Launched in October 2017, XtraderFX is a non-regulated Forex broker specialising in cryptocurrency trading, in English, Russian and German. Since the beginning of 2017, cryptocurrencies have dominated the media and financial markets across the globe. By trading cryptocurrency CFDs at, XtraderFX, traders can profit from the price volatility of digital currencies such as Bitcoin, Ripple and Ethereum, without owning the physical assets themselves. To find out how to capitalize from the exciting world of cryptocurrency trading, read our, XtraderFX broker review below.
XtraderFX Account Features
XtraderFX doesn’t differentiate between its customers but offers a universal trading account with an initial minimum deposit requirement of just $250. However, traders can advance fast at XtraderFX potentially making far bigger returns on investment, by using the excellent educational resources offered free by the broker. We were impressed with the innovative features and learning material put together by XtraderFX, preparing traders for digital asset trading. Free courses for cryptocurrency trading are available in ‘Trading Academy’, whilst exclusive live webinars and market reports, provide traders with a fundamental understanding of digital asset markets. Moreover, attractive rewards are usually given to new and existing customers by XtraderFX, boosting the funds available to invest on the trading platform. However, bonus rewards should not be treated as ‘free’ money, as they come with strict wagering conditions, which should be considered carefully before accepting the offers. At XtraderFX, traders typically need to execute a trading volume of at least 40 times, for every 1-unit of bonus, before they can withdraw funds from their trading accounts.
Account Registration at XtraderFX
The process of opening a new account with XtraderFX is very easy. Simply click on the ‘register’ button and you’ll be taken directly to a basic form where you give your name, birthdate and country of residence. You also need to provide an Email address, select a base currency for your account from Euro, US Dollar or GB Pound, and enter a secret password to protect your new trading account. The next step is to make your first deposit of at least $250 so that you get access to the trading platform. We were pleased to see that the minimum trade size is very low at just $1 per trade, so with $250 you can make 250 separate trades, whilst trying out the various tools on the trading platform. That means 250 opportunities for earning big returns from speculating on the price movements of various cryptocurrencies. Importantly, you don’t need to buy the cryptocurrency assets and keep them in a digital wallet online, where they could be stolen by hackers.
XtraderFX offers customers the possibility of margin trading with the leverage provided by the broker, effectively increasing the traders’ buying power. Leverage gives customers the opportunity to trade in cryptocurrency CFDs without putting up all the money required to make the trades. Traders usually see leverage displayed as a ratio, such as 2:1. This means that the trader can open a position with double the money deposited in the trading account. If a trader has $5,000, the size of the trade position can be $10,000. The concept of leveraged trading is to give traders the possibility of making higher returns than they would normally make, by investing a lot more money than they personally possess. However, it’s important to remember that whilst leverage amplifies the size of profits, it also does the same to losing trades, so it should be used carefully.
We would like to see a demo account made available for risk-free practice trading at XtraderFX. Nevertheless, the very low minimum trade size gives customers the ‘next best thing’ to practice trading with virtual money. The obvious advantage of trading with real money is that traders keep their profits and gain experience fast in a vibrant trading environment.
Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!
XtraderFX Trading Platform Features
We were pleased to see that XtraderFX uses the innovative, user-friendly Tradologic trading platform. It’s a leading platform for FX and CFD trading, popular with casual traders around the world. The platform is web-based so there’s no need for software download and it’s accessible from just about any kind of mobile device, through the browser.
Importantly, the XtraderFX platform provides an intuitive system with straightforward trade execution, rather than a confusing, complicated interface. To make things even easier, the platform has a button in the top right-hand corner, enabling customers to switch between the ‘Pro’ version and the ‘Simplex’ version. Beginners in crypto trading usually find the Simplex trading platform ideal, as it makes trading incredibly straightforward, with only the most popular assets offered in a special time frame. Both versions have a broad range of trading tools, specially designed to manage risk and help traders determine the best trading strategy. Major trading tools include:
- Take-Profit – enables traders to set the level of profit at which the open position on the platform closes automatically, locking in the profit.
- Stop-Loss – vitally important for limiting losses when a trade goes in the ‘wrong’ direction. Traders set the Stop-Loss at a price level where the trade is closed automatically, to prevent further losses.
- Order Info – a tool delivering a broad range of important additional information about the trading contract.
We were very impressed to see that traders have access to more than 30 technical indicators for technical analysis of the markets and two types of charts (candle and line).
Cryptocurrency Assets on the XtraderFX Trading Platform
XtraderFX is a Forex and CFDs broker, specialising in cryptocurrency trading, so all the currency pairs available in the cryptocurrency asset list, include at least one cryptocurrency in the pair. Importantly, cryptocurrencies can be paired with the USD or the Euro, as well as with other cryptocurrencies. Anybody with some experience in trading traditional forex currency pairs will see that it involves the same trading process. Traders simply choose an asset contract and buy or sell it as they want. The basis of their decision is whether they think the price of one currency, relative to the second currency in the pair, will rise or fall. The complete list of cryptocurrency assets available XtraderFX at the time of writing this review is shown below. To make choosing assets easier, we give explanations of the cryptocurrency abbreviations: PPC is Peercoin, LTC is Litecoin, ETH is Ethereum, GNT is Golem, XRB is Nano, ZEC is Zcash, BTC is Bitcoin, NMC is Namecoin, ETC is Ethereum Classic, XMR is Monero and XRP is Ripple.
How Easy is it to Trade Cryptocurrencies with XtraderFX?
With such a straightforward trading platform, that can be switched between Pro and Simplex, trading cryptocurrency CFDs couldn’t be easier. Just choose the platform version that suits your level of trading experience, by clicking on the dedicated tab on the XtraderFX platform. Then, choose the asset that you want to trade and click on it. A pop-up window will appear, where you select the number of orders that you want to buy or sell. The next step is to set the price level for the ‘Take-Profit’ and ‘Stop-Loss’ tools. To better manage risk, you can also choose the ‘Pending Orders’ tool. Essentially, Pending Orders are bought only when the price of an asset reaches the level that you set on the platform. You’ll see that as you open positions by selecting assets, a list of open positions and pending orders appears below the main chart on the platform. This means everything is neatly organised, and you can see it all at a glance. In our experience, even when you have placed all your trades, it’s important to track them, and make adjustments on the platform, in response to market movements. Even the most experienced traders keep a close eye on their trades. However, if you prefer to let the software trade on your behalf, find out about the advantages of crypto auto trading software.
XtraderFX Customer Support
XtraderFX offers customer support services 24/7, over a UK telephone number and by Email. A convenient contact form is also provided, so that clients can send messages directly from the website, and get replies sent to their personal Email addresses. To make the service more targeted, customers are asked to choose from four categories indicated under the contact form: Deposit/withdraw, Trading, Technical issue or General. Moreover, customers are supported through the diverse range of educational resources on the trading platform. They can read about cryptocurrency trading and discover the varying features of the cryptocurrencies, offered as tradeable assets on the XTraderFX trading platform.
XtraderFX Payment Methods
Customers can fund their trading accounts by credit card or bank wire transfer. Whilst XtraderFX accepts deposits in multiple international currencies, accounts must have USD, GBP or EUR as the base currency. To open a trading account requires a minimum initial deposit of $250. However, the minimum withdrawal amount is just $50, and must be done by the same payment method. Importantly, before withdrawal requests can be processed, customers must provide documents to verify the account and prevent fraud. The usual documents include a copy of the passport signature page, copy of recent utility bill, signed purchase history of online transactions, and a copy of the credit card used to fund the account (customers are asked to cover all but the last four digits of the credit card number on the front side, and the CVV code on the back, when making the photocopy). If the financial department at XtraderFX has any doubts about the account verification documents, customers may be asked to provide additional documentation for their own safety.
We were pleased to see that XtraderFX uses SSL encryption technology and strict security protocols to protect financial transactions and customer data. XtraderFX is owned by GPay Ltd, 18 Stoke Road, Slough, SL2 5 AG. The company is not licensed or regulated by any financial services regulatory authority.
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