XGlobal Markets Review and Tutorial 2020
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|XGlobal Markets Facts & Figures|
XGlobal Markets offers online trading in forex and CFDs through the industry-renowned MT5 platform.
|Instruments||Forex, CFDs, indices, precious metals, energies|
|Min. Trade||0.01 lots|
|CFDs are available on commodities, stock indices, and forex|
Trade on dozens of currency pairs with low spreads
XGlobal Markets is an online broker offering trading in forex and CFDs through the MetaTrader 5 platform. With multiple licenses to operate and spreads from 0.4 pips, the broker has a lot to offer. Our review of XGlobal Markets details their mobile app, deposit and withdrawal options, customer support, and more. Find out whether to register for an account and start trading today.
XGlobal Markets Overview
XGlobal Markets Ltd was founded in 2012 with headquarters in Cyprus. The broker has teamed up with MetaQuotes to bring its clients powerful trading tools and a host of online learning resources.
XGlobal Markets is regulated by the Cyprus Securities & Exchange Commission (CySEC) and is also registered with the UK Financial Conduct Authority (FCA), plus Germany’s Federal Financial Supervisory Authority (BaFin).
MetaTrader 5 Platform
The downloadable platform houses every prominent technical indicator, automated trading through the MQL5 programming language, advanced charts, and drawing tools, plus an email alert system that notifies you when levels are reached. Also available is a trading journal, detailed contract specifications, plus a trade copying system from the MQL signals service.
MT5 is used by millions of seasoned traders and is a promising sign that the broker aims to equip its clients with the best trading tools available.
XGlobal Markets offers close to 80 tradable instruments across forex, CFDs, precious metals, energies, and indices:
- Forex – 40 major, minor and exotic FX pairs
- Gold & Silver – Spot and futures contracts
- Energies – WTI and Brent oil plus natural gas
- Indices – Major US and European stock indices
While a decent handful of products are available, the broker could improve its rating with the addition of cryptocurrency trading.
Spreads & Commissions
XGlobal Markets offers floating spreads starting from 0.4 pips. On major pairs, such as the EUR/USD and GBP/USD, minimum spreads are 0.4 pips and 0.9 pips respectively. This is in line with the spreads offered at leading online brokers.
In addition, the broker charges $7.5 per lot commissions. There is also a €25 monthly inactivity fee charged to accounts dormant for 180 days, plus a rollover fee incurred after seven calendar days.
Overall, XGlobal Markets is around the industry norm in terms of trading costs.
Professional traders can access 1:200 leverage levels. However, due to ESMA restrictions, the maximum leverage available to retail clients is 1:30. The margin call level is 100%.
Overall, XGlobal Markets treads a careful balance between allowing traders to increase potential returns without amplifying their exposure to the levels available at some brokers.
XGlobal Markets offers mobile trading through a downloadable app. The online mobile platform is compatible with Android and iOS devices and is available from respective app stores
The app comes with a plethora of tools and features, including:
- Real-time data for all instruments
- Stop-loss and take-profit levels
- Total account management
- Access to activity reports
- Interactive chart trading
- Customisable interface
- 30 technical indicators
- Multiple order types
Traders can choose between multiple deposit and withdrawal methods at XGlobal Markets:
- Debit & credit cards (Visa/Mastercard)
- Bank wire transfer
Deposits made via debit/credit cards and e-wallets are processed instantly while bank transfers can the up to five days. The minimum deposit available with all payment methods is $500, which is fairly steep compared to other providers. There is no charge on the part of the broker for making deposits.
Withdrawals can be requested via any of the deposit methods. E-wallet withdrawals are usually processed within 24 hours while bank transfers and debit/credit card payments can take up to five days.
There is no minimum withdrawal, except for bank transfers, which require a minimum withdrawal of $100. Aside from e-wallets, which are only entitled to one free withdrawal a month, there is no charge for withdrawals. With that in mind, it’s worth trying to minimise the number of withdrawals you make each month if using Skrill or Neteller.
XGlobal Markets offers a demo account that simulates real trading without risking actual capital. Traders can test the MT5 platform with all features and functionality. The demo account is also available on mobile devices and is compatible with automated trading. Practice accounts have no expiry.
Deals & Promotions
XGlobal Markets does not currently offer any sign-up offers or deposit bonuses. This is partly as a result of ESMA regulations that restrict brokers from enticing customers in with promo codes that have onerous terms and conditions. However, it is worth checking the broker’s website when you open an account in case they have introduced new offers.
Regulation & Licensing
XGlobal Markets is regulated by the Cyprus Securities & Exchange Commission (CySEC). They are among the most respected regulators and hold online brokers to a high standard. The broker is also registered with the UK Financial Conduct Authority (FCA) with ‘EEA Authorised’ status, allowing them to operate in the European Economic Area. Additionally, XGlobal Markets is licensed by the BaFin (Federal Financial Supervisory Authority) to offer trading services in Germany.
In line with licensing conditions, XGlobal Markets segregates client money from the firm’s capital and is signed up with an Investor Compensation Fund. The firm is also regularly audited. As a result of these measures and with oversight from multiple regulatory bodies, XGlobal Markets is a safe broker to deposit money and trade with.
XGlobal Markets ranks highly among customer reviews for its education section. The broker offers online courses and training videos to bring users up to speed with forex trading strategies, charts, and indicators. Beginners will find the education centre particularly useful, and it can be used in conjunction with a demo account.
To keep things simple, just one live account is available for retail clients at XGlobal Markets – the Raw Spread account. The minimum deposit is 500 USD/GBP/EUR or 50,000 JPY. The account comes with tight spreads from 0.4 pips, full access to the desktop and mobile trading platform, plus customer support. Users can place orders from 0.01 lots across all instruments and up to 200 lots on FX and 50 lots on CFDs.
There is also an Islamic friendly swap-free account with Arabic speaking support available. Corporate accounts are also available for professional traders.
It’s worth flagging that we do normally we like to see a tiered retail account system so active traders can benefit from tighter spreads and additional features.
Reasons to open an account at XGlobal Markets include:
- MT5 platform
- CySEC regulated
- Automated trading
- Spreads from 0.4 pips
- Up to 200 lots trade size
- Negative balance protection
- Millisecond market execution
Downsides to the XGlobal Markets offering include:
- No copy trading
- Narrow product list
- No cryptocurrency trading
- High $500 minimum deposit
Trading is available 24 hours a day from 21:00 GMT on Sunday through to Friday 21:59 GMT. But while the platform isn’t available for trading over the weekend, general account management can take place, including withdrawal requests.
The XGlobal Markets customer support team is available 24/5 during the trading week. Users can seek help via:
- Live chat – icon in the bottom left-hand corner of the website
- Telephone – +357 25 262002 (09:00-18:00 EET)
- Email – firstname.lastname@example.org
The customer service team is quick to respond to queries. Wait times for both telephone and online chat support are short. The customer support team can help with withdrawal requests, technical issues, and can process customer complaints.
XGlobal Markets only uploads or downloads client data using SSL encryption. Information is also backed up using a secure Acronis Cloud solution, in the event of hardware failure. Overall, we’re comfortable the broker has satisfactory protocols in place to keep client information secure.
XGlobal Markets Verdict
XGlobal Markets is a good broker if you’re looking for a straightforward product list, an advanced trading platform, and a transparent fee structure. It also has a decent collection of online training resources for beginners. With that said, active clients looking for a more diverse range of instruments and reduced fees in return for trading volume may want to consider other options.
XGlobal Markets only accepts traders from Austria, Bangladesh, Belarus, Brazil, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Iceland, Indonesia, Ireland, Isle Of Man, Italy, Kazakhstan, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Netherlands, Nigeria, Norway, Poland, Portugal, Qatar, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Arab Emirates, Ukraine, United Kingdom, Vanuatu.
How many currencies can I trade at XGlobal Markets?
40 forex pairs are available with spreads from 0.4 pips. Detailed FX contract specifications can be found on the broker’s website.
Is XGlobal Markets a scam?
XGlobal Markets is a highly regulated online broker licensed with the CySEC and registered with the FCA and BaFin. The broker is trustworthy and safe to trade with.
What trading platform does XGlobal Markets use?
XGlobal Markets offers the MetaTrader 5 (MT5) trading platform. The platform is available to download to desktop and mobile devices. It’s a highly-regarded tool with dozens of indicators, multiple chart types and timeframes, plus a host of additional features.
Does XGlobal Markets have a demo account?
Yes – a demo account is available at XGlobal Markets. The practice account simulates real market conditions using virtual money. It’s a risk-free way to try the broker and MT5 platform while improving strategies.
What is the minimum deposit at XGlobal Markets?
The minimum account deposit at XGlobal Markets is $500. This is relatively high and may deter those with a limited bankroll.
|XGlobal Markets offers online trading in forex and CFDs through the industry-renowned MT5 platform.|