Xtrade is considered to be a leading global forex and CFD broker and financial institution. The company was founded a decade ago and has been serving traders from all over the globe. X trade offers its traders a wide range of financial markets including forex, stocks, cryptos, indices, commodities, CFDs and ETFs. The company’s credibility was boosted on an international level when they signed football superstar Cristiano Ronaldo in 2016 as their official ambassador. Through the years, Xtrade has provided its services to some of the leading traders in the world, providing a safe and secure trading environment.
Despite Xtrade’s bright international recognition and reviews, we decided to test out the services they offer and to establish how they measure up against some of the top competitors in the CFD brokerage industry. To achieve this, we created an account with the Xtrade platform and we funded it with real money. We then tested the platform on some of its leading services. It was after this analysis that we decided to write this review so that we could let traders out there know what trader is all about and whether it would be a good platform for them to carry out their traded on.
For over a decade now, Xtrade has been offering its clients a platform on which to carry out their trading activities on. With a wide variety of products to trade, Xtrade has attracted traders from around the globe and it has achieved glowing international recognition and reviews.
Here is a comprehensive summary of Xtrade and the services they offer to their customers.
|Customer service is available 24/6- they don’t work on SaturdaysA demo account is availableXtrade is a regulated financial entityOffers credit and cash bonusesYou can trade 24/7Leverage is as high as 1:400No deposit or withdrawal feesSupport multiple base currenciesXtrade accepts credit/debit cards, and e-wallet transactionsNumerous education materialsXtrade offers fixed spreading||Traders from certain locations such as the Unites states and UK are not acceptedMT4 platform is not available on all account types|
Why would you choose Xtrade over other brokers? The services Xtrade offers to its clients are unique in that Xtrade allows you to trade for seven days in a week, unlike some of the leading brokerage firms in the world. Their customer support team is also available on six of those days to help out their clients whenever the need arises.
Although the MT4 trading platform is yet to get adopted on Xtrade, the broker offers its clients a wide range of educational materials and trading tools. Market analysis guides are a crucial factor to the success of any trader and Xtrade has helped you using its team of educated staff to bro=in you market analysis guides to help you in every step of your trading.
Xtrade is quickly becoming a favourite among trader due to its constant availability of high quality services. Although it is not available in certain areas such s the US, UK and Canada, Xtrade allows its customers to access a range of financial instruments on their platform. In the last decade, Xtrade has handled billions of dollars for its clients. With a high influx of cash and liquidity, deposits and withdrawals shouldn’t pose any challenge to Xtrade customers.
Xtrade Experience Test
To choose a suitable broker, there are certain services that must be put into consideration. These services are the key to successful trading on any brokerage platform. As a brokerage firm with a high reputation, we wanted to confirm if these services worked to perfection. To do this, we created an account with Xtrade and funded it with real money and tested a variety of services.
We looked into their customer support system first. In order to keep your customers happy and satisfied, the customer care staff must always be available and capable of solving presented issues. Xtrade being a leading broker offers its customers a customer support team available 24/6. Customer care can be contacted through email, phone or live chat at any time of the day, even on Sundays. We submitted a ticket to the customer care personnel and we got an instant response, promising to look into the issue immediately. Xtrade looked into our problem and it was solved in no time. We can safely say that Xtrade excels in the customer service department.
We decided to look into the platform that traders use on Xtrade. They use the WebTrader platform which is easy to use for most traders and offers a wide range of educational and trading tools. Traders get access to daily news on the market trends, market analysis and an economic calendar to show them events that are likely to have an impact on certain parts of the economic world. These tools give traders knowledge on the assets to trade and stocks to buy.it also helps the traders top make better decisions in the trading process. The trading platform was very responsive. We placed a buying order and our request was processed instantly. This way, we didn’t lose a buying opportunity. Similarly, we set a selling order and our request was approved in seconds. Fast order execution is sometimes the difference between a successful trade and a flop. Xtrade has got you covered as its platform has got excellent execution time.
For traders, the process of withdrawal of funds is as important as the trading process itself. The withdrawal process must be easy enough to avoid unnecessary inconveniences. On Xtrade we became eligible to withdraw our funds as soon as we deposited into our trading account. We filled out the withdrawal request slip and submitted it to the customer support team together with verification documents. Our request was reviewed and was approved. Our account was refunded within 24 hours. Bank wire methods however may not be as swift as other methods. This is because of all the bank processes. It could take more than two business days for the money to reflect in your account.
The three services we reviewed are crucial to the success of any trader and Xtrade has provided them to its customers satisfactorily. Based on this, we can recommend Xtrade as your brokerage platform to trade forex, crypto, stocks indices, metals and commodities.
Is Xtrade a Scam or Legit
Trader must trust a trading platform before they can begin trading with them, to gain this trust, they must know whether the broker is regulated by a body or not, this is because trading with a trusted broker will give a trader peace of mind that their funds and personal data are safe. After going through their services we can confirm that Xtrade is a legit CFD brokerage platform. Xtrade are associated with big names out there including soccer football superstar Cristiano Ronaldo.
Xtrade is a regulated company. This broker is regulated and licenced by the International Financial Services Commission with the registration number, IFSC/60/383/TS/19. Because Xtrade is regulated it is required to abide by the international policies guiding the financial markets, which include the AML and the KYC regulations. Xtrade have placed themselves under these regulatory bodies so that they can ensure 100% transparency to their clients, and they are aimed at curbing theft and associated with the industry. The AML and KYC regulations are aimed at eliminating identity theft, terrorism funding and money laundering. These set regulations also ensure the safety of user information at all times. With a team that highly upholds integrity, Xtrade works continuously to grant to its users a safe and regulated trading environment.
In the time Xtrade has been around, they have been working to make the transaction processes on their platform easy enough for its clientele. The payment system has been streamlined to ensure the safety of funds during transactions. As a result of this, traders on the Xtrade platform can easily transfer money without any security challenges. Funds can be withdrawn without any issues, and who doesn’t want that? Verification of your account is very important before withdrawal of funds. Therefore it would be wise for you to have all your verification documents with you before opening an account with Xtrade.
Xtrade’s term and conditions are comprehensive and easy to understand. Xtrade makes the client understand everything about the business before he can sign up with them. Xtrade respects its customer’s privacy and because of this, they do not share or sell customer information with any third parties or affiliate companies. All data shared with Xtrade remains confidential always.
Xtrade Regulation and Safety of Funds
As mentioned before Xtrade is regulated by the International Financial Services Commission in Belize under the registration number IFSC/60/383/TS/19. Xtrade international is also under the AML and KYC regulations.
Xtrade ensures utmost security of their clients’ funds and information. Their security systems are tight, enabling them to protect user funds from hackers and other harmful malwares found online.
Account owners are the only people who can access accounts, and this is possible only after verification, so don’t worry, everything is okay with Xtrade. Xtrade has established individual client accounts and does not mix client assets with its company assets. Through this separation of company and client funds, Xtrade has ensured that traders can have access to their money whenever they wish. Since Xtrade banks with International banking institutions, clients’ funds are safeguarded by the reputable EU Credit Institutions. Xtrade meets the international standards when it comes to security of data and funds, because of this, Xtrade are trusted by some of the leading traders in the world. Many quality brokers are regulated, so it is advised for you to take your time to compare their services before you can choose the right broker for you.
Xtrade- Account Types
Xtrade offers a variety of packages to users. Their trading accounts cover customers from all classes and reliable services are offered to everyone. Although the account types have minimum differences, they are designed to make it easier for people to trade hundreds of financial assets. The different account types are summarized in the table below.
|Minimum Deposit||$ 250||$ 1,000||$ 5,000||$ 20,000|
|Desktop and Mobile Trader||available||available||available||available|
|Daily Video Market Reviews||available||available||available||available|
|1-on-1 Platform Lesson||available||available||available||available|
|24/7 Customer support||available||available||available||available|
|Exclusive Welcome Bonus||available||available||available|
|Autochartist Market Alerts, Reports and Forecasts||available||available||available|
|Dedicated Account Manager||available||available||available|
|Educational Video Tutorials and eBooks||available||available||available|
|VIP Trading Support/ Dedicated Senior Account Manager||available||available|
|VIP deposit Bonuses||available||available|
|Individual Trading Strategy and Support||available|
|Priority Account and Payment Processing||available|
|Exclusive Corporate Gifts||available|
This is a summary of the trading conditions on Xtrade.
- No transaction fees for deposits or withdrawals.
- You cannot change the default leverage ratio.
- The maximum leverage available is 1:400.
- Xtrade accepts payment via electronic methods, Bank transfers and credit/debit cards.
- Trading hours on the Xtrade platforms are from Sunday 2100 GMT till Friday 2100 GMT during daylight saving times. During winter, trading hours are from Sunday 2200 GMT to Friday 2200 GMT.
- The minimum trading lot can be lowered with help from customer service.
Fees and Spreads
As already mentioned, Xtrade doesn’t charge any fees on transactions, however, your bank/ financial institution may charge you transaction fees. Xtrade charges some fees on its platforms, like spread fees, and inactivity fee for when an account remains dormant for 3 months.
Depending on the account type of a trader, Xtrade supports both variable and fixed spreads. As the account types go higher, spreads reduce. Traders on platinum and VIP therefore get lower spreads as compared to those who use standard and premium accounts.
Opening an account with Xtrade is very simple. Just go to their website and click on ‘REGISTER’ which is in blue. Provide the details asked for and agree to the terms and conditions of Xtrade and submit your application. Your account will be opened shortly.
Deposits and Withdrawals
The simplified payment system on Xtrade makes it easy for users to deposit and withdraw funds without encountering any issues. To deposit money to your Xtrade account, follow these steps:
- Visit the Xtrade website and login to your account.
- Access your platform and click on the ‘deposit’ tab.
- Enter your preferred payment method.
- Insert the amount you wish to deposit and submit the application.
- The funds will appear in your trading account within a few minutes.
- Bank wire transfers could take more than a day for the funds to reflect in your account.
Xtrade accepts these three payment methods:
Payment through electronic methods like Skrill and Neteller are accepted. Transactions are free but your financial institution might charge you for the same. This method of transaction is fast and it reflects immediately.
Cards such as Visa, Mastercard and Astropay are accepted by Xtrade. This method is also fast and will reflect in no time. Your institution might charge you for the processes.
This method is useful in area where card payment method is low. This method takes 2-5 business days to be processed.
To withdraw earnings from your Xtrade account, follow these steps.
- Visit Xtrade and login to your account.
- Navigate to your platform and click on the ‘withdraw’ button.
- Fill in the payment withdrawal request form.
- Wait for approval, and your account will be funded after Xtrade approves your request.
You will be required to verify your account before you can withdraw any money.
This is a very sensitive process and Xtrade gives it high priority. The online world today is full of scammers and Xtrade works to protect client funds from such. To do this, Xtrade will require you to submit the following documents:
Proof of Identification
To confirm your identity you will be asked to submit any of the following documents;
- International passport
- National ID
- Drivers licence
These documents must contain the same information you provided on your Xtrade account.
Proof of Address
Any of the following documents will be considered:
- Bank account statement
- Utility bill (electricity, water, gas, phone etc.)
All these documents must be recent (not older than 3 months) they should contain all your details and be clear.
Failure to verify your account will not enable you to carry out transactions on Xtrade.
Xtrade Trading Platform
Both the WebTrader and MT4 are supported on Xtrade. However MT4 is not available on the standard account types. WebTrader is the most popular platform on Xtrade. It doesn’t require any installation and it can be used by any trader. WebTrader is compatible with all browsers and it gives users several important features, like the demo accounts, market news and analysis, economic calendars, price charts and many more.
The MT4 is the most popular trading platform in the industry because of its multiple features. On Xtrade, it is available for Premium, Platinum and VIP account holders. This platform is highly secure and comes with so many tools like the market news, live price charts, economic calendars, market analysis, education resources, dedicated account manager and a lot more features.
The Xtrade mobile application is available to both android and iOS users. Using this app, traders can access their accounts and carry out their transactions. All platforms on Xtrade have a sleek UI and traders find it easy to navigate.
Traders need to stay ahead in the world of financial marketing and crypto trading if they want to stay ahead in their trading. All Xtrade traders have access to a variety of learning materials that help them keep up to date. These include Video tutorials, blogs, eBooks and glossary. All these resources are available to newbies and trading gurus.
In terms of resources, Xtrade provides its users with various trading tools. Whether it’s the MT4 platform or the WebTrader trading platform, users can access various trading tools such as the economic calendar which keeps traders updated. Other educational materials are also available here.
The customer service on Xtrade is simply fantastic and one of the best in the trading industry. The customer support team is available 24/6. They are professional yet so friendly. Any issues you have will be resolved within no time.
Frequently Asked Questions (FAQs)
Is Xtrade Regulated?
Xtrade International Ltd is regulated and authorised by the International Financial Services Commission in Belize, with the licence number IFSC/60/383/TS/19 and it provides services under scope of company’s policy.
What is Xtrade?
Xtrade is a brokerage firm offering the best in online CFD trading and online forex trading. For more than 10 years, Xtrade has helped traders make trade payments, manage risk and access high liquidity.
Who Has Experience with Xtrade?
Traders of all classes are catered for in Xtrade. With their different account types traders can choose the accounts they are comfortable trading in. their demo accounts are also useful to help familiarise new members with the platform.
How does Xtrade Work?
Xtrade gives its traders access to the financial markets and it enables them to trade assets in stocks, forex, CFDs, commodities and metals.
Xtrade uses the MT4 and WebTrader platform to give access to its clients. Xtrade charges trading fees for each trade through spreads in addition to other costs such as inactivity fees.
How Reputable are Xtrade?
Xtrade are a reputable company. Their ambassador during the year 2016 was the football superstar Cristiano Ronaldo who plays for Juventus FC. Xtrade are also regulated by the IFSC and operate under the regulations of KYC and AML.
How Do I Open an Account with Xtrade?
To begin trading with Xtrade, follow these steps:
- Visit Xtrade’s official website and click on register.
- Provide your full name, email address and phone number.
- Agree and submit your application.
- After reviewing your details, Xtrade will activate your account
- After depositing funds into your account, you can start trading.
Where is Xtrade Based?
Xtrade International Ltd is based on Cork Street, No. 5 in Belize City in Belize.
With all this said, I can confirm to all the traders out there that Xtrade is a legitimate business that can be trusted. You can contact them through phone, email and live chat for more information.