The United Kingdom’s Financial Conduct Authority has issued a warning against XTREMEPLC in August 2023
XTREMEPLC is a forex and CFD broker that claims to offer a wide range of trading instruments, competitive spreads, and fast execution. But are they a reliable and trustworthy broker, or are they a scam? In this blog post, we will review XTREMEPLC and examine their regulatory status, trading conditions, customer service, and more.
Regulation and security
One of the most important factors to consider when choosing a broker is their regulatory status. A regulated broker must comply with strict rules and standards that protect the interests and funds of their clients. A regulated broker also provides a level of assurance that they are not a scam.
XTREMEPLC claims to be regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. However, after checking the official websites of these regulators, we could not find any evidence that XTREMEPLC is registered or authorized by them. This means that XTREMEPLC is not regulated by any reputable authority and is operating illegally.
Furthermore, XTREMEPLC does not provide any information about their company name, address, or contact details on their website. This is a red flag that indicates a lack of transparency and accountability. A legitimate broker should always disclose their corporate identity and location to their clients.
Trading conditions
Another factor to consider when choosing a broker is their trading conditions, such as the types of instruments they offer, the spreads and commissions they charge, the leverage they provide, and the platforms they support.
XTREMEPLC claims to offer over 250 trading instruments, including forex, indices, commodities, stocks, and cryptocurrencies. However, when we tried to access their trading platform, we were redirected to a login page that required us to register an account first. This is another red flag that suggests that XTREMEPLC does not want potential clients to see their actual trading conditions before signing up.
According to their website, XTREMEPLC offers four types of accounts: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, which is higher than the industry average of $100. The spreads for the Basic account start from 2.8 pips for the EUR/USD pair, which is also higher than the average of 1.5 pips. The leverage for the Basic account is up to 1:30, which is in line with the regulatory limits in Europe and Australia.
XTREMEPLC claims to support the MetaTrader 4 (MT4) platform, which is one of the most popular and user-friendly platforms in the industry. However, as we mentioned earlier, we could not access their platform without registering an account first. Therefore, we cannot verify if they actually offer MT4 or not.
Customer service
The last factor to consider when choosing a broker is their customer service. A good broker should provide responsive, professional, and helpful support to their clients via various channels, such as phone, email, live chat, or social media.
XTREMEPLC does not provide any phone number or email address on their website. The only way to contact them is through a web form that requires you to fill in your name, email, phone number, and message. We tried to send them a message asking about their regulation and trading conditions, but we did not receive any reply after several days. This is another red flag that shows that XTREMEPLC does not care about their clients or potential clients.
Conclusion
Based on our review, we conclude that XTREMEPLC is not a reliable or trustworthy broker. They are not regulated by any reputable authority and they do not provide any information about their company or contact details. They also do not allow potential clients to see their trading conditions or platform before signing up. Their customer service is non-existent and they do not respond to inquiries or complaints.
We advise you to avoid XTREMEPLC and look for a regulated and reputable broker instead. There are many brokers that offer better trading conditions, security, transparency, and support than XTREMEPLC.
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