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Our In-depth, Complete Independent review of X-Forex’s Trading Platform
Last Updated on 29th July 2016: Forex trading is the largest trading platform in the world. Unfortunately, these global, decentralised markets can operate in locations where there’s very little regulation or oversight. While I’ve personally found great success in forex, I certainly had a period of trial and error (emphasis on “error”) when it came to choosing a reputable brokers.
With that in mind, I want to celebrate the good brokers and warn you of the bad. As part of this never-ending pursuit, I spent about a month checking out the broker XForex. Is this a broker you should trust, or should you take your money elsewhere? Check out my complete review below and you can decide for yourself.
History of X Forex
Unfortunately, I don’t have a ton of information on the history of this company. Their front page looks similar to any other forex broker, with a live exchange feed, a help section and an easy way to create an account. But their “About Us” page is frustratingly and worryingly vague.
They were formed by “financial experts and forex dealers” but there’s no indication of who these people are and what they did before they formed the company. As a counterpart, one of my favorite brokers —Etoro, which I reviewed here – started out as a financial education centre.
XForex claims they operate in over 140 different countries worldwide. They do have a variety of contact phone number listed on their website. What I couldn’t find anywhere, however, was a physical address for the company. I’m very hesitant to conduct financial transactions with a company whose whereabouts are unknown. Or worse don’t feel confident enough providing an address….
X Forex offers pretty much the standard features you’d find on an average forex trading website. This reflects my main issue with XForex. There’s no “wow” factor here. Still, they do offer standard forex trading features include:
- Standard and Premium Account – to be honest, the only difference I saw between the two was the minimum initial deposit and the fixed spread ratio.
- No Commission – this is a nice feature, even though it’s becoming increasingly common. So it’s not something which I give a lot of weight to when choosing a broker.
- Clean site design – this is probably XForex’s greatest strength. The site is easy to navigate and each section is clear. I wasn’t impressed with the content in each section, but at least I knew where everything was.
I’m trying to remain un-bias, but the Help Section needs a special section for discussion – because it’s terrible. There is Instant Chat. But you can’t chat in English. Americans aren’t allowed to trade on the site as well. That’s an issue related to international rules between governments, however, so it’s not something I blame X Forex for. What I do blame them for is the lack of English-based chat support, since millions of people around the world obviously speak English.
Another issue I have with XForex is their Technical Remote Assistance program. This is where you allow a representative from X-Forex to remotely connect to your computer and help you diagnose any technical issues you may have using the trading platform. This isn’t a problem in and of itself. However, since I really have no idea who is behind X Forex and where they’re located, I’m very wary to just let them have complete access to my entire computer, including any financial information contained there.
X Forex’s reputation hovers somewhere between non-existent and terrible. I couldn’t find any other review out there which contained information on the company beyond what could be gleaned from their website. I did, however, find quite a few user complaints on various forex forums. This forum has quite an extensive thread of complaints. Notably, there’s a response from a XForex representative addressing these complaints – and I found the response to be vague and veering into the territory of user-blaming.
Additionally, there was a common theme to many of the online complaints: unsolicited phone calls. Users reports that this broker representatives called them at home, unwanted, and attempted to solicit money. Namely, users were told that the mandatory minimum deposit is actually a few hundred dollars higher than what was listed on the website. While I have no way to verify these anonymous internet posts, there frequency was disturbing.
Stay away from X Forex. There’s just not enough information about them available which proves they can’t be trusted with your money. Plus, the user complaints I’ve found online are numerous while the few responses from XForex reps were lacking and condescending. Features-wise, there’s really nothing that XForex offers which you can’t elsewhere on a more reputable site (check out our etoro review here or our top forex brokers article here). With so many forex options, there’s really no need to use any forex trader which has warning signs of bad behavior – and XForex certainly has numerous warning signs. Bottom line: Stay away from XForex.