XTrade is a brokerage firm that delivers high-quality CFD and FX trading. Their website is owned and operated by XFR Ltd. When preparing this review, we have discovered that the company is fully regulated by CySEC, MiFID, ASIC and IFSC. The fact that the broker is authorized by so many reputable regulatory institutions instills confidence in XTrade. Want to know more? Continue reading our XTrade review!
The info in “About us” section seems to be transparent. XTrade was founded in 2011 with its headquarters in Belize, Cyprus. This broker is already presented globally with 5 offices accepting clients from over 140 countries. Unfortunately, XTrade does not accept US clients due to strict regulations. If you are curious to learn more about the company, you can open a pdf file on the XTrade website that contains some additional information. On top of that, the website is user-friendly and multilingual. You can choose among 21 languages.
Now we encourage you to read about trading accounts as the part of our XTrade review.
Unlike many FX brokers that overburden traders with a lot of account packages, XTrade has chosen another path. There are only 2 accounts at XTrade, namely Real and Demo.
The real account has relatively low investment barriers – minimum deposit requirement is $100 or the equivalent amount in EUR or RUB. The account registration takes less than 1 minute, since you do not have to provide much personal data. The demo account offered by XTrade Forex is absolutely free of charge. It allows users to practice trading with real quotes as long as they deem necessary.
The broker has introduced its own trading platform – XTrader Pro. XTrade platform is web-based and thus does not require any software to be installed on the PC. Platform successfully operates on all major browsers. Generally, their Web-Trader is definitely worth your attention. It has a pleasant looking design and everything is displayed clearly.
The platform enables you to trade various instruments, including currencies, commodities, stocks, indices and CFDs. Our XTrade review has discovered that the number of tradable currency pairs is 52, which is pretty good. Not only the broker provides an access to all majors and minors, but also offers exotic pairs. There is a possibility to mark your favorite assets on the platform to quickly access them. The platform offers comprehensive charting tools. You can choose between multiple time frames (from 1 tick to 1 week), customize the overall look of your charts, utilize most popular technical indicators and set price alerts. In addition, XTrade allows you to use an economic calendar and inbuilt news stream services directly from the platform. Leverage offered for Forex trading is up to 1:400, which is quite decent.
In addition to the WebTrader, XTrade Forex broker fosters mobile trading as the convenient feature to access financial markets. You can download iPhone & iPad apps, Android Phone & Tablet app and also run the platform using Windows phone. It is important to admit that you can launch the platform on different devices using just one account.
All your personal and trading information is secured by the 256-bit SSL encryption technology.
Fees and spreads
XTrade FX broker does not charge any extra commissions or fees, except for the spread. Spreads are fixed, but are relatively high. For instance, the spread on EUR/USD pair is 5 pips.
Nonetheless, that is they only fee you have to pay. The broker does charge a single penny on deposits or withdrawals.
Many XTrade reviews rate educational facilities quite positively. Traders can benefit from the wide range of free learning courses. You can access various video tutorials that explain how to use the platform, apply XTrade charting tools etc. In addition to videos, users can enjoy beginner courses, familiarize themselves with advanced trading strategies, learn how to understand insider reports, trends and market-moving events.
Moreover, beginners can enjoy free e-books that provide a great insight into Forex trading and CFD trading. These books, or should we say trading guides, seem to be perfect for starters and even advanced traders have the possibility to freshen their knowledge.
Client support at XTrade has proven to be very resourceful and responsive. You can contact customer support agents during market hours. Customer support can be reached via international fax numbers, email or live chat. Note that there are several departments that address specific issues of clients, e.g. compliance or general info.
There are many positive XTrade opinions concerning the extra protection of clients funds. XTrade provides a segregated account feature. This means that your money is separated from the firm’s. Hence, there is no risk that your funds will be used by the firm or go elsewhere into someone’s pocket.
Deposits and Withdrawals
XTrade has provided several options to make the deposit or withdrawal: credit/debit cards, wire transfers, Skrill and Neteller. It does not take a lot of time to process XTrade withdrawal request.
In order to become eligible for the withdrawal, you have to provide your credentials. For example, you can apply the copy of your ID, driver license and so on. Once your identity is verified, you will be able to withdraw your funds. As we have mentioned above, there are no fees associated with deposits or withdrawals.
Is XTrade scam? Our answer is no. XTrade is a trustworthy broker that delivers full transparency and favorable trading conditions. Their platform is well-designed and offers an innovate way to trade Forex. In addition to all this, XTrade has several bonuses and promotions that might be interesting for traders. We advise you to try this FX broker.