XGLOBAL Markets review
This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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XGlobal Markets Ltd is an online broker who promises to get you up and trading in just a few minutes. No lengthy application forms, or long list of accounts to choose from. All that’s required are a few basic details, the addition of some funds, for which there is no minimum requirement, and you’re ready to go.
XGLOBAL Markets is the trading name of X Global Markets Ltd. A Cypriot based company founded in 2012. It is licensed and regulated by CySEC, as a Forex broker, and also holds a CIF (Cyprus Investment Firm) licence. There is only one trading account on offer, and no commissions are charged. While spreads start at a very competitive 0.8 pips. With XGLOBAL Markets traders can trade 40 currency pairs as well and metals such as gold and silver, with the average leverage from 1:1 to 1:200. A recent addition to their short list of trading products are CFD future contracts, allowing traders the opportunity to take part in the global trading of energies, indices, and precious metals.
|Forex, metals, CFD futures|
XGLOBAL Markets offers MT4 for its trading platform
Trading takes place via an ECN/STP model and is provided by the tried and tested, and ever popular, MetaTrader 4. Both web-based and desktop versions are available along with a mobile version for those who prefer to trade on the go. It’s available for all operating systems, including Mac, iPhone and Android devices. With MetaTrader 4, traders can make good use of Expert Advisers, to automatically trade the markets available. Some of you reading this review may be disappointed to learn there are no other options when it comes to trading platforms, but due to its constant popularity, we doubt there will be many of you.
What trading conditions does XGLOBAL Markets offer?
Leverage of up to 200:1 is offered on foreign currency pairs, and up to 100:1 on precious metals. Scalping is permitted without any limitations, as is the use of Expert Advisors. XGLOBAL Markets is an ECN/STP brokerage firm which means there is no worry about any kind of conflict of interest. There is no dealing desk to get in the way, and orders are passed straight to the brokers liquidity partners.
The range of accounts couldn’t get much simpler
XGLOBAL Markets has made it an aim to make trading much simpler, and one they do this is by offering only one basic account. One unique trading account that covers the best trading conditions without any restrictions. All that is on offer is available for everyone, and there is nothing set aside for different types of client. Traders have access to the full range of services and can all enjoy premium trading conditions, without any compromises. So what can XGLOBAL Markets offer all their clients?
- Highly competitive spreads starting from 0.8 pips
- No commission or hidden fees involved
- No conflict of interest and no dealing desk
- Swap free trading with no restrictions
- EAs and all trading strategies are welcomed
- No requotes due to swift market execution
- 0.01 minimum lot size per trade to 200 lots per trade
- Never miss a trading opportunity with mobile trading on Android, iPhone, and other mobile devices
- Learning section for beginners, intermediate and advanced traders
- Use of a demo account that is unlimited, so there is all the time in the world to experiment and test those all important trading skills.
We should mention that XGLOBAL does have an Islamic account for traders who abide by Muslim beliefs. The sharia compliant account operates on an interest free basis, removing all rollovers, while still giving that all important trading edge. There is also a corporate trading account for those representatives of larger firms or those who run a corporate entity.
Withdrawals and payments are convenient and secure
There are a number of convenient payment methods supported by XGLOBAL Markets. These include Visa, Mastercard, Maestro, Skrill, and Neteller. Minimum amount for deposits is $500 USD/EUR/GBP. There are no fees charged except for Neteller.100% data confidentiality is promised for all online transactions, and client funds are segregated for full protection. The same methods are available for withdrawals, and during normal office hours all withdrawals are processed instantly.
Customer support and educational service
There are a number of telephone lines for customer support, depending on the query. Which we found to be a little disappointing. Used as we are to far more options, including that all important instant chat. With regards educational material there is a fair amount available, for beginners and more experienced traders.
All in all, XGLOBAL Markets is rather a basic Forex trading provider. But for some that may be just what is required. We found it a little disappointing, as we are used to far more bells and whistles. But, nevertheless, everything that was available functioned really well.
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