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XTrade Review

  1. Founded in 2010, XTrade is a global CFD broker with a long-established reputation in the financial services industry. The company promotes itself through sport, with the international football star, Cristiano Ronaldo contracted as an international ambassador. XTrade offers margin trading in CFDs across multiple asset types, including major cryptocurrencies, on a ‘next generation’ web-based trading platform, with competitive fixed spreads.

    XTrade is a global brand available in 40 languages (including English and Dutch), operated by multiple companies in different regions of the world. In South Africa, Xtrade is operated by XTrade International Ltd, regulated by the Financial Services Board (FSB) under license number 46600. Within the European Union, XTrade is operated by XTrade Europe Ltd, with head offices in Cyprus, under CySEC license number 108/10. XTrade also operates through units in Australia under ASIC regulation and in Belize under the regulation of the IFSC. However, at the time of writing this review, none of the licensing authorities referred to above, have a regulatory framework covering cryptocurrency trading.

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    XTrade Trading Account Features

    The universal live trading account offered by XTrade, requires a minimum first deposit of $200. Importantly, XTrade does not charge trading fees or commissions to its customers, unless they keep positions open after trading hours. In such situations, premium Buy and premium Sell charges are deducted from customers’ accounts.

    Trading Education – Traders with no previous experience can visit the XTrade Education Centre and the XTrade Academy, to access the high-quality video tutorials and educational resources, provided free to beginners and professional traders.

    Leverage – At XTrade, traders are assigned a leverage ratio from 1:50 up to 1:400. Notably, the leverage ratio depends on the amount of funds deposited in the account. A key point to remember, is that leverage allows traders to open large trading positions with only small margin deposits. But, it also means that losses are greatly magnified, just as profits are magnified in winning trades.

    Spreads – The difference between the Bid and Ask prices of the financial instruments, are fixed by XTrade. Whilst they include the costs of trading with the broker, we found the spreads competitive (EUR/USD from 2 pips).

    Negative Balance Protection – XTrade stops traders getting into debt by providing inbuilt negative balance protection into the trading accounts. Essentially, traders can’t lose more than the money they have deposited in their trading accounts.

    Account Verification – To comply with the company’s KYC policy (know-your-customer), customers are requested to provide copies of a valid passport or ID document, plus a recent proof of address, to the email address provided on the account verification page. Subsequently, an automated email confirms the customer’s account status as verified. It’s important to realise that as a regulated online broker, XTrade must operate according to the compliance procedures enforced by the regulatory authorities around the world. In our experience, even unregulated brokers request ID and proof of residence for account verification, before funds can be withdrawn.

    Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!

    XTrade Demo Account

    An unlimited demo account is opened automatically for new customers, as soon as they open a live trading account. However, it’s only activated if the initial deposit meets the company’s minimum deposit requirements, (not stated on the website).  Notably, the demo account for practice trading in a risk-free environment, is funded automatically 7 days after registration. Moreover, traders can switch between demo and real modes, by using ‘Switch’ button.

    XTrade Trading Platforms, Features and Trading Assets

    Following account registration, customers are given instant access to the user-friendly, XTrade platform using multiple devices. The award-winning platform offers a broad range of CFDs in Forex (including major Cryptocurrencies), Indices, Commodities, Bonds, ETFs and Shares. Conveniently, the proprietary trading platform is web-based, and accessible from all internet connected devices. With the ‘next-generation’ trading platform, traders don’t need to download any software, but simply log in to enjoy an optimal trading experience with fast order execution. The trading hours on the XTrade platform are from 9 pm GMT on Sunday, until 9 pm GMT on Friday, during ‘daylight saving times’ and from 10 pm GMT on Sunday, until 10 pm GMT on Friday, during winter time trading. Nonetheless, a specific trading time is given for each financial instrument on the CFDs list on the XTrade website. We saw that the minimum and maximum order size, varies according to the asset class, and is also indicated on the CFDs list.

    Mobile Trading App – XTrade offers an intuitive Mobile trading app with one click navigation, for iPhone and Android phones. Importantly, it has the same functionality as the Web Trader and provides a broad range of trading tools including charts and technical indicators (with real time updates).

    Tablet Trading App – Designed especially for iPad and Android powered tablets, the Tablet Trading App has a user-friendly, graphical interface with intuitive navigation and settings for receiving alerts. Importantly, the app incorporates the main functions needed for portable trading.

    Cryptocurrency CFDs – XTrade offers an extensive choice of cryptocurrency CFDs on its trading platform. The asset range includes Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Ripple and many more. Significantly, traders don’t need to buy and trade the notoriously volatile, cryptocurrency assets, but only speculate in the cryptocurrencies’ price movements. In this convenient way, XTrade opens the ‘door’ to potentially profitable crypto markets, in a secure trading environment.

    XTrade Trading Tools – XTrade provides several valuable trading tools including an economic calendar and a regular news-letter. Additionally, traders can request the AutoChartist Markets Reports, prepared three times daily, to coincide with market openings in Tokyo, London and New York. Importantly, the reports give technical outlooks whilst taking market psychology into consideration. AutoChartist also provides trading alerts showing trading opportunities, supported by volatility analysis and performance statistics.

    XTrade Risk Management Tools –  Traders can limit the down-side risk by setting a stop-loss order on the trading platform. This closes positions when the prices fall below a specified level, preventing even bigger losses. Additionally, traders can set the Take-Profit order, to sell an amount of a financial instrument when it reaches a specified price, thereby locking in the gains.

    XTrade Customer Service

    Traders can access the convenient, customer support service through the live chat on the interface 24/7. Alternatively, they can phone the number given on the contact page or send an email.  Whilst XTrade provides general support 24/7, payment support is provided only 24/5. We found the extensive FAQs page at XTrade very impressive, and well worth consulting before contacting the support team.

    XTrade Payment Methods

    XTrade supports a broad range of payment methods including credit/debit cards, American Express, bank transfers, Skrill, Neteller and PayPal. Importantly, the range of payment methods is also determined by the currency that customers choose to deposit to their trading accounts. Detailed information is given for each country on the ‘Deposits’ page, making it easy for customers to find the exact payment options available in their part of the world. Importantly, deposits and withdrawals are not charged fees by XTrade. Whilst withdrawal requests take 5 business days to process, delays by the payment service providers can extend the time needed for funds to be credited to traders’ accounts. Importantly, to make a withdrawal request, traders must have previously verified their trading accounts (with an official ID and proof of residence) and fill in the withdrawal form online. After that, they must print the completed form, sign it by hand and send it as an attachment, to the withdrawals processing department at XTrade. Because of international money-laundering regulations, withdrawals equal to the size of the deposits made to XTrade, are returned by the same method used to deposit. However, profits exceeding the amount deposited to the trading account, are usually returned to customers by bank transfer. In cases where the amount is $150 or less, customers can state on the withdrawal form, how the money should be delivered to them.

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