Xtrade Review 2024
Website: www.xtrade.com
Min. Deposit: US$ 250
Leverage: 1:30
Trading Platforms: MT4, XTrade WebTrader
Regulation: CySEC, FSC, ASIC, FSCA
Headquarters: Cyprus
Founded: 2003
Regulatory Licenses:
- Xtrade Europe Ltd - authorized by CySEC (Cyprus) registration no. 108/10
- Xtrade International Limited (ex. Financial Arena Ltd) - authorized by FSC (Belize) registration no. FSC/60/383/TS/18
- Xtrade Pty AU - authorized by ASIC (AU) registration no. 343628
- Peak Wealth PTY Ltd - authorized by FSCA (SA) registration no. 2013/007163/07
Updated on April 4, 2024
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In our comprehensive review process, we meticulously analyze and compare a wide range of crucial factors to provide a detailed, unbiased evaluation of forex brokers. Our methodology includes a thorough examination of regulatory compliance, platform usability, available trading instruments, fees and commissions, customer service quality, educational resources, and overall reliability. To ensure a broad perspective, our comparisons involve over 1000 brokers, highlighting the strengths and weaknesses of each to help traders make informed decisions.
XTrade, formerly known as XFR Financial Ltd, was founded in 2003. With its headquarters located in Cyprus, XTrade stands out as one of the prominent Forex Brokers, offering a wide array of trading options through CFDs on shares, commodities, forex, and indices. The broker has also expanded its offerings to include direct access to the most sought-after Cryptocurrencies around the clock, through its trading platform. These include Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Ripple, among others. The international services are facilitated through a branch in Belize, offering international traders the opportunity to open accounts with potentially higher leverage and different conditions. However, it's crucial for traders to understand the differences in regulations and conditions thoroughly.
Owned by XTrade Group Limited, this CFD investment broker calls Limassol, Cyprus, its home. The company operates several subsidiary brands, such as XTrade Europe Ltd. and XTrade International Ltd, catering to clients from Dubai to Uruguay. XTrade is recognized as a trustworthy broker, regulated by CySEC, and is known for its quality trading technology, including a selection of trading platforms and competitive spreads. The process of opening an account is swift, and there is a diverse selection of Forex and CFD instruments available. On the downside, the broker's product offering could be more comprehensive, and customer support is not available 24/7. Additionally, its international operations are conducted through the Belize entity, and it does not provide Islamic accounts to its clients.
Pros
Trusted broker with CySEC regulations
Good trading technology and competitive spreads
Swift account opening process
Cons
Limited product offering
Customer support not available 24/7
No Islamic account options
XTrade Review Summary in 10 Points ▲
Headquarters: Cyprus
Regulation and License: CySEC, FSC, ASIC, FSCA
Platforms: MT4, XTrade WebTrader
Instruments: CFDs on shares, commodities, forex and indices, Cryptocurrencies
Costs: 0.6 pips
Demo Account: Offered
Minimum deposit: $250
Base currencies: Three currencies available
Education: Free education with courses and daily analysis
Customer Support: 24/5
Following our expert analysis, XTrade is deemed a reputable broker offering safe and highly favorable trading conditions. Designed to cater both to beginners and professional traders, the broker provides a range of trading services with low initial deposit requirements. A significant advantage is XTrade's global coverage, allowing traders from various countries to register, coupled with some of the lowest spreads in the industry. XTrade's overall ranking stands at 9.3 out of 10, a result of our comprehensive testing and comparison against over 1000 brokers.
Over the years, XTrade has gained global recognition, serving clients from a multitude of countries. As a testament to its industry experience and worldwide presence, the firm has earned several awards and accolades. Notably, XTrade has engaged in various social activities, including partnering with Cristiano Ronaldo as the official ambassador for 2016-2017, showcasing its commitment to supporting notable figures while promoting its market-leading CFD trading products.
XTrade is regarded as a safe broker, authorized by CySEC for low-risk Forex and CFD trading. The regulatory framework includes a compensation scheme to protect clients in the event of insolvency, reinforcing the broker's reliability and commitment to client security.
The XTrade group adheres to CySEC regulations, with its Cyprus headquarters and obtained licenses, alongside ASIC regulation and numerous registrations and authorizations across the EEA zone. The international brand, XTrade International, operates in various jurisdictions under its license from the Financial Service Commission in Belize (IFSC). Despite the offshore nature of the Belize license, which is generally considered less safe, the additional European regulatory compliance ensures strict adherence to international protective measures.
Pros
Strict compliance with toptier regulation
Compensation scheme for client protection
Cons
International trading available via the offshore entity
Our Ranked Xtrade Trust Score is 8.7 out of 10, acknowledging the broker's long-standing reputation and service quality, bolstered by top-tier regulation and a compensation scheme. However, it's noted that international trading options are facilitated through the offshore entity.
Our review confirms that client funds at XTrade are kept segregated, ensuring that traders' assets are kept apart from the broker's own funds for enhanced security and protection. Additionally, every client account is covered by the Investor Compensation Fund. XTrade diligently monitors its operations in accordance with regulatory requirements, ensuring comprehensive security for all online transactions. The broker also implements negative balance protection, preventing traders from losing more than their initial deposit, thereby solidifying its status as a safe Forex broker.
Leverage represents a significant opportunity to amplify trading potential through the strategic use of borrowed capital. However, it's essential for traders to approach leverage with caution, understanding that it has the potential to both enhance gains and exacerbate losses. Regarding XTrade's leverage offerings, regulatory requirements mean that leverage levels vary depending on the trader's jurisdiction.
European clients, governed by CySEC regulations, are permitted a maximum leverage of 1:30. Conversely, international clients trading through XTrade International may access leverage up to 1:400, offering them greater flexibility in magnifying their trading positions.
XTrade provides a singular account type that facilitates trading across various devices without discrimination among traders. Initially, traders can engage in trading within a risk-free environment by opting for a Demo account. The account structure is designed to evolve based on the account balance, transitioning to a Premium Account at a $1,000 balance, a Platinum Account at $5,000, and finally, a VIP Account at $25,000. While trading conditions remain consistent across account types, Platinum and VIP account holders benefit from reduced spreads and access to additional educational resources.
XTrade offers a diverse array of trading instruments through the popular CFDs (Contracts for Difference) model, enabling traders to speculate on price movements without owning the underlying asset directly. The broker's Equity CFDs cover globally traded shares such as Apple, Google, and IBM, with a 5% Initial Margin requirement. Forex trading at XTrade includes over 50 leveraged pairs, such as EUR/USD and USD/JPY, with leverage reaching up to 1:400. Index and Commodity CFDs are also available, with no commissions and fixed spreads, providing traders with a broad range of opportunities for speculation.
Our assessment places XTrade's Markets Range Score at 4.0 out of 5, acknowledging the wide selection of trading instruments, though it's noted that the European entity primarily offers CFDs and Forex Instruments, with the range varying by jurisdiction.
XTrade stands out for its commitment to reducing trading costs, offering a no-commission policy and only fixed spreads, for instance, spreads for EUR/USD ranging from 2-5 pips. Our comprehensive comparison, involving over 1000 brokers, ranks XTrade's fees as competitive, with an overall score of 4.4 out of 5. Although fees may vary based on jurisdiction, traders can expect low non-trading fees, minimal funding fees, and reasonable inactivity fees, making XTrade an attractive option for cost-conscious traders.
XTrade's trading fees operate on a strategy that solely relies on spreads, which are fixed amounts. This means that the trading costs for traders are encapsulated within the spread, defined as the difference between the buying and selling price of a financial instrument. For precise spread values for each product, please consult the table provided, though it is recommended to verify the most accurate data on the official XTrade website or platform. As the account size or type improves, traders can expect more favorable price offerings from XTrade. Consequently, the spread for the popular EUR/USD pair is fixed at 5 pips for Standard Accounts, 3 pips for Premium and Platinum Accounts, and 2 pips for VIP Accounts. Comparatively, XTrade's spread offerings are regarded as competitively low in the market. For example, when comparing XTrade's fees against those of FP Markets, XTrade emerges as a more cost-effective option. With a rating of 4.5 out of 5, XTrade's spreads are notably lower than the industry's average spread of 0.6 pips for EURUSD, alongside attractive spreads for other instruments.
XTrade offers numerous deposit and withdrawal options, although availability may vary by location. It's advisable to confirm the availability of specific options on the XTrade website. The XTrade funding methods received a favorable rating of 4.3 out of 5. The minimum deposit is slightly above the industry standard, with no or minimal fees, and the option to benefit from various account-based currencies. However, the range of deposit options varies across entities. Deposit methods include credit/debit cards, bank transfers, American Express, PayPal, Skrill, and other common options, without any deposit or withdrawal fees charged by the company. The minimum deposit at XTrade is $250, which might require covering necessary expenses since different trading instruments offer various margins and spreads. Occasionally, XTrade runs promotions with lower deposit thresholds. In comparison, most other brokers require a minimum deposit of $500. XTrade does not charge deposit or withdrawal fees, but an Inactive Account Fee of up to $50 USD per month is applied to inactive accounts. No deposit bonus is provided by XTrade.
Withdrawals are processed with a $0 fee, with the broker covering transaction expenses unless charges are incurred by the client's bank or payment method, particularly in the case of wire transfers.
XTrade offers a range of trading platforms, including its online-based proprietary software and the industry-standard MetaTrader4. The proprietary platform has received numerous awards from both industry professionals and traders. The platform is accessible without installation and features a comprehensive set of trading tools, market analysis, and swift order execution. XTrade's platforms are rated 4.4 out of 5, standing out for offering both the MT4 platform and its proprietary platform, which has gained significant recognition for its excellent trading conditions. The mobile trading platform, available on iOS, Android, and Windows, is designed to ensure traders never miss a trading opportunity, supported by alerts and professional charting tools. The desktop platform provides real-time charting and a wide range of functionalities in both the web platform and its applications, catering to both beginners and professional traders.
XTrade's customer support has been evaluated through our testing, offering multiple support channels that enhance the trading experience. Support is accessible via live chat, email, or phone, with multilingual support and international centers operating 24/5. Customer support at XTrade is rated 4.1 out of 5. The broker provides omnichannel support in multiple languages, with some of the fastest and most informed responses compared to other brokers. The primary limitation is the unavailability of broker support on weekends.
XTrade offers a comprehensive selection of trading education resources, catering to both beginner and advanced traders. The broker's educational offerings include courses, articles, video tutorials, and glossaries. Traders can develop their trading skills and strategies using professional tools, educational resources, and daily market reviews, making it accessible for beginners to join. XTrade's educational resources are rated 4.4 out of 5, providing high-quality materials and excellent research in collaboration with leading data providers.
In conclusion, XTrade presents stable and reliable trading conditions, with its main offerings centered on fixed spreads with no hidden fees, a powerful online-based platform, and a comprehensive variety of trading instruments. As a regulated broker, XTrade adheres to strict rules regarding client protection, fund security, and a safe trading environment. The broker's support for traders through various means, including excellent support, zero fees on money transactions, and widely supported methods, is commendable. XTrade's flexibility regarding platforms, currency pairs, and solutions provided is a significant advantage. The broker offers competitive costs and exceptional educational material suitable for different levels of traders. Our findings and financial expert opinions suggest that XTrade is well-suited for beginners, advanced traders, professional trading, investments, MT4 platform users, algorithmic or API traders, currency and CFD trading, and various trading strategies, supported by good customer support and excellent educational and research materials.
