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xForex



Company information

Broker's name: XFR Financial Ltd

Website: www.xforex.com 

Headquarted in Cyprus

Regulated by: CySEC

E-mail Address: affiliates@xforex.com 





XForex offers two basic accounts: Standard and Premium. The main difference between the two is the initial deposit required – the account with the higher deposit offers lower spreads.

Of course, the broker offers a demo account as well, which is always appreciated by newbies.

Security of Funds

Cyprus-based XFR Financial Ltd., a brokerage doing business as XForex, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC, license No 108/10). Its Australian branch - OCM Online Capital Markets Pty Ltd., on the other hand, is authorized and regulated by the Australian Securities and Investment Commission (ASIC).

Cypriot financial watchdog CySEC applies certain rules and requirements to brokerage companies, one of them being the requirement such firms to hold a minimum capital in order to conduct their business activities legitimately. CySEC requires forex brokers to hold at least €1,000,000. As regulation of financial services providers usually involves such a requirement, Australian brokers are obliged by ASIC to hold a minimum of $1,000,000. The highest amount required as a minimum capital is $20 million and it applies to US-based brokers.

Minimum initial deposit 

XForex requires a minimum initial deposit $100, which is an average amount. FXTM for instance, also Cyprus-based, requires $100 too (for its Standard account). Exness, also CySEC-regulated, requires no deposit (for its Mini account) and as much as $2000 for the Classic account.

Average Spreads & Commissions

This broker charges no commission fees, however the spreads offered aren’t particularly competitive, ranging from 2-5 pips on EUR/USD. XForex offers fixed spreads only. 

Leverage

Leverage levels provided by XForex vary, depending on the financial instruments traded: forex – up to 1:400; Indices & Commodities CFDs – up to 1:200; Shares CFDs – up to 1:50; bitcoin – up to 1:10 (protective leverage).

The maximum leverage level of 1:400 is considered comparatively high.

Trading Platforms

Xforex have developed their own proprietary trading platforms – XTRADEand the older Xforex WebTrader. 

Methods of Payment

There are just two methods available to Xforex’s clients to make withdrawals from and deposits to their accounts: via Wire Transfer and Credit Card. Popular e-wallet payment systems, used by many brokers, such as Skrill, Neteller and PayPal are missing.


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