XForex Foreign Exchange Trading Platform Review

XForex has developed a highly comprehensive yet unique trading platform that was designed by traders. Whereas the majority of platforms are developed and created solely by programmers with little trading experience, the Xforex platform was created by experienced traders who know what it takes to trade successfully. Besides understanding the market, a good trading platform that offers flexibility and speed in trade execution is vital to how much profit you make.

Broker	Broker Details	Spread	Min Deposit	Max Leverage (p.a.)	Min Trade Size	Pairs
XForex	$2,500 Welcome Bonus or 25% Bonus on Your First Deposit	2-6	$100	200:1	$5,000	33

The platform is also web based and requires no installation. It includes all of the features that traders have come to expect from professional trading platforms, including trailing stops, stop, market and limit orders. Spreads start from 3 pips for the major currency pairs up to 30 pips for more exotic pairs.

Xforex offers traders over 27 currencies they can trade as well as a limited number of commodities, namely gold and silver. They offer up to 1:200 leverage but it must be noted that accounts with a deposit below $1,500 can utilize a maximum of 1:100 leverage.

The company’s revenue comes solely from the spread, in other words from the difference between the bid and ask prices. This means that they have a vested interest in helping their members trade successfully.

Xforex: Advantages

One of the biggest advantages Xforex has over other online brokers is the fact that they are based in Cyprus and are not subject to the NFA regulations that went into force on May 15th, 2009. The NFA instituted a rule that US based brokers were no longer allowed to offer their customers hedging options, among other regulations. The main reason was that they felt new traders didn’t understand hedging and the result was that brokers did a disservice to them by allowing them to use a system they did not understand.

However, the problem is that many advanced traders used hedging as a risk management tool, which, in fact, is highly effective. The fact that the NFA instituted these new regulations led many traders to adopt a variety of unorthodox solutions, including using different brokers so they could be bearish and bullish on the same position. Unfortunately, this can be rather complicated and the need to switch between platforms can reduce the efficiency of a trader, especially since even a split second can have an impact on whether or not a trade is successful.

Xforex, though, can offer hedging without being restricted by NFA regulations, so traders can relax and use the same platform for all their trading needs. However, this doesn’t mean that they are not regulated as they fall under the jurisdiction of the European Union financial regulatory body and care capitalized by noteworthy banks such as Deutsche Bank, Saxo Bank and the Canadian Imperial Bank of Commerce.

Another advantage Xforex has is that their platform is web based which means that traders can access it from any computer. In other words, they are no longer restricted to a single computer where the software has been installed but can access it from any terminal, even when travelling. All that’s required is an Internet connection and trading can be done from anywhere.

Xforex also offers a wide range of resources to help members with their trading from market analysis to a financial calendar and up-to-date market news. They provide a daily review of market movements, covering both technical and fundamental analysis. They also offer a morning, midday and evening snapshot of all the financial markets so traders aren’t bogged down by useless details and can get up to speed in virtually a few minutes irrespective of the time they start trading.

Xforex is also a company that is very customer oriented providing 24 hour support for the entire market week, via email, chat or phone. Accounts can be funded via credit card, Western Union and direct bank transfer.

As with most other reputable online brokers, Xforex also provides members with the option to trade via demo accounts. This is a great way for beginners to learn more about trading Forex in real market conditions as well as being an excellent way for practiced traders to judge the platform and decide whether or not it’s something they can work with.

Xforex are also currently offering new traders a bonus of up to 20% on their initial deposit. They also offer traders who make a deposit of $2,000 a weekly bonus of $150 for four weeks. Another bonus system they offer is for referrals and every trader that refers another person who signs up and makes a deposit will receive up to $100 as a bonus for the mini-account, up to $1,000 for the standard account and up to $3,000 for VIP accounts.

Additionally, for beginners Xforex offers online Forex training and webinars free of charge and combined with the demo account they provide a great starting point for novices. It is recommended, though, that beginners refrain from trading live money and focus on a demo account for a minimum of three months or until they can show a consistent profit.

Xforex: Disadvantages

Some traders have noted that the speed of trade execution isn’t exactly stellar but apparently the company is developing a new platform to handle this issue. However, this also depends greatly on the type of trading you do and will not affect those who hold long-term positions. On the other hand, for those who prefer scalping, this may not be the ideal broker.

Also, there is no mention regarding whether or not spreads are fixed which would imply that they fluctuate. Unfortunately, in the case of many Forex brokers, the fluctuation of the spread can be quite extreme, especially when the market is highly volatile.

Overall, though, Xforex offers members many benefits from a wide range of currencies, top notch support and a continuously evolving platform, making it a broker that is worthy of, at the very least, a trial.