RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
XGLOBAL FX is not available to EEU users (European Economic Area). We were redirected to XGLOBAL Markets, which is supposed to be regulated by CySEC. The following review will be of XGLOBAL FX, going by xglobalfx.com.
XGLOBAL FX is an impressive broker that seems not to go too overboard with info while giving just enough, and in the right way, to be taken seriously. Being less burdensome helps a broker build a solid clientele, incorporating both expert and beginner traders. As you will see XGLOBAL FX combines the best of both worlds, producing a product definitely worth your time.
The account opening process was simple enough until we reached the point of verification. There we hit a wall, but a necessary wall, acting as evidence of XGLOBAL FX’s dedication to safety. However, from now on, all the information covering the services that the broker offers will be taken from the website, and not from a user-dedicated dashboard. This should not be a problem seeing that XGLOBAL FX is legitimate, and even if there are deviations, they shouldn’t be too big or important.
The website reveals the following tradeable financial instruments: forex currency pairs, metals, equity indices, energies. This is a disappointingly low number of assets. Usually, to be taken seriously, a broker must have, in addition to the aforementioned, cryptocurrencies and shares. The EUR/USD spread for the RAW Account is said to be 2 pips, however, in the RAW Account dedicated area of the website, the minimum spread is said to be 0.2 pips, with a $3.75 commission per side, adding up to a total of 0.7 pips in additions to whatever RAW spread a user gets. We are inclined to believe the latter.
XGLOBAL FX offers dynamic leverage allowing everyone to benefit to the best of their situation, but there is no real leverage cap indicated. Considering the offshore regulation, we assume that the broker offers a limitless leverage cap, within the accepted norm that is.
The broker can be accessed in only in English.
XGLOBALFX REGULATION AND SAFETY OF FUNDS
The main holding company here is X GLOBAL Holding Ltd. It has two main branching brokers.
The first one is XGLOBAL FX (the focus of the review), regulated by the VFSC -the Vanuatu Financial Services Commission. The second one is XGLOBAL Markets, a CySEC approved brokerage.
Vanuatu is considered an offshore FX broker destination, even though the Vanuatu Financial Services Commission is a perfectly functioning FX overseer. Furthermore, the organization is not nearly as severe as, say the FCA or CySEC. That’s not to say that the Vanuatu watchdog has not been making efforts. In 2017 raised its minimum capital requirement for brokers to $50 000.
XGLOBAL FX is fully regulated, and a firm that you can trust!
XGLOBALFX TRADING SOFTWARE
Although we did not enter the user area, there is no doubt in us that the promoted MT5 is not available. A regulated broker would never lie about its trading platform.
Some of the main features of the MT5 are an economic calendar, Expert Advisors, VPS, One Click Trading, Level2 Plugin, pending order, multiple time frames, and so much more!
XGLOBALFX DEPOSIT/WITHDRAW METHODS AND FEES
Thankfully all the necessary payment information is carefully and expertly laid out.
Deposits are made through one of these: Bank transfer, SticPay, B2B Transfer. The minimum deposit is $100.
Withdrawal methods are the exact same as the depositing ones. The minimum withdrawal is $100, and all the fees are covered by the broker. Bank withdrawal fees usually take some 2 to 5 days to get processed, while e-payment methods can take between 1 to 3 days.
Simple and to the point. This principle is applied to the entirety of XGLOBAL FX. This is one of the finest firms we have reviewed in a while, and a deposit will do you no harm!
That is not to say that there is no room for improvement. Things can only get better for XGLOBAL FX from here on out.