Is xTrade a scam? Is the company worth it? We have seen people being concerned about this for so long that we decided to give our honest opinion on this. Without further ado, we are presenting you simply the best Forex broker review.
Xtrade, formerly known as XFR Financial Ltd is an online brokerage firm established in 2003. The company headquarter is located in Cyprus. It offers 500 assets to traders worldwide for trading on its web and app platforms. Their official website is translated into over 30 languages. The company offers technical instruments for better trading conditions.
The Portuguese Ace Footballer, Christiano Ronaldo was the official ambassador of Xtrade from 2016 to 2017. Xtrade has secured many awards for its trading services. The awards are listed below:
- 2014: FFXPO Awards
- 2015: China Awards
- 2016: FX Empire
- 2017: A to Z Awards
Amongst them, “Best Forex Education Provider” and the “Best Mobile Trading Platform” were received from China Awards. Xtrade also won the title of the “Best Forex Broker” at 2016 Forex Expo Awards in Dubai.
- Broker: Xtrade
- Website: www.xTrade.com
- Headquarter: Cyprus
- Regulated By: CySEC, IFSC, ASIC
- Type: Market Maker
- Spread: Fixed
- Leverage: 1:400
- Trading Instruments: Forex, Stocks, Cryptocurrencies,
- Bonds, Indices, Commodities and ETFs
- Funds: Credit/Debit, Wire Transfer, Online Payment
- Minimum Deposit: $100
With its headquarter located in Cyprus, Xtrade offers traditional trading through CFDs on shares, commodities, digital currencies, forex and indices. Xtraders can access the cryptocurrencies, for instance, Bitcoin, Litecoin, Bitcoin Cash, Dash, Ethereum, Ripple, etc using the trading platform. Xtrade provides spreads mostly between 0.3 and 0.6 pips. Traders are allowed to hedge, to use the trailing stop feature, to have pending orders and automated trades. The margin call level has a rate of 30%. If they want to look at the advanced trading approach, scalping would be a suitable option. They also offer reduced costs by no commissions’ policy with only fixed spreads.
Accounts and fees
Using a single Xtrade account you will be able to trade using multiple devices. For your convenience, they made Demo-account available so that you can try out risk-free trading. This feature proves to be very beneficial for first-timers who are new to the trading business.
A standard account requires a minimum deposit of $250. Similarly, a premium account requires $1000, a platinum account requires $5000 and a VIP account requires $20,000. The maximum leverage is 1:400.
Benefits of the accounts
- Standard account: The account has only the basic features.
- Premium account: You will get an account manager at your service along with the access to Autochartist market alerts.
- Platinum account: You can unlock VIP bonuses and reduced account spreads using a platinum account.
- VIP account: As an account holder you get exclusive gifts from the corporate market although this account is reserved for the professional traders only.
Keep in mind that, accounts that stay inactive for 3 months can be subjected to a fee of $10 per month while a 6-month inactive account is required to pay $60 per month. Also, an additional broker fee might be charged along with the inclusion of extra fees depending on your account type.
The company is based in Cyprus and operates from there to other countries. However, Xtrade is currently not available in countries including the US, Canada, Belgium, Nigeria and Zimbabwe. It isn’t available in countries with legislative conflicts as well.
The webtrader has a great intuitive interface which allows user to run programs smoothly. Account verifications, funds withdrawals, etc can easily be done using the web platform. Traders can place a Stop Loss Order or Take Profit Order xTrade to close the position at the best possible price. It’s one-click switch option immediately lets you switch from demo to real accounts whenever you want. You can view the program with 6 screens separately at one time. They consist of 4 chart styles: bar, candles, area and line. You also get 17 drawling tools for a more precise analysis.
The mobile platform is available for both Android and iOS devices and is free to download. The features include easy access to live trades of stocks, indices, forex and other trading instruments. Account funding and withdrawal options can easily be integrated using multiple payment methods. The mobile app can perform an analysis with the help of charts and tools.
If you own a premium account you will get the access to autochartist marketing tool. Autochartist is a market analysis software that gives the premium user access to in-depth marketing analysis along with trade signals and alerts. Using the trading signals you can look into a vast range of tradable assets. The tool constantly looks for trading opportunity and alerts or informs the traders when it finds one.
The financial calendar aka economic calendar is listed in the tools menu and is essential for conducting the fundamental analysis. The calendar keeps a schedule of date and time for tracking economic activities. You can customize the calendar based on your preferences.
The website also consists of trading blogs which will help you understand how trading markets work. From the site, you can easily read the latest news on trades and businesses. They produce videos from their studios, so you’d always be updated with the latest tools and strategies in the market.
Deposit and withdrawals
Depending on your location, you can check the fund deposit and withdrawal options from their website pretty easily. You can use any of these options like credit/debit cards, American Express, Skrill, PayPal, etc for a transaction. The company charges no deposit or withdrawal fees.
The minimum deposit lowered down from $200 to $100 so that’s an advantage. However, you should also calculate the necessary expenses. This is because the trading tools offer different margins and spreads. Xtrade also runs promotions offering lower deposit threshold minimums.
Xtrade covers transaction expenses without an additional fee. However, you might be asked to pay a small fee from your bank or payment method that you would use for such transactions. The withdrawal shall be processed via the same method as the deposit was made. For example, if a deposit is done using a debit card, the withdrawal amount will be returned using the same debit card.
As the website supports 30 languages, you will find it easier to connect with the customer service. Xtrade has a proficient team of customer support representative who will assist you 24/7. There are several communication methods: online live chat for an immediate response, emailing or phone calls, etc.
The education centre is inclined toward new traders and beginners. Educating newbies is a great approach to gain a crowd and more traders. The first set of videos on the website is detailed and focused more on how to use the website and do trades. The videos are clear and interesting hence grab people’s attention. The videos feature topics like Forex, Bitcoins, cryptocurrencies, technical analysis and whatnot. A glossary of over 90 Forex and CFD trading terms are there as well.
Is Xtrade any good?
From what we have gathered by our analysis so far is that the reviews are mixed. Some gave kudos to the company for not charging any hidden fee while some don’t recommend the website at all. The responses from Xtrade’s clients are greatly positive as well.
Quoting from TopRatedForexbrokers, “This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.”
On the other hand, 55Brokers opined that the overall impression of the broker brings stable and reliable conditions to trade. They charge no hidden fee and being operated under the regulators, they follow a strict set of rules to ensure client protection with funds and security.
Our two cents
Judging by all the reviews from both the critics and users, we can say that the company is safe to use. However, we advise you to be mindful about the fact that all brokers are subjected to market risks, so invest carefully. Keeping everything in mind, we, therefore, give Xtrade 3.5 stars out of 5.
Xtrade is a forex broker. X trade offers Web Trader and Mobile forex trading platform. Xtrade.com offers over 55 currency pairs, shares, indices, cfds, commodities, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options