Introduction to Xenia Forex Broker
Xenia is a forex broker based in the Cayman Islands. Xenia is a relatively unknown forex broker. The company appears to be a boutique-style brokerage which caters to a small number of clients with specific needs. One noteworthy attribute of this broker is they only offer the cTrader platform. The companies website appears to be very barebones and is lacking style and substance. In terms of finding credability, the company is grasping at straws by flaunting that it has a Legal Entity Identifier and a DUNS number, yet doesn’t actually state what those numbers are to proved it in any way.
This forex broker is based in the Cayman Islands. Xenia has a Trade and Business License (Lic #200278) from the Department of Commerce and Investment. This license authorizes Xenia to conduct the business of providing forex trading and brokerage services. However, this broker is not actually regulated by CIMA, the Cayman Islands Monetary Authority. Essentially Xenia is an unregulated broker.
Despite the fact that Xenia is an unregulated forex broker, the company claims to be registered with the US IRS and the Cayman Islands Central Tax Authority.
As mentioned earlier, this broker offers the cTrader platform exclusively. This brokers website strongly emphasizes electronic communications networks (ECNs), Straight Through Processing (STP) and Non-Dealing Desk (NDD) order execution practices. Most likely this is a requirement for carrying out this business without a broker-dealer license from CIMA.
Xenia charges $25 per million USD traded. This is the equivalent of $5 per Standard Lot. The EUR/USD spread during the European trading session is usually around 0.6 to 0.7 Pips. Even though this broker offers leverage up to 1:500, it also employs a dynamic leverage scheme. This scheme means that margin requirements increase as position size increases. So if you open anything more than 0.25 Lots your leverage will be increased.
Xenia Forex Broker Conclusion
If you have stumbled across Xenia online or just discovered this review on our site, we do not recommend trading with them. This company is not a mainstream broker. Therefore unless you have some personal contact at the company or a specific reason to trade with them, we suggest exploring other cTrader brokers reviewed on our website.