XTrade Review
Do you want to trade in the forex market? It could be that you are interested in CFD trading. There is no doubt that trading has become a popular activity, especially amongst people who are looking for a way to earn some passive income.
The fact that it is profitable and easy to begin also works in its favor. The problem is that many people are not able to move forward because they get stuck at the first step i.e. the choice of a broker. You need a broker because they are your bridge to the market, but the issue is that there are too many brokers offering their services.
These options can be confusing and many people end up choosing unreliable brokers that turn out to be scams. You need a legitimate and trustworthy broker if you have any hopes of succeeding in the trading world and this is where Xtrade comes in. It is regarded as a leading global CFD and forex broker as well as financial institution.
The company has been operating in the market for more than a decade and has helped traders in different parts of the world. Xtrade provides its clients with direct access to a wide array of financial markets, which include forex, crypto, commodities, stocks, ETFs, options and CFDs.
During its time in the market, Xtrade has offered its services to some of the most renowned traders all over the globe and has facilitated them by providing a secure and safe trading environment. Let’s check out this broker and its services in detail:
Background
As stated earlier, Xtrade has been serving traders for more than a decade and it has remained committed to providing them with access to different financial markets. The reason it is regarded as a unique trading platform is because of the services it is offering to its client base.
If you check out most of the leading brokerages, you will discover that they are available for maximum 6 days of the week, but this is not the case with Xtrade. This broker provides traders with access every single day of the week. They also have a round the clock customer support department for helping out traders whenever they come across problems with their accounts.
Thus, Xtrade has become a favorite of traders because of its availability and the great services they offer. Even though it is not available in some jurisdictions, it allows traders from most of the countries in the world to access hundreds of financial instruments from their platform. In the past decade, the broker has handled transactions worth billions of dollars.
Scam or Legitimate?
When you are trading in the market, you should first know the regulatory status of a broker before you sign up with them. When you trade with legitimate brokerage firms, you will enjoy peace of mind because you will know that your funds are secure and your personal data is safe.
It is a legitimate brokerage firm that has been associated with some of the big names in the world. Since Xtrade has years of experience under its belt, the company knows exactly how to simplify the trading process to make it easy for their clients to trade different financial assets.
When it comes to Xtrade, you can rest assured that it is a regulated company because this firm is regulated and authorized by the International Financial Services Commission (IFSC). Since it is a regulated company, Xtrade is required the follow the international policies that are followed in financial markets, which include the Know your Customer (KYC) and AML (Anti-Money Laundering) regulations.
These policies are followed by Xtrade in order to maintain 100% transparency and to play its role in curbing crimes in the financial world. They have also made significant effort to ensure that all data and funds kept on their platform are kept safely.
With the AML and KYC policies in place, it is easier to eliminate some common problems faced by traders, such as identity theft, terrorism funding, money laundering and more. It is also helpful in keeping user funds safe as well as the personal information they share with the brokerage.
Xtrade has a team of highly efficient and professional individuals who are constantly working to grant users a regulated and safe trading environment. When it comes to making transactions like deposits and withdrawals, even these procedures come with top notch security measures.
Moreover, you will find an easy-to-understand and comprehensive terms and conditions page on Xtrade. The company has mentioned everything pertaining to its business in a straightforward manner, which means you can find out everything you need to know before you sign up with the broker.
They also have a great regard for the privacy of their clients, which means they don’t share your data with any third-party. All information that’s shared with Xtrade will remain private and confidential, in accordance with their privacy policies.
Regulation and Safety of Funds on Xtrade
As stated earlier, Xtrade is a fully regulated brokerage firm, which has implemented the KYC and AML policies. Under these policies, traders who sign up with this broker are required to verify their identity and residence before they can access certain features.
When it comes to security of funds that are deposited by clients, a robust security system has been implemented, which allows Xtrade to protect them from hackers and other shady elements. Segregated client accounts are maintained by the broker for ensuring that client assets and company assets are kept separate.
This allows traders free access to their money whenever they want. Furthermore, Xtrade use international financial institutions for their banking needs, which means that reputable EU Credit institutions safeguard client funds.
As far as data security is concerned, even here the highest encryption standards have been implemented and strong firewalls are also in place for keeping out hackers and other cyber-criminals that may try to gain access to the system.
Account Options Available on Xtrade
One of the best things about Xtrade is that the broker lets you enjoy a complete trading experience. The trading account options provided by the broker cover customers from different classes and reliable services are offered under every account type for the convenience of the traders. Nonetheless, there are some differences that do exist between the account types. Let’s see what they have to offer:
- Standard
The first account option that you will find on XTrade is the Standard account option, which requires a minimum deposit of $250. Mobile and desktop trading are supported under this account option.
If you choose this account option, you will have the facility of accessing a demo account, an economic calendar that keeps you updated on the latest events in the market and 24/7 customer support that can reached through several channels.
You will also be able to take advantage of daily video market reviews that can make it easier for traders to understand what is happening in the market and to use that information for making informed decisions. In addition, users of Standard account also get a 1-on-1 platform lesson, where they can learn more about trading.
- Premium
The minimum deposit amount for this account is higher as you have to pay $1,000 for it. If you choose to open this account with Xtrade, you will be able to enjoy a variety of features. Desktop and mobile trading options are available here as well as are daily market reviews, demo accounts and economic calendar.
All features of the Standard account can be used in the Premium account, but this is not where the offerings stop. When you go with this account, you will also receive a welcome bonus, which can be cash or credit, depending on what you prefer. Other than that, you also get the Autochartist Market Reports, Alerts and Forecasts.
These can provide you with further insights into the market and how you can take advantage of the movements that take place. When you open the Premium account on Xtrade, you also get another major benefit; you can get access to the MetaTrader 4 platform, which comes with a wide array of trading tools and other resources. Every user is provided with a dedicated account manager for helping them make trading decisions and they can also gain access to educational e-Books and video tutorials.
- Platinum
Moving on with the account options, you can go with the Platinum account, which asks for a deposit of $5,000. There are a plethora of features that are offered to traders through this account type, which include all of those available in Standard and Premium accounts. But, the offerings don’t end there.
Other than the exclusive welcome bonus, a VIP bonus is also provided, again with the option of cash or credit. However, the most prominent feature of this account type is that the spreads on trades are reduced significantly. A VIP dedicated senior account or trading support manager is assigned to every trader with this account who can be very helpful.
- VIP
The last account option that you will find on Xtrade is referred to as the VIP account, which requires a minimum deposit of $20,000. One of the biggest advantages of this account type is that VIP account holders are given priority when it comes to payment processing. Apart from that, they can also get access to individual trading strategies and customer support. It should also be noted that VIP traders are given corporate gifts that are exclusive to them only.
No matter which account type you go with on Xtrade, you will be able to enjoy some essential services, such as fast order execution, 24/7 customer support, a streamlined payment system and more. It is also worth saying that the account opening procedure is extremely simple and easy. It doesn’t take up a lot of time and you don’t have to deal with a lot of paperwork to register yourself.
Trading Conditions on Xtrade
You need to know the trading conditions of a broker before you choose to use their services. If you don’t like them, there is no point in going through the hassle of opening an account. The highest leverage that Xtrade has to offer is 1:400 and it is not possible to change the default leverage ratio. As far as the minimum trading lot is concerned, you can lower it by getting in touch with customer service.
No transaction fee is charged for making deposits or withdrawals on Xtrade, which is undoubtedly a benefit because it reduces your cost of trading. However, a processing fee may be charged by the financial institution you plan to use for these deposits and withdrawal.
Xtrade does charge some other fees that you need to know. There is a premium fee, a spread fee and there is also an inactivity fee, which becomes applicable if your account is left dormant for three months. Depending on what account you open with Xtrade, the broker supports both variable and fixed spreads.
The spreads reduce as you move up the account ladder due to which a lot of traders prefer to opt for the Platinum or VIP accounts because it gives them lower spreads as compared to those opening the other account types. Thus, you need to give some thought to your spread preference when you are choosing an account type.
Deposits and Withdrawal Options on Xtrade
Xtrade has simplified the payment process to make it easy for traders to deposit funds or to withdraw them when needed. If you want to add funds to your account on Xtrade, there are a few simple steps you need to follow. First, you have to go to their website and log into your account. You need to access the dashboard and click on the ‘Deposit’ option provided.
The next step is to select the payment method you prefer to use. Next, you need to enter the amount you wish to deposit and then submit the application. It will take a few minutes for the funds to appear in your account. If you choose bank wire transfers, you should know that it could take a day for the funds to be reflected in your account.
If you want to know what payment methods are supported on Xtrade, you will be pleased to know that a variety of payment options are available. Some of them include:
- E-wallets
You can use electronic wallets, such as Skrill and Neteller, for making payments on Xtrade. As mentioned earlier, the broker will not take any transaction charges, but these services may deduct their own charges from you. Usually, this method provides you with funds instantly, whether you are depositing or withdrawing.
- Credit/Debit cards
Xtrade also accepts credit and debit cards because it is the most common payment method that’s used by traders all over the world. The transactions made via this method are approved almost immediately. Again, no charges are deducted by the broker, but the card itself may have a fee associated with it.
- Bank wire transfers
If you are trading from a region where debit or credit cards cannot be used, bank wire transfers are an excellent option. This method is highly secure; the only downside is that it takes at least 2 to 5 business days for the transactions to be reflected in your account.
When you want to withdraw funds from your Xtrade account, there are similar steps that you need to follow. Instead of clicking on the Deposit button this time, you have to click on the ‘Withdraw’ button. Fill out the form that will be provided to you. You have to wait for the withdrawal request to be approved and then your account will be credited with the amount.
All of this sounds very straightforward, but there is one important thing you need to know; your account needs to be verified for you to be able to withdraw funds from Xtrade. This verification is essential on Xtrade, as it is required by the KYC and AML regulations. The purpose is to verify that you are really the owner of the account and to safeguard your data and funds. How do you get verified? There are some documents that have to be submitted.
- Proof of identification
The documents that you can submit for proving your identity include national ID card, international passport or a driver’s license. You should ensure that the documents you are submitting are valid and the information on them matches with what you have provided on your Xtrade account.
- Proof of address
For verifying your address, the documents that you can submit on Xtrade include bank account statement or a utility bill, which include be gas, electricity, water, oil, phone or internet. All documents that you submit have to be recent and not older than three months. They should contain all your necessary details and should be clear.
You should bear in mind that if you don’t verify your account, you will not be able to conduct some transactions, such as funds withdrawal. Moreover, this verification process is perfectly normal amongst all leading regulated brokers in the industry.
Trading Platform on Xtrade
When it comes to the trading platform that this broker has to offer, you will be pleased to know that it provides support for Web Trader as well as the Meta Trader 4 platform. The former is the most popular one on Xtrade because you don’t have to perform any downloads or installations for using it. Furthermore, it is compatible with almost every browser, which includes mobile devices. Also, there are several important features that WebTrader has to offer to traders like market news and analysis, demo accounts, economic calendar, price charts and more.
Nevertheless, the most popular trading platform in the industry is the MetaTrader 4, which is renowned because of the various features it offers. It is a highly secure platform and boasts a number of tools, such as financial calendar, market news, market analysis, live price chart, expert advisors, educational resources and dedicated account managers. But, the MT4 is only offered to traders who sign up for a higher account type on Xtrade.
The mobile app offered by Xtrade is available for both iOS and Android users. It is extremely convenient because it allows traders to access their accounts easily and carry out their transactions on the go. You will find that all platforms offered by Xtrade have a smooth interface, which makes it very easy for every user to navigate.
Educational Resources on Xtrade
Different educational materials have been made available to traders on Xtrade. If you want to stay ahead in the crypto space or any other financial market, you need to be aware of the latest trends. To make this happen, Xtrade provides a ton of tutorials to its user-base. Amongst the educational resources the broker is offering, you will find video tutorials, e-books, blogs and a glossary. The content is available for both new and experienced traders and it can help them in learning new trading techniques.
In terms of other resources, Xtrade has also added a plethora of trading tools to its platform. No matter which trading platform you are using with the broker, you can use the economic calendar, daily market news, price charts, live currency rates, market analysis and some others. All of these can help you in making better trading decisions.
Customer Service on Xtrade
One of the prominent things about Xtrade is that they have one of the best customer support teams in the entire industry. They are available 24/6 and willing to attend to customers’ needs throughout the day. They can be reached easily through the live chat feature, phone call or email. Their agents are friendly and highly professional and they try their level best to resolve your challenge as quickly as possible.
Conclusion
Xtrade is offering some of the best features in the market with a good set of trading instruments at your disposal. It is well-regulated and one of the most reliable brokerages to use for making your mark.
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