Xtrade is an online brokerage firm that offers traders across the globe over 500 assets for trading on its proprietary web and mobile trading platforms. There are several platform tools that are provided to traders including Autochartist, economic calendar and market sentiment analysis. However, the brokers spreads are not the tightest and they do not offer any social trading platforms.
Xtrade Review, Pros & Cons
- Regulated broker
- Trading signals from Autochartist
- Market trends & sentiment analysis tools
- Multiple payment options; over 60 channels
- High spreads compared to other online brokers
- No social trading platforms or managed accounts
- No MetaTrader platforms
- Clients from USA & some other countries are not accepted
- Market maker broker model
In this detailed Xtrade review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Xtrade is an online forex and CFD broker that offers online trading solutions to its clients. The broker was founded in 2003 with a passion for innovation, integrity and professionalism. The head office is in Cyprus while it has offices in over 15 locations worldwide. The website is translated into over 30 languages.
Xtrade provides access to trade over 500 trading instruments on its modern trading platforms. The broker offers only fixed spreads and charges no commissions on trades. Trades are executed within fractions of seconds. The broker states that it is the sole execution venue of client orders and acts as principal to the trade executions.
The official ambassador of Xtrade from 2016 to 2017 was the Portuguese football legend, “Cristiano Ronaldo”. He is one of the world’s most decorated football players with multiple Ballon d’Or awards and European golden boots.
Xtrade have been decorated with awards for their online trading services. Prominent among the awards are the following: ‘Best Forex Education Provider’ and ‘Best Mobile Trading Platform’ which were both won at the ‘China Awards’. Also, at the 2016 Forex Expo awards in Dubai, Xtrade won the ‘Best Forex Broker’ award.
Xtrade Europe Ltd is registered in Cyprus with the registration number: 248449. It is regulated by the Cyprus Security and Exchange Commission (CySEC). The license number is 108/10. Despite this regulation, Xtrade has been included on a number of regulator’s warning lists despite having CySEC approval. Thus, we would most certainly only proceed with great caution.
Xtrade is regulated by the Australian Securities and Investments Commission (ASIC). The registration number is ACN: 140899476 and the license number is AFSL: 343628.
Xtrade International Ltd is regulated by the International Financial Services Commission (IFSC) of Belize. The license number is IFSC/60/383/TS/19.
Xtrade affirms that all clients’ deposits are maintained in segregated accounts with top-rated international banks. The broker also audits its records to ensure complete compliance to the regulatory stipulations. Segregation of clients’ funds ensures that investors’ funds are separate from the broker’s funds. Even if the broker closes its doors for business, eligible investors can still be entitled to refunds from these segregated accounts.
To further secure the trader, Xtrade has implemented a 256-bit Secured Socket Layer (SSL). This is a standard security practice designed to protect all clients’ data and transactions as data is transmitted to and from the servers.
Xtrade does not provide its services to clients from the Unites States, Canada, Belgium, Zimbabwe, Nigeria or other countries where its services will conflict with the local or national laws. Some Xtrade features and products mentioned within this Xtrade review may not be available to traders from specific countries due to legal restrictions.
This is Xtrade’s proprietary trading platform that has an intuitive user interface for traders to access multiple markets in order to buy and sell forex and CFDs. It runs on every operating system and requires no downloads.
Here are some of the features of the Xtrade platform:
- Available in 11 languages.
- Account verifications, funding, withdrawals can be done from the platform.
- Switch between demo and real accounts with one click.
- The charts window has a multiscreen feature which can display the charts in up to 6 screens. This is useful for comparison over different charts, timeframes and indicators.
- 12 technical indicators.
- 4 chart styles; Bars, Candles, Line and Area.
- Charts can be displayed on 9 timelines from tick to 1 week.
- Integrates tools such as the financial calendar, Autochartist, Market trends, etc.
- 17 drawing tools used for technical analysis.
Xtrade Online Trading
This is the mobile app version of the trading platform. It is available for iOS and Android devices. The apps can be downloaded and installed from the respective app stores. The mobile app presents a user friendly interface and is very responsive.
Here are some of the key Xtrade mobile trading app features:
- Gives access to live quotes of stocks, indices, forex, commodities, etc.
- Easily open, edit or close trade positions including multiple order types and risk management tools.
- Integrates account funding and withdrawal options using multiple payment methods.
- Perform technical analysis using charts, indicators and analytical tools.
- Customisable with alerts on prices, trades, etc.
- Integrates some trading tools such as Autochartist alerts, financial calendar, market trends, etc.
Xtrade Trading Tools
There is financial news that is frequently updated on the blog website; blog.xtrade.com. The videos are professionally presented from Xtrade’s news studio. Daily forex signals and analysis were previouslt updated on the blog but unfortunately have stopped.
Autochartist Market Analysis
The Autochartist tool is accessible from the WebTrader platform. It is available only to traders who fund their accounts with a minimum of $1,000. Autochartist is a market analysis software tool that gives access to in-depth expert analysis and trading signals on a wide range of tradable assets. It also scans the markets and alerts the trader when it finds a trading opportunity.
The economic calendar can be accessed from the WebTrader platform under the ‘tools’ menu. This financial calendar is an important tool used in fundamental analysis. It shows the dates and times scheduled for important economic activities and their forecasted impacts on the financial markets. The calendar is customisable to suit the trader’s preferences.
This service is powered by a third party company (Finansoft S.R.O) and it is available on the Xtrade WebTrader platform. It gives trading signals on selected instruments.
Bull/Bear Market Sentiment
This is another platform tool found on the Xtrade WebTrader. It gives the percentage of Xtrade’s clients buying or selling a given asset within a defined time interval. This can be used as part of a market sentiment analysis which is often used to form part of a contrarian trading strategy.
The education centre on the website has some video lessons geared towards beginner traders. The first set of video tutorials is focused on using Xtrade’s website and trading platform. The videos are fully animated, interesting, clear, loud, and precise.
There are 11 video lessons of the basics of forex, Bitcoin, technical analysis, indicators, and cryptocurrencies. The videos are taught by Xtrade’s staff. The lessons were presented from a news room and contain only a few animations and illustrations.
A glossary of over 90 forex and CFD trading terms along with their explanations is available in the education center.
The following trading instruments are available on the Xtrade platforms:
- 19 major currency pairs, 12 minor pairs & 29 exotic pairs.
- 33 Indices.
- About 400 shares from USA, UK, Japan, Europe, etc.
- 25 Commodities.
- 17 Cryptocurrencies.
- 5 Bonds.
- 23 Exchange Traded Funds (ETFs).
Xtrade Accounts & Fees
The maximum leverage is 1:400 for all account types. The spread ranges from 2-5 pips for the benchmark EURUSD.
- Standard Account: The minimum deposit is $250. This is the basic account with minimal features.
- Premium Account: The minimum deposit is $1,000. This account gives access to Autochartist market alerts and dedicated account managers.
- Platinum Account: This is the most popular account with a minimum deposit of $5,000. This account features reduced spread and VIP bonuses.
- VIP Account: This is the account reserved for professional traders. The minimum deposit is $20,000. Account holders get exclusive corporate gifts.
Inactivity fees of $10 per month are charged from accounts that have been dormant for 3 months. For accounts that have been inactive for a year, $60 per month is charged.
As broker fees can vary and change, there may be additional fees that are not listed in this Xtrade review. It is imperative to ensure that you check and understand all of the latest information before you open a Xtrade account for online trading.
Xtrade has a multilingual client support desk that is available round the clock on weekdays (24/5). The team speaks over 10 languages and operates from various locations. They can be reached on email, phone and instant web chat. On social media, they are on Facebook, Twitter, LinkedIn and YouTube.
The customer service desk also has a Frequently Asked Questions (FAQs) section where they answer the most common questions usually asked by prospective clients.
Xtrade Deposit & Withdrawal
Xtrade states it repeatedly that it does not charge deposit and withdrawal fees. But some payment processors and banks may charge fees which will be borne by the client. Withdrawal requests are only approved for accounts that are completely verified. Generally, here are the payment options available:
- Bank Wire Transfer: This method is used to transfer money between a client’s bank account and Xtrade bank accounts. It takes up to 5 business days for complete bank transfer processing.
- Online Bank payment solutions from the following banks or payment processors are accepted: Itaú, Bradesco, Banco Do Brasil, Santanda, Banco De Chile, Bancomer, Banamex, Santander Rio, Banco de Occidente Credencial, Banco de Occidente Credencial, Banklink, Caixa, Banco Macro, Banco Galicia, Citi Bank, eKonto, Euteller, Giropay, iDEAL, Lobanet, Mister Cash, Multibanco, Przelewy24, SOFORT, SPEI, POLi and BPAY.
- Credit/Debit Card: The cards accepted are Visa, MasterCard, UnionPay, Hipercard, JCB, and ELO. Card deposits are processed instantly while withdrawals may take up to 10 days.
- Online Payments: The electronic payments accepted are DineroMail, PSE, VLOAD, Abaqoos, Alipay, AstroPay, CashU, Carulla, Boleto, eCard, ecoPayz, EDEQ, ePay.bg, Fasapay, Halcash, Jeton, Moneta, Neteller, Neosurf, paysafecard, Pago efectivo, Pago Facil, Rapipago, QIWI, Redpagos, Skrill, Sporopay, Surtimax, Teleingreso, Ticket Surf, Todito Cash, WebMoney, WeChatPay and YandexMoney.
Xtrade Account Opening
The registration process on the Xtrade website is very easy and straightforward. First visit the right website for your country of residence, click on ‘Register’ found on the side menu bar. The form below displays.
Fill your name, email and phone number, agree to terms and click ‘Submit’. The account is created and a password is assigned to the account. You are logged onto the Xtrade online trading platform where you can make a deposit and start trading online.
Xtrade has been in the brokerage business for many years although they have come under some scrutiny during this time. The company is however regulated and states that they are committed to applying modern technologies, innovation and honesty.
The broker provides liquidity and access to trade over 500 instruments on its proprietary trading platforms for web browsers and mobile apps. The platform is simple, yet replete with a range of charting and analysis tools. The integration of Autochartist analysis and signals is a popular choice for automated market analysis. It takes away the time requires to conduct complex charting and analysis from the trader. The sentiment tools provided gives traders an insight of what other traders are buying and selling which can also be useful to professional traders.
However, the spreads offered by Xtrade are not that low when compared to other online brokers that offer spreads from 0 pips. They can also mark up the spreads as they do not charge a commission on trades. The VIP spreads and trading conditions require a large deposit. No cent accounts are provided and no social trading platforms or MAM/PAMM accounts. There is no provision for trade automation and platform extension via plugin apps. For these reasons amongst others, we consider Xtrade a limited broker for online trading.
Trading FX/CFDs involves a significant level of risk and you may lose all of your invested capital. Please ensure that you understand the risks involved.