XTrend Review 2024
Website: www.xtrendspeed.com
Min. Deposit: US$ 50
Leverage: 1:30 | 1:300
Trading Platforms: XTrend PC and Mobile Trading Apps
Regulation: CySEC, FSCA
Headquarters: Cyprus, South Africa
Founded: 2018
Updated on January 8, 2024
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In our comprehensive review process, we meticulously examine key aspects of forex brokers to ensure our evaluations are thorough and reliable. Our criteria include regulatory compliance, trading platform options, available trading instruments, fee structures, customer service quality, educational resources, and overall trading experience. This methodical approach is applied to our analysis of over 1000 brokers, enabling us to offer well-informed recommendations and insights.
XTrend stands out as a Forex and CFD trading broker, providing access to a diverse selection of trading instruments across various asset classes such as Forex, CFDs, Commodities, Indices, Shares, Precious Metals, Cryptocurrencies, and Energy. The broker is headquartered in Cyprus and operates under the stringent regulatory oversight of the CySEC in Europe, alongside authorization from the FSCA in South Africa, ensuring a secure trading environment.
Pros
Offers a competitive trading environment
Low minimum deposit requirement enhances accessibility
Comprehensive educational resources are available
Cons
No 24/7 customer support
Lacks toptier regulatory licenses, though CySEC and FSCA oversight provides considerable safety
Based on our extensive research and the regulatory oversight by both CySEC in Europe and the FSCA in South Africa, XTrend is deemed a safe broker for forex and CFD trading. The lack of a top-tier license may raise concerns for some traders; however, the existing regulatory framework ensures a level of security and reliability for traders.
Leverage is a powerful tool in trading that allows participants to amplify their market exposure with a relatively small initial capital. While this can increase the potential for significant gains, it also raises the risk of substantial losses. XTrend offers leverage in compliance with CySEC and FSCA regulations, capping it at 1:30 for major currency pairs for European and South African traders. The broker's website also mentions the possibility of accessing higher leverage, up to 1:300, underscoring the importance of understanding leverage's risks and benefits thoroughly before its application in trading activities.
Account Types
Based on our extensive research, which involved analyzing over 1000 brokers, the broker features a singular real trading account designed to cater to a broad spectrum of traders. The broker sets an initial deposit requirement at $50, making it accessible for both new and experienced traders.
Opening XTrend Trading Account
The process of opening an account with this broker is straightforward and can be completed swiftly. To start, you should navigate to and engage with the "Create an Account" page. Follow these steps for a smooth account setup:
Select and click on the "Create an Account" page.
Enter the necessary personal details (Name, email, phone number, etc.)
Verify your identity by uploading the required documents (proof of residence, ID, etc.)
Finish the electronic quiz to confirm your trading experience.
After your account is verified and active, you can proceed with depositing funds.
Trading Instruments
XTrend grants access to a wide array of trading instruments, including Forex, CFDs, Commodities, Indices, Shares, Precious Metals, Cryptocurrencies, and Energy. This diversity enables traders to expand their portfolios and engage in various markets, tailored to their specific trading preferences and strategies. The XTrend Markets Range is evaluated at 8.5 out of 5, highlighting the broad selection of trading products available.
XTrend Fees
Upon evaluating the broker's fee structure, it's apparent that XTrend offers competitive pricing across most of its trading services. However, it's important to note that withdrawal fees are present, and traders might encounter additional charges during their trading activities. For a complete understanding of the fees you might incur, thoroughly examine the broker's fee structure and terms and conditions. The overall assessment of XTrend Fees stands at 7.9 out of 5, marking them as low or average when compared against our comprehensive analysis of over 1000 brokers.
Our test trades reveal that the broker offers competitive spreads, especially noting an average spread of 0.2 pips for the EUR/USD currency pair within the Forex market. It's important to consider that spreads may fluctuate based on market conditions, volatility, and liquidity. For specific details on the spreads for different instruments and account types, refer to the broker's website or contact their customer support. XTrend Spreads achieve an 8 out of 5 rating in our comparison, showcasing Forex spreads significantly below the industry norm of 1.2 pips and competitive spreads for other trading instruments as well.
After conducting extensive research, we found that this broker provides multiple options for traders to deposit funds into their accounts, including Wire Transfers, Credit/Debit cards, and E-wallets such as Skrill, Neteller, and PayPal. It's important to note that some payment methods may be subject to specific requirements or restrictions based on the client's bank or financial institution.
The broker's funding methods received a favorable evaluation, resulting in an impressive score of 4.3 out of 5. The fees are competitively low, and traders can benefit from a variety of account-based currencies. Here are the key pros and cons related to the broker's funding methods:
Pros
Variety of payment options
Low fees
Cons
Some restrictions may apply based on the financial institution
The broker requires a minimum deposit of $50 to open a live trading account, which is significantly lower than the $500 often required by other brokers. Withdrawals are processed efficiently and typically take 3-5 working days, depending on your bank.
This broker offers a tailored trading experience through dedicated platforms for both desktop and mobile users. On desktop, traders can utilize the broker's PC application, compatible with macOS and Windows, featuring a robust set of tools and functionalities. Mobile traders are not left behind, with the broker's Mobile Trading Apps ensuring continuous market engagement through a comprehensive range of features accessible on smartphones and tablets.
Given a score of 3.8 out of 5, the trading platforms are recognized for their advanced features but are noted for the lack of alternative platforms.
Pros
Dedicated desktop and mobile platforms
Comprehensive set of trading tools and features
Cons
Limited platform alternatives
The broker provides customer support 24/5 through live chat, email, phone, and social media. The support team includes trading experts ready to assist with technical support, analysis recommendations, and operational issues, ensuring traders receive efficient assistance during working hours. The customer support quality is rated at 3.8 out of 5.
The broker offers a wide array of educational materials, including tutorials, videos, interactive courses, and blogs. These resources cover essential topics such as market analysis, trading strategies, and risk management. With a score of 4.0 out of 5, the broker's educational offerings are deemed suitable for traders at all levels, aiming to enhance their trading knowledge.
XTrend emerges as a trustworthy brokerage firm, providing access to a wide array of trading instruments across various markets. Highlighted by competitive trading conditions, efficient execution, and comprehensive educational resources, the broker seeks to deliver a holistic trading experience. Despite its strengths, it's advisable for traders to conduct their research and assess if the broker's services align with their individual trading needs. According to our analysis and feedback from financial experts, XTrend is particularly well-suited for:
European traders
Traders from South Africa and the African Region
Currency trading
Professional trading
Investing
Beginners
Advanced traders
Those seeking competitive spreads and fees
Individuals looking for quality education and trading tools
