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BROKER REVIEW

XTRADE

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July 1, 2020 | 

JOHN K MWANIKI |  0 Comments | 

3207 Views

XTRADE CRYPTOCURRENCY BROKER REVIEW

Our Pick

Mimimum Deposit

$100

Crypto

currency
currency
currency
currency
currency

Regulation

country
country

Our Score

9.4

Xtrade is one of the most popular financial trading sites in the world. Started over a decade ago, the platform has continually grown to offer a wide variety of trading commodities. It facilitates trade payments, liquidity, and managing risks. 

Xtrade takes pride in offering some of the world-leading trading solutions with the latest technology. It also has unparalleled expertise and institutional expertise for global trading functionality. The trading site also comes with superior customer support, multiple operational platforms, and a streamlined trading process. 

Xtrade has also had some exciting partnerships. It partnered Cristiano Ronaldo as the 2016 – 2017 ambassador. Such strategic alliances show its willingness to keep on growing while offering world-class services. 

This review looks into everything you need to know about Xtrade.

Security 

Xtrade is big on security. Started in Cyprus, the trading platform is registered under the Cyprus Securities and exchange. It, therefore, falls under the Cyprus Security and Exchange Commission (CySEC) with registration number 248449. 

For Australian users, the broker is regulated by the Australian Securities and Investments Commission (ASIC). It is also regulated on the international scope by the Financial Services Authority (FCA) in the United Kingdom. It is also registered with several other regulatory bodies depending on the region of operations.

Falling under the CySEC means the trading site holds the investors' assets in segregated accounts. The separate accounts assure the investors of the safety of their assets in case the site dissolves. Xtrade also does regular audits to ensure compliance with the regulations. 

Xtrade values the security of users' data. For that, it provides for a 256-bit Secured Socket Layer (SSL) on the platform.

Trading Platform 

Xtrade provides a highly intuitive user interface with the Xtrade WebTrader for the ultimate user experience. The platform does not require the user to download it for access hence the convenience. It allows for trading multiple commodities through fast trade and order execution. The platform also provides updated market analysis and the ease of switching between live and demo accounts. 

Xtrade also provides secure mobile access through a mobile trading app. The app allows for real-time charting, notifications and alerts, easy navigation, and full-featured functionality. Users don't have to forfeit some features when away from a desktop. 

Ultimately, Xtrade also provides a dedicated tablet trading app. It comes with an advanced graphical interface, intuitive navigation, and an alert system. The platform also allows deposits and other extensive functionality.

Deposit and Withdrawal

Xtrade provides for safe and secure deposit methods. It works with several reputable financial service providers to allow for convenience when depositing. It ensures customer data safety by delivering SSL encryption and regular website testing. The safety standards keep the site safe from frauds and other online financial crimes.

The site support credit/debit cards deposit and bank transfer. The traders can also use American Express, PayPal, and other standard payment methods. It provides reliable customer support in case of any deposit inquiries. 

Xtrade allows for deposit only from accounts with the same name as that of the account holder. It rejects all the payments from an account with different names.

The minimum deposit depends on the account type. For example, the standard account's minimum deposit is $250, while for a premium account, it is $1000. The platinum provides for $5000, and VIP's is $20000. 

Xtrade also looks to ensure quick and efficient withdrawals. It only allows withdrawal to verified accounts. The user verifies the account by providing the necessary documents like government-issued ID/passport, proof of address, and after an appropriateness assessment. The platform reserves the right to ask for additional documents. 

Processing withdrawal request takes a maximum of 5 days. This is quite longer than most other brokers. The platform also provides for a minimum balance such that one cannot withdraw the entire available balance. 

Customer Service 

Xtrade boasts one of the most reliable customer services in the trading sector. It provides highly responsive customer support available 24/6. It also allows for a responsive live chat, email, and phone call. 

By providing multilingual customer support, the site allows for multinationals trading. The customer support is also knowledgeable and friendly. Also, it has a well-updated FAQ page for all the common concerns. 

Education

Xtrade does not hold back when it comes to trader education. It provides detailed training videos for beginners. From the videos, the user understands how to navigate the website and select the commodities. 

Apart from the videos, the site also provides multiple courses for both beginners and professional traders. It also has a glossary and a regularly updated blog with industry news and information. 

Fees 

Trading in Xtrade is quite affordable, as it does not charge either deposit or withdrawal fees. However, it provides for fixed spreads depending on the commodity. It also provides for overnight trading premium fees for the traders who opt for it. 
The platform charges an inactivity fee of $10 per month on accounts inactive for less than three months. Otherwise, it costs $60 for accounts inactive for more than a year.

Instruments 

Xtrade provides multiple trading instruments with a wide range of opportunities for any trader. Some of the accessible instruments on the site are the Equity CFDs like shares of Google, Apple, Nike, JP, and many more. 

The CFDs trades at an initial margin of 5%.

Xtrade allows forex trading with some of the world's popular currencies like EUR/USD, USD/JPY, GBP/USD, EUR/JPY. It also supports minor and exotic currencies. Forex trading comes with a fixed spread of 2.5 pip EUR/USD. It charges no commission on the forex. 

The platform supports trading in some of the world's popular commodities like Gold, Silver, oil, and several more.

Xtrade supports cryptocurrencies like bitcoin, Litecoin, Dash, Ethereum, Bitcoin Cash, and several others. It also has Exchange Traded Funds (ETFs) and bonds as part of the available commodities. 

Account Types 

Xtrade understands that various traders have different needs. For that, it provides different accounts with multiple provisions. These accounts ensure the complete trading experience for whichever a trader chooses. 

The first account is the standard that commands a minimum deposit of $250. The account comes with daily video market reviews and an economic calendar for all the updated market trends. Additionally, it provides customer support and a demo account. 

The other account is the premium that provides for a $1,000 minimum deposit. The account supports both mobile and desktop trading, among other high-end features. It also comes with a welcome bonus for first-time users. The account also comes with additional market insights and a dedicated account manager. 

Platinum is the other Xtrade account that allows $5,000 minimum deposit. It comes with all the features available in the premium and standard, and many more. It comes with a senior account manager in case of any concern and for learning. 

Lastly, the site comes with a VIP account that allows $20,000 as the minimum deposit. The account supports multiple features like economic calendar, customer support, and market reports. 

The VIP account comes with several benefits like faster payment processing, customized support, and exclusive corporate gifts. 

Although there seem to be differences in the account, they all deliver when it comes to the trading experience. They all come with multiple commodities and reliable support. 

Pros and cons 

Xtrade has continually grown over the years due to its several benefits. It invests in a wide range of commodities for the full trading experience. It also comes with a user-friendly platform for both mobile and desktop access. 

The trading platform comes with multiple trading tools and dedicated customer service. Ultimately, compared to other trading sites, Xtrade comes out on top.

Still, it has some concerns that traders need to look into when signing up. It provides for fixed spreads that might be costly to some. It also prohibits some of the trading methods that make it limiting for adventurous gamers. 
 

Pros

Cons

Wide range of commodities

Costly fixed spreads

User-friendly platforms

Prohibits several trading methods

Multiple education and research tools

Reliable customer service

Secure and fast payment methods

Wrapping Up

Choosing a trading platform is such a daunting task. Most brokers who provide lower trading costs come with limited commodities and unreliable services. Exceptional services, on the other hand, come at a price. However, Xtrade finds a balance between customer needs and the cost of trading.

It offers multiple trading commodities, reliable customer service, and educational materials. Xtrade is an ideal trading platform for anyone looking to make it in forex trading. 
 

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