XTrade Deposit Bonus explained – Should you avoid or go for it?
XTrade is a company under Xtrade International Ltd. The broker holds only a single regulatory license from the International Financial Services Commission which does not monitor the global securities market. Therefore, Xtrade is not among the reliable Forex brokers. It offers a unique welcome package of various bonuses that can enhance your Forex trading experience. XTrade welcome package can provide you with extra money for your trades. One of the bonuses included in this package is the so-called “First Deposit” bonus. Let’s see what are the conditions of the XTrade bonus on deposit.
This deal is a scam! Sign up for the XM 50% deposit bonus instead.
XTrade Promotion Overview
The bonus is available all the year 2016 and all new users that make their first deposit can benefit from it. The XTrade welcome bonus size depends on the amount of the initial deposit made. You can see this at the image below:
In order to have the XTrade deposit bonus credited to the real account, a trader must reach the required amount of XPoints within the next 30 days after making the deposit. If this volume requirement was not met in 30 days after the trader made his first deposit, the bonus would expire. It is important to mention that only one deposit bonus is issued per household, according to IP address.
Now we would like to draw your attention to Xpoints, because it might be unclear what do they actually represent.
Xpoints Terms and Conditions
XPoints in XTrade Forex trading Bonus are referred to as trader points that are accumulated through trading. They are calculated in accordance with the trading volume and the instrument that the trader selects. XPoints vary among different instruments and you can see the instrument comparison table at the broker’s website. The table shows how many XPoints one can get by trading an amount of $1000 for each instrument. For example, Google shares traded for $1000 grant 9 XPoints, while all Forex pairs give only 1 XPoint. Indeed, if the bonus expires and the trader has not completed the necessary volume, all the XPoints accumulated would be canceled.
XTrade Bonus: Eligibility
XTrade does not have any specific terms and conditions that determine which customers are eligible for the promo and which are not. However, there is a geographic restriction according to which clients from the European Union cannot claim the bonus. The main existing condition is that the client must choose his preferred bonus according to the deposit he is about to make. If the customer failed to deposit the amount of funds required by the specific terms (on the image above), the next best XTrade bonus will be automatically assigned. Some traders might be curious why XTrade does not request any documents to verify the identity of the trader. The reason for this is that this information is gathered when the client wants to make a funds withdrawal. XTrade will need the copy of ID or any equivalent document.
Once all the conditions are met, the deposit bonus XTrade is immediately credited to the account. Traders can observe their current bonuses on the WebTrader platform under “My Account”.
This deal is a scam!