In the year 2003, in Cyprus the first retail forex broker opened its door which is known as Xforex and under the O.C.M. Markets Online it operating presently under its license. This broker is one of the best brokers with a good platform, services and perks for the clients as compared to other brokers. Xforex offers some different types of services such as regular and mini accounts with minimum deposit of $100 with leverage about 200 to 1.
what is xforex ?
Not only this, 21 different trading currency pairs are also offered with 2 metals web-based platform. Competitive fixed spreads such as withdrawal and trading fees are offered without any deposit. You cannot find any information regarding the company background on their website and therefore if you want to know about the company you can contact them through phone, email or chat. You can get immediate response from them and you can also see the free demo account on their website.
You can quickly and easily register at their office in Toronto and also in North America which is their expansion. You can use bank wire transfer or credit cards for deposition process. But for new accounts a deposit bonus of about 20% is not offered by the Xforex.
For an experienced trader it is very easy to start trade but for a new starter extra help is needed for understanding about the broker. This broker provides user-friendly and web-based trading platform such as limit, market, trailing stops and stop orders. Typical pips of about 3 to 30 are spread in trading and you cannot use the same currency pair for both buying and selling trade simultaneously. One of the features which are unusual about trading platform is that you can observe the current trades which are among the top 10 traders also known as “Top Traders”. Xforex acts as an economic events calendar which is very helpful for new traders.
Xforex as compared to other retail broker offers a good trading platform which is different from other broker in their service by giving good customer service. Some of the banks which capitalized and regulated Xforex are Canadian Imperial Bank of Commerce Deutsche Bank and Saxo Bank. Another offer is their Welcome bonus of about $2,000 and other offers include Islamic accounts, updated videos, trading records and demo accounts. Last but not the least Xforex is one of the best and a good option for Forex traders.