Note: XFINANCES is to operate via the website - https://xfinances.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
XFINANCES, a trading name of FINEX GROUP LTD, is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with various tradable financial instruments with leverage up to 1:500 and floating spreads from 1.6 pips on the MT4 and web-based trading platforms via four different live account types.
As for regulation, it has been verified that XFINANCES currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.32/10. Please be aware of the risk.
Market Instruments
XFINANCES advertises that it is a broker that advertises trading in Forex, Stocks, Commodities, Indices and Cryptocurrencies.
Account Types
Apart from demo accounts, XFINANCES claims to offer 4 types of trading accounts, each in 2 different currencies - Standard, Professional, Micro and Gold in EUR or USD, but they are not presented on the website.
Leverage
The defaulted leverage provided by XFINANCES is 1:100, but in the client area one can request to change it up to 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
The EUR/USD spread we see with a demo MT4 account of XFINANCES is around 1.6-1.9 pips. This is not excessive, but regulated brokers usually offer around 1-1.2 pips for this most traded currency pair.
Trading Platform Available
The platform available for trading at XFINANCES is one of the most notable and preferred trading platforms the market offers - MetaTrader4 as a Desktop and Mobile (Android and iOS) application, as well as web-based software. The MT4 is highly praised by traders and brokers alike due to its ease of use and great functionality, offering top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
XFINANCES says to provide various payment transaction methods - credit/debit cards, bank transfers, e-wallets, such as Skrill and Neteller, and a digital currency platform Uphold. In the client area, however, we found only the credit/debit cards offered.
There is no information about the minimum deposit or withdrawal amounts.
The deposit and withdrawal fees XFINANCES charges are a little excessive. For credit/debit card deposits it is 3.75% + $0.50, for Neteller – 3-3.5%, for Skrill – 2.5% and for Uphold – $15. Withdrawal fees are $10 for credit cards, $15 for Uphold, €35 for EURO SEPA bank transfers and €50 for Worldwide SWIFT transfers.
Customer Support
XFINANCES customer support can be reached by telephone: +448938906785, email: contact@xfinances.com. Company address: 173 Latchmere Road, London, United Kingdom, SW112JZ.
Pros & Cons
Frequently Asked Questions (FAQs)
