XTrade Review 2024: Is This Broker Legit or a Scam?

xtrade review

As an innovative company, this financial firm was one of the first brokers to offer Forex trading via Contracts for Differences (CFDs). XTrade is one of the largest providers of CFD trading and has clients from around the world. Yes, XTrade is good for beginners due to its extensive learning center, which offers educational resources to help new traders improve their skills and knowledge. The web platform provides convenient access to market analytics, allowing traders to issue orders and execute trades instantly. It is an ideal solution for those who prefer to trade directly through a browser without downloading additional software. Xtrade has set high commissions compared to other Forex brokers in the market.

While overall feedback from users is generally positive, some have noted that response times can vary depending on the query and the time of day. Users should also check the availability of support in specific regions or languages. These fees are https://traderoom.info/xtrade-forex-broker-overview/ determined based on the instrument being traded, the direction of the position (long or short), and the prevailing market conditions. However, the broker does not offer swap-free accounts, which may be a limitation for traders adhering to Islamic finance principles. For the fact Xtrade trading platform is fully custom, it’s charts powered by Tradingview, which ensures a certain level of quality that’s why I like trading here. This way I can use my breakout strategy more efficiently and I can manage my funds right from the platform which is pretty dang convenient.

Contents

Deposit Methods

xtrade review

The minimum deposit for XTrade is $250, although this can vary based on the account type selected. Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017. In an era of rapidly changing financial and trading environments, education plays a vital role in a trader’s success. Broker Xtrade understands this need and offers an extensive learning center for its clients. The economic calendar allows traders to keep track of the most critical financial events that can impact the market.

Additionally, XTrade charges inactivity fees for dormant accounts, and some traders have reported unexpected fees during the withdrawal process. A demo account is one of the critical tools for novice traders, and Xtrade provides this opportunity to all its clients. This account allows traders to familiarize themselves with the platform’s functionality, master the basics of trading, and test various strategies without the risk of losing real funds. The account opening process at Xtrade is relatively standard for many brokers following international regulatory standards.

  1. If you’re new to the world of online trading, XTrade is a good choice for you.
  2. Each account type offers different spreads, minimum deposit requirements, and trading conditions.
  3. However, the absence of cent accounts, fixed spread accounts, Islamic accounts, and Forex copy trading platforms may limit the options for certain groups of traders.
  4. Following XTrade International’s offering, XTrade Europe does not provide trading with the highly popular MetaTrader platform.
  5. XTrade has a very poor history of fraudulent behaviour ( withdrawal issues, unfair conditions in its platform, …).

Moving on to XTrade’s platforms and markets available, this comprehensive platform offers a variety of options for traders. It supports both MetaTrader 4 and MetaTrader 5 as well as its own proprietary web trader. This allows users to access their favorite markets from any computer or mobile device that has an internet connection. Based on our testing, the broker offers 24/5 customer support through multiple channels, including live chat, email, and phone lines. This ensures that traders can reach out for assistance whenever needed, addressing issues related to trading, account management, or technical difficulties.

Customer Support and Responsiveness

The broker does not charge commissions on trades, however, some traders might find that the fixed spread structure, particularly on the Standard Account, can be higher than variable spreads offered by other brokers. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

Overall, the broker’s reliability depends on individual priorities, with many traders finding value in its straightforward approach and stable conditions, while others might seek brokers with stricter oversight or more advanced tools. Xtrade, established in 2003, provides an average offering in forex and CFD trading. The broker has a trusted regulatory rating but falls short in key areas like commissions and fees, making it less attractive for most traders. Xtrade has simplified the payment process to make it easy for traders to deposit funds or to withdraw them when needed.

Pros & cons of Xtrade broker

Higher-tier accounts generally offer more favorable spreads, making them more attractive to active traders or those dealing with larger volumes. While the spread may be higher on the Standard account, traders with Premium, Platinum, or VIP accounts benefit from tighter spreads, potentially lowering the overall trading cost. The Standard Account is the entry-level option at Xtrade, designed for traders who are just starting or prefer to trade with smaller investments. It requires a minimum deposit of $250 and offers fixed spreads with an average of 2-5 pips for popular Forex pairs like EUR/USD.

  1. Additionally, the platform offers useful trading tools that can help you make more informed decisions.
  2. Xtrade’s asset range includes popular instruments such as Forex, commodities, cryptocurrencies, indices, and more.
  3. Daily market news and 1-on-1 trading platform lessons are free for all account holders.
  4. Their agents are friendly and highly professional and they try their level best to resolve your challenge as quickly as possible.
  5. This account allows traders to familiarize themselves with the platform’s functionality, master the basics of trading, and test various strategies without the risk of losing real funds.
  6. Typically, accounts with no trading activity for three months incur a $50 monthly inactivity fee.

XTrade Apple Mac Trading Platform

xtrade review

Xtrade is best for a trader who is not demanding in terms of platform variety, is content trading a smaller selection of CFDs, and doesn’t require a plethora of educational content and research. Even if you like trading signals and the Xtrade platform, it’s important to understand the risk of trading with a broker that has few licenses, as Xtrade only holds three following ASIC’s cancellation of its license. As a result, I would not park a substantial amount of money with a broker in such a predicament. Xtrade is a broker with some interesting prospects, especially after its new platform overhaul.

Xtrade supports a variety of deposit and withdrawal methods, including bank wire transfers, credit/debit cards, Skrill, Neteller, and more. The minimum deposit amount is $100, and the minimum withdrawal amount is $20. There are multiple account types available that are sorted into tier lists with increasing minimum deposit requirements. The differences between these types of accounts are mainly the initial funding amounts and extra services offered by the broker for higher tiers. We offer impartial reviews of online brokers that are hand-written, edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms. According to my observations this is a globally renowned broker and it’s not surprising.

I didn’t have any problems with transferring money but transactions are kind of slow for me. The spreads are not very narrow for ETFs specifically btu I don’t trade them on a daily basis.Last time it was Ultrashort sp500 etf and it was last month I think. If you have traded with XTrade we would really like to know about your experience – please submit your own review.

Before using XTrade, think about how easy it is to use for your personal needs.Does the XTrade platform offer real-time updates or delayed updates that are more informed? Remember to check if XTrade is well regulated, and what tradeable financial instruments XTrade has. XTrade does charge clients an inactivity fees for dormant XTrade trading accounts. A XTrade inactivity fee is a sum charged on XTrade brokerage accounts who have not met the minimum buying or selling amount of activity over a specific period. Brokers typically attempt to compensate for lack of commissions by charging inactivity fees. Broker Xtrade offers its clients an innovative next-generation trading platform accessible from anywhere and on any device, providing traders maximum convenience and flexibility in the trading process.

Forex Trading -