Xforex is a retail forex broker that first opened its doors in Cyprus in 2003, and is now operating under the license of O.C.M. Markets Online. 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 1:400. 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.
The xforex review I read was good and it made me want to try this broker and trade with them. So I opened an account and after only a few minutes, I put in a trade.Pillsloq July, 2013
You know, if someone is unhappy with something that happened at xforex, they should contact customer service and work it out with management. You can't always blame the company when you lose money but it's good to speak to someone so you are not unhappy.briannawf60 July, 2013
I tried calling chat and it took me awhile to connect to someone at xforex but when I finally got thru to someone, they were helpful.taksici July, 2013
xforex could be a scam but so could all those other brokers who promise you the world and then don't deliver. An xforex scam is no different than anyone else. We always have to do our own research and trust our choices.riki143 July, 2013
I think those other guys just don't like the xforex reviews. Maybe they sound too good to be true and they aren't believable. JustChrizshkY July, 2013
I agree with her. I've had no problems with xforex since I started trading with them several months ago.Peter July, 2013
Why is everyone saying that this broker is a scam? I've been trading with them for several months now and find them very professional. Their chat service is pretty friendly and polite. I haven't really made any profits yet…..but I can honestly say there is no eforex scam.sunshinegii July, 2013
Some of the comments scared me and I'm really not sure if I should go with xforex and try another company. The upfront bonus is inviting but if there are problems withdrawing my money, maybe I shouldn't try it.AmelioSanchez June, 2013
I wasn't sure about xforex but after reading about their fantastic customer service I felt better. Sounds like a great company.ElizabetJamison June, 2013
I read the xforex review and immediately opened an account on line. I hope I make some moneyBobbyCarny June, 2013
At first sight, I found this broker interesting and I decided to open a live account to give it a try. Unfortunately, after a few weeks only, I've noticed that XForex is definately a broker to avoid. First of all, they offer you huge bonus on your first deposit. What XForex won't say to their customers is that they have to trade at least 10'000 times the amount of the bonus before making it available for withdrawal. Let's say you have a 500$ bonus, you'll have to trade at least 5M$ to really unlock it, which is incommensurate. Next, their web platform sounds attracting, but when you try it, you quickly notice it's very unreliable. Sometimes positions can't be closed, sometimes positions can't be opened, sometimes positions are closed unexpectedly (far from SL / TP levels). This can obviously lead to continuous substantial losses. Their trading rules aren't well suited for beginners and short-range traders ; the minimum available lot is 25'000$, making the trading experience quite rough for small account owners or beginners. Next, a position can't be manually closed within the 2 minutes after it has been opened. Don't expect to trade announcements properly that way. List is quite long so far but it's not done. When you open an account, an account manager will get in touch, and, if you are a beginner, will help you with your first positions. I was curious so I asked some assistance. I was stunned to see how much risk they are ready to make you take, pretending the positions will turn into high profit. Be careful, or it could drain your account quickly. So after a few month of very precarious trading experience, I decided to take my profits and focus on a more reliable plateform. No way ! They didn't allow me to withdraw my funds. I was only allowed to withdraw my initial deposit, nothing more, despite filling the appropriate forms and being totally in compliance with the ToS. The account manager wouldn't answer my requests, and worse than that, keeps asks me to refund my account, as scary as it sounds. As a bottom line, I would say XForex is not working for their customers, they are working against them. I'd suggest ppl to look into a more reliable and serious broker for a better trading experience.Pascal August, 2011
i just opend a free account with them but havnt deposit any money,thanks Allah you guys saved me.i was confused to see their deposit method.it doesnt seem look like a professional and secure transaction systems.as soon as i saw the deposit system something bad coming in my mind and i decided not to deposit.wait a bit longer and find out more about it.it was today morning and now when i was trying to find out more about this company i saw this review website and you guys review about the company.what is completely changed my mind and tell me that i was right in the morning.its a fraud company and i really sorry for you guys who lost money here.I suggestion for you guys who lost money here.If you have the documents of deposit keep it save.go to interpol(International Police) website and report it there.definately there will be some action.i am not sure wether you guys will get the money back or not but stleast the company will get the punishment.saeek August, 2011
This company is very deceitful and full of surprises! I saw an advertisment by this company that a person can make $2,5000 out of $500 within days, so I gave them my details requestings for more informations. I never had any experience with the forex market before, this was my first encounter with this type of market. I later studied many weeks on it and then deceided to try out their demo account to see what it was like. When I Originally started with their demo account,I made alot money within 5 days (approximately $125,000). The customer service person gave me a call and said she saw my account and that she had never seen anybody making so much money that quick. So she told me to invest money into a live account and I that I would be trainned by one of their special account manager to perfected my skills so that I could make more money. And If I didn't like the trainning I could pull my money out any time. After much thought, I deceide to try out the live account. I invested in $45,000. I was introduce to an account manager who later show me a few tips. I was then encourage to trade immediately, because she said I was very much prepared now. So I traded and I made huge amount of profits within hours ($25,000 Real Money) within hours of trading. The account manager was very impress and stated that I was one of their best traders. As I continue to trade on for a few more days, I Made more money but I kept on having problems with their platform. I could not enter or leave a trade immediately, it take 6 to 7 attemps to enter a trade or close a trade. Every time I try to open or close a trade there would be an error message on their plateform. So I Screen print it and sent it to the account manager. She told me she would get it fix for me soon. Which never happen. Then a few days later my whole account was frozen, I would not trade. I couldn't even enter a trade or close a trade, I kept on calling my account manager for help. Her reply was that, there is not much she could do to help me out, and that I need to print screen the problems and she would forward that on to the technical department for help. I told her I have email her with the problems screen printed attached, many times already. She said she never received any of my emails. So, I deceided to call the technical department my self immediately and see if they could resolved my situation quickly. Mean while the market was moving very quickly at that moment, and I was lossing thousands of dollars within minutes. When I reach their technical department team, I was really happy, hoping they would save my account from being lost. Yet these guys were hopeless, They could not located my account details for hours and said that, I don't have an active account with them. It took them 5 hours to locate my account details and by then I had sadly watch my whole account disappear before my eyes. I feel this is not the way trading should be. I have not traded with any other company before so I don't know what the market is like but this experience is living hell for me. It has left me devasted and that I feel this group of people have dealt with me unfairly. What kind of trading is it, that I can't even open my own trade to save my money from lossing or can't close a trade to save my account from being deminish to zero? I feel this is a total unethical way of dealing with customers who have put their trust in them. I have print screens some the platform error messages which show up each time I tried to save my account. If I print screen all the times I had problems with their platform it would be over a hundred of them. I would never trade with these dishonest people again. If I was one of their best trader. Then they are to me, one of the best scam company on the internet.Adam July, 2011
Xforex is a scam, once you open an account and make profit as a new customer,you will never receive your profit. I have full evidence to support this. Stay away from them.... To make a deposit you need to send in documents,until approved you are not allowed to trade.Once approved you are allowed to trade, funny thing the documents where sufficient then. But once you make a profit the documents become insufficient Believe me stay away from this dodgy site.Any who has had problems with this site please contact me .supetrader February, 2011
Well firstly, this company isn't really a scam, as in they do exist and they do carry out a business. BUT, they are a horrible company. Firstly, when you open an account, a client servicing officer will call you and bug you to deposit more and more, quoting attractive bonus offers, and asking you for your credit card details. Over the phone! And let's say you deposit a total of $1000, getting a $300 bonus, which they say you can use to trade without being afraid of losing your own money. GUESS WHAT?? Once you receive a bonus, you CANNOT WITHDRAW your funds until you hit a trading limit, which for this case, will be 2M!! This is supposedly stated in their T&C, but just try looking for it. If you really want to withdraw, you'll need to have the bonus removed first. So that means, if you lose the $300 bonus, and you want to stop trading, you need to let them take another $300 from you first. I understand them protecting themselves, but it should be a lot more transparent. Secondly, I have a lot of bad experiences about their platform. As other users have already mentioned, the price which you confirm a deal at (even when using stop-rate feature), is NOT the final price of the deal. It's almost always a few pips worse. On top of this, the stop-loss and take-profit limits are very inaccurate. These limits kick-in either too early or too late, which ever gives you greater loss or smaller profits. Lastly, when sending queries to their client servicing email, they tend to reply the next day, IF it is a general question. BUT, if you put them in a tight spot, such as questioning some of their practices, they will NEVER reply those emails. In conclusion, IF you really want to use XForex.com, then ONLY use them if you are going to take a long position, trading a large amount, and you are very sure you will make a large profit. For all other cases, you will only be giving your funds away.JR October, 2010
it has a nice platform and very good account managers. but after important economic notices, it is impossible to enter the website, it crashes...... and there are no small lots like 0.1 lot...... you cant trade less than 2 minutes(i dont know it is good or bad) Charts are good and i think it is the best platform for mac users....Oktay December, 2009
hi i am rahul. i found it very interesting and useful.Rahul Dabas November, 2009
I have been with xforex 2 weeks. I like there platform alot. It is so easy to use. I like my account manager Paula. She helps me all the time. She is nice and knows a lot about forex. I am happy to trade with them because they help me with all my questions, and they are always sending me information about the market.Pedro September, 2009
I just strted trading with this compny and they are good. They explain everything to me and help me trade. I call them all the time and they help me. there online chat is good too... easy platform for a first timer.Jan September, 2009
I joined xforex 3 month ago and until now i'm realy happy with their assistence, i had no idea what forex is , but one of their trading experts whos name i don't want to mantion, halped me and taught me how to trade and how to analyze the charts and the news. i invested $3000 for initial deposit and after one month i had already $4900. Then i decided to check if it's true what they said about the withdraeal -that it the money would be sent to me within 5 days. I asked for a withdrawal and after 4 buissnes days the money was in my account. Xforex, made me $6500 richer!Thomas September, 2009
I like their quick deal feature, which allows me to execute trades at the click of a button. I didn’t completely understand their stop loss and take profit mechanism, as they allow rate and percentage - not only ‘amount’ like most companies.Jean Phillips September, 2009
XForex’s platform is easy to use and is web based – that gives me lots of comfort in trading, and so far their representatives have been kind and their support has done tremendously well in serving my needs. The only disadvantage I see is that charting is not integrated within their platform, however, this is no big deal for me.James Dalglish September, 2009
Xforex their platform supports spot commodities such as metal and silver, but not oil.Saif1 September, 2009
under their help menu I found a few useful tutorials on how to use their platform. seems weird that they literally hide such good tutorials in the help menuJohn September, 2009