Unveiling All About XE Prime

XE Prime is a CySEC-regulated broker owned by A.N. Allnew Investments Ltd, registered in 2017. The same company owns another Forex broker, LegacyFX. And while we have nothing to say about XE Prime’s legitimacy in this area, there’s a lot to say about a newly established offshore domain. There’s a good reason for regulated brokers to go offshore, and this review will show it.

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Is XE Prime a Secure And Regulated Platform?

XE Prime is a brand of A.N. Allnew Investments Ltd, registered in Cyprus. The broker is under CySEC license and, as such, part of the Investment Compensation Fund. Each customer is entitled to up to 20,000 EUR compensation if an issue occurs. Note that UK customers cannot deal with XE Prime since it has no FCA license, and an EU passport is no longer valid in this country.

This would all be terrific if the broker didn’t register another entity, this time in Vanuatu. Yes, the entity is covered by the VFSC license, but know this. VFSC, unlike CySEC, belongs to Tier3 regulators. This is a group of offshore license providers with no special requests for Forex or CFD providers. Basically, companies can offer high leverage, not have a compensation fund, and the regulator won’t be able to do anything besides order the broker to shut down or penalize them in case of an issue. 

XE Prime is a legitimate CySEC regulated broker, but with an offshore entity. Whenever you see this situation, you should check carefully under which entity will you be assigned for your own safety.

In order to add to the above, we strongly advise you not to invest in fraudulent brokers AltoFX, ProsperityFX  and Buxberg.

Traders’ Experiences With XE Prime

XE Prime is a relatively new broker, and there are not many impressions just yet. As mentioned, we firmly believe that customers falling under the CySEC umbrella will have no issues, while those assigned offshore might experience trouble. Our experience with offshore firms so far has shown that there’s a good reason for a licensed firm to go offshore, and that’s not the cost. In general, this offshore license allows brokers to operate worldwide and expose funds to unfavorable trading conditions.

XE Prime Platforms Offer? – Available Trade Software

The entire XE Prime website is mainly a trading platform. Also, we were pretty disappointed to see that a Tier1 registered firm provides such a basic tool as WebTrader. It’s a proprietary platform with some main features, such as four chart types and a few indicators. Yet, it’s not even close to what you would get with reputable software such as MT4 or MT5. For instance, web-based platforms lack automated trading and social trading, which is a significant disadvantage.

All About XE Prime Accounts

There are three different account types.

1. Get Started – $50
2. Reduce Spreads – $5,000
3. Frequent Trader – N/A

Get Started is a basic account type with a standard spread and leverage. However, if you upgrade to an initial deposit of $1,000, you will also unlock the educational package. On the other hand, Reduce Spreads and Frequent Trader have lower spreads, ranging from 0.2 to 0.9 pips for EUR/USD pair.

Demo Trading Accounts and Time-Limit

The broker offers a Demo account with $10,000 to practice trading. However, you have 15 days for this trial Demo account, after which you will need to make an initial deposit and start trading with your own funds.

XE Prime Broker – Countries Of Service

According to our knowledge, XE Prime operates in:

• US
• UK
• Australia
• Bulgaria
• Vietnam

XE Prime Range of Trading Instruments & Markets

XE Prime offers a pretty solid range of trading instruments, including:

• Currency pairs – CAD/CHF, CAD/JPY, GBP/CAD
• Commodities – corn, gold, oil
• Indices – NASDAQ, Dow Jones, CAC40
• Shares – Apple, AMEX, Alibaba
• Cryptocurrencies – BTC, ETH, XRP

Please, also remember the names of Wizard Capitals, WSXP and Icorp Securities scams and avoid them at all costs! Also, always check the history of online trading companies before investing!

Customer Support – Communication Channels

This broker uses different communication channels to contact customers. Those who have signed up with the firm can be contacted through phone calls and emails, as well as WhatsApp and Telegram messages. On the other hand, those who have not registered for online trading may be approached via social media, whether through ads, comments, or direct messages. Note that you should always check under which regulatory jurisdiction you will fall.

XE Prime Awards – Company Achievements

XE Prime claims to have been awarded the best:

• Trading Platform – 2021
• Performance – 2022
• Overall Design – 2022
• Signals Provider – 2021

However, it doesn’t specify who provided these awards, so it’s impossible for us to check. To be honest, it seems like a bit of bragging.

XE Prime Bonuses and Promotions 

XE Prime offshore entity provides bonuses and other incentives, strictly forbidden by Tier1 regulators. It’s a bit of a red flag.

For instance, customers are entitled to up to a 10% bonus for referring a friend, which clearly says, “use your referral reward funds to trade or withdraw.” However, if you read the Terms and Conditions, it’s specified that customers cannot get a withdrawal if they submit a request for credited funds, fees, bonuses, or funds given or owned by the company. A concerning mismatch of information.

Minimum Investment Amount

XE Prime’s minimum deposit is $50, which is exceptionally solid. However, most legitimate firms have Cent and Micro accounts, starting with as low as $1. While we cannot claim that $50 is too much, there’s always a better offer. Once again, you should verify under which entity you belong before enrolling in trading with this firm.

XE Prime Trading Conditions

XE Prime offers quite solid trading conditions. 

About Leverage And Spreads

The spread starts at 0.9 pips for major FX pairs and is even lower if you upgrade your account type. However, leverage is a bit of an issue. The CySEC-regulated entity fully follows ESMA and MiFID rules, and the firm provides up to 1:30 for the Forex market. On the other hand, an offshore entity has leverage up to 1:200, exposing funds to higher risk.

XE Prime Deposit Methods, Withdrawal Methods, And Fees

The company accepts the following payment methods:

• Debit/credit card
• Wire transfer
• Neteller 
• Skrill
• PayRedeem
• iDeal
• GiroPay
• Klarna
• EftPay
• Cryptocurrencies
• Perfect Money
• Interac
• Jeton

The most concerning thing here is crypto payment since these transactions are encrypted and hard to track. Thankfully, there are plenty of other methods that you can use. The minimum withdrawal amount for wire transfers is 150 units, while there’s no minimum for cards, crypto, and e-wallets. The company doesn’t charge any deposit or withdrawal fees.

Having Trouble With the XE Prime Broker? – Let Us Hear Your Story

If you have any kind of withdrawal problems with the XE Prime broker, let us know. Our chargeback specialists are here to hear your story, evaluate your case during a free consultation, and determine if there’s a legit ground for a chargeback procedure. In case of potential issues, it’s essential to act right away and confirm whether or not there’s a reason to be alarmed.

We’ll be waiting for you on the chat.