Finally, An Xtrade Review That Gives You The Best Information On FX & CFD Trading
Xtrade is primarily a CFD (Contract For Difference) broker that offers contracts on shares, indices, commodities, and Forex currency pairs. CFDs are financial products that allow traders to invest in different assets without actually owning them. CFDs are hugely attractive leveraged products that enable traders to make an incredible amount of profits from a small movement in price, where the profits and losses are determined by the difference in entry and exit prices. Of course, leverage products such as CFD and Forex trading are always risky, as there is an equal probability for huge gains and massive losses due to the market volatility.
Xtrade provides FX trading as part of its CFD products portfolio, and is not a dedicated FX broker, unlike other mainstream Forex companies. Xtrade acts as a market maker, where all market orders are opened as contracts between the broker and the trader. There is no ECN or Direct Market access option; therefore, Xtrade has some amount of conflict of interest with its clients. CFD trading is a highly regulated financial product in various countries, especially due to the nature of trading, but it is indeed popular among day traders and traditional investors that wish to hedge against market fluctuations.
The Types Of Trading Accounts, Features & Xtrade Bonus
There is only a single type of trading account at Xtrade that starts with a $100 minimum deposit and a huge range of attractive Xtrade bonuses for deposits and successful account verifications. Traders are entitled to receive a maximum of $6,000 as a first deposit Xtrade bonus, while phone verification and account verification qualifies for $20 and $30 cash bonuses respectively. Alternatively, you can also opt for a “First Trade on us” promotion, which pays a $120 cash bonus for opening your first and only risk-free trade in the financial markets. Traders that make a larger account deposit are also offered a special VIP bonus package, which includes many added advantages that are individually customized for each trader. Note that bonuses are not valid for EU traders, T&C apply.
Being a CFD broker, Xtrade offers a maximum leverage of 1:400 for Forex currency pairs, while commodities, indices, and shares get reduced leverages of 1:200, 1:100, and 1:20, respectively. The minimum trade size starts from 0.01 lots without any maximum order size restrictions, but all orders are filled at market price with an increased chance for requotes and order cancellations. The Xtrade spreads are considered to be competitive, with the EUR/USD pair quoting anywhere from 2 to 5 pips during normal market conditions.
Xtrade accepts all types of online and offline payment methods, which is ideal for traders from different parts of the world to choose a deposit and withdrawal option according to their preferences. Although $100 is not a huge amount of money for investing in the FX market, we would prefer it more if the broker had stipulated a lower minimum deposit option for some traders, or to have at least added additional account types to diversify the trading products portfolio. Regardless, we are satisfied with the services on offer.
- Website: www.xtrade.com
- Support: UK +44 2030516305
- Leverage: 1:400
- Min. Deposit: 100 USD
- Spreads: from 2 pips
- Tight Spreads
- Access to Trading Central Signals
- Multiple Trading Instruments
- Multiple Languages
- Limited Educational Resources
- No MT4 Platform
- $100 minimum account size
- Complex bonus conditions
Can I Trade Forex & CFDs on A Xtrade Mobile App?
Xtrade mobile apps are available for iOS, Android, and Windows devices, which are specially designed by the company for delivering the best mobile trading experience on smartphones and tablets. Desktop traders, on the other hand, will have to be content with a web-based browser known as the Xtrader Pro, which offers all the functionalities of an installable desktop platform in a mobile package. We were surprised when the company removed the MT4 as their standard Xtrade platform, as we had anticipated the company to add additional third-party platforms into the mix. Nevertheless, the Xtrader Pro is an excellent alternative to the tried and tested MT terminal, but traders are bound to miss the numerous features and functionalities of a dedicated trading interface.
Regulatory Supervision That Governs Xtrade Forex Trading
Xtrade is regulated by the CySEC (Cyprus), the IFSC (Belize), the FSB (South Africa), and the ASIC (Australia), which covers most parts of Europe, Africa, and Asia-Pacific. Xtrade is owned by XFR Financial Ltd., which is a Cypriot financial company that comes under the direct regulation of the CySEC and the European MiFID. CFD enjoys lots of tax benefits in the UK, but it is strange to see that the company does not have an FCA license to operate in the UK. CySEC regulation enables the broker to enjoy uninterrupted access to the entire European markets through the EEA initiative. Unfortunately, a lack of CFTC and NFA regulation prevents Xtrade from entertaining traders from the US, therefore, US traders cannot trade with XTrade.
Trading With Xtrade Demo Account
Xtrade has an excellent demo trading interface that allows traders to get a first-hand experience of the different CFD products offered by the company. Traders can choose from 150 different products, which consist of more than 50 currency pairs, 10 commodities, 25 global indices, and around 100 shares from the US and the EU. Xtrade demo trading closely resembles the actual trading environment, but there may be some differences in execution speeds and other aspects of trading. We would recommend trying out the Xtrade demo account trading to get yourself familiar with the broker’s platform and trading products.
Tracking Your Account Information Through My Xtrade
My Xtrade is an online dashboard designed for clients that offer all the vital information related to Xtrade Forex trading. The online dashboard contains all key account statistics such as account equity, leverage, trading history, account information, and other customizable options that can help you in tailoring your trading environment to suit your preferences. The online dashboard is an excellent platform to check your My Xtrade trading performance, which will help you to improve your trading performance by tweaking your trading strategies according to the performance statistics provided on the My Xtrade.
Xtrade also provides a dedicated account manager for each trading account, which is supplemented by a responsive 24 hours live chat support. All client concerns are tackled promptly, and you can contact the customer support executives through email or live chat at any time of the day or night to receive the best response to your concerns.
Final Thoughts On XTrade Forex Broker
Xtrade Forex broker is a credible company that offers its CFD trading products as a real FX alternative. Professional traders usually prefer direct market access trading that gives them direct access to interbank liquidity providers, but CFD trading can be more suitable for smaller retail trader. Xtrade has an excellent regulatory status that is backed by more than six years of professional experience in the retail Forex trading industry. The broker also provides a wide variety of financial assets to help traders to create a diverse investment portfolio. Overall, Xtrade has several distinct features that will enable the company to cater its services to a large part of the retail trading market.