Contents
- 1 XtreamForex Broker Review Basics
- 2 Our Opinion About XtreamForex
- 3 Key Benefits
- 4 Regulation and Safety
- 5 XtreamForex Account Types
- 6 Micro Account
- 7 Standard Account
- 8 ECN Account
- 9 ECN Pro Account
- 10 VIP Account
- 11 Trading Instruments
- 12 XtreamForex Spreads, Leverage, and Commissions
- 13 Scalping and EA Allowed
- 14 XtreamForex Deposits and Withdrawals
- 15 XtreamForex Bonuses and Promotions
- 16 Trading Platforms
- 17 Customer Support
- 18 XtreamForex Broker Review: Legit or Scam?
- 19 Our Verdict
- 20 XtreamForex Broker Review FAQs
- 21 Similar Brokers
XtreamForex Broker Review Basics
🏛️ Based in | Majuro, Marshall Islands |
---|---|
⚖️ Regulation | FSC (Financial Services Commission) |
💰 Minimum Deposit | $5 (4800 Naira) |
💳 Deposit Options | VISA, MasterCard, Bitcoin , Neteller, Skrill, Bank Wire, Online Naira, Pay Trust, & Help to Pay. |
💳 Withdrawal Options | VISA, Neteller, Skrill, Bank Wire,FasaPay,Crypto, PayRedeem, Perfect Money, WebMoney, & BitPay. |
📌Open an account | Start Trading with XtreamForex |
Our Opinion About XtreamForex
XtreamForex is a global online brokerage firm offering trading services across forex, indices, stocks, cryptocurrencies, metals, and energies. Established in 2015, XtreamForex is headquartered in Marshall Islands and regulated by the Financial Services Commission under license number GB22200951.
After thoroughly evaluating XtreamForex’s trading conditions, platforms, customer support, and fees, we have a positive opinion of this broker for Nigerian traders. Key advantages of XtreamForex include low spreads from 1 pip, high 1:1000 leverage, diverse account options, and frequent promotional bonuses. Their MT4/MT5 platforms provide advanced tools for technical traders, while WebTrader delivers quick access for beginners.
In our view, XtreamForex stands out as a well-regulated broker catering to the needs of Nigerian forex and CFD traders. From novice to advanced traders, their account tiers, tight spreads, and robust trading platforms give Nigerian customers a competitive trading experience.
Key Benefits
Regulation and Safety
XtreamForex holds a Category 1 Global Business License from the Financial Services Commission (FSC) in Mauritius. Firms must meet stringent requirements to obtain this license, including maintaining a physical presence in Mauritius, meeting capital adequacy ratios, and following strict client fund segregation rules.
The FSC license confirms that XtreamForex complies with established regulations and standards. Mauritius FSC guidelines align with best practices outlined by leading agencies like ESMA.
For Nigerian traders, it’s reassuring knowing XtreamForex is overseen by a respected regulatory body. The FSC license verifies their legitimacy and strong compliance procedures.
XtreamForex Account Types
One advantage of XtreamForex is the diversity of account offerings tailored to clients based on trading style and capital levels:
Type | Spreads | Min. Deposit | Max. Leverage | Commission |
---|---|---|---|---|
Micro | From 1.2 pips | $5 | 1:1000 | $0 |
Standard | From 1 pip | $250 | 1:500 | $0 |
ECN | Raw Spread | $250 | 1:400 | $7 per lot |
ECN Pro | Raw Spread | $5000 | 1:200 | $5 per lot |
VIP | Raw Spread | $20,000 | 1:200 | $1 per lot |
Micro Account
The Micro account suits novice traders seeking commission-free forex and CFD trading. The minimum deposit is only $5 to open an account. Traders enjoy competitive spreads from 1.2 pip and maximum 1:1000 leverage. Expert advisors are allowed for automated trading. Micro accounts let new traders access global markets cost-effectively.
Standard Account
With a minimum deposit of $250, the Standard account removes trading restrictions. Traders still benefit from commission-free trading and tight spreads from 1 pip. The Standard account provides more flexibility for those ready to graduate from a Micro account.
ECN Account
Experienced traders who can deposit at least $250 get direct market access through the ECN account. Spreads start from 0 pips during market hours using raw spreads from leading liquidity providers. A transparent commission of $7 per lot is charged instead of a built-in spread markup. The ECN account is ideal for frequent traders pursuing tight variable spreads.
ECN Pro Account
For savvy traders able to meet the $5000 minimum, the ECN Pro account offers further discounts on the already low commissions. Only $5 per lot round turn commission is charged on trades. Spreads remain as low as 0 pips, providing maximum value for high volume traders.
VIP Account
Large and professional traders can benefit from the VIP account, which requires a $20,000 minimum deposit. This account tier provides spreads as low as 0 pips and the lowest commission of $1 per lot. VIP account holders gain access to dedicated account managers and other premium services befitting serious investors.
Trading Instruments
XtreamForex allows trading across these asset classes and instruments:
- Forex – Major, minor, and exotic currency pairs
- Indices – All major global stock indices covering various countries and sectors
- Stocks – Shares of popular companies listed across global exchanges
- Cryptocurrencies – Top cryptos including Bitcoin, Ethereum, Litecoin, Ripple
- Metals – Gold, silver, platinum, palladium
- Energies – Crude oil, natural gas, heating oil
XtreamForex Spreads, Leverage, and Commissions
For the best trading experience, we like that XtreamForex provides:
- Ultra low spreads from 0 pips on ECN/ECN Pro/VIP accounts
- Highest leverage up to 1:1000 on Micro account
- Low transparent commissions, starting from $1 per lot
Such competitive trading conditions allow Nigerian clients to enter larger positions while minimizing transaction costs. XtreamForex is one of few brokers catering to active traders through tight spreads and high leverage.
Scalping and EA Allowed
XtreamForex permits clients to scalp trades and use expert advisors for automated trading. No restrictions are imposed on trading strategies. This freedom allows short-term and algorithmic traders to implement their systems without interference.
XtreamForex Deposits and Withdrawals
Convenient payment options for Nigerian clients include:
- Debit/credit cards – Visa, Mastercard
- Bank wire transfers – Local and international
- E-Wallets – Skrill, Neteller, Online Naira, WebMoney, Fasapay
The low $5 minimum deposit makes it easy to open and fund a XtreamForex account. Clients can quickly deposit and withdraw using their preferred local Naira payment methods.
XtreamForex Bonuses and Promotions
XtreamForex frequently runs special bonus offers and promotions including:
- 100% Credit bonus – Matching bonus up to $5000 on initial deposits
- Everyday payouts – Up to $25 commissions per traded lot for affiliates
- Trade and Win – Cash prizes, gadgets, and trading bonuses for active traders
- VPS hosting – Free virtual private server for uninterrupted connectivity
These limited time bonuses provide extra capital and incentives for Nigerian clients. XtreamForex really stands out with their routine promotions tailored to active traders.
Trading Platforms
For desktop and mobile access, XtreamForex offers two powerful platforms:
- MetaTrader 4 – The MT4 platform needs no introduction. It provides advanced charting, backtesting, EAs, and a customizable interface.
- MetaTrader 5 – MT5 includes everything in MT4 plus more CFD assets and technical indicators.
- WebTrader – XtreamForex also offers browser-based WebTrader with a simple interface requiring no software downloads.
No matter your platform preference, XtreamForex delivers an optimal customized experience. Nigerian clients can trade with ease using these stable, high performance platforms.
Customer Support
We’re impressed by XtreamForex’s multilingual 24/7 customer support via:
- Email: [email protected]
- Phone: +357 96 750500, +441865600814
- Live chat and WhatsApp
Nigerian clients can get quick assistance in English. XtreamForex’s reliable customer service enhances their strong brokerage offering.
XtreamForex Broker Review: Legit or Scam?
XtremeForex is a legitimate regulated broker, not a scam. They hold an official Category 1 Global Business License from the reputable Mauritius Financial Services Commission. This oversight verifies that XtremeForex operates transparently and ethically when serving clients across international markets.
Our Verdict
XtreamForex emerges among the best forex brokers for Nigerian traders when considering their regulation, account options, low fees, bonuses, and platforms. Both new and experienced traders can benefit from XtreamForex’s comprehensive brokerage services.
If you need a reliable broker that accepts Nigerian clients, delivers competitive conditions, and provides responsive multilingual support, we recommend XtreamForex. Overall, XtreamForex exceeds expectations as an outstanding broker for the Nigerian market in 2024 and beyond.
XtreamForex Broker Review FAQs
XtreamForex is an online broker offering trading services in forex, indices, commodities, stocks, and cryptocurrencies. They are headquartered in Majuro, Marshall Islands and regulated by the Financial Services Commission (FSC) in Mauritius.
The minimum deposit to open an account with XtreamForex is $5. This low minimum allows beginner traders to start small as they learn the markets. More advanced accounts have higher minimums but overall XtreamForex facilitates opening an account with a modest initial deposit.
Yes, XtreamForex is regulated by the Financial Services Commission (FSC) in Mauritius. The FSC is responsible for licensing and overseeing financial services firms in Mauritius. Regulation by the FSC gives traders an added layer of security when trading with XtreamForex.
XtreamForex is considered a good broker due to their regulation, low fees, range of tradable assets, and proprietary trading platforms. They offer transparency and trading flexibility suitable for novice to advanced traders. Their customer support team is also helpful and responsive when issues arise.
No, unfortunately XtreamForex does not currently accept clients from the United Kingdom, Canada, Japan, and certain other restricted jurisdictions including parts of the United States. Traders in those countries cannot open accounts due to regulatory restrictions. XtreamForex is however available to most other countries around the world.
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