XTrade Review 2023
XTrade has been CySEC-regulated as a forex and CFD broker. This review provides information on the broker’s platform, mobile application, minimum deposit, payment methods, as well as other factors that will assist you in deciding whether to open an internet trading account.
XTrade Company Overview
XTrade Group Limited controls the CFD investment broker. It is headquartered in Limassol. The company is also home to several subsidiaries, including XTrade Europe Ltd. & XTrade International Ltd., which provide services for clients from Dubai up to Uruguay.
The broker was created in 2003. It has 15 offices throughout the world and is registered in more than 10 regulatory authorities, including in the Philippines, Malaysia, UAE and Cyprus. XTrade cannot provide services to other countries, such as the UK, Canada, or some other countries.
XTrade WebTrader Platform
The platform is web-based and requires no installation or downloading. The interface is easy to use even from the login page. Furthermore, the platform has been awarded multiple awards for its trading tools and intuitive design. It is available in 11 different languages and includes 12 technical indicators, four chart styles, nine time periods, 17 analysis tools, and 4 chart styles. The service also offers an integrated economic calendar, news thread, as well as signals.XTrade platform
Please note that the popular MT4 Trading Platform Download is not available.
Assets & Markets
More than 200 online FX/CFD instruments are available.
- 56 forex pair –19 mains, 9 minors & 28 exotics
- Commodities –Precious metals & energies
- Stock indices –Eight global stock indexes
- Shares Get close to 200 company stock shares
XTrade also offers a small selection of ETFs.
Spreads & Commissions
XTrade is a fee-based broker that charges spreads only and does not take commissions. Spreads are variable. EUR/USD spreads can vary from 1.7 to 5 points, EUR/USD varies from 1.7 – 5 points, and EUR/GBP varies from 3 to 6 pips.
One complaint is the $50 inactivity fees that accounts that have not been used for at least three months are subject to. For positions that are opened after 22:00 GMT, you will be charged overnight premiums.
Leverage
Leverage rates can range from 1:20 to 1:200, commodities up to 1:10, forex pairs between 1;50 and 1:2400, stocks up to 1:10 and stocks up at a maximum of 1.400. Leverage levels are based on indices. They can be leveraged from 1 :20 to 1.200 for commodities and up to 1:10 for forex pairs. Stocks can be leveraged at 1 :4. According to ESMA regulations a retail trader in EU-regulated countries such as Germany can only leverage 1:30.
Mobile Apps
The XTrade platform also works with Android and iOS smartphones and tablets.
The mobile app is called XTrade Online Trading.
One-touch trading allows you to use the charting options, analyze tools, notifications, and funding options.
Many additional tools, such Autochartist indicators and an economic calendar, are also available on mobile platforms and get positive reviews.
Payment Methods
XTrade offers a variety payment options to clients who come from different countries. All clients have access Visa and Mastercard payment card options. Bank wire transfers are also available.
While there is a maximum limit of $15,000 on payment cards, wire transfers can be transferred without restriction. Traders have the option to use a number of domestic ewallets as well payment providers, such as UnionPay and Neteller. They can each have their own maximum deposits.
There is a $250 minimum deposit, but this may be lower during promotional events.
You can withdraw funds using the same method you used to deposit. If the deposit was made with an ewallet, withdrawals can be done via bank transfer (Skrill or Neteller).
XTrade may take up to five working days to process a withdrawal. However it can take longer to reach the target accounts because some payment processors take longer. The broker doesn’t charge any withdrawal or deposit fee.
Demo Account
Potential and current clients have access to an online demo account that is fully equipped. This allows them the opportunity to learn about forex trading and CFD trading. The demo account uses simulated funds and, once you have completed the login page to access it, you can close and open positions at real prices in real markets. This means there is no risk to your capital.
Deals and promotions
At the moment, there are not any deposit or welcome bonuses. However, they do occasionally run promotional campaigns. They have been known to lower minimum deposits, offer deposit bonus and even team up alongside international football star Cristiano Rojo.
Always check the terms and conditions of your bonus before you start account registration.
Status Regulative
XTrade, a licensed Forex broker, has been approved and regulated by CySEC (CySEC in Europe) and many other agencies to provide international services.
XTrade International Ltd also complies the International Financial Services Commission’s regulations for worldwide trade.
Client funds are kept separately from the company, so that they are distinguished. This gives traders monetary security.
All client accounts also fall under the Investor Compensation Fund. (ICF) covers traders up EUR20,000, in case the broker is not able to pay out winnings.
Additional Features
XTrade is a top-rated trading platform that offers many extra features to their clients. A fully-populated economic calendar is available on the website. The news stream can also be accessed through the platform.
A daily market analysis video is also uploaded to their YouTube channel. They also have calculator tools that can be used for Pivot or Fibonacci calculation and deal size calculations.
The XTrade website offers an education section that includes a range suited for novices as well as experienced traders. You can learn everything from how to chart and trade, as well as complex strategies and market analysis. There are tutorials, ebooks, PDFs and even a blog. To help traders understand unfamiliar jargon, there is a large glossary.
Types of accounts
XTrade makes it easy to trade with real money. There is no need to differentiate between traders. Traders have access the entire range, including web and mobile platforms, as well an educational centre. This does not mean that traders cannot avoid lower spreads as with many tiered accounts.
Benefits
Clients have access to a wide range of competitive features.
- Award-winning trading platform
- Global licensing and regulatory
- Daily market analysis videos
- Variety of payment options
- Autochartist signals
- No commissions
Drawbacks
There are however some areas where the broker can make improvements.
- There are no Bitcoin and Bitcoin trading
- No automated investing capability
- There are no Islamic accounts available
- No social trading
- No MetaTrader
- Wide spreads
Trading Hours
The trading hours of the instruments supported XTrade’s market are 21:00 GMT Sunday to 22:01 GMT Friday during daylight save and 22:00 GMT Tuesday to Friday during winter months. Some instruments may have additional trading hours. These details are available in the CFD information list on the website.
Customer Support
The customer service team can be reached via many methods 24 hours a year, 5 days a săptămână. The telephone line is open from 22:00 GMT on Sunday to 22:00 GMT every Friday. The broker has a large social presence as well as email support.
XTrade offers support and general inquiries via a live chat service in the lower-right corner of its website. There are live chat representatives available in six languages. The website supports 35 different languages. Contact customer support via:
- Email Address –[email protected]
- Telephone contact number-+44 2038074001
The support staff can help with a variety of questions such as how to delete or utilise the platform or how to verify account verification.
Follow the broker using social media
- YouTube
The broker’s site contains the addresses of the head office and Melbourne locations, Australia for the company.
Trader Security
XTrade features 256-bit Secure Sockets Layer SSL encryptions from Comodo. These encryptions are used for all transactions as well website traffic.
The broker has numerous identity theft and credit cards safeguards in effect, all of which are regularly reviewed. The website uses True-Site identity security and meets AICPA WebTrust standards.
XTrade Verdict
XTrade is an eminent provider and a formidable competitor to brokers such as eToro. Clients just starting to trade forex and CFDs should consider XTrade’s free signals as well as its well-equipped education facility.
They are also safe to trade when they have ten+ years industry experience.
Accepted Countries
XTrade can accept traders from Australia Thailand, South Africa Singapore, Hong Kong India France Germany Norway Sweden Italy Denmark Denmark United Arab Emirates Saudi Arabia Kuwait, Luxembourg, Qatar, and many other countries.
Traders are not allowed to use XTrade USA, Canada, and United Kingdom.
FAQ
Is XTrade a legitimate brokerage company?
XTrade Europe Ltd. is licensed and regulated to provide services in Europe by the Cyprus Securities and Exchange Commission. XTrade International Ltd., licensed and regulated through the International Financial Services Commission of Belize. We are sure that the broker will not con you.
What is XTrade’s minimum deposit?
An account must be opened with a $250 minimum deposit. A position of at least 0.01 tons is also required.
Is there an XTrade demo card?
Yes, XTrade offers a Demo Account that has all of the same features and options as a real Money account.
Is XTrade able provide a MT4 download service?
No. XTrade provides its own trading platform, which is browser-based. This platform has also been converted to a mobile app that can be used on Android smartphones and tablets.
Can I open a XTrade Canada/USA account?
XTrade cannot provide services to traders in America, Canada or other countries that have local laws conflicting with its services. XTrade, however, can be used in many other countries worldwide including Australia and India.