XTrade Review 2024


1.9 / 5
XTrade is #107 in our CFD broker rankings.

XTrade is a good option for experienced traders looking for strong market access, including bonds, cryptocurrencies and cannabis stocks. It will also serve traders looking for high leverage up to 1:400.

- Daytrading Review Team

Established for over 10 years, XTrade has been providing forex and CFD trading services to clients in over 25 countries. Registered in Belize, this brokerage aims to offer cutting edge technology with its proprietary trading platform, plus reliable 24/5 customer support and robust account security.

$250
Own
Forex, CFDs, indices, shares, commodities
-
Neteller, Skrill, Sofort, Paysafecard
Forex Trading

XTrade offers a strong range of 56 forex pairs, however spreads are not very competitive, starting from 1.7 pips on the EUR/USD. The in-house platform also doesn't rival MetaTrader 4.

Stock Trading

Access around 200 company shares from popular global exchanges including the US, UK and Japan. Traders looking to diversify can also gain exposure to the emerging cannabis market.

CFD Trading

Trade CFDs across a broad range of markets including indices, commodities, and bonds. You can also take advantage of the platform's integrated signals service, although the lack of additional platforms is limiting.

Awards

  • Best Broker Middle East 2016 - Forex Report
  • Best Mobile Platform 2016 - FX Empire
  • Best Forex Broker 2016 - FFXPO Awards

✓ Pros

  • Beginner-friendly forex education and blog, plus economic calendar and financial news
  • Good range of financial markets, ideal for those looking to build a diverse portfolio
  • Real-time market data, advanced tools and in-depth market analysis
  • 24/5 multilingual customer support via email, telephone or live chat
  • Accessible deposit options with fast account funding and no fees
  • Commission-free trading
  • Autochartist signals

✗ Cons

  • High $250 minimum deposit compared to alternatives
  • Below average fees with wide spreads
  • No cryptocurrency and Bitcoin trading
  • $50 inactivity fee after 3 months
  • No automated trading capabilities
  • Only one platform available
  • UK clients not accepted
  • No MetaTrader integration
  • No Islamic account

XTrade is a CySEC-regulated forex and CFD broker. To help you decide whether to open an online trading account, this review explores the broker’s platform, mobile app, minimum deposit, payment methods, and more.

XTrade Company Overview

The CFD investment broker is owned by XTrade Group Limited and is headquartered in Limassol, Cyprus. The company has several daughter brands, including XTrade Europe Ltd. and XTrade International Ltd that service clients from Dubai to Uruguay.

The broker was founded in 2003, has 15 offices worldwide, and is registered with over 10 regulatory agencies, including in Cyprus, the Philippines, Malaysia and the UAE. XTrade does not, however, provide services to the UK, Canada and some other countries.

XTrade WebTrader Platform

The proprietary web-based platform requires no download or installation. Even from the login page the design is intuitive for newcomers while the effective trading tools have helped the platform pick up multiple awards. It’s accessible in 11 languages and offers 12 technical indicators, 4 chart styles, 9 time periods, and 17 analysis tools. There is also an integrated economic calendar, news thread and a signals service.

XTrade cfd trading platform
XTrade platform

Note, the popular MT4 trading platform download is not available.

Assets & Markets

More than 200 online FX and CFD instruments are available, including:

XTrade also offers a handful of ETFs.

Spreads & Commissions

XTrade uses a fee structure with zero commissions, only taking money from spreads. Spreads are variable, for example, GBP/USD spreads can range from 2.5 to 5 pips, EUR/USD ranges from 1.7 to 5 pips and EUR/GBP ranges from 3 to 5 pips.

Some user complaints highlight the $50 inactivity fee charged to accounts dormant for more than three months. Overnight premiums, or swaps, are also charged for positions that are held open after 22:00 GMT.

Leverage

Leverage rates vary up to a maximum of 1:400. The leverage levels for indices range from 1:20 to 1:200, commodities up to 1:10, forex pairs can be leveraged between 1:50 and 1:400 and stocks up to 1:5. Retail traders in EU-regulated markets, such as Germany, are capped at a leverage of 1:30, as per ESMA regulations.

Mobile Apps

The XTrade platform has also been developed for mobile use with iOS and Android smartphones and tablets.

Called ‘XTrade Online Trading’, the mobile app is easily installed, with a responsive user interface and much of the capability provided by the web-based platform.

The application allows one-touch trading with live prices, charting options, analysis tools, notifications and account funding options.

Many of the additional tools, such as Autochartist signals and economic calendar are also available on the mobile platform and receive good reviews.

XTrade mobile app trading platform - android
XTrade mobile app

Payment Methods

XTrade offers a wide range of payment methods that vary for clients from different countries. All clients are offered Visa and Mastercard payment card options as well as bank wire transfers.

There is a maximum deposit limit of $15,000 for payment cards, though there is no limit on wire transfers. Traders can use tens of domestic e-wallets and payment providers, including UnionPay and Neteller, each with their own maximum deposits.

There is a minimum deposit of $250, though this may be reduced during promotional events.

Withdrawals must be made using the same method as the deposit. However, if a deposit was made using an e-wallet, then withdrawals can be processed via bank transfer, Skrill or Neteller.

XTrade can take up to five days to process a withdrawal, though it may take longer to reach the target account as some payment providers take extra time to process. There are no deposit or withdrawal fees charged on the part of the broker.

Demo Account

There is a fully equipped online demo account available to current and prospective clients, allowing traders to get a feel for forex and CFD trading on the platform. The account uses simulated money and once passed the login page, you can open and close positions at real prices in real markets, meaning there is no risk to capital.

Deals & Promotions

At the time of writing there are no welcome or deposit bonuses on offer. However, they do run periodic promotional campaigns and have been known to drop minimum deposits, offer deposit bonuses and even team up with international football star Cristiano Ronaldo.

Note, always check bonus terms and conditions before you begin account registration.

Regulatory Status

XTrade is a licensed forex broker authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) in Europe, and several other agencies for its international services.

XTrade International Ltd also complies with the International Financial Services Commission’s regulations for worldwide trading.

Clients’ funds are kept segregated from the company’s, meaning that the company’s and clients’ assets are clearly distinguished, providing monetary security to traders.

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.

Additional Features

As well as their award-winning trading platform, XTrade offers several extra features to its clients. There is a fully populated economic calendar and news stream that can be accessed via the website or through the platform.

There are also daily market analysis videos uploaded both to their website and YouTube channel plus calculator tools available for Pivot, Fibonacci and deal size calculations.

The XTrade website also comes with an education centre that has a range of tools geared towards novices and those with years of experience. The centre covers the basics of the platform and charting to complex trading strategies and market analysis through tutorials, online courses, e-books, PDFs, and a blog. There is also an expansive glossary to help traders cut through any unfamiliar jargon.

Account Types

XTrade does not differentiate between traders, offering a single account type for all real money trading. Every trader gets access to the full range of instruments, web and mobile platforms, plus educational centre. This does mean, however, that less favourable spreads can’t be avoided like they can with many tiered account structures.

Trading Hours

The market trading hours for the instruments supported by XTrade are 21:00 GMT Sunday to 21:00 GMT Friday during daylight saving and 22:00 GMT Sunday to 22:00 GMT Friday during winter months. Some instruments may have more limited trading hours, the details of which can be found in the website’s CFD information list.

Customer Support

The customer support team can be contacted 24 hours a day, 5 days a week via several methods. There is a telephone line that opens at 22:00 GMT on Sunday and closes 22:00 GMT on Friday. There is also email support and the broker has a large social media presence.

For general enquiries and support, XTrade may be contacted using a live chat function in the lower right corner of their website. The website supports 35 languages and live chat representatives are available in six different languages. The customer support team can be contacted via:

The support team can help with a range of queries, from how to delete an account, utilise the platform, or navigate account verification.

To follow the broker on social media:

The company’s head office address in Cyprus plus its locations in Melbourne, Australia, amongst others, can be found on the broker’s website.

Trader Security

XTrade provides a high level of cybersecurity, with 256-bit standard Secure Sockets Layer (SSL) encryptions, provided by Comodo, on all transactions and website traffic.

The broker has several identity theft and credit card safeguards in place, all of which undergo regular reviews. The website also uses True-Site identity assurance and complies with AICPA WebTrust assurance standards.

XTrade Verdict

XTrade is an award-winning provider and a strong competitor versus brokers such as eToro and Plus500. Its free signals and well-equipped education centre make it a sensible choice for clients new to trading forex and CFDs, in particular.

The ten+ years of industry experience is also a good indicator that they’re safe to trade with.

Top 3 Alternatives to XTrade

Compare XTrade with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
    Go to World Forex

XTrade Comparison Table

Compare XTrade With Similar Brokers
XTrade IG Interactive Brokers World Forex
Rating 1.9 4.4 4.3 4
Markets Forex, CFDs, indices, shares, commodities CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $250 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators CySEC, IFSC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB SVGFSA
Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms Own Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:400 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 4 6 6 10
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by XTrade and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare XTrade Trading Instruments
XTrade IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold No Yes Yes Yes
Copper No Yes No No
Silver No Yes No Yes
Corn No No No No
Crypto No Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

XTrade vs Other Brokers

Compare XTrade with any other broker by selecting the other broker below.

 

Customer Reviews

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Established for over 10 years, XTrade has been providing forex and CFD trading services to clients in over 25 countries. Registered in Belize, this brokerage aims to offer cutting edge technology with its proprietary trading platform, plus reliable 24/5 customer support and robust account security.

FAQ

Is XTrade a legitimate brokerage company?

XTrade Europe Ltd. is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) for services in Europe. XTrade International Ltd. is licensed and regulated by the International Financial Services Commission in Belize. We’re comfortable the broker is not a scam.

What is the minimum deposit for an XTrade account?

The minimum deposit required to open an account is $250 while the minimum position size is 0.01 lots.

Is there an XTrade demo account?

Yes, XTrade offers a demo account with all the capabilities and options available with a real money account.

Does XTrade offer a MT4 download?

No, XTrade only offers its own proprietary trading platform designed for browser-based trading. The platform has also been made into a mobile app for iOS and Android smartphones and tablets.

Can I open an XTrade account in Canada or the USA?

No, XTrade does not provide its services to traders in the USA, Canada or other countries where its services conflict with local laws. However, XTrade can be used in many countries worldwide, including India, the UAE, Australia and Uruguay.