XtreamForex Review: A Closer Look at This Suspicious Broker

XtreamForex Review, After looking at the XtreamForex broker’s website, it became clear what we needed to know. There is usually a lot to say about offshore brokerages, but none of the words are positive. It’s generally not advisable to do business with such entities.

Yet, we’ve delved into the inner workings of this company and reached some conclusions. We will expose any questionable practices that may be present. We encourage you to read our XtreamForex review to understand this broker. We provide unbiased information to help traders make informed decisions. 

Our review covers all aspects of the broker, from their trading platform to customer service. We strive to ensure that our readers have all the facts they need to make the right choice.

License and Safety of Funds at XtreamForex

XtreamForex operates under the brand of Xtream Markets Ltd, from the Marshall Islands. Their website indicates that the company has been operating since 2015. It means they’ve been around for a while. Yet, a crucial question remains: is XtreamForex regulated?

Upon a thorough investigation, we couldn’t find any evidence of Marshall Islands regulation. We examined the registers of several Tier 1 regulatory bodies, such as FCA, ASIC, and BaFin. Unfortunately, we came up empty-handed.

This lack of regulatory oversight suggests the company isn’t operating correctly. We recommend staying away from them, as they could be scams. Instead, opt for licensed companies to ensure your safety.

The firm has been accused of aggressive marketing tactics, as well as not being transparent about trading risks. There have also been reports of clients not being able to withdraw their funds. As such, potential clients need to know these issues before investing in XtreamForex or BizzTrade.

Trading Platform 

XtreamForex provides its clients with a range of trading platforms, including MT4 and MT5, as well as a web trader platform. On the surface, this seems like a smart move by the company to cater to the different needs of its clientele. 

Yet, we have concerns about this broker’s legitimacy. So, read reviews and compare other brokers to make an informed decision. 

In addition to offering a diverse range of platforms, a broker must be ethical and regulated. Unfortunately, there is a growing suspicion that XtreamForex may not be doing so.

The trading platform is just one aspect to consider if you still want to deal with them. You also need to ensure that the company is reputable, regulated, and has a track record of fair dealings with its clients.

Account Types Available

XtreamForex says all account types are tailored to meet traders’ needs. Yet, in reality, they appear designed primarily to meet the company’s needs. As a result, each account type comes with conditions that pose a significant risk and may not be in the best interest of the trader. The account types they offer are as follows:

• Micro – $5
• Standard – $250
• ECN – $250
• ECN Pro – $5.000
• VIP – $25.000

It’s crucial to exercise caution when choosing an account type with XtreamForex. Carefully consider the associated risks before committing funds. Be sure to read any broker’s terms and conditions before dealing with them.

Ultimately, it’s crucial to prioritize your financial well-being over the broker’s interests. By doing so, you’ll be better equipped to safeguard your investments.

XtreamForex – Deposit and Withdrawal 

XtreamForex claims not to charge fees for deposits and withdrawals. They accept various payment methods, including Visa/MasterCard, QIWI, Neteller, Skrill, and WebMoney. Those methods apply to account funding and withdrawals.

The broker also offers different bonuses to entice traders to open a trading account. Offshore companies often use bonuses to scam their clients. It’s critical to note that traders cannot withdraw when they want. 

They must reach a certain rollover threshold, five lots per month. This rule makes it almost impossible to withdraw. Scam brokers use this method to extract more money from their clients.

XtreamForex offers a 100% deposit bonus. Those who deposit over $500 can receive up to 30% of the trading bonus with extended equity. Traders who deposit over $1,100 are eligible for a 100% rescue bonus.

Don’t fall for offshore brokers’ bonuses. While they may seem attractive, they often come with conditions that make withdrawals difficult. You may lose more money than you gain.

How Does This Scam Operate?

Scams involve deceiving traders to deposit funds into fraudulent trading accounts. 

One common scam in the FX brokerage industry is known as the “bucket shop.” In this scam, a fraudulent broker will take the opposite side of a trader’s position. When a trader loses, the broker profits. Since the broker is not executing trades, they can manipulate prices to their advantage. That makes it very difficult for traders to win.

Another type of scam is the “Ponzi scheme.” In this scenario, the fraudulent broker promises investors high returns on their investment but does not invest the funds. Instead, the broker uses investors’ money to return to earlier investors. The scam collapses when investor funds dry up, and the broker cannot pay.

A third type of scam involves fake trading software. These scams usually operate through social media and promise quick and easy profits. Victims deposit funds into a fraudulent broker’s account. Those funds are used to run fake software. In reality, the software does not execute trades, and the broker pockets the funds.

To avoid such scams, you should do your due diligence when selecting a broker. You must research the broker’s history and reputation. Additionally, avoid brokers that promise guaranteed profits or high returns without risks, like XtreamForex, and Maddex Capital.

XtreamForex Summary

The claims of XtreamForex, a broker allegedly operating since 2015, cannot be corroborated by a reputable regulatory body. Therefore, it’s crucial to exercise caution and consider licensed alternatives. The firm has faced allegations of fraudulent activities, such as aggressive marketing tactics, lack of transparency regarding risks, and difficulty withdrawing funds. 

Although the broker offers various trading venues, including MT4 and MT5, its legitimacy is debatable. Company accounts may not be in the trader’s best interest, as they come with significant risks. 

Also, even worse, traders cannot withdraw without meeting a rollover threshold. In conclusion, potential clients should prioritize their financial well-being by thoroughly researching brokers before investing.

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