Currently we cannot recommend trading with this brand.
XCoinBroker is a forex broker that accepts deposits and withdrawals exclusively in bitcoin. This makes it interesting to traders who follow the latest trends and want to use cryptocurrencies for their own benefit. Of course, this can seem a bit limitating to traders who prefer to deposit in hard currencies, but there is a solution for that as well.
In this XCoinBroker review, we tried to focus on most important elements of trading with this broker such as account types, software, mobile trading, payment methods and customer support. Before you start trading, we suggest you read our review and find out more useful information that can help you along the way.
XCoinBroker Demo Account
We were quite surprised when we found out how this broker supports 7 different account types, also referred to as plans. These account types offer a little bit of extra for every type of trader, and it is up to you to decide which account to open. As usual, the account levels are determined by the minimum deposit.
Micro Plan
- Minimum deposit – up to 0.5 BTC
- 1:20 leverage
- Up to 10% margin loan
- Monthly market review
Mini Plan
- Minimum deposit – up to 2 BTC
- 1:25 leverage
- 25% margin loan
- Weekly webinars via live stream
- Monthly market report
Silver Plan
- Minimum deposit – up to 10 BTC
- Benefits of cheaper accounts
- 1:30 leverage
- 35% margin loan
- Personal account manager
Gold Plan
- Minimum deposit – up to 20 BTC
- Benefits of cheaper accounts
- 1:35 leverage
- Up to 50% margin loan
- Personal broker
- Weekly one-on-one trading sessions
Diamond Plan
- Minimum deposit – up to 45 BTC
- 1:40 leverage
- Up to 75% margin loan
- Benefits of cheaper accounts
- Invites to VIP events
VIP Plan
- Minimum deposit – 45BTC and more
- 1:50 leverage
- Up to 100% margin loan
- High payouts
- Tight spreads
- Benefits of Gold account
Traders who decide to register with XCoinBroker must count on making a deposit in bitcoins, and exchange rates that can sometimes be very volatile and change extremely within a day. What we fund interesting is that broker doesn’t list any sort of minimum deposit or withdrawal, not even in terms and conditions. We highly recommend traders to do their research prior to deciding on what account they will use.
Unfortunately, there is no XCoinBroker demo account that traders could use to research the platform and put their trading skills on a test. Demo account is one of the most popular features among forex brokers so it was a bit surprising to find out how this broker is not offering it.
XCoinBroker also advertises certain bonuses. According to their website, all traders who make the deposit are eligible for a 100% bonus, but only VIP traders can expect to receive a no-deposit bonus. Before you think this is free money they are offering for grabs, bear in mind there are certain trading conditions attached to every bonus that can affect your chances of doing a withdrawal. For example, you have to reach trading volume x30, and once the bonus is added you are obligated to trade it as it cannot be removed. Also, there are certain conditions that can allow you to withdraw prior to reaching the requested volume, but they are not public.
XCoinBroker uses a proprietary trading platform which is web-based, which means that traders never have to download any programs or plug-ins. Once you create the trading account, you will get a password that you have to use with every login. Bear in mind to keep your login credentials secret, especially if you are trading from multiple devices (like the home computer and office computer).
The trading dashboard provides a solid oversight over the trades placed, as the majority of the dashboard is taken by the chart and trading history. When it comes to underlying assets, the broker claims to offer indices, stocks, commodities, and currencies, all based on crypto exchange rates.
Unfortunately, there is no mobile app traders can use with this broker. This is pity as most traders prefer to have an app for everything including trading. However, they can still experience mobile trading by using the mobile version of the desktop platform on their devices. Such mobile version is accessible from mobile browser. Still, bear in mind that mobile trading has some downsides in terms of analysis when compared to desktop trading.
XCoinBroker Scam
The essential part of this review is customer support. Many traders don’t understand how much influence can customer support have on their trading experience.
XCoinBroker is offering email and online form as the main means of communication. Unfortunately, there is no live chat, which is quite unusual, as most brokers and users find live chat to be the essential way of communication because it is fast convenient and leaves a written trace. The website is available in Spanish, French, and English, which can be of great help for traders who don’t speak English fluently.
When it comes to education, traders can watch basic videos directly on the website, but for the more detailed approach they are requested to make a deposit, In that case, they will get access to live stream webinars and one-on-one trading sessions, all depending on what account type they select.
As already mentioned, XCoinBroker requires that the deposit and withdrawal are done in bitcoins, the most popular cryptocurrency in the world. However, not all traders own bitcoins. They don’t even have to prior to registering, but once they are registered all they have to do is follow the instructions provided by the broker. Due to this specific, XCoinBroker is not supporting many mainstream banking methods. We did not receive complaints about XCoinBbroker scam but we advise you to check regulated broker IQ Option South Africa if you decide to trade forex or CFD.
Traders who first need to buy coins can use one of the following:
- BitStamp
- Xapo
- GateHub
- CoinBase
- CoinOne
- Bitso
- Coincheck
- Orangecoin
- Qryptos
- Bitbank
- Bitsane
- BTCmarkets
Their bitcoins will then have to be kept in a special crypto wallet. The deposit is done by using the address provided on the deposit interface. Traders can also use DreamsPay, an alternative payment method available for EUR and USD credit cards, similar to PayPal. Once you decide to make any type of transaction, you will have to verify your identity by providing a clear copy of a government-issued document such as ID card, passport or driver’s license. This is a usual step among all forex brokers nowadays and serves for both your and broker’s protection.
