XForex Review
XForex is a currency trading platform for traders of all experience levels. With user friendliness kept in mind at every stage of development of their platform, XForex makes getting started as simple as can be.
Registration is quick and easy, and more importantly, the action of placing trades is fantastic.
Starting in 2011, XForex is offering the MetaTrader4 platform as well.
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First impressions & Support
XForex was established in 2003 and offers a smooth and easily operated web-based trading platform. A full range of charting tools and above average customer service encourages an excellent learning environment.
For traders just starting out, XForex provides one-on-one technical training, personal trading assistants available whenever the markets are open, as well as an eBook which provides an overview of the fundamentals of Forex trading.
XForex seems to place a focus on education, and providing their traders with the tools they need to achieve their goals in the market place.
Order execution is very good considering that XForex presents clients with fixed spreads. The fixed spread does normally cause some execution problems during illiquid market conditions, but this is to be expected, and the problems are quite minor when compared to most other fixed spread Forex brokers who more or less lock you out completely during news/volatility/illiquidity.
Their multi-lingual website is attractive and easy to navigate, with clear explanations of the available account types, features and trading conditions on offer. Their support team was fast to respond to my livechat request and they seemed to be knowledgeable about the markets as well as their platforms.
Support is available 24/7 via live chat/phone/e-mail – meaning that you can actually contact them while the markets are closed if necessary.
Funding & Withdrawal
When investing in the forex market it is important to feel safe when transferring funds to your broker. With XForex you rest easy. Funding with a credit card is as simple as can be – just moments after funding I was able to start placing trades.
From my experience their withdrawal process is quite efficient, although be sure to send in all the requested documents before you request to withdraw in order to avoid any potential delays.
Opening an Account
Opening a demo or Practice account with XForex is simple and straightforward as well. In 2 minutes I was placing trades on a $10k practice account. The account is valid for 21 days, but when you fund a live account you will receive a demo that will be accessible indefinitely.
When funding a live account you have 3 options, Mini accounts starting at $100, Standard accounts at $1,000 and V.I.P. accounts at $10,000 and higher. Each account size and type have their own deposit reward as well, allowing you to trade with their money first.
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Bottom Line
XForex has been around for over 7 years and is a well-established broker. They have put together a reliable product and service with a focus on education that has had customers coming back to them again and again. The top notch web-platform and internationally known MetaTrader4 each boast a variety of add-ons and tools that deliver an excellent trading experience.
Some drawbacks of trading with XForex are the lack of regulation, and mobile trading. As they have been around for so long this inconsequential and really only improves deposit and withdrawal time. Other than these minor points XForex is an excellent choice for traders of all experience levels.
Broker Facts
Company name: XForex
Country: British Virgin Islands
Year established: 2003
Regulation: None
Dealing desk: Available
Trading platform: Net based
MetaTrader4: Available
Mobile trading: None
Pairs offered: Majors, crosses, metals
Type of spread: Fixed
Spread EUR/USD: 3
Mini account size: $100
Standard account size: $1,000
Smallest lot size: 5,000
Swap free accounts: None
Swap rates: None
Funding methods: Credit card, bank transfer, western union
Support languages: Multiple
