- Instrument Variety
- Leverage: (400:1)
- Scalping: Allowed
- EURUSD Spread: 2-4
- Regulation: CySEC
- History: Clean
With 49 Spot FX Pairings, Stocks, Indices, Commodities and Bitcoin via CFD’s, and a clean sheet with the regulator, XForex is a great one-stop-shop for traders. The trading conditions aren’t competitive enough to serve experts, but everything else you would expect from a top-notch broker is here.
- Company: xforex is the trading name of XFR Financial Ltd.
- Founded: 2003
- Account Types: Premium and Standard Accounts
- Payment Options: Credit/Debit Cards, CashU, Skrill, UnionPay, WireTransfer
- Platforms: WebTrader, Xtrade and MetaTrader 4
- Accounts Available In: CAD, EUR, JPY, CHF and USD.
- Minimum Deposit: $100 with a standard account.
- Regulation: Regulated by CySEC of Cyprus
- Social Trading: N/A
- Support Options: Callback, Email, Phone and Live Chat
As with many other Forex brokerages xforex offers it’s customers the popular MetaTrader 4 platform. Many traders will already be familiar with the platform and understand how the platform is held in high regard by many traders. Additionally, the brokerage also offers a web based platform and it’s own Xtrade platform. The Xtrade platform is not as advanced as the MetaTrader platform but allows traders to trade the various financial markets on offer at the brokerage. Additionally, the Xtrade platform is available for both Android and Apple devices making it possible for clients of the brokerage to trade on the move. The platform offering from xforex is a pretty standard affair, but many traders will pleased by the fact the brokerage makes the popular MT4 platform freely available.
- Leverage: Up to 400:1
- Scalping: Allowed.
- Expert Advisors: Yes.
- Hedging: Allowed.
- Trailing Stops: Yes.
- Spreads: Standard Account EUR/USD Fixed at 4 pips, Premium Accounts fixed at 2 pips.
- Commission: N/A
Trading conditions at xforex aren’t particularly competitive in regards to standard accounts, with the brokerage offering fixed spreads starting at 4 pips on the EUR/USD. Many other brokerages are able to offer tighter fixed spreads than offer at xforex. For instance, FXTM offer a fixed EUR/USD spread of 2.1 pips, while Markets.com offers a 3 pip fixed spread on the EUR/USD. This makes the brokerage particularly uncompetitive with numerous brokers being able to out-compete the firm when comes to the tightness of spreads on offer. Spreads do get tighter when traders opt to open a Premium Account, with the brokerage offering a fixed spread of 2 pips on the EUR/USD. However, traders are required to deposit a minimum of $1,000 to open such an account. Additionally, there have been a number complaints regarding the execution experienced when using the brokerage. Some former customers have complained of frequent re-quotes making it hard to open and close positions. These claims are very hard to substantiate but it is possible to read about them here. To speak in the brokerages favour, they do allow customers to make use of significant leverage and the ability to trade the markets using EA’s. Though important remember that such leverage can also work against trader and ultimately magnify their losses.
- Number of Currency Pairings: 49 Spot FX Pairings
- Other Instruments: Stocks, Indices, Commodities and Bitcoin via CFD’s.
The brokerage offers a good range of currency pairings, with the brokerage boasting an impressive selection of Major, Minor and Exotic FX pairings. The majority of traders are likely to find the pairings they are looking for, with the brokerage offering rarely offered pairings such as USD/RUB. It should be noted that spreads offered for many of these exotic pairings can be quite wide. Additionally, the brokerage offers a range of other instruments via CFD’s (Contracts-For-Difference). The range of instruments relatively extensive and will appeal to those who want to trade a range of different asset classes from a single account. The brokerage most notably offers Bitcoin CFD’s which have become increasingly popular with the take off the virtual currency. The range of asset classes is one positive aspect of the offering from xforex.
- Contact Methods: Callback, Email, Livechat
- Telephone Numbers: Cypriot Number
- Support Languages: Number of major global and European languages.
The brokerage provides customers with a number of different avenues for customers to get into contact with the brokerage. The brokerage offers 24/5 customer service and operates a LiveChat which is one of the most popular contact methods for customers to maintain contact with their brokerage firm. Additionally, xforex provides customer service in a number of global and European languages.
- Regulated: By CySEC of Cyprus.
- MiFID Regulated: Yes, xforex can accept clients from throughout the European Union.
- US Traders: No, xforex lacks the necessary regulatory approval.
- Regulatory Record: XFR Financial Limited has not been on the receiving end of regulatory action from CySEC.
XFR Financial Limited, is regulated by CySEC of Cyprus. This allows the brokerage to operate throughout the European Union and accept customers from any European Economic Area country. The brokerage, has never been on the receiving end of any regulatory action from the countries regulator since it gained it’s licence back in 2010. The brokerage has been on the receiving end of warnings from foreign regulators. Back in July 2010, the brokerage received a warning from a provincial Canadian regulator for offering services to Canadian residents without the necessary regulator approval.
xforex, regulated in Cyrpus is able to accept customers from throughout the European Union and offers an impressive of currency pairing and CFD’s. Though it should be remarked that the trading conditions offered by xforex are not particularly competitive.