Review of XGlobal Markets
XGlobal Markets was founded in 2012, and it is one of the forex broker offering over 50 pairs of currency, valuable metals and some CFDs for energy products and indices. This is the brand of X GLOBAL Markets Ltd., a Cypriot investment company (CIF). It is a Europian Union based trading service. The Cyprus Securities and Exchange Commission (CySEC) licensed XGlobal Markets. CySEC applies specific rules and requirements to Cypriot Investment Firms.
For example, they must have at least 1,000,000 Euros to prove their good financial situation. Also, the Commission requires forex brokers to keep client funds in separate accounts separate from the company's operating funds.
Besides, any investment company subject to the CySEC regulations is also compatible with MiFID. And, therefore, they will be able to offer cross-border services in the EU under the MiFID passport system. What's more, the broker states on its website that regular audits are carried out - internal by Ernst & Young, and external by Deloitte.
To open an account on XGlobal Markets, investors must invest a minimum of USD 500. This minimum initial amount is a bit high, considering that many brokers in Cyprus require less. For example, XM needs only $ 5 from customers.
Being a real STP broker, XGlobal Markets offers variable spreads, averages for the EUR / USD pair of around 1.2 pips, which is the average. Traders can, however, use the commission without commissions, because the intermediary receives remuneration from the spread.
XGlobal Markets is a well-regulated broker that offers online in over 50 currency pairs, as well as precious metals via MT4.
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