xForex Review   xForex Review

rate: 4.00

Xforex is a retail forex broker that first opened its doors in Cyprus in 2003 as Trouvia Investments Ltd, but since has expanded to North America, and is now known as Ultimass Global Inc.  After much investigation this broker seems to be a decent one, with good service, a good platform, and some extra client perks that go above and beyond other brokers.

Xforex offers most of the services that a forex trader is seeking.  They offer mini and regular forex accounts with a low minimum deposit of $100 and leverage up to 200 to 1.  They offer trading 21 different currency pairs and 2 metals on their web-based platform. They also offer competitive fixed spreads with no deposit, withdrawal or trading fees.

 The Xforex website does not give any company background or insight into who this broker is or how long they have been a broker, so a new client must contact them via chat, email, or phone to investigate.  The 24-hour chat can be immediate or time intensive to get a response.  But a telephone call request was answered immediately and the sales person very knowledgeable and helpful.  A free demo account is also offered on the xforex website.  This is their Canadian office in Toronto, which is new in their expansion to North America. 

The registration is very easy and quick, and the deposit process is also easy via various credit cards or by bank wire transfer.  Xforex does currently offer a deposit bonus up to 20% for new accounts.  Getting started trading is easy enough for an experienced trader, their tutorial is very basic but not very specific, so a new trader will need extra help to get started understanding the forex market with this broker.  Luckily their customer service is good and questions can get answered fairly quickly.

This broker’s proprietary trading platform is web-based and very user-friendly.  It offers all the basic trading features including market, limit, stop orders and trailing stops.  Trading spreads are typical from 3 to 30 pips.  You are not allowed to hedge a trade by having both a buy and sell trade in the same currency pair open simultaneously.   As with most web-based platforms, the charting capabilities are very basic with no special features.  One unusual feature on this platform is a “Top traders” link where you can see the top 10 traders current trades.  Account reporting is also offered, as well as a good interface for mobile trading.  Xforex is a dealing desk retail broker and as such they take the other side of all of your trades.  During high volatility and news events this platform can stall or give an error, so news trading is not great.

Xforex offers the usual services as a retail broker including a daily market update, a daily economic events calendar.  They do offer a personal trading expert that is available to new traders to guide them in trading the forex market, which is a very nice and unusual perk. 

There were no major red flags that popped up during this review process.  Overall this retail broker seems to offer typical services and trading features with their web-based platform, and very good customer service.  Xforex is regulated by EU regulations and capitalized by Saxo Bank, Deutsche Bank, and Canadian Imperial Bank of Commerce.  Another great addition to their offering is their new Welcome bonus of $2,000 or 20%, this might give them the edge they need over other brokers.

Other new features offered by xForex include 3 types of demo accounts, Islamic accounts, trading reports, and updated videos on the Forex market. All in all, Xforex is a very good choice for Forex traders, independent  of their level of experience.