XForex is a retail forex broker that first opened its doors in Cyprus in XForex is a dealing desk retail broker and works with different locations across the globe and offices in many of the major financial centers worldwide. There are two accounts to choose from at XForex. Both accounts offer weekly and daily reports, market commentary and an economic event calendar. There are no commission fees for trade transactions but fixed spreads of for the standard account and for the premium accounts are applied.
Holders of either account benefit from a host of different features such as a choice of trading tools, daily weekly and monthly analysis reports, market commentary live updates and a full economic event calendar.
Standard account holders receive online training while those with the Premium account are entitled to personalized instruction. An additional feature in these accounts is that traders can monitor everything in their account in real-time. This includes the account balance, the balance of open positions, the margin available and the exposure.
Real-time monitoring allows traders to have full control of their portfolio, in order to manage it properly. The trading conditions vary on the different XForex trade types and these conditions are listed clearly by clicking on the Trade Type tab.
Trading spreads are typical from 3 to 30 pips. Hedging is allowed but traders cannot buy and sell a trade in the same currency pair simultaneously. One of the interesting features at XForex is their stop-loss policy which includes several different orders: A Take Profit is used to set an exit when the currency rate moves in a favorable direction.
If a trader believes that the price of a currency pair will rise or fall to a specific level but does not know what it will do after that, placing a Take Profit Order will close the trade when the currency reaches that position. A Stop Loss order allows traders to set an exit point for a losing trade when they define their risk and offset their trade accordingly and a Limit Order is used to open a position or an exposure with an order to buy or sell a symbol at a predefined rate.
A limit order to type means that a trader wants to buy or sell at a better price than the market rate. If that occurs, an If Done Order specifies future limits for the currency rate of your choice. The learning center at XForex provides its customers with several research tools to assist them in learning how to trade profitably.
Some of these trading tools are geared towards novice traders while other more advanced tools are available for those with past trading experience.
Other information packets are offered and a live Forex calendar provides details of the most recent economic events, as well as upcoming events.
Technical analysis market updates provide daily information about each currency and their movements in the market while fundamental analysis can be used for determining trends within a currency pair by focusing on long term economic factors that affect different countries.
All account holders are entitled to participate in XForex promotions and bonuses. Deposits can be made to XForex trading accounts in only two ways—by wire transfer and credit cards.
Withdrawals are initiated by filling out an online withdrawal form. Customer support is available in several different languages. Telephone support to a UK number is also available. It offers many currency pairs with a tight fixed spread which makes this broker an attractive choice for traders seeking stable trading environments. In addition, the ability to trade spot metals is also a big advantage as the gold and silver markets have become quite attractive over the last several years.
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Top Online Forex Brokers. XForex Open Real Account. Advantages Tight fixed spreads Proprietary platform. Disadvantages No demo account Choice of only two accounts. Sara Patterson Review Date: Enter your email address here:More...