XS Review 2024
Website: www.xs.com
Min. Deposit: US$ 200
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, XS Web Trader, XS Mobile Trader
Regulation: ASIC, CySEC, FSA
Headquarters: Cyprus, Australia, Seychelles
Founded: 2022
Regulatory Licenses:
- XS Prime Ltd - authorized by ASIC (Australia) license no 374409
- XS Markets Ltd - authorized by CySEC (Cyprus) license no 412/22
- XS Ltd - authorized by FSA (Seychelles) license no SD089
Updated on January 23, 2024
Quick Links
In our pursuit to provide a detailed and comprehensive review of the forex broker XS, we implemented a rigorous testing methodology. This included an in-depth analysis of the broker's regulatory framework, trading platforms, asset offerings, fee structures, and customer support services. Additionally, we compared XS's offerings against a wide array of over 1000 brokers to gauge its competitive standing within the industry. Our assessments also took customer feedback and expert opinions into account to present a well-rounded review.
XS is a globally recognized brokerage firm that grants traders access to a vast array of financial instruments across several asset classes, including Forex, Shares, Indices, Metals, Commodities, Cryptocurrencies, and Energies. The broker stands out for its competitive trading conditions, diverse funding options, and integration with popular MetaTrader platforms. XS Group is regulated across several jurisdictions, with entities licensed by ASIC in Australia, CySEC in Cyprus, and FSA in Seychelles, ensuring a high standard of compliance and security for its clients.
Our analysis of XS highlights several strengths and areas for improvement.
Pros
The broker is known for its robust and userfriendly trading platforms, including both MT4 and MT5, alongside bespoke web and mobile trading solutions.
XS offers an extensive selection of trading instruments at competitive fees and tight spreads.
Cons
Depending on the regulatory entity, trading conditions and costs may vary, potentially leading to higher expenses for some traders.
The range of available trading instruments and markets might be limited for clients based on their registered entity and the types of accounts they hold.
XS is a secure and rigorously regulated broker, adhering to the stringent standards set by the ASIC, CySEC, and FSA. The broker's commitment to regulatory compliance ensures a trustworthy and reliable trading environment, negating any concerns of it being a scam.
Leverage is a double-edged sword in the trading world, offering the potential for substantial profits but also posing significant risks. XS provides leverage in line with the regulations of ASIC, CySEC, and FSA. Clients in Australia and Europe can access leverage up to 1:30 for major currency pairs, while international clients under the broker's international entity may utilize leverage up to 1:500 for professional trading. This structured approach to leverage emphasizes the importance of understanding the risks and mechanics of leverage before trading.
In conclusion, XS is a reputable and well-regulated broker that offers competitive trading conditions across a wide range of financial instruments. Its adherence to regulatory standards and commitment to client security make it a reliable choice for traders of all experience levels. While there are some variations in trading conditions and instrument availability based on jurisdiction and account type, XS's overall offering is robust and merits consideration by prospective traders.
Account Types
Based on our extensive research into XS broker, traders are presented with a choice between a Standard or Raw account for their trading endeavors. For European clients under the CySEC regulation, there are two account variations available: Standard and Premium. Moreover, XS broker offers a Demo account free of charge for new traders, providing a safe environment for them to practice trading and conduct trial transactions.
How to Open an XS Live Account?
Setting up an account with XS broker is a straightforward process that can be completed within a few minutes. To begin, navigate to the “Open Account” page and follow these guided steps:
Click on the “Open Account” option
Fill in the necessary personal information (Name, email, phone number, etc.)
Provide verification of your personal information by uploading the required documents (proof of residence, ID, etc.)
Finish an electronic questionnaire to confirm your trading knowledge
After your account is verified and activated, proceed to deposit funds.
Trading Instruments
XS broker provides its clientele with a broad selection of popular markets, including Forex, CFDs on Shares, Indices, Metals, Commodities, Cryptocurrencies, and Energies. Forex, being the most recognized among these, offers significant volatility and liquidity with spreads beginning as low as 0.0 pips. The XS Markets Range Score is 4.3 out of 5, reflecting a comprehensive selection of trading instruments. However, it is important to note that some popular asset classes such as futures and bonds are not available for trading.
XS Fees
XS broker offers competitive pricing on its trading instruments, with spreads starting from 0.0 pips. Nevertheless, fees can vary based on the chosen account type and trading platform. Traders might also encounter additional charges like swaps or rollovers and inactivity fees. When compared to a pool of 1000 brokers, XS Fees are considered low to average, with an overall rating of 4.0 out of 5.
Based on our evaluation, XS clients are provided with floating spreads, with the average for the widely traded EUR/USD currency pair being 0.7 pips. This is quite competitive when compared to the industry standard, making XS an attractive option for traders. Additionally, XS broker offers extremely tight spreads, as low as 0.0 pips, on all major currency pairs and other popular trading instruments. The overall rating for XS Spreads is 4.5 out of 5, based on our comparison to other brokers, indicating that both the Forex spreads and spreads for other instruments are highly competitive.
XS provides a variety of options for adding funds to your trading account, including bank wire transfers, credit/debit cards, and several online payment systems like Skrill and Neteller. It's important to note that the specific requirements and limits for each deposit method may vary depending on the financial institution and the country where you reside.
XS's funding methods received a commendable score of 4.5 out of 5. The fees are minimal, and traders have the advantage of choosing from a variety of account-based currencies.
Here are the positive and negative aspects of XS's funding methods that were identified:
Pros
Multiple payment options including Bank Wire, Credit/Debit cards, Skrill, Neteller, and Giropay
A relatively low minimum deposit requirement of $200 compared to the industry average of $500
Cons
Specific deposit and withdrawal requirements may vary by country
XS ensures a smooth and rapid withdrawal process, promising that requests will be processed within one business day, allowing clients prompt access to their funds.
The broker offers traders the opportunity to engage in trading on the highly acclaimed MetaTrader 4 and MetaTrader 5 platforms, in addition to its proprietary XS Web Trader and XS Mobile Trader platforms. These platforms are celebrated for their user-friendly interface, comprehensive feature set, and support for automated trading, enabling traders to navigate the markets confidently and at their own pace.
Moreover, the accessibility of MT4 and MT5 across desktop, web, and mobile platforms provides traders with the flexibility to stay connected to the markets and trade from anywhere, catering to a broad spectrum of traders.
XS's platform offering is rated at 4.5 out of 5, distinguishing itself by providing the popular MT4 and MT5 professional trading platforms.
Pros
Access to renowned platforms like MT4 and MT5
Proprietary XS Web Trader and XS Mobile Trader platforms for versatile trading
Features supporting automated trading and technical analysis
Cons
Limited to platforms available, potentially restricting traders who prefer other trading software
XS offers round-the-clock multilingual customer support through live chat, email, phone support, and an online query form. The broker's support team is comprised of experienced trading professionals ready to assist with a variety of issues, including technical difficulties, market analysis advice, general inquiries, and operational concerns.
Customer Support at XS is evaluated at 4.3 out of 5 based on our assessments. Responses were prompt and informative, and the support team is easily reachable throughout the week and on weekends.
The broker has initiated an Education Experts Program, targeting partnerships with specialists in education and training. This initiative is open to educational centers, websites, or experts conducting educational seminars or webinars. However, XS has not developed its own research materials, making them less accessible to clients.
XS's educational offerings are rated at 3.0 out of 5. Despite the absence of a dedicated section on its website for educational materials, seminars, and webinars, the broker attempts to fill this gap through partnerships.
Pros
Partnershipbased Education Experts Program
Cons
Lack of inhouse educational and research materials
Not ideal for beginners seeking comprehensive learning resources
In conclusion, XS stands out as a credible online broker offering a diverse range of financial instruments for trading, along with competitive spreads. Its commitment to providing swift execution and multiple funding options makes trading accessible and efficient through the popular MT4 and MT5 platforms, available on various devices. However, the absence of dedicated educational resources and research may limit its suitability for beginners.
Given its emphasis on transparency, security, and satisfying client experiences, XS is a fitting choice for traders at all experience levels. Nevertheless, we advise conducting thorough research prior to selecting XS as your broker to ensure it aligns with your trading needs.
Based on our assessment and expert opinions, XS is recommended for:
Traders from Europe and Australia
International trading participants
Users favoring MT4 and MT5 platforms
CFD and currency trading enthusiasts
Advanced and institutional traders
Clients interested in White Label solutions
Strategies involving scalping/hedging
Those seeking STP/NDD execution
Competitive spreads and pricing
EA/Auto trading proponents
Utilizers of advanced trading tools
Seekers of multilingual 24/7 customer support
