A Well-Thought-Out XTrade Review Of A Modern Forex Broker
- Regulated CySEC, ASIC, IFSC
- Own Trading Platform
- The Smartest Bonuses
- Demo Account
- Just One Type of Account
XTrade is a market maker broker that provides different financial products under the CFD moniker. CFD, or Contracts For Differences, is an agreement between a broker and a trader to purchase or sell a contract at the existing market price, where the difference between the strike price and the closing price determines the profit or loss for a trade. XTrade offers a wide range of financial instruments, as traders can choose to invest in shares, commodities, indices, Forex, and other ETFs.
All CFD products, including Forex trading, are leveraged products that should be treated with care and respect due to the immense amount of volatility in the global capital markets. Being a CFD broker, all orders are filled at the broker level, which prevents traders from sending their orders and positions directly to a liquidity provider. Unlike ECN trading accounts, regular CFD trading accounts have fixed trading conditions, which may not be suitable for a particular group of traders. Nevertheless, Forex CFD trading is indeed a great opportunity for small retail traders that are starting off with a trivial trading capital.
XTrade has numerous benefits for new traders, which is supplemented with an excellent regulatory status for a safe and secure trading environment. XTrade is regulated by the Cyprus Securities and Exchange Commission (CySEC) as its primary regulatory authority, while other regulators such as the ASIC of Australia, the FSB of South Africa, and the IFSC of Belize have all issued regulatory licenses to the company to operate freely in these regions.
CySEC regulation also allows XTrade to carry out its FX brokerage operations throughout the EU, without the need for additional licenses or representative branches. Under the European Economic Area (EEA) agreement and the MiFID derivatives, CySEC regulated Forex brokers have to adhere to all regulatory policies as issued by the various European regulators and the ECB. XFR Financial Ltd., which is the parent concern for XTrade, is liable to all penalties and legal consequences for failure to conform to European regulatory standards, thereby providing one of the safest trading environments in the Forex market.
CySEC also provides an Investor Compensation Fund, which comes to the fore in the event of broker insolvency or liquidation. The ICF protects clients by offering an insurance of up to €20,000, which is further supported by other CySEC regulatory guidelines that protect clients’ funds against broker irregularities. XTrade keeps all client funds in segregated accounts and provides a track of its financial transactions to the CySEC and other regulatory organizations. XTrade is also required to perform periodic audit reports and submit them to the CySEC for clear transparency in their operations.
ASIC also has similar regulatory policies that require traders to adhere to the best regulatory standards in the world. Therefore, there is no reason to worry about the safety of your money while investing with XTrade.
Does Your Deposit Qualify For An XTrade Bonus?
XTrade offers one of the smartest and most appealing bonuses in the market (Not valid for EU traders, T&C apply). For instance, traders can receive a no deposit XTrade bonus by just opening an account and verifying your phone and address. The no-deposit bonus is available as $20 and $30 configurations according to the mode of verification, while a conventional first deposit bonus gives access to up to $6000 in bonuses. XTrade clients can also take advantage of the ‘First Trade On Us’ offering, which essentially allows traders to open their first risk-free trade for up to $120. All subsequent trades do not come with the protection, which is also limited by the amount of money that can be invested in the first order.
Larger account holders can receive a VIP account that receives complete undivided attention from the broker, but in the modern FX market, most large traders prefer to trade with ECN accounts. Nevertheless, if you are looking for hedging options or a stable set of conditions, a CFD trading account may be able to offer you the best option for investing in the Forex market.
Using The Trading Platform & XTrade Mobile App
XTrade does not provide the conventional MT4 terminal or any other dedicated desktop platforms, as the company had quietly rid of all desktop platforms that were offered to previous customers. Instead, XTrade clients can trade all the available financial products through the XTrade Pro web interface, or through the dedicated XTrade mobile apps that are available for iOS, Android, and Windows smartphones and tablets. XTrade promises the XTrade Pro to have almost all the core features and functionalities that are usually available in a desktop interface, which should eradicate the need for having a dedicated computer for trading. The XTrade mobile trading platforms, on the contrary, are excellent alternatives to the existing mobile apps in the market from MT4 or other competing third-party platform developers.
What Are Your XTrade Forex Trading Account Options?
Forex traders are treated to just a single type of CFD trading account that has a minimum deposit requirement of $100 and a maximum XTrade leverage of 1:400. The single account option does help in accessing all the different financial products using a single trading interface, without having to switch between terminals for various financial instruments. The minimum deposit requirement of $100 is also highly satisfactory, considering that traders can trade a wide range of products from different parts of the world. However, being a CFD broker, XTrade spreads are slightly on the higher side when compared to ECN brokers, with the spreads on the major pairs being consistently quoted at 2 to 5 pips. For a market maker broker, the spreads may be considered as nominal, albeit, some brokers do provide lower spreads starting from 1 pip.
How Does The XTrade Forex Broker Fare In Terms Of Customer Service?
XTrade, like all modern Forex brokers, has an excellent customer service department that tends to resolve all customer issues through dedicated account managers. With the availability of live chat, phone numbers, and email support, XTrade has created an excellent customer support channel to enable traders to contact their personal account managers or other support staff 24 hours a day and 5 days a week.
- Company Information
- Founded In: 2003
- Website: www.xtrade.com
- Headquarters: Limassol Cyprus
- Licences: CySEC, ASIC, MiFID
- Phone Support: +44 2038074001
- Instruments: Forex, Shares, Indices, Commodities
- Trading Features
- Welcome Bonus: $20 No Deposit*
- Max. Leverage: 1:400
- Min. Deposit: $100
- Trading Signals: No
- Mobile Trading: Yes
- Automated Trading: No
Are Traders Granted Access To A Free XTrade Demo Account?
There is an XTrade demo option that provides a risk-free testing environment for traders to evaluate CFD trading before investing real money in the markets. A demo account can serve well for both amateur and professional traders, as it allows prospective clients an opportunity to evaluate the XTrader Pro platforms and their mobile apps.
Users can switch between a real and a demo account through their online my XTrade dashboard, which prevents the need for downloading or accessing any other interface. Usually, it is recommended for everyone to demo trade extensively to try out various combinations, which should provide a better understanding of the broker’s products and services. Sometimes, there may be a difference in performance between a demo and a real account, which does deter traders from getting a clear picture. Nonetheless, a demo account can provide some vital information before you start your trading journey with XTrade.