- Limited Asset Coverage
- Platform Selection Limited
XtremeMarkets brokers has earned a top position in the forex brokerage list by providing top-notch service. XtremeMarkets trading platforms are available for all level traders. XtremeMarkets review are a reliable source to know about the broker if you research them before trading. We will be reviewing the XtremeMarkets broker and will let you know the benefit and drawbacks of trading with the XtremeMarkets broker.
Overview
Today, we’re taking an in-depth look at XtremeMarkets, a prominent player in the forex and CFD trading space. Over the past 10 years, XtremeMarkets have established themselves as a reliable option for all levels of traders. Still, regardless of the level of trading experience you have, understanding the pros and cons of your broker is essential. This is exactly what we aim to do in our XtremeMarkets review.
At Top Brokers, we’re committed to our belief that knowledge is power in all types of trading. When considering the criteria for our XtremeMarkets review, we left nothing untouched. We looked at how the XtremeMarkets trading platform performs in eight critical criteria areas. These include licensing, trading platforms, account types, asset coverage, spreads/commissions, education, customer support.
- Headquarters: Marshal Islands, Cyprus
- Regulatory : FSC
- Trading Platforms: MetaTrader 4, MetaTrader 5
- Foundation Year: 2015
- Min. Deposit: $10
- Max. Leverage: 1000:1
- Deposit Options: Mastercard, Visa, Bank transfer, PayPal, Skrill, Neteller etc.
Copy Trading
Copy-trading gives you the advantage to copy the trade of the successful trader, known as a strategy manager. Where the position of your chosen trader automatically gets copied in real-time and you will get the indistinguishable results as per your strategy manager. While you are imitating the position the proportion of profit would be shared among both. You additionally also have the privilege to choose the amount you would like to invest. Copy trading is an effortless technique where you can learn the strategy from expert traders.
Security of Funds
It is imperative to state that the security of funds is the utmost concern of each trader. We, at Xtreme Markets, perceive the significance of this every time. That is why we have made the protection of deposit our first principle. Thus, Our Clients can be confident that their funds are detained with safety, integrity, and transparency.
Account Types
XtremeMarkets offers multiple accounts like Cent, Prime,Platinum, Royal and Power-up bonus account , and share account. The accounts provide excellent quality trading with multilingual customer support. We noticed much similarity in the services of Cent, Prime,Platinum, Royal and Power-up bonus account. Open the account with a minimum of $10(cent, prime) and $50 (Power-up bonus)as an initial deposit. The share account’s minimum deposit amount is $10,000.
You can open the multi-asset trading account in the cent, Prime, Platinum, Royal and Power-up bonus. But keep in mind such an account is available on the MT5 platform only. An XtremeMarkets client can use eight active trading account and one share account. So it’s an excellent opportunity to increase your trade volume.
Trading Platform
In experts’ opinion, the best forex broker should offer MetaTrader as the trading platform. Like the other top brokerages, XtremeMarkets has MT4 and MT5 platforms.
The two third-party platforms are available on the web, desktop, and mobile. Users mostly use the mobile platform. MT4 and MT5 work on windows, mac, android, and iOS uninterruptedly.
The platforms are customizable, generate clear fee reports. Both perform the almost identical task with little difference. Like, you can trade stock CFD only on MT5.
The basic order placing procedure is similar in the platforms. But you cant place sophisticated order like one-cancels-the-other.
The web trader doesn’t have two-way authentication. The alert and notification feature is only available on desktop.
The mobile trading platform is user friendly, gives price alert, unlike the web trader. The features are well organized. Mobile trading, too, doesn’t have two-way authentication.
You can change the language of the web and mobile trading platform.
Commissions and Spreads
The price of XtremeMarkets varies with variation in trading instruments and XtremeMarkets account.
The trading price varies with the account category. For example,
Minimum deposit- you need to deposit a minimum of $10,000 while trading through a share account. The Cent, Prime, Platinum, and Power-up bonus ask to deposit a minimum of $5 and $50, i.e., much less than the Power-up bonus one.
Commission – Standard, cent, and Power-up bonus accounts don’t charge commission. On the contrary, there is a commission in the XtremeMarkets share account.
Spread – The cent and prime account offer spread as low as one pip on all major. The spread value is much small in Power-up bonus account 0.6 pip.
Leverage – The cent, prime, and platinum account offers similar leverage, i.e., 1:1 to 1:500 on $10 to $10,000. The share account doesn’t provide leverage.
Minimum trade volume – The minimum trade volume in the share account is one lot, whereas you can trade 0.01 lot in the other three accounts.
So the XtremeMarkets review portrays, XtremeMarkets share account pricing and offerings mostly vary with cent, prime, and Power-up bonus account. You need to have more initial funds in trading through an XtremeMarkets share account. And you will get no leverage and comparatively low spread with the commission on trading large volume compared with the three accounts.
Withdrawal and Deposit
Forex broker reviews say that the more a broker offers the withdrawal and deposit method, the more convenient it is for the client to trade with the broker.
The XtremeMarkets has around 25 secure payment methods. The broker offers credit/ debit card, Neteller, Skrill, etc. XtremeMarkets always ensures a fast transaction. The Skrill one day, but credit/ debit card transaction takes place immediately. There is no deposit and withdrawal charge.
To let you know, XtremeMarkets offer 10+ different base currencies depending on the account. And the base currency is related to transaction charges through conversion fee. You need to pay a conversion fee if you trade asset/ forex in a different currency from your bank account base currency. So to avoid the conversion fee, it is wise you open a multi-currency bank account. The digital bank offers several currencies with an attractive currency exchange rate and cheap bank transfer rate through such an account.
Education
Education is one of the things that this broker does well. They have the demo account, a great place to start when you are trying to get your trading game up. You can watch tutorials for all the trading platforms and learn more about analysis from XtremeMarkets regular webinars.
Most of the education at XtremeMarkets comes from video-based content. You can get deep dives into topics like introduction to the financial markets, risk management, money management, trading strategies, and analysis. There are pre-recorded videos for the traders who need to get more training about how to trade.
In terms of research, XtremeMarkets offers its clients access to technical analysis tools, an economic calendar, and a section dedicated to research and education alone. One downside is that they do not have fundamental data for those who may need it. It might be useful to consider that you could have to opt for third-party sources if you need fundamental data to make trades work.
Customer Service
To reach XtremeMarkets customer service, you will need to use telephone numbers, email, or their live chat function. The live chat function is the fastest to respond. The first question gets answered in a few seconds. Sometimes, you will not get the best answers you are looking for.
However, there is no need to worry because you can call them and talk to a customer service agent if that does not work. An email will take about a day before you have your answers. They are more relevant than the phone or live chat answers, which can be vague at times
