XTrade Review 2024
- Daytrading Review TeamXTrade 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.
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.
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.
Note, the popular MT4 trading platform download is not available.
Assets & Markets
More than 200 online FX and CFD instruments are available, including:
- 56 forex pairs – 19 majors, 9 minors, & 28 exotics
- Commodities – Precious metals & energies
- Stock indices – Eight global stock indexes
- Shares – Close to 200 company shares
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.
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:
- Email address – support@xtrade.com
- Telephone contact number – +44 2038074001
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:
- YouTube
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.
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IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand 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 -
IronFX – IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.
Go to IronFX -
FxPro – Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.
Go to FxPro
XTrade Comparison Table
XTrade | IG | IronFX | FxPro | |
---|---|---|---|---|
Rating | 1.9 | 4.4 | 3.8 | 4.4 |
Markets | Forex, CFDs, indices, shares, commodities | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, Indices, Shares, Futures, Commodities, Metals (all CFDs) | CFDs, Forex, Stocks, Indices, Commodities, Futures |
Demo Account | Yes | Yes | Yes | Yes |
Minimum Deposit | $250 | $0 | $100 | $100 |
Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
Regulators | CySEC, IFSC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | CySEC, FCA, FSCA, BMA / Bermuda | FCA, CySEC, FSCA, SCB, FSC |
Bonus | – | – | Traders can choose between: 100% unlimited Sharing Bonus – minimum $200 deposit. 40% Power Bonus up to $4,000 – minimum $500 deposit. 20% Iron Bonus up to $2,000 – minimum $100 deposit. | – |
Education | No | Yes | Yes | Yes |
Platforms | Own | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | MT4, AutoChartist, TradingCentral | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
Leverage | 1:400 | 1:30 (Retail), 1:250 (Pro) | 1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:1000 (BM) | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
Payment Methods | 4 | 6 | 9 | 8 |
Visit | Visit | Visit | Visit | Visit |
Review | – | IG Review |
IronFX Review |
FxPro 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.
XTrade | IG | IronFX | FxPro | |
---|---|---|---|---|
CFD | Yes | Yes | Yes | Yes |
Forex | Yes | Yes | Yes | Yes |
Stocks | Yes | Yes | Yes | Yes |
Commodities | Yes | Yes | Yes | Yes |
Oil | No | Yes | Yes | Yes |
Gold | No | Yes | Yes | Yes |
Copper | No | Yes | Yes | No |
Silver | No | Yes | Yes | Yes |
Corn | No | No | Yes | No |
Crypto | No | Yes | No | Yes |
Futures | No | Yes | Yes | Yes |
Options | No | Yes | No | No |
ETFs | No | Yes | No | No |
Bonds | No | Yes | No | No |
Warrants | No | Yes | No | No |
Spreadbetting | No | Yes | No | Yes |
Volatility Index | No | Yes | No | No |
XTrade vs Other Brokers
Compare XTrade with any other broker by selecting the other broker below.
Customer Reviews
4.7 / 5This average customer rating is based on 3 XTrade customer reviews submitted by our visitors.
If you have traded with XTrade we would really like to know about your experience - please submit your own review. Thank you.
Submit Your Own Review of XTrade
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.
Anayzing the charts of several stocks and commodities, epecially gold, an idea was born!
Probably, we are in the new cycel of bull market for gold and equities.
Not delaying the action, I opened long positions on gold and several stocks. All was done here on Xtrade.
Xtrade is that broker that is ideal for such operations. The leverage is ample enough and the trading conditions are attractive.
Moreover, through the broker I learned some new concepts related to trading strategies. You can find them among offered courses.
Oh, and yes, deposit and withdrawals are fees-free and smooth!
I like the fact that they provide a lot of ways to make deposits and withdrawals. I didn’t have any problems with transferring money but transactions are kind of slow for me. Id like them to fix that.
I have been trading with the xtrade broker not for a substantial period and can’t say that I know this platform inside out, but the fact one can earn money with it is unquestionable.
Knowing how long they are in the business, I didn’t put the reliability at any doubt.
Range of assets, performance of their custom software leave no questions. Spreads & swaps are also appealing.