $5,000. It has spread starting from 0 pips and due to the low spreads has an added commission of $5 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:200. This account can not be used as an Islamic account and the minimum trade size is 0.1 lots with a maximum number of trades open at any one time is unlimited. It can use expert advisors and scalping, as well as hedging. The maximum trade size is 100 lots and it is not eligible for bonuses, it also has access to an account manager.

VIP Account: This account increases the minimum deposit of up to $20,000 and is the top-tier account. It has spread starting from 0 pips and due to the low spreads has an added commission of $1 per lot traded. The margin call level is set at 60 % and the stop out level at 30%. It uses market execution and has a maximum leverage of up to 1:200. This account can not be used as an Islamic account and the minimum trade size is 0.1 lots with a maximum number of trades open at any one time is unlimited. It can use expert advisors and scalping, as well as hedging. The maximum trade size is unlimited and it is not eligible for bonuses, it also has access to an account manager.

Platforms

Xtreme Forex uses MetaTrader 4 as its only trading platform, which is of course perfectly fine. Millions of FX traders choose to use Meta Trader 4. Not only is the platform used for its unique features and flexible trading system, but also for its advanced charting & technical analysis tools, expert advisor functionality, and various technical indicators.

Leverage

The maximum leverage that you can use depends on the account that you are using, we have outlined them below.

Micro: 1:1000
Standard: 1:400
ECN: 1:400
ECN Pro: 1:200
VIP: 1:200

The leverage can be selected when opening up an account and should you wish to change it on an already open account you can do so by getting in contact with the customer service team.

Trade Sizes

The minimum and maximum trade sizes are based on your account type and are as follows.

Micro: 0.01 min / 5 max
Standard: 0.01 min / 50 max
ECN: 0.01 min / 50 max
ECN Pro: 0.1 min / 100 max
VIP: 0.1 min / Unlimited

We would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage.

Trading Costs

The Micro and Standard account use a spread based system and so have no added commissions. The ECN account has an added commission of $7 per lot treaded, the ECN Pro account $5 per lot traded and the VIP account ahs an added commission of $1 per lot traded. The standard at the moment seems to be $6 per lot traded so the values offered are in line or better than this.

Swap charges are also present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

There are plenty of assets available, Xtream Forex has broken them down into a number of different categories, we will outline some examples of the instruments available within each category.

Forex: AUDCAD, CADCHF, EURCZK, EURGBP, EURUSD, GBPCHF, GBPJPY, USDCAD, USDDKK, USDSGD, USDZAR. There are more available, this was just a small selection.

Commodities: Natural Gas, WTI Crude Oil, Brent Crude Oil, Gold and, Silver.

Indices: AUD 200, ESP 35, EUSTX 50, FRA 40, UK 100, GER 30, JPN 225, Nasdaq 100, S&P 500, US 30, HKG 50, Copper and Dollar.

Stocks: Loads of stocks, too many to list, but a few include the likes of Amazon, Apple Tesla, Google, Netflix and, Ferrari.

Cryptocurrencies: There are a lot of tradable pairs each crypto is tradable against multiple assets such as Bitcoin against USD, GBPO, JPY and, EUR. Coins such as Bitcoin, Ethereum, Litecoin, Ripple, Dash, Eidoo and many more are available to trade.

Spreads

The spreads that you get also depend on the account you are using, the Micro and Standard accounts have spread starting from 1 pip, the ECN, ECN Pro and VIP accounts have spread starting from as low as 0 pips due to their added commissions.

The spreads are variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while AUDCAD may start at 2.3 pips, other assets like GBPCHF may start slightly higher, in this case, 3.1 pips.

Minimum Deposit

The minimum deposit required to open an account is $5, this gets you the Micro account. If you want a different account you will need to deposit at least $250.

Deposit Methods & Costs

The following methods are stated as being accepted: Neteller, Skrill, Visa Credit / Debit, MasterCard Credit/Debit, QIWI Wallet, Bitcoin, Bank Wire Transfer, Jeton and WebMoney. There are no added fees for depositing your funds, but be sure to check with your bank to see if they add any fees of their own.

Withdrawal Methods & Costs

It seems that the same methods are available to withdraw with, these are Neteller, Skrill, Visa Credit/Debit, MasterCard Credit/Debit, QIWI Wallet, Bitcoin, Bank Wire Transfer, Jeton and WebMoney. Once again there are no added fees for withdrawing but check with your bank or processor to see if they add any fees of their own.

Withdrawal Processing & Wait Time

We could not locate this information on the site so we cannot say how quickly Xtreme Forex will process your request, depending on the method used it can take between 1 to 5 business days for the money to process once Xtream Forex has processed the initial request.

Bonuses & Promotions

There are a few different bonuses currently available.

100% Credit Bonus: Receive up to $20,000 credit per account, this bonus is for trading purposes and is not withdrawable, if you withdraw funds then you will lose a proportion of the bonus too. Original deposit and any profits are withdrawable, however, each withdrawal will reduce the bonus amount equal to what is being withdrawn.

30% Tradable Bonus: Receive up to 30% as a tradable bonus, the more you deposit the more you will get. The bonus is withdrawable once a trading volume has been met, 10% of the bonus must be traded in lots, so a bonus of $200 will need 20 lots to be traded for it to be withdrawable.

The other promotion is for Introducing Brokers so we will not get into that at it is not relevant to us.

Educational & Trading Tools

There are a few different educational aspects to the website, the first is a trading tools section which has a number of different calculators including a position size calculator and a pip calculator. There is also an economic calendar that details upcoming news events and which markets they may affect. There is also an e-course, which his a very basic course on trading, giving a base understanding of what things are and how they work, ok for beginners but for those that have traded before t is nothing you won’t have already seen. Finally, there is a news section, which you can probably guess is just market news.

Customer Service

The customer support team is available 24/5 and is closed over the weekends and on bank holidays just like the markets are. We didn’t locate a dedicated contact us page, instead of needed to go to the bottom of the site to find some details. There is a live chat feature to speak to someone quickly, there is also a phone number should you wish to contact someone over the phone and finally there is an email address in case you prefer communicating that way.

Demo Account

Demo accounts are available to sue by signing up and filling out a short form, unfortunately, information like the trading conditions or if there is an expiration on the account is not available. Demo accounts allow potential new clients to test out the trading conditions and servers while it allows current clients to test out new strategies without risking any of their capital.

Countries Accepted

The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.

Conclusion

Trading conditions offered by Xtream Forex seem pretty competitive, the spreads are ok for all account types and those with a commission are either in line with the industry standard of $6 or under. Plenty of assets to trade is positive along with plenty of deposit and withdrawal methods. There was a little information surrounding the deposit and withdrawals missing, such as processing time, however, the majority of the information is present, they just need to add a few of the finer details.