XTrade is a CySEC regulated forex and CFD broker. This xtrade review covers the platform, mobile app and minimum deposit of the broker. We also discuss payment methods and how they handle payments.
XTrade Company Overview
XTrade Group Limited owns the CFD investment broker and is based in Limassol. There are several other brands that the company owns, including XTrade Europe Ltd. (for clients in Dubai and Uruguay) and XTrade International Ltd.
The broker was established in 2003. There are 15 offices all over the globe and it is registered with over 10 regulatory bodies, including those in Cyprus, Malaysia, Malaysia and UAE. XTrade does however not offer services to the UK, Canada or other countries.
XTrade WebTrader Platform
It is easy to use the web-based platform without any download or installation. It is simple to use the login page. The platform has won multiple awards for its effective trading tools. It’s available in 11 languages. It offers 12 technical indicator, 4 chart styles and 9 time periods. A signals service, news thread, and integrated economic calendar are also available.
Not available: The popular MT4 platform download is not yet available.
Assets & Markets
You can access more than 200 online CFD and FX instruments, including:
- 56 forex pairs 19 minors, 9 majors, & 28 exotics
- Commodities –Precious metals & energies
- Stock indices –Eight global stock indexes
- Shares Close to 200 company shares
XTrade also offers a selection of ETFs.
Spreads & Commissions
XTrade has a flat fee structure that takes no commissions. It only makes money by spreading spreads. Spreads vary. For example, spreads for GBP/USD can be between 2.5 and 5 pips; EUR/USD can range from 1.7 to 5. pips; EUR/GBP is 3 to 5. pips.
One of the complaints is about the $50 inactivity charge for accounts that are not active for three months or more. For positions held open after 22:00 GMT, overnight premiums (or swaps) are also charged.
The maximum leverage rate is 1:400. Leverage levels can be used to leverage indices from 1:20 to 1:22 and commodities from 1:10 to 1:200. Forex pairs can be leveraged between 1;50 and 1:400, and stocks up until 1:5. As per ESMA regulations retail traders in EU-regulated market such as Germany have a maximum leverage of 1:30.
The XTrade platform is also compatible with iOS and Android smartphones or tablets.
The app is called XTrade Online Trading and it can be easily installed. It has a responsive interface and many of the capabilities that the web-based platform offers.
This application allows for one-touch trading and supports live prices, charting options as well as analysis tools. Notifications are also available.
The mobile platform has received good reviews for many of the tools, including Autochartist Signals and the economic calendar.
XTrade offers a range of payment options, which can be customized for clients coming from different countries. All clients have the option to pay with Visa or Mastercard, as well as bank wire transfers.
Payment cards have a $15,000 maximum deposit, while wire transfers do not have a limit. Traders have access to a variety of domestic ewallets and payment providers including UnionPay or Neteller. Each provider has their own maximum deposits.
The minimum deposit is $250. This may be reduced during promotions.
All withdrawals must be made in the same manner as deposits. Withdrawals can be processed by Skrill, bank transfer or Neteller if the deposit was made using an electronic wallet.
XTrade can take up five days to process a withdraw, but it may take longer to reach your target account due to the extra processing time of some payment providers. The broker will not charge any withdrawal or deposit fees.
Prospective clients and current clients can access a fully-equipped demo account online. This allows them to try forex and CFD trading. Once you’ve completed the login page, your account will be able to open and close real positions at real prices in real market places. There is no risk of losing capital.
Deals & Promos
As of the writing, there are no deposit bonuses or welcome bonuses. They do have regular promotional campaigns, and they are known for dropping minimum deposits, offering deposit bonuses, and even teaming up with Cristiano Ronaldo, an international football star.
Be sure to review the terms and conditions of any bonus offers before you sign up for an account.
XTrade is a licensed forex brokerage that has been authorized and regulated in Europe by the Cyprus Securities and Exchange Commission, (CySEC), and other agencies for international services.
XTrade International Ltd adheres to the International Financial Services Commission regulations for worldwide trading.
Client funds are kept apart from the company’s. This allows traders to have monetary security and clear distinction between their assets.
All client accounts can also be opened under the Investor Compensation Fund (ICF). This covers traders up to EUR20,000 in case the broker is unable or unwilling to pay winnings.
XTrade’s award-winning trading platform is not the only thing that XTrade offers to its clients. They also offer several additional features. You can access the site or the platform to view a full-featured economic calendar and news stream.
Daily market analysis videos are uploaded to the website and YouTube channel. There are also calculator tools available for Pivot Fibonacci, deal size and Fibonacci calculations.
The XTrade website has an education centre. It offers a range tools geared for beginners as well as those who have years of experience. This centre provides information on everything from charting and trading to advanced strategies and market analysis. It also includes tutorials, ebooks, PDFs and a blog. The glossary provides traders with a comprehensive guide to help them understand unfamiliar terminology.
Types of Account
XTrade offers one account type that can be used for real-money trading and does not distinguish between traders. Traders have full access to the entire range of instruments, web, and mobile platforms as well as an educational center. This doesn’t mean that spreads aren’t as favorable as they can be with tiered accounts.
The following features are offered to clients:
- Awarded-winning trading platform
- Global licensing and regulation
- Daily market analysis videos
- A wide range of payment options
- Autochartist signals
- No commissions
The broker can improve in certain areas.
- Trading in Bitcoin and cryptocurrency is prohibited
- There is no automated investing facility
- No Islamic account options
- No social trading
- No MetaTrader
- Wide spreads
Market trading hours are from 21:00 GMT Sunday to Friday during daylight saving, and 22:00 GMT Sunday until Friday during the winter months. Some instruments may not have trading hours. Details can be found in the CFD information section of the website.
Contact the customer service team 24 hours per day, 5 days per week using a variety of methods. Telephone support is available from Monday through Friday, at 22:00 GMT. You can also reach the broker via email and have a strong social media presence.
XTrade is available via live chat in the lower left corner of their website for general queries and support. The website is available in 35 languages. Live chat representatives are available for six languages. Contact the customer support team by:
- Email address –[email protected]
- Telephone number –+44 208 384 001
The support team is available to assist you with any of your questions. These include how to delete an account or how to use the platform.
Follow the broker on Social Media:
The broker’s website contains information on the address of the company’s headquarters in Cyprus and its locations in Melbourne (Australia), among others.
XTrade is high-level cybersecurity. It uses 256-bit Secure Sockets Layer SSL encryptions provided by Comodo for all transactions and website traffic.
A number of identity theft and credit-card safeguards are in place by the broker, which is regularly reviewed. Website uses True-Site identity verification and is compliant with AICPA’s WebTrust assurance standards.
XTrade is an award winning provider that can compete with brokers like eToro, Plus500 and Plus500. Its well-equipped education center and free signals make it a smart choice for new clients to trading forex and CFDs.
Their ten-plus years of experience in the industry is a good indicator that they are safe to trade with.
XTrade allows traders to come from Australia, Thailand. South Africa, Singapore. Hong Kong. India. France. Germany. Norway. Sweden. Denmark. United Arab Emirates. Saudi Arabia. Kuwait. Luxembourg. Qatar.
Traders from the United States, Canada and the United Kingdom cannot use XTrade.
Is XTrade a legitimate brokerage company?
XTrade Europe Ltd. was licensed and regulated for European services by the Cyprus Securities and Exchange Commission. XTrade International Ltd. in Belize is licensed and regulated. We feel confident that the broker we have referred is real and not a fraud.
What is the minimum amount of deposit needed to open an XTrade account
For an account to be opened, a minimum deposit is $250 and a minimum position size of 0.01 lots is required.
Is there an XTrade demo accounts?
Yes, XTrade offers a free demo account. It has all the same capabilities and options as a real money account.
Is XTrade able offer a MT4 downloading?
No. XTrade does not offer a browser-based trading platform. It has been made available for iOS and Android tablets and smartphones as a mobile application.
Can I open an XTrade Canada or USA account?
XTrade doesn’t provide services to traders located in the USA or Canada. XTrade can still be used worldwide in countries such as India, Australia, Uruguay, and the UAE.