Xtrend Speed Review

Category: Reviews | Author: Trading Brokers | Date: March 27, 2024

XTrend Speed is an online broker that offers trading in forex, indices, commodities, stocks and cryptocurrencies. It was founded in 2016 and is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, a tier-2 regulator. It provides two trading platforms: the XTrend Speed app, which is a proprietary platform designed for mobile devices, and the MetaTrader 4 (MT4), which is a popular and widely used platform among traders. XTrend Speed claims to have competitive fees, fast execution, low minimum deposit, and various educational and research resources for its clients. However, as with any broker, there are also potential drawbacks and risks involved in trading with XTrend Speed. Therefore, it is essential to conduct a detailed and objective review of the broker before deciding to open an account with them. In this article, we will examine XTrend Speed’s regulation, platforms and tools, education, markets, accounts, and funding methods, and provide our verdict on whether it is a reliable and trustworthy broker to trade with.

Pros & Cons

  • Provides two trading platforms: the XTrend Speed app and the MT4 platform Offers credit reward, copy trading, signals, and an economic calendar
  • Supports various payment methods, such as credit/debit cards, e-wallets, bank transfer, and UPI
  • Regulated by the FSCA of South Africa, a reputable and independent authority
  • Reports of poor customer service
  • Limited educational resources
  • Limited trading instruments

Summary

Xtrend Speed Review

Xtrend Speed Review

Established in 2016 and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, XTrend Speed is an online broker that offers trading in forex, indices, commodities, stocks, and cryptocurrencies. XTrend Speed provides two trading platforms: the XTrend Speed app, which is a proprietary platform designed for mobile devices, and the MetaTrader 4 (MT4), which is a popular and widely used platform among traders. The broker claims to have competitive fees, fast execution, low minimum deposit, and various educational and research resources for its clients. XTrend Speed also features a copy trading service, where users can follow and copy the trades of master traders with high-profit rates.


Additionally, the broker offers a credit reward program, where users can receive up to $100 in credit reward upon registration and use it for trading. Our review aims to evaluate XTrend Speed’s regulation, platforms and tools, education, markets, accounts, and funding methods, and provide our verdict on whether it is a reliable and trustworthy broker to trade with. However, as with any CFD broker, there are also potential drawbacks and risks involved in trading with XTrend Speed. Therefore, it is essential to conduct a detailed and objective review of the broker before deciding to open an account with them.

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Regulation

XTrend Speed is an online broker that operates under Rynat Capital (Pty) Ltd, a company registered in South Africa with the registration number 2016/479525/07. Rynat Capital (Pty) Ltd is authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, with the license number FSP 23497. This means that XTrend Speed has to comply with the rules and standards set by the FSCA, which is a tier-2 regulator that aims to protect investors, promote financial stability, and ensure fair and transparent market conduct. Some of the benefits of trading with an FSCA-regulated broker include segregated client funds, negative balance protection, regular audits, ethical conduct enforcement, and a robust mechanism for resolving complaints and disputes.

However, it is important to note that XTrend Speed also acts as an intermediary between its clients and MarketFinancials Limited, a company incorporated in Seychelles with the registration number 8413711-1. MarketFinancials Limited is regulated by the Financial Services Authority (FSA) of Seychelles, with the license number SD106. The FSA is a relatively new offshore regulator that may not have the same level of oversight and protection as more established regulators like the FSCA. This introduces an element of risk and uncertainty, especially in situations of conflict or disagreement between clients and MarketFinancials Limited. According to the terms and conditions of XTrend Speed, any legal actions or proceedings related to their services must exclusively occur within the courts of Seychelles. This unique jurisdictional stance may limit the recourse and options for clients in the event of complications or grievances involving XTrend Speed.

Therefore, potential traders are advised to proceed with caution and a thorough understanding of the regulatory landscape, recognizing the interplay of regulations, responsibilities, and possible ramifications in their trading journey with XTrend Speed. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

XTrend Speed provides its clients with two trading platforms: the XTrend Speed app and the MetaTrader 4 (MT4). The XTrend Speed app is a proprietary platform designed for mobile devices, which allows traders to access the global markets with a simple and intuitive interface. The app offers advanced charting and analysis tools, along with customizable layouts and a range of order types.

XTrend Speed app

XTrend Speed app

The app also features a copy trading service, where users can follow and copy the trades of master traders with high-profit rates. The app is available for both iOS and Android devices, and it supports the XTrend Speed account type.

The MT4 platform is a popular and widely used platform among traders, which offers a versatile and powerful trading environment. The platform supports trading in forex, indices, commodities, stocks, and cryptocurrencies, and it allows traders to create and use custom indicators, scripts, and expert advisors (EAs) for automated trading strategies.

MT4 Platform

MT4 Platform

The platform also provides access to various technical analysis tools, market news, signals, and an economic calendar. The MT4 platform can be accessed via desktop, web browser, or mobile devices, and it supports the MT4 account type.


In addition to these platforms, XTrend Speed also offers a suite of valuable tools and resources for its clients, including:

  • Videos: XTrend Speed provides a series of educational videos on its website and YouTube channel1, covering topics such as how to use the app, how to trade with credit reward, how to copy trade, how to deposit and withdraw, and more. These videos are helpful for beginners who want to learn the basics of trading with XTrend Speed.
  • Economic Calendar: XTrend Speed offers an economic calendar on its website, which shows the upcoming economic events and indicators that may affect the markets. The calendar allows users to filter by date, country, currency, impact, and category, and it provides detailed information on each event.
  • News: XTrend Speed provides market news and analysis on its website, which covers the latest trends and developments in the global markets. The news articles are written by professional analysts and journalists, and they provide insights and opinions on various trading instruments and strategies.
  • Signals: XTrend Speed offers trading signals on its website, which are generated by experienced traders using technical analysis and market data. The signals provide recommendations on when to buy or sell a certain instrument, along with the entry price, stop loss, take profit, and risk level. Users can subscribe to the signal service for a fee and receive them via email or SMS.

Education

XTrend Speed offers a limited range of educational resources for its clients, mainly aimed at novice traders who want to learn the basics of trading. The educational resources include a novice tutorial and a set of articles covering various aspects of trading.

The novice tutorial is a series of videos that provide a basic introduction to:

  • How to use credit: This video explains what credit is, how to get it, and how to use it for trading. Credit is a reward that XTrend Speed gives to its clients, which can be used to open positions without risking real money. Users can receive up to $100 in credit rewards upon registration, and they can also earn more credit by completing tasks or inviting friends.
  • How to complete “About You”: This video explains why users need to complete the “About You” section in the app, and how to do it. The “About You” section is where users provide their personal information, such as name, email, phone number, address, etc. Completing this section is necessary for verifying the identity of the users and complying with the anti-money laundering (AML) and know-your-customer (KYC) policies.
  • How to deposit: This video explains how to deposit funds into the XTrend Speed account, and what are the available payment methods. Users can deposit funds by using credit or debit cards, bank transfers, or e-wallets, such as Skrill, Neteller, or PayPal. The minimum deposit amount is $50, and there are no deposit fees.
  • How to withdraw: This video explains how to withdraw funds from the XTrend Speed account, and what are the withdrawal conditions and fees. Users can withdraw funds by using the same payment method that they used for depositing. The minimum withdrawal amount is $50, and there is a withdrawal fee of 2% or $10, whichever is higher.
  • How to copy trade: This video explains what copy trading is, and how to use it on the XTrend Speed app. Copy trading is a service that allows users to follow and copy the trades of master traders with high profit rates. Users can browse through a list of master traders, see their performance statistics, and choose who they want to copy. Users can also adjust their copy settings, such as the amount of funds allocated for copying, the maximum number of positions, and the stop loss level.

Markets

XTrend Speed offers a diverse range of 280+ trading instruments across four asset classes, including forex, commodities, indices, and shares. With such a broad range of instruments, traders can easily access different markets and diversify their portfolios. Some of the examples of the instruments offered by XTrend Speed are:

  • Forex: Forex is the market where currencies are traded, and it is the largest and most liquid market in the world. XTrend Speed provides more than 100 currency pairs in more than 20 currencies, such as the global popular ones: USD, GBP, AUD, JPY, CHF, EUR, etc. Some of the currency pairs available on XTrend Speed are EUR/USD, GBP/JPY, AUD/NZD, USD/CAD, etc.
  • Commodities: Commodities are physical goods that have a universal value and are traded on exchanges around the world. XTrend Speed offers trading in metals and energy commodities, such as gold, silver, copper, nickel, and US crude oil. Some of the commodities available on XTrend Speed are XAU/USD, XAG/USD, USOIL, XPD/USD, XPT/USD, etc.
  • Indices: Indices are measures of the performance of a group of stocks or other assets from a specific market or sector, such as S&P 500 or NASDAQ 100. XTrend Speed offers trading in index CFDs, which allows traders to speculate on the price movements of an index without owning the underlying assets. Some of the indices available on XTrend Speed are DJI30, TECH100, SPX500, GER30, FCHI, etc.
  • Shares: Shares are units of ownership in a company that are traded on stock exchanges around the world. XTrend Speed offers trading in share CFDs, which allow traders to speculate on the price movements of a share without owning the underlying asset. XTrend Speed offers trading in US and European shares, such as Apple, Microsoft, Amazon, Google, Facebook, etc.

Accounts

XTrend Speed offers two types of accounts for its clients: the XTrend Speed account and the MT4 account. Each account has different features, advantages, and disadvantages, depending on the trading preferences and needs of the clients.


  • XTrend Speed account: The XTrend Speed account is the default account type that is available on the XTrend Speed app. This account allows traders to access the global markets with a simple and intuitive interface, and to trade with a credit reward, which is a bonus that can be used to open positions without risking real money. The XTrend Speed account also features a copy trading service, where users can follow and copy the trades of master traders with high-profit rates. The minimum deposit for this account is $50, and there are no commissions or spreads. However, there are overnight fees for holding positions overnight, and there is a withdrawal fee of 2% or $10, whichever is higher. The leverage for this account is up to 1:300 for professional traders who meet certain criteria and apply for it, and up to 1:30 for retail traders, as per the FSCA regulations. The minimum trade size is 0.01 lot.
  • MT4 account: The MT4 account is an alternative account type that is available on the MetaTrader 4 (MT4) platform. This account allows traders to access a versatile and powerful trading environment, and to trade with custom indicators, scripts, and expert advisors (EAs) for automated trading strategies. The MT4 account also provides access to various technical analysis tools, market news, signals, and an economic calendar. The minimum deposit for this account is $100, and there are no commissions or overnight fees. However, there are variable spreads that depend on the market conditions and the trading instrument. The spreads start from 0.4 pips for major currency pairs, such as EUR/USD, GBP/USD, and USD/JPY. The leverage for this account is up to 1:300 for professional traders who meet certain criteria and apply for it, and up to 1:30 for retail traders, as per the FSCA regulations. The minimum trade size is 0.01 lot.

Funding

XTrend Speed offers a variety of methods for its clients to deposit and withdraw funds from their trading accounts. The funding methods include:

  • Bank wire transfers: This is a method of transferring funds directly from one bank account to another. This method is secure and reliable, but it may take longer time and incur higher fees than other methods. To deposit funds via bank wire transfers, users need to provide their bank details, such as account number, SWIFT code, and IBAN, and follow the instructions on the XTrend Speed app or website. To withdraw funds via bank wire transfers, users need to fill out an online form with their bank details and the amount they want to withdraw. The minimum deposit and withdrawal amount for this method is $50, and there are no deposit fees. However, there is a withdrawal fee of 2% or $10, whichever is higher, and there may be additional fees charged by the banks involved in the transaction.
  • Credit/debit cards: This is a method of using a card issued by a bank or a financial institution to pay for goods or services. This method is convenient and fast, but it may have some security risks and limitations. To deposit funds via credit/debit cards, such as Visa and MasterCard, users need to provide their card details, such as card number, expiry date, and CVV code, and follow the instructions on the XTrend Speed app or website. To withdraw funds via credit/debit cards, users need to fill out an online form with their card details and the amount they want to withdraw. The minimum deposit and withdrawal amount for this method is $50, and there are no deposit or withdrawal fees. However, users can only withdraw funds to the same card that they used for depositing, and the withdrawal amount cannot exceed the deposit amount.
  • UPI: This is a method of using a mobile payment system that allows users to transfer money between bank accounts using a unique identifier called UPI ID. This method is popular in India, but it may not be available in other countries. To deposit funds via UPI, users need to provide their UPI ID and follow the instructions on the XTrend Speed app or website. To withdraw funds via UPI, users need to fill out an online form with their UPI ID and the amount they want to withdraw. The minimum deposit and withdrawal amount for this method is $50, and there are no deposit or withdrawal fees.
  • E-wallets: These are methods of using online payment services that allow users to send and receive money online using an email address or a unique identifier. Some of the e-wallets that XTrend Speed supports are Skrill, Neteller, and PayPal. These methods are easy and secure, but they may require users to create and verify an account with the e-wallet provider. To deposit funds via e-wallets, users need to log in to their e-wallet account and follow the instructions on the XTrend Speed app or website. To withdraw funds via e-wallets, users need to fill out an online form with their e-wallet email address or ID and the amount they want to withdraw. The minimum deposit and withdrawal amount for these methods is $50, and there are no deposit or withdrawal fees. However, users can only withdraw funds to the same e-wallet account that they used for depositing.

Conclusion

In conclusion, XTrend Speed is an online broker that offers trading in forex, commodities, indices, and shares. The broker is regulated by the FSCA of South Africa, but it also acts as an intermediary between its clients and MarketFinancials Limited, a Seychelles-registered company regulated by the FSA of Seychelles. The broker also offers a variety of funding methods, educational resources, and trading tools, such as credit rewards, copy trading, signals, and an economic calendar. However, the broker also has some drawbacks and risks, such as variable spreads, withdrawal fees, offshore regulation, and limited customer support. Therefore, potential traders are advised to proceed with caution and a thorough understanding of the broker’s features and conditions before deciding to trade 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 encourage you to explore our trading broker reviews.

Xtrend Speed Logo

$50

XTrend Speed is a mobile trading platform that offers forex and CFD trading in over 280 markets. The platform features copy trading, trading signals, and educational resources. XTrend Speed is regulated by the FSCA in South Africa and has a high level of transparency and security.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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