XGlobalMarkets Review – Is This Platform Worth Your Time and Money?
XGlobalMarkets Forex Broker is an online financial trading platform that was created back in 2012. Considering the fact that they have been around for such a long time, is already an indicator that they know how to treat customers with the right services. We know that while dealing with such websites, the most important thing is for them to have a decent license which proves that they have the authorization to provide clients with financial services. Well, XGlobalMarkets actually holds a license and is regulated by the Cyprus Securities and Exchange Commission (also known as CySEC). In addition, the company is registered with BaFin and FCA, which makes them quite trustworthy and reputable.
The leverage available on the website is up to 1:200, however, it is important to mention that retail clients are restricted to a maximum of 1:30 leverage. The spreads can be floating, but the lowest one we were able to discover was 0.8 pips. XGlobalMarkets FX Brokeragehas a MetaTrader 5 trading platform which is quite common for brokers, due to the simple fact that it has formed cult status in trading circles. The site offers a single trading account and the minimum deposit requirement is set to 500 USD – there are no additional charges and spreads seem to be quite tight.
Unfortunately, while visiting their platform, we were not able to discover any bonuses or other promotional offers available for newcomers or existing customers. As for account types, one can sign up with a Raw account, Standard account, Islamic account, etc – XGlobalMarkets seems to be the rich for these. Currently, customers can have access to 80 different tradable instruments across CFDs, Forex, energies, metals, and indices. Cryptocurrencies are not available, which can be a minus for some traders.
Is XGlobalMarkets legit?
Yes, XGlobalMarkets is a legit forex broker company, as it is regulated under Cyprus Securities and Exchange Commission (CySEC). All the companies they are associated with are considered reputable financial regulatory bodies. What this means is that these regulatory bodies monitor all the actions made by the brokers and if something inconvenient happens they will take the necessary actions that will not hurt you as a customer. Customers should always keep in mind that before trading online with a broker, they should be sure that they are legitimate online service providers, which seems to be the case for XGlobalMarkets and that is good news.
XGlobalMarkets Review – Trading Features
In order to find out whether XGlobalMarkets is worth your time, money, and attention, we decided to provide you with more detailed trading features available on the website. Let’s take a look at each of them.
XGlobalMarkets offers floating spreads for different kinds of accounts, starting from as low as 0.2 pips going up to 1.2. On major pairs, like GBP/USD and EUR/USD, spreads are 0.9 pips and 0.4 pips. We can say that compared to the industry’s standard, these are normal and this platform can be considered attractive. We give them bonus points for providing such detailed information, as it might be crucial for the decision-making process.
Experienced players can access leverage levels of 1:200, however as we already mentioned earlier in this XGlobalMarkets review, due to some restrictions set by European Securities and Markets Authority (also known as ESMA), retail clients can have access to maximum leverage of 1:30. We can say that leverage levels are a little above the industry’s average, however, there is a careful balance between increasing potential returns without losing high amounts of money.
There are three different types of accounts available on the website, including XG Raw, XG Standard, and XG Islamic. There are separate kinds for corporate and professional clients and a demo account is also included. The presence of a demo account is quite beneficial, as you have the chance to test out their services for free, without risking your financial assets before deciding whether you want to trade with them or not. Each type comes with its own specifications, for instance, an Islamic account is swap-free, while XG Raw might have a commission fee of $3.75 per side. The spread levels might also vary.
Minimum Deposit requirements are also different depending on which type of account you decide to use. XG Raw, Standard, and Islamic all come with a 100 USD equivalent requirement, which actually correlates with the industry’s standard and is not very high. However, you can find some other platforms where this indicator might be lower.
Bonuses are an unspoken rule between customers and service providers and are quite common for forex brokers. We were a little disappointed when we discovered that XGlobalMarkets does not have any promotional offers, however, we discovered that this is partly due to ESMA regulations that restrict brokers from attracting new customers through promo codes. This might be a minus for some traders, but in the end, it is up to you to decide.
The majority of XGlobalMarket Reviews you find on the internet are positive due to the fact that all the trading features they offer are normal, if not amazing, and they also correlate with the industry’s average.
XGlobalMarkets – Final Verdict.
All in all, we can say that compared to other reputable brands in the industry, XGlobalMarkets can still be worth your attention. The presence of an actual & valid license is the biggest plus, as while trading you do not have to worry about things such as money and privacy, because you know that in case of wrong actions from the company, there always is another financial regulatory body that will take necessary action. Other trading features can also be considered attractive. Overall, despite having some flaws, the website of XGlobalMarkets is user-friendly, informative, and customer-oriented, having the majority of qualities one might enjoy while trading.