The broker also provides a fast and straightforward account opening process with no minimum deposit requirements. However, Xtrade’s trading fees, especially its spreads, are relatively high compared to its competitors. Additionally, the maximum leverage offered by Xtrade is very low making it hard to trade with a low budget. In summary, Xtrade may be a reliable broker for traders looking for a place to trade a diverse range of assets, including bonds and ETFs, and comes with low deposit requirements. However, traders should be cautious of the high trading fees and limited leverage. Video tutorials offer a unique opportunity for newbies to learn by example and watch educational videos explaining various Forex trading peculiarities.
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing. There is no doubt that trading has become a popular activity, especially amongst people who are looking for a way to earn some passive income.The fact that it is profitable and easy to begin also works in its favor. The problem is that many people are not able to move forward because they get stuck at the first step i.e. the choice of a broker. You need a broker because they are your bridge to the market, but the issue is that there are too many brokers offering their services. The offering of crypto CFDs was stopped by most trading platforms on November 27, 2020, as a result of the Financial Conduct Authority of the UKs restrictions on cryptocurrency.
With the AML and KYC policies in place, it is easier to eliminate some common problems faced by traders, such as identity theft, terrorism funding, money laundering and more. When it comes to making transactions like deposits and withdrawals, even these procedures come with top notch security measures. Thus, Xtrade has become a favorite of traders because of its availability and the great services they offer. Even though it is not available in some jurisdictions, it allows traders from most of the countries in the world to access hundreds of financial instruments from their platform. In the past decade, the broker has handled transactions worth billions of dollars. Customer support represents the resources within the XTrade company that provides technical assistance to its customers after they use the XTrade service.
Is XTrade suitable for spread betting?
However, Xtrade also has some drawbacks and risks, such as high fixed spreads, inactivity fees, dormant account fees, and limited customer support. Therefore, it is advisable to read and understand the terms and conditions of Xtrade before opening an account and trading with them. Moreover, it is important to note that there are other brokers with longer track records that might be worth considering as alternative options. For more choices, we recommend you to check out our trading broker reviews.
Xtrade Web Platform
- The withdrawal fee or deposit charge is $0 which means the broker covers transaction expenses unless your own bank or payment method requires some performance charges in case of the wire transfers.
- When customers have questions or technical issues, their support response time is incredibly fast.
- All client accounts are also opened under the Investor Compensation Fund (ICF), which covers traders up to €20,000, should the broker be unable to pay out winnings.
- We tested the customer service response times of XTrade on Monday, December 23, 2024.
- Plus, their customer service is top notch, making them stand out from the competition.
- The difference between the bid and ask price can vary depending on market conditions.
- It has offices across five continents and clients from more than 140 countries.
You will find that all platforms offered by Xtrade have a smooth interface, which makes it very easy for every user to navigate. As stated earlier, Xtrade is a fully regulated brokerage firm, which has implemented the KYC and AML policies. Segregated client accounts are maintained by the broker for ensuring that client assets and company assets are kept separate.
How do you withdraw money from XTrade?
- Read our full explanation and accounting of our research and testing process to learn more about how we test.
- We do not provide financial advice, offer or make solicitation of any investments.
- Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
- 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.
- Xtrade provides access to its proprietary trading platform which offers limited capabilities when compared to other popular platforms like MetaTrader 4 or TradingView.
Most requests are processed within 24 hours but may take longer if additional information is needed by the company for verification purposes. The minimum withdrawal amount is $50 and there is no maximum limit on the amount that can be withdrawn at once. All withdrawals must go back to the same method used for deposits unless otherwise specified by the client when creating their account. Xtrade is a powerful trading platform that offers a great range of features and performance. Overall, Xtrade is a trustworthy and reliable broker that provides traders with ample digital tools. Xtrade provides trading through the Xtrade Webtrader platform which is its own in-house trading platform trade is the operating body of Xtrade.AU Pty Ltd. with an Australian Financial Services license.
XTrade.com don’t charge commissions on their accounts, but they have a $50 inactive account fee per month if you don’t trade for a period of 3 months. All fees are charged as spreads, which happen to be fixed and range between 2-5 pips. We accessed its website during the weekend, and the spread on EUR/USD was showing 5 pips, which would be pretty high compared to its close competitors. Although, we are sure that it comes down to 2 pips during regular trading hours, which is Sunday from 9 p.m. Instead, this broker has developed its own proprietary trading porm, which customers can access from any regular modern browser and from their smartphone.
A XTrade stop-limit order can be helpful when trading if you are unable to watch your trades all day. Both Android and iOS devices are supported by the XTrade mobile trading platform. There can also be additional fees, such as inactivity charges, withdrawals and transfers. Make sure that you have enough funds to trade via a XTrade account.Ensure that XTrade allows you to focus on the type of trading that you want to focus on.
The trading platform is a little outdated but despite that it has plenty of advanced features and thanks to this I’m making a lot of money. When it comes to depositing funds into an Xtrade account, customers have several options available. Credit and debit cards are accepted, as well as e-wallets such as Skrill or Neteller.
On the more negative side, Xtrade lags behind the best brokers, particularly in the research and education categories, and offers fewer markets than the industry average. ASIC’s recent cancellation of Xtrade’s license in Australia is also concerning and has substantially impacted its Trust Score. Xtrade’s mobile trading apps are average and may not offer the comprehensive functionality that some traders require. This makes it a less attractive choice for traders who rely heavily on mobile trading. Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5. Moreover, you https://traderoom.info/xtrade-forex-broker-overview/ will find an easy-to-understand and comprehensive terms and conditions page on Xtrade.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Some brokers decide to offer no bonuses or promotions at all, but Xtrade seems to have gone in completely the other direction. Here are the current choices, if you’re considering choosing Xtrade for your broker.
Although it offers some educational resources, the overall rating for education and beginners is average. You should bear in mind that if you don’t verify your account, you will not be able to conduct some transactions, such as funds withdrawal. Moreover, this verification process is perfectly normal amongst all leading regulated brokers in the industry. A XTrade market order is an order to buy or sell a stock at the market’s current best available price. A market order usually ensures an execution, but it does not guarantee a specified price.
Unlike brokers such as FXTM, Forex.com, or Axi, which offer commission-based accounts alongside spread-based ones, Xtrade only offers spread-based accounts. This may be a downside for traders who prefer commission-based pricing for greater cost transparency, as seen with other brokers like FXTM, which combines low spreads with a clear commission structure. Additionally, the availability of a demo account allows beginners to practice trading strategies without risking real money. However, the absence of popular platforms like MetaTrader 4 or 5 and the higher spreads on entry-level accounts may be less appealing to those seeking lower trading costs or advanced features. Also, Xtrade’s regulatory status might not provide the same level of oversight as top-tier regulators, which could be a concern for those prioritizing safety and transparency.
Traders still have access to the same extensive range of instruments and Xtrade’s user-friendly platform. However, the FSC, being an offshore regulator, is often viewed as less stringent compared to other prominent authorities. This means that the level of investor protection provided may not be as robust as with brokers licensed under stricter jurisdictions. The broker Xtrade, first known as XFR Financial Ltd, was established back in 2003. Currently headquartered in Belize, XTrade offers traditional trading through CFDs on Shares, Commodities, Forex, Indices, ETFs, and Bonds. Joey Shadeck is a Content Strategist and Research Analyst for ForexBrokers.com.
