XTrade Review 2023
XTrade CFD and forex broker is CySEC-regulated. This review examines the broker's platform as well as its mobile app, minimum deposit and payment methods to help you decide whether you want to open an account online.
XTrade Company Overview
XTrade Group Limited, Limassol and Cyprus are the owners of CFD broker. The company operates several subsidiary brands, including XTrade Europe Ltd., and XTrade International Ltd. which serve clients from Dubai to Uruguay.
The broker was founded by XTrade in 2003. They have 15 offices across the globe and are registered with more 10 regulatory agencies in Cyprus. XTrade is not available to provide services to Canada, the UK and other countries.
XTrade WebTrader Platform
No installation or download is required to access the proprietary web-based platform. For new users, the interface is easy to navigate. Additionally, the platform's trading tools have won numerous awards. It is accessible in 11 languages. You can also access an integrated economic and news thread as well as a signals service.
You will not be able to download the popular MT4 trading platforms.
Assets & Markets
More than 200 online forex and CFD instruments are now available, including:
56 forex pairings -19 Majors, 9 Minors, and 28 Exotics
Commodities -Precious metals & energies
Stock indices -Eight global stock indexes
Shares Closed to 200 Company Shares
XTrade also offers a number of ETFs.
Spreads & Commissions
XTrade employs a fee structure without commissions. They only take money from spreads. Spreads can vary. GBP/USD spreads range from 2.5-5 pips, EUR/USD from 1.7-5 pips and EUR/GBP from 3-5 pips.
Users complain about the $50 fee for accounts that remain inactive for longer than three months. Swaps and overnight premiums are also applied to positions that remain open after 22:00 GMT.
Leverage
Maximum leverage rates can be as high as 1:400. Leverage levels for indexes are 1:20-1:200 for commodities, 1/10 for forex pairs, 1:50-1:400 for stocks, and 1/1:5 to 1/1:40 to 1/1:50 to 1/1:400 to 1/1:200 to 1/1:200 to 1/1:200 to 1/1:200 to 1/1:200 to 1/1:200 to 1/1:400 to 1/1:5. As per ESMA regulations the leverage for retail traders on EU-regulated markets like Germany is limited to 1:30.
Mobile Apps
The XTrade platform can also be used on mobile devices with iOS or Android smartphones and tablets.
The mobile app is called XTrade Online Trading. It can be installed easily and has a responsive user interface.
It allows you to trade with one touch, including live prices, charts, analysis tools, notifications, and account funding options.
Many additional tools, like Autochartist signals (and the economic calendar), are also available via the mobile platform. They have received positive reviews.
Payment Methods
XTrade provides a wide variety of payment methods to suit clients from different parts of the world. All clients can choose from Visa and Mastercard payment options, as well bank wire transfers.
For payment cards, there is a maximum $15,000 deposit limit. However, wire transfers are not subject to this limit. Traders can use many domestic payment providers and e-wallets, including UnionPay, Neteller and other payment providers. Each have their own maximum deposit limits.
Minimum deposit $250.
Withdrawals should be done using the same method used for deposit. You can withdraw funds from an ewallet deposit, but only if you have made a bank transfer, Skrill, Neteller or bank wire.
XTrade can process withdrawals in as little as five days. However, some payment providers may take longer. There are no withdrawal or deposit fees.
Demo Account
A fully-equipped online demo account is available for prospective and current clients. It allows traders to practice forex and CFD trades on the platform. After logging in, the account is set up with simulated money. You can then open and close trades at real prices on real markets.
Deals & promotions
At the time this article was written, they do not offer any deposit or welcome bonus offers. They do offer periodic promotions, including a drop in minimum deposit requirements, deposit bonuses, and even a partnership with Cristiano Ronaldo.
Remember to always verify bonus terms before you open an account.
Statute Regulative
XTrade is a forex broker licensed by the Cyprus Securities and Exchange Commission.
XTrade International Ltd follows the International Financial Services Commission's guidelines for worldwide trading.
The funds of clients are kept separate from the company's. This means that assets belonging to the client and the company are clearly distinct, providing traders with financial security.
All client accounts are open under the Investor Compensation Fund. This protects traders up to EUR20,000 if the broker is unable pay out winnings.
Additional Features
XTrade also offers many extra features for their clients. Access to the platform or the website will take you to an economic calendar with the latest news.
They also upload daily market analysis videos to YouTube and their website. Additionally, calculator tools are available for Pivot, Fibonacci or deal size calculations.
The XTrade site also includes an education centre with a range of tools geared toward both novices and veterans. The education centre covers everything you need to know, from the basics of charting and trading strategies, through to market analysis and tutorials. An extensive glossary helps traders to understand the jargon.
Types Of Account
XTrade is a platform that does not discriminate between traders. It offers a single account type to trade real money. Traders have access to the entire array of instruments, web platforms, and mobile platforms. There is also an educational centre. This doesn't necessarily mean that there aren't any more favorable spreads than you can with many tiered account structure.
Benefits
Clients can choose from a variety of competitive features.
An award-winning trading platform
Global licensing and regulation
Daily market analysis videos
Multiple payment options
Autochartist signals
No commissions
Drawbacks
However, there are areas in which the broker could make improvements:
No trading in Bitcoin or cryptocurrency
No automated investing capabilities
No Islamic account option
No social trading
No MetaTrader
Wide spreads
Trading Hours
Market trading hours for the instruments that XTrade supports are 21:00 GMT Sunday- 21:00 GMT Thursday during daylight saving and 22:00 GMT Monday- Friday during winter months. Some instruments might have shorter trading hours. You can find details in the CFD information listing on the website.
Customer Support
The customer support team is available 24 hours a day, 7 days a semaine via multiple means. A telephone number is available that opens at 22:20 GMT on Sunday, and closes at 22:20 GMT on Friday. A broker is available via email as well as a large presence on social media.
XTrade may also be contacted via a live chat option in the lower right corner. The website supports 35 languages. Six live chat representatives are also available. The contact information for the customer support team is:
Email address-support@xtrade.com
Telephone Contact Number -+44 020 3874001
The support team can help you with all your queries.
Follow the broker via social media
Twitter
Facebook
LinkedIn
YouTube
The website includes the location of the company’s head office in Cyprus as well as its locations in Melbourne and other areas.
Trader Security
XTrade has 256-bit Secure Sockets Layer SSL (SSL) encryptions by Comodo. This encryption is used on all transactions and website visitors.
The broker has several credit card and identity theft safeguards in place. These are all subject to regular reviews. Website uses TrueSite identity assurance, and adheres to AICPA webTrust assurance standards.
XTrade Verdict
XTrade has been an award-winning broker and is a strong competitor against brokers such as eToro. Clients who are new to trading forex or CFDs can benefit from its free signals and equipped education centre.
It is also a sign that they are trustworthy to trade with.
Accepted Country
XTrade welcomes traders from Australia and Thailand as well as South Africa, Singapore, Hong Kong.
Traders cannot use XTrade to trade from United States, Canada or United Kingdom.
FAQ
Is XTrade a legitimate brokerage company?
XTrade Europe Ltd., licensed and regulated under the Cyprus Securities and Exchange Commission for services in Europe. XTrade International Ltd. was licensed and regulated under the International Financial Services Commission (Bengal). We believe the broker is honest.
What is the minimum deposit to open an XTrade bank account?
You must deposit $250 to open an account. Position size requirements are 0.01 lots.
Is there an XTrade demo?
Yes, XTrade offers a demo Account with all the options and capabilities of a real account.
Does XTrade offer a MT4 file download?
No. XTrade is a proprietary trading platform that can be used for web-based trading. It is now available on mobile devices for both Android and iOS smartphones and tablets.
Can I open a XTrade account in Canada?
XTrade does NOT provide its services for traders in the USA, Canada, and other countries where they are not permitted to do so. XTrade may be used in several countries, including Australia, India and Uruguay.
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