Table of contents:
- 1 experiences with XTrade
- 2 Conclusion
XTrade user-ratings: $250
Asset varierity - 6/10
Trading platform - 6/10
Support - 6/10
Fees - 4.5/10
Deposit/Withdrawal - 4/10
Facts about the company:
- Type: Forex, Stocks, and CFD broker
- Regulation: IFSC (Belize)
- Minimum deposit: 250 Dollars
- Demo account: Available
- Markets: 100+ Forex, CFDs, Stocks, Shares, Indices, Commodities, Cryptocurrencies
- Regulated by an official financial institution
- A demo account is available
- Possibility to trade a variety of assets
- Good customer service
- High quality trading technology
- Little choice regarding trading platforms/Software
experiences with XTrade
When evaluating an online broker, as always, the overall picture counts, and all in all we have gained a good impression. The Online Broker XTrade belongs to the company XFR Financial Ltd. and is, like so many other online brokers with a focus on CFD trading, based in Cyprus. From there an international customer structure is addressed, among other things the company is also present on the market in Germany for example.
|Company:||XFR Financial Ltd.|
|Postal address||Cork Street, No. 5, Belize City, Belize|
|Regulation / license:||IFSC /60/383/TS/19|
Altogether XTrade has a very broad offer of tradable values, whereby for the Trading itself a technically matured product is made available. Both the registration and the start of trading do not cause any problems and also against the background of the comfortable support offer the client should feel very well taken care of. This also applies to the security area. The Online Broker makes a very serious impression in day-to-day business and all the necessary conditions are also formally fulfilled in this respect. Fraud or rip-off need not be feared with this provider and the trader can devote himself fully to trading CFDs.
One of the most important characteristics of any provider is the question of security and regulation. Many companies that offer CFD trading have chosen to be based in Belize, including XTrade. IFSC is responsible in Belize. The license number of XTrade is (60/383/TS/19). Concerning questions about the deposit protection and the form of the administration of the customer funds no specific information is found. Who would like to know it more exactly here, should contact the customer service in this matter.
Very wide range of tradable securities
Who has already looked around a bit within the scene for providers in the area of CFD trading, will know that there are sometimes big differences between the individual providers with regard to the trading offer. While some only offer about 100 underlying assets for CFD trading, others offer several thousand. Even if a huge selection does not have to be the deciding factor for most traders, a good selection also has the advantage that the trader can constantly develop and reorient himself in trading.
This possibility is given in the case of XTrade in any case. Basically, underlyings from the areas of
- and currency pairs
are made available for leveraged trading. The range of shares is structured according to different countries. In addition to European stocks, US American and Asian stocks can also be traded via CFD. The same applies to the availability of indices. And also in the areas of commodities and currencies, an extremely wide range of offers awaits the trader, which by far does not only include the well-known values and majors but goes far beyond them.
Depending on the underlying instrument, financial levers of varying strengths can be used. These are fixed for each value and cannot be varied.
|Shares leverage:||Forex leverage:|
|Up to 1:20||Up to 1:50|
In terms of fees, XTrade works with fixed spreads, but without commissions. According to the company, the client is charged spreads close to the market. The spreads differ depending on the value and available market liquidity.
Several bonus offers for new customers
There is no bonus for new or existing customers of XTrade. Thus the broker also complies with the requirements of the regulation, which currently completely prohibits bonus offers. Thus this point is to be evaluated naturally positively in our test.
For getting a bonus, traders have to open an account first.
Many deposit and withdrawal possibilities
In view of the available payment methods, it becomes clear how international XTrade is positioned at all. More than 50 regionally different payment methods are currently offered. Of course, we have exclusively dealt with the types that XTrade offers its clients in for example Germany. There is the possibility to deposit money by credit card. Accepted are the cards VISA and MasterCard. In addition, various online payment services can be used, including
- Fast Bank Transfer,
- or Neteller.
The provider XTrade points out in this regard that the same providers must be used for deposits and withdrawals. For all offered payment possibilities thereby specific maximum limits for the volume of the transaction apply. By credit card thereby maximally 15,000 US dollars can be transferred. Only with Fast Bank Transfer is the total amount not limited.
The time limits that have to be taken into account for withdrawals are unusually long. Even if it can go faster in individual cases, XTrade points out that it can take up to 10 days until the money arrives on the trader’s private account. In any case, other providers are significantly faster. Neither for deposits nor for withdrawals fees are demanded.
|Withdrawal time:||Fees for deposits/withdrawals:|
|Up to 10 days||None|
Support and customer service at a glance
If you have a question about the trading offer, the technical processing of the trade, or also questions about the security of the deposits at XTrade, there are various possibilities to contact the support of the online broker directly.
Except Sundays, the customer service is available by telephone around the clock on all days. German clients are for example also offered their own telephone number, where they can reach a German-speaking contact person. In addition, there are other uncomplicated ways to contact them, such as
- live chat.
Somewhat weakly must be regarded in particular from the view of for example German customers is the offer within the range education. Here only a guide for the trade is offered, which is available beyond that exclusively in English. The client will not find other formats in the offer of XTrade.
High standard of the offered trading technology
The most important trump card of XTrade can be seen in its pioneering trading technology. Here the clients are actually offered a highly innovative and at the same time easy to use the product.
The user has the possibility to trade via a trading platform on the web. Proprietary software like MetaTrader is not offered, however. Alternatively, or just as a supplement, mobile trading via smartphone with an app is also possible. Apps are offered on the website for the systems
- and Windows Phone.
With the XTrade trading platform, the trader has a very wide range of instruments at his disposal, the use of which can be made very intuitive. The scope of services includes professional charts, warning functions, and various analysis tools.
With XTrade, we have tested an online broker that has a lot to offer when it comes to trading CFDs. First and foremost, the very wide range of tradable underlying and the available trading technology should be emphasized. Also, the service, which can be reached six days a week around the clock, deserves recognition. However, as is customary in the industry, the payouts of the premiums are linked to conditions that primarily require very intensive trading. On the other hand, the training area, which cannot yet keep up with the top providers in the industry, must be cut back.
On the other hand, we could not find any indications that dubious business practices are being used by the provider. On the contrary: the location within the EU should be a guarantee that there is no room for rip-offs and fraud.
Most asked questions:
Is XTrade regulated?
Yes, this online broker based in Belize and is regulated by the IFSC. The international financial service commission regulates and supervises the international financial services sector including XTrade.
What can you trade with XTrade?
As a CFD, Stocks and Forex broker, you can choose between multiple assets such as crypto currencies, shares, indices and commodities,
Which levers can be applied with XTrade?
Regarding shares, this online broker allows leverages up to 1:20, wheres Forex leverages can be as high as 1:50.
How can you deposit money on your xTrade account?
You can either use a credit card such as VISA or MasterCard to deposit money. Furthermore, Fast Bank Transfer,Skrill and Neteller, giropay as well as CashU are also available options.