XGLOBAL Markets Review 2024
Website: www.xglobalmarkets.com
Min. Deposit: US$ 100
Leverage: 1:30 | 1:200
Trading Platforms: MT5
Regulation: CySEC, VFSC
Headquarters: Cyprus
Founded: 2012
Regulatory Licenses:
- X Global Markets Ltd - authorized by CySEC (Cyprus) license no 171/12
- XGLOBAL FX Ltd - authorized by VFSC (Vanuatu) registration no 15062
Updated on April 15, 2024
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In conducting our review of XGLOBAL Markets, we employed a detailed and comprehensive methodology that includes an analysis based on direct trading experiences, a deep dive into the broker's regulatory framework, customer service quality, trading platform capabilities, and the overall breadth of features and services offered. This review process is designed to provide traders with a clear and unbiased assessment of XGLOBAL Markets, comparing it against an extensive list of over 1000 brokers to ensure a thorough evaluation.
XGLOBAL Markets is a prominent Forex and CFD broker based in Europe, known for offering a vast selection of trading options including FX, Precious Metals, Equity Indices, Energies, Commodities, and Shares. Additionally, the broker caters to a diverse clientele by offering OTC derivatives for self-directed traders and a portfolio management service. Located in Limassol, Cyprus, XGLOBAL Markets holds a reputable license from the Cyprus Securities and Exchange Commission (CySEC) and adheres to Law 144(1)/2007, making it a member of the Investor Compensation Fund (ICF). The firm also operates under an international license from the Vanuatu Financial Services Commission (VFSC), allowing it to serve clients globally, with the exception of residents from the USA, Syria, Iran, and North Korea.
XGLOBAL Markets Pros and Cons ▲
Pros
Offers reliable trading on the popular MT5 platform
Features a wide variety of market instruments with competitive spreads and no commission fees
Provides a diverse range of account types catering to beginners, professionals, and corporate clients
Complies with Sharia law, offering suitable options for traders who observe these principles
Cons
Trading conditions and regulations may differ across various entities
Lower level of international regulations
Lack of 24/7 customer support
Is XGLOBAL Markets Safe or a Scam? ▲
XGLOBAL Markets establishes itself as a trustworthy broker, not a scam, through strict adherence to the guidelines and supervision of CySEC in Cyprus. This European regulatory authority ensures the broker operates with a high level of transparency and reliability, making it a safe choice for traders. Moreover, the legitimacy of XGLOBAL Markets is further affirmed by its compliance with regulatory standards, enhancing trader confidence and security.
How Are You Protected?
As a regulated entity, XGLOBAL Markets emphasizes the protection of client funds by segregating them from the company's operational finances and ensuring they are not used for business expenses. The broker also implements several protective measures including negative balance protection, which safeguards traders from owing more than their deposited funds during volatile market conditions. Additionally, traders benefit from investor compensation fund protection and access to financial ombudsman services, further securing their trading environment.
Leverage, as offered by XGLOBAL Markets, serves as a powerful tool that enables traders to engage in the market with a reduced capital outlay. However, it's crucial for traders to fully grasp the implications of leverage, as it can amplify both profits and losses. The broker provides leverage options in line with CySEC and VFSC regulations, offering a maximum of 1:30 for major currency pairs to European traders and up to 1:200 for professional trading to clients of the international entity.
Account Types
Based on our comprehensive analysis of over 1000 brokers, traders have the opportunity to select from three distinct account types when opting for XGLOBAL Markets as their forex broker: XG RAW, XG ZERO, and XG ISLAMIC. Each of these accounts offers unique trading options that cater to various trading preferences and strategies. Additionally, professional and corporate clients are provided with access to specialized accounts, designed to meet diverse trading requirements. Moreover, for those new to trading, XGLOBAL Markets offers a Demo account at no cost, facilitating practice trading and the execution of trial trades.
How to Open XGLOBAL Markets Live Account?
Opening an account with XGLOBAL Markets is a straightforward process. Interested traders should navigate to the "Open an Account" page and follow the guided steps outlined below:
Select and click on the "Open an Account" page
Enter the required personal information (Name, email, phone number, etc.)
Verify your personal information by uploading necessary documentation (residential proof, ID, etc.)
Complete the electronic quiz to confirm your trading experience
Upon activation and verification of your account, proceed with the deposit of funds.
Trading Instruments
During our evaluation, XGLOBAL Markets showcased a broad array of trading instruments, including Forex, CFDs, Precious Metals, Equity Indices, Energies, Commodities, and Shares. Furthermore, clients trading with the international entity can access leverage up to 1:200, offering the potential to amplify profits while effectively managing risks. The diversity in trading instruments earned XGLOBAL Markets a high score of 8.5 out of 5. However, it is notable that some popular asset classes, such as futures and bonds, are not available for trading.
XGLOBAL Markets Fees
XGlobal stands out by offering commission-free trading and not imposing any fees for deposits or withdrawals, presenting traders with a cost-efficient trading environment. Despite these advantages, it's important to note that the broker applies an inactivity fee for accounts that remain dormant for more than 12 months. When compared to over 1000 other brokers, XGLOBAL Markets' fee structure receives a low overall rating of 8.5 out of 5, highlighting its competitive edge in terms of cost.
In our analysis, XGLOBAL Markets offers traders the choice between tight and floating spreads, with an impressive average spread of 0.2 pips for the popular EUR/USD currency pair. This figure is significantly lower than the industry average, making it a notable advantage. Additionally, the broker's competitive spreads across various trading instruments further enhance its appeal to traders in different markets. Consequently, XGLOBAL Markets' spreads are rated highly with an overall score of 8.9 out of 5, based on our comparison with other brokers, underscoring its competitive offerings in the forex market.
Traders are provided with a diverse array of options for both deposits and withdrawals, encompassing bank transfers, credit/debit cards, e-wallets, and internal transfers for moving funds to or from their trading accounts. It's critical to note that each payment method may come with specific requirements and limitations, influenced by the financial institutions involved, the trader's country of residence, and the specific entity of XGlobal they are dealing with.
XGLOBAL Markets Funding Methods were evaluated positively with an overall score of 4.4 out of 5. The fees associated with these methods are low, offering traders the benefit of various account-based currencies.
Pros
Wide range of payment options
Low fees associated with deposits and withdrawals
Offers multiple accountbased currencies
Cons
Certain limitations and requirements specific to each payment method
XGLOBAL Markets provides its clientele with the MetaTrader 5 trading platform, renowned for its advanced charting capabilities, comprehensive technical analysis tools, and a customizable interface. This platform caters to both novice and seasoned traders. It's accessible for download across various devices, including Desktop, Web, macOS, Android, and iOS, ensuring traders can manage their accounts from virtually anywhere.
Pros
Advanced charting and technical analysis tools
Availability across multiple devices and operating systems
Supports automated trading with Expert Advisors (EAs) and algorithmic trading
Cons
May have a learning curve for new users
XGLOBAL Markets provides customer support 24/5 through phone, fax, and email. The team consists of trading experts capable of offering assistance with technical issues, analysis recommendations, general inquiries, and operational problems. The quality of XGLOBAL Markets' customer support was deemed good, receiving an overall score of 3.95 out of 5 based on our assessments. Quick, knowledgeable responses were received, and the team was easy to reach during working days.
Pros
Accessible 24/5 customer support
Knowledgeable and helpful support team
Cons
Limited support channels compared to some competitors
XGLOBAL Markets hosts a "Learn Center" on its website, covering a broad spectrum of topics including Forex trading, technical and fundamental analysis, and trading psychology. However, our research indicated that the broker falls short in offering seminars, webinars, or comprehensive research materials to its clients, suggesting potential clients might need to look to other brokers for better educational resources. XGLOBAL Markets Education was rated 3.45 out of 5.
Pros
Covers a variety of tradingrelated topics
Cons
Lacks seminars, webinars, and comprehensive research materials
In summary, XGLOBAL Markets presents competitive trading conditions along with access to a broad spectrum of instruments across various markets. The MT5 trading platform offers numerous tools and features to enhance the trading experience. The broker also provides different account types to cater to various trading styles, including a free Demo account for newcomers to develop their skills.
Moreover, traders can benefit from commission-free trading and a suite of funding options for swift and straightforward deposits and withdrawals. While the broker's educational resources are not as comprehensive as some might prefer, its customer support team is available 24/5 to assist traders with their inquiries and issues.
XGLOBAL Markets stands out as a dependable and cost-effective choice for traders in search of a regulated broker for their trading activities. Nonetheless, we recommend conducting thorough research prior to selecting XGLOBAL Markets as your trading broker to ensure it aligns with your trading objectives.
Based on our findings and expert opinions, XGLOBAL Markets is well-suited for:
Traders from Europe and internationally
Users who favor the MT5 trading platform
CFD and currency trading enthusiasts
Beginners to advanced traders and professionals
Islamic traders
Individuals employing scalping/hedging strategies
Those seeking STP/NDD execution
Traders in search of competitive spreads and prices
EA/Auto trading users
Traders looking for robust trading tools
