XGLOBAL Markets Review – Comparing The Reputation Of The Broker With Respect To The Leaders

Several leading Forex brokers in the market enjoy a significant amount of market share in the retail Forex trading industry due to their reach and market presence. However, several new Forex brokers are cropping up in different jurisdictions around the world that are slowly gaining ground over these established FX companies with their innovative products and services. Cyprus seems to be one of the most popular Forex broker destinations in the entire world that have the largest registrations of Forex brokers and allied businesses. XGLOBAL Markets is also a Forex broker that is domiciled in Cyprus, which is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) under the Markets in Financial Instruments Derivatives (MiFID) framework. XGLOBAL Markets uses its extensive European market presence and the CySEC license to take advantage of the European Economic Area (EEA) passport for advertising its products and services throughout the EU. Therefore, the broker’s claim of being registered with other EU regulators such as the BaFin (Germany) and the FCA (UK) are not entirely unfounded. In fact, under the EEA agreement and the MiFID derivatives, XGLOBAL Markets may be subject to legal ramifications from any member of the EU for any alleged instance of non-compliance.
Not recommended broker

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xglobalXGLOBAL Markets is led by a team of passionate industry professionalsUp to 1:200 leverageNOT VERIFIED!!!

Contact Info

  • Website: www.xglobalmarkets.com
  • Support: +357 25 262002
  • Headquarters:
  • XGLOBAL Markets Ltd.
  • 162 Fragklinou Rousvelt
  • 1st Floor
  • 3045, Limassol
  • Cyprus

XGLOBAL Markets Safety Of Forex Operations

XGLOBAL Markets has to maintain a minimum of €1 million in operating capital according to the CySEC regulations and the MiFID derivatives. XGLOBAL Markets should also display clear proof that such funds will be kept in separate company accounts that are not linked to clients’ deposits in any manner. Client fund segregation is an important part of EU regulation, which requires all Forex brokers and non-banking financial companies to hold its customers’ deposits in segregated accounts that are free from any form of interference. It is also the responsibility of XGLOBAL Markets to protect its clients through the Investor Compensation Fund (ICF) that offers a risk-free trading environment for up to €20,000 in trading capital. XGLOBAL Markets, as part of its regulatory licenses, should also submit periodic audit reports to the CySEC, which should be created by independent certified third-party auditing companies. XGLOBAL Markets has employed the services of Deloitte for all auditing projects, which is one of the leading certified auditors in the market that are responsible for auditing a number of financial companies across the world.

Opening & Maintaining An XGLOBAL Markets Account

XGLOBAL Markets works with leading liquidity providers in the market to offer agency ECN/STP conditions for its clients that are devoid of any conflict of interest. The removal of a dealing desk will not only improve the trading conditions tremendously, but it also ensures that the trader gets the best quotes and market pricing that does not have any interference from the broker or any third-parties. ECN/STP accounts allow traders to tap into the market liquidity, where orders are executed according to the market volatility and the volumes. ECN/STP conditions do have its fair share of advantages and disadvantages of trading. Direct market access accounts have a higher probability for slippages, partial order fills, and large market gaps, which may have positive or adverse effects on a trader’s position. On the other hand, ECN/STP trading also offers the opportunity of trading the news, hedging or scalping the markets without any restrictions. The broker also makes it abundantly clear that it does not limit its traders regarding the use of EAs or any other automated trading strategies, but there have been some concerns among existing clients about the broker’s interpretation of its trading policies. You should always consult with the broker and receive a confirmation from them in writing before adopting any trading strategy. Traders will have to deposit a relatively moderate $500 for opening an account, which gets a maximum leverage of 1:200. The XGLOBAL Markets leverage is slightly less than what you get from a mainstream broker, but the XGLOBAL Markets spreads are quoted from 1 pip for the major currency pairs. The spread does rise significantly for other currency pairs, but we would only consider the broker’s spreads to be strictly ordinary for an ECN/STP account. Although the broker does not charge any commission for trading, we have seen other brokers offer the same conditions for spreads starting from 0.5 pips. Trade size starts from 0.01 lots with the maximum order size pegged at 200 lots to ensure that orders are filled at market price without any liquidity concerns. Even though the broker has streamlined its account opening procedure through a single account package, traders might have appreciated a couple more account options that had different capital requirements and trading specifications.

XGLOBAL Markets Funding Options & Fees For Deposits/Withdrawals

XGLOBALXGLOBAL Markets has incorporated all the modern modes of payment options such as Skrill, Neteller, UnionPay, Bank Wire, and credit/debit card payments. All deposits, except for the bank wire transfer, are instantaneous, and the broker has made it a priority to cover all the fees incurred in deposits. However, for withdrawals, XGLOBAL Markets may charge you a small convenience fee for select payment options such as Skrill, Union Pay, and Bank Wire, while the broker absorbs credit/debit card and Neteller withdrawal fees. Withdrawal requests also include a 24 hours processing time, which is a reasonable amount of processing time that is specified by most online Forex brokers. Refer to the official payments page for more detailed information before initiating a deposit or withdrawal.

XBLOGAL Markets Apps

There are no surprises in the XGLOBAL Markets platform department, as traders get access to the conventional MT4 trading terminal. Mobile traders should be able to download and use the MT4 mobile apps for iOS, Android, and Windows operating systems, along with access to a dedicated MT4 WebTrader for browser-based trading access. The MT4 is certainly one of the best platforms available in the market, and we don’t see any cause to complain about the broker’s platform preferences. XGLOBAL Markets has a professional customer service department that is responsive 24X5 through email, phone, and web contact form. Nonetheless, we were surprised at the glaring absence of a live chat feature, which is a must-needed convenience for online Forex brokers to ascertain a sense of confidence and peace of mind into their clients. Overall, XGLOBAL Markets appears to be a standard Forex brokerage that has a reliable FX product according to the needs of the market. If you are looking for additional options, you may also refer to our recommended brokers list for more competitive FX account packages.

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