Xtrade Forex Broker Review
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Xtrade is an internationally recognised broker that offers trading and related services to both retail and institutional clients. It is the trading name of a financial services provider known as XFR Financial Ltd, which has its registered office in Limassol, Cyprus. As such it is licensed and regulated by CySEC. But is also authorised to offer its services in a number of other EEA countries.
Xtrade has grown rapidly since its conception in 2010, and now has a global presence, with offices across five continents and clients from more than 240 countries. They have recently gained further recognition after joining up with legendary football player Cristiano Ronaldo, who has become the firm’s official ambassador. It is a provider for CFDs (Contracts for Difference) but also for trading stocks, indices, commodities, and foreign currencies.
Xtrade makes use of a user friendly platform
Whether you choose to trade in the comfort of your own home, or while sat at your local coffee bar making use of your mobile device, Xtrade can make it happen. There is the ever popular MT4 Webtrader platform, along with Xtrade mobile, for both Android and iOS devices. Whichever platform you choose there are a number of inbuilt tools, including an economic calendar, trading indicators, as well as a news stream service. There is also a good selection of educational resources.
A real money or a demo account are the basic account choices
Having the choice of a demo account is great, whatever type of broker you may be considering. Being given the opportunity to try something for real, rather than just reading someone else’s experience, is worth its weight in gold. So we’re always going to advise you to try Xtrade with the help of their demo account, if you like what you’ve been reading in our Xtrade broker review.
After a little bit of real time experience, if you still want to stick with Xtrade there is a standard account with a minimum deposit requirement of $100.
There is no commission charged on trades, but instead Xtrade make their money through the spread, which varies depending on the asset being traded. If you’ve chosen to trade currency pairs, minimum spreads start at 2 pips, whereas for CFDs spreads start at 4 pips. Which is actually rather high, if you compare it with some other brokers. Leverage also depends on the asset being traded. For example, forex it can be up to 400:1, commodities it can be up to 200:1, and for stocks the maximum leverage is 20:1.
Why not take advantage of Xtrade promotions?
Xtrade have taken on board the value of great promotions, and a number of bonuses and special offers are available. These serve perfectly to attract in new customers, and also to keep the current clients loyal. Here are just a few examples of the offers currently available:
- Ronaldo’s exclusive 77% deposit bonus – Open an account and for the first seven days you can receive 77% bonuses on all deposits
- First deposit bonus up to $6000
- $20 cash bonus for phone verification
- $120 cash bonus first trade
- $30 cash bonus for account verification
We should point out there are a number of requirements that have to be met in order to receive the bonus. These include trading requirements, and these bonuses are usually only available for a limited length of time, and will expire if the requirements aren’t met in time.
Xtrade supports a good range of payment methods
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All the leading payment methods are accepted by Xtrade, including Visa/Mastercard, UnionPay, eCard, ePay, bank transfer, Skrill, Neteller, Webmoney and a number of other local methods. Funding your account and withdrawals have to be made through the same third party provider. Xtrade makes no charges for either withdrawals or deposits, but they are sometimes raised for overnight trades, and on an inactive account. You should also note that an account has to be properly verified before any withdrawals can be made.
Customer support is on hand 24 hours a day, 6 days a week
It’s not very often that things are plain sailing, and this is certainly true in the online world. Therefore, it’s always good news to learn that a broker is offering customer support 24 hours a day. Yes there is a break over the weekend in the financial markets, but during the normal trading week, somewhere in the world it is always open. Xtrade appreciate this, and the customer support team can be reached by telephone, email, as well as a live chat option, 24 hours a day. So you should never be stuck for an answer to your problem. You might also be interested to learn that Xtrade has its own resolution process in relation to complaints.
So what do we think of Xtrade? We found the experience very friendly, and the site was definitely user-friendly and informative. Everything was very clearly explained, which is of course going to be a great benefit for beginners. Try it out for yourself by first opening a demo account, before risking real money on your trading adventure.