XTrade, a CySEC-regulated CFD and forex broker, is regulated by CySEC. This review will help you make a decision about whether or not to open an online trading account. It covers the broker’s platform and mobile app, minimum deposit, payment options, and other details.
XTrade Company Overview
XTrade Group Limited is the owner of CFD Investment Broker and it is based in Limassol (Cyprus). The company also has several sister brands, such as XTrade Europe Ltd. or XTrade International Ltd. that serve clients from Dubai to Uruguay.
The brokerage was established in 2003 and has 15 offices around the world. It is also registered with more than 10 regulatory agencies including the UAE, Malaysia, Cyprus, Malaysia, and the Philippines. XTrade doesn’t offer services to the UK or Canada, but it does provide services in other countries.
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XTrade WebTrader Platform
No downloads or installations are required for the proprietary web-based platform. The login page is easy to use, and the trading tools are well-received. It is available in 11 languages, offers 12 technical indicators and 4 chart styles. There are 9 time periods and 17 analysis tools. It also includes a news thread, signals service, and an integrated economic calendar.
The popular MT4 trading platform is not available for download.
Assets & Markets
There are more than 200 online Forex and CFD instruments, including:
- 56 forex pairs 19 majors and 9 minors & 28 exotics
- Commodities –Precious metals & energies
- Stock indices –Eight global stock indexes
- Shares –Close To 200 Company Shares
XTrade also offers a few ETFs.
Spreads & Commissions
XTrade charges a flat fee with no commissions and only takes money from spreads. Spreads can vary, such as GBP/USD spreads that range from 2.5 to 5, EUR/USD ranges between 1.7 and 5 pips, EUR/USD ranges between 3 to 5 pip, and EUR/GBP ranges between 3 to 5 pip.
User complaints include the $50 inactivity fee that is charged for accounts that have been idled more than three months. Positions that are open after 22:00 GMT are subject to overnight premiums or swaps.
Maximum leverage rates are 1:400. Leverage levels for indices can range from 1 to 20 to 1 to 200, commodities up to 1:10 and forex pairs between 1 to 50 and 1 to 400. Stocks can be leveraged up to 1 to 5. According to ESMA regulations, retail traders in EU-regulated markets such as Germany are limited at a leverage limit of 1:30.
The XTrade platform was also developed for mobile use on iOS and Android smartphones, tablets and tablets.
The mobile app, called XTrade Online Trading, is easy to install and features a responsive user interface. It also has many of the same capabilities as the web-based platform.
One-touch trading is possible with the application. The app supports charting options, live prices, analysis tools and notifications.
The mobile platform also offers many additional tools such as the Autochartist signals or the economic calendar. These tools have received positive reviews.
XTrade offers a variety of payment options that can be used by clients from different countries. All clients have access to Visa and Mastercard payment cards as well as bank wire transfer options.
The maximum amount you can deposit for payment cards is $15,000, but wire transfers are allowed. There are many domestic e-wallets available for traders, as well as payment providers such UnionPay and Neteller. Each has its own maximum deposit.
A minimum deposit of $250 is required. However, this can be decreased during promotions.
You must withdraw the same way as you made the deposit. If a deposit was made via an e-wallet then withdrawals can only be made by bank transfer, Skrill, or Neteller.
XTrade takes up to five business days to process a withdrawal. However, it might take longer for the money to reach the target account because some payment providers take more time. The broker does not charge withdrawal or deposit fees.
Current and potential clients have access to a fully-equipped online demo account. This allows traders to experience forex and CFD trading. You can use simulated money to open and close positions in real-world markets once you have completed the login page.
Deals and Promotions
There are currently no deposit or welcome bonuses available at the time of writing. They do however run regular promotions and are known to offer deposit bonuses, lower minimum deposits and even team up for international soccer star Cristiano Ronaldo.
Before you register for an account, make sure to check the bonus terms and conditions.
Statute of Regulator
XTrade, a licensed forex broker, is regulated and authorised by the Cyprus Securities and Exchange Commission in Europe (CySEC), and many other agencies for its international services.
XTrade International Ltd is also compliant with the International Financial Services Commission’s rules for global trading.
Client funds are kept separate from company funds, which means that clients’ and company assets are clearly distinguished. This provides traders with monetary security.
All client accounts are opened under the Investor Compensation Fund, which covers traders upto EUR20,000 in the event that the broker is unable to pay winnings.
XTrade provides many additional features for its clients, in addition to their award-winning trading platform. The website and platform offer access to a complete economic calendar as well as a news stream.
You can also find daily market analysis videos on their YouTube channel and website, as well as calculator tools for Pivot and Fibonacci calculations and deal size calculations.
The XTrade website includes an education center that offers a variety of tools for both beginners and experienced traders. You will find everything you need to know about the platform, charting, market analysis, and more through tutorials, e-books and PDFs. A glossary is available to assist traders in understanding unfamiliar terms.
Types of accounts
XTrade doesn’t differentiate between traders and offers one account type for real money trading. All traders have access to all instruments, mobile platforms and educational centers. However, this does not mean that you can’t avoid less favorable spreads than with other tiered accounts.
A range of competitive features are available to clients:
- Trading platform that has won awards
- Global licensing and regulation
- Video analysis of the daily market
- There are many payment options
- Autochartist signals
- There are no commissions
However, there are some areas that the broker could improve on:
- There is no cryptocurrency and Bitcoin trading
- There is no automated investing ability
- There is no Islamic account option
- Social trading is prohibited
- No MetaTrader
- Wide spreads
Market trading hours for instruments supported by XTrade range from 21:00 GMT Sunday through 21:00 GMT Friday during daylight savings and 22:00 GMT Sunday through 22:00 GMT Friday in winter months. You may find some instruments with shorter trading hours. The details can be found on the website’s CFD information page.
You can reach the customer support team via multiple methods, 24 hours a days, 7 days a week. The phone line opens at 22:00 GMT Sunday through Friday and closes at 22:00 GMT Friday. The broker also has an extensive social media presence and offers email support.
XTrade can be reached via the live chat feature in the lower right corner. This function is available for general inquiries and support. The website supports 35 languages, and live chat representatives can be reached in six languages. You can contact the customer service team via:
- Email Address –[email protected]
- Phone number –+44 238 74001
Support can assist with many questions, including how to delete an existing account, use the platform or verify your account.
Follow the broker on social media
You can find the website of the broker, which includes information about the company’s Cyprus headquarters and locations in Melbourne, Australia.
XTrade offers high levels of cybersecurity with 256-bit Secure Sockets Layer encryptions (SSL), provided by Comodo on all transactions as well as website traffic.
The broker has numerous credit card and identity theft protections in place. All of these are subject to regular review. Website also uses True-Site identity protection and conforms to AICPA WebTrust assurance standards.
XTrade, an award-winning provider, is a strong competitor to brokers like eToro or Plus500. Clients new to forex trading and CFDs will find it an attractive choice because of its free signals and well-equipped educational centre.
A good indicator of their safety to trade is the ten years or more of industry experience.
XTrade is open to traders from Australia, Thailand and South Africa.
Traders cannot use XTrade in the United States, Canada, or United Kingdom.
Is XTrade a legitimate brokerage company?
XTrade Europe Ltd. has been licensed and regulated in Cyprus by the Cyprus Securities and Exchange Commission. XTrade International Ltd. has been licensed and regulated in Belize by the International Financial Services Commission. We are confident that the broker is legitimate.
What is the minimum deposit required to open an XTrade Account?
A minimum deposit of $250 is required to open an account. The minimum size position is 0.01 lot.
Is there an XTrade demo Account?
Yes, XTrade offers a demo account that includes all the features and options of a real-money account.
Is XTrade able to offer a MT4 Download?
No. XTrade offers only its proprietary trading platform for browser-based trading. The platform is also available as a mobile app for iOS, Android and Tablets.
Can I open an XTrade Canada account?
XTrade is not available to traders in the USA, Canada, or any other country where it conflicts with local laws. XTrade is available in many countries around the world, including Australia, India, UAE, Australia, and Uruguay.