Xtrade, unlike most brokers in the investment industry, has a laser focus on one thing, mainly, which is the CFD trading. This is a deliberate choice by the broker, and this is rare as most brokers do not always easily choose to settle into just one main type of trading. XFR Financial Ltd owns Xtrade, and its headquarters is in Cyprus, specifically in Limassol. The Cyprus Security and Exchange Commission licensed and regulated this broker to provide CFD trading services. There are not too many companies that comply with the Markets in Financial Instruments Directive in their operations, but Xtrade is one of them. Xtrade is a well-branded broker and even has one of the giants of the sports world, Cristiano Ronaldo as their ambassador. The broker has branches in Italy and Australia, which are regulated by Commissione Nazionale Per le Societa e la Borsa (CONSOB) and Australian Security and Investments Commission (ASIC).
The background of a broker makes it easy for people to know their story and where they are coming from. It helps build their reputation as well when you want to invest with them. As far back as 2003 was when Xtrade was established. It is owned by a company in Cyprus that is licensed and regulated by Cyprus Security and Exchange Commission. Aside from the CFD, which they are more focused on, they also reach into the buying and selling of commodities, forex, and indices. It reaches five continents where they have offices, and they have people investing and trading with them in over 100 countries.
The broker keeps evolving steadily and supports immediate access to a lot of well-known cryptocurrencies which can be traded on their platform. Some of the cryptocurrencies include, of course, Bitcoin, Litecoin, Ripple, Ethereum, and a lot of such other cryptocurrencies. The broker provides a lot of support technically, and they also provide tools that enable a better trading experience. You can learn to become a better trader by honing your trading skills with trading tools used by professionals.
Trading platforms and additional tools
Xtrade offers traders who choose to trade with the three trading platforms. They include the Webtrader, the Xtrader mobile platform, and the very well-known Meta Trader 4 trading platform. The Xtrader mobile platform is supported on Android, iOS, and Windows devices. The mobile platform makes it easy for traders who like to trade on the go. To help in the trading experience, there are varieties of tools such as news stream services, economic calendar, and technical indicators. These tools are provided side by side with the range of trading platforms on the Xtrade. The worst amateur trader can develop their skills with the educative materials that are provided to them, which professionals make use as well. In a little while with steady practice and study of the informative material, a budding trader will become the experienced master.
Software programs and a distinct back office are necessary to process Constant for Difference (CFD). The administrative team of Xtrade made the decision to create its own trading platforms. The trading platforms are much like other platforms and systems, and it is easy to navigate and set up positions, choose assets, see trade history, and trading tools. The Xtrade broker protects the private details of their customers, including the trading history by codifying it in SSL technology. No one can have any access to this platform.
Account types on Xtrade
Xtrade offers two types of accounts for your trades. These accounts work for virtual and real money. The first type account is called the Standard account that allows for the least deposit amount of $100. For most beginners, this is the way to go, and you can make the most out of this account type. There is also a demo account that allows you to practice for trades and slow things down before you begin the actual trading. A demo account is always very useful for newbies in the trading industry. A budding trader can use the demo account to see what the real deal is like without actually losing money for their mistakes. They have a chance to try out strategies, experiment with trading platforms, and be on the trading hot seat.
You do not have to make a deposit when using a demo account since the only requirement is signing up, and you will be given virtual money to trade with for no costs at all. After you have figured out how to trade on the demo account with virtual money, then you might be ready to test with a real account and real money.
With the standard account, which is the account with the real money, the spreads range between 0.2 to 0.6 pips. With the standard accounts, you can make use of automated robots for trading. The Xtrade standard account allows for Hedging, Scalping, and it even comes with a feature for trailing stop.
Xtrade provides a lot of options for payment for the convenience of the traders.
For new investors, Xtrade offers bonuses that are quite peculiar. The bonuses are not for traders in the European Union countries. The bonus level for traders making small deposits for the first time is 20%, which will rise to over 50% if the deposit increases to the $5000. For these bonuses to be released, there are certain requirements that must have to be met. Some of the requirements include; the trader must trade the stipulated number of points, then the amount is summed to what you have in your account. The time frame for this trade to be completed is not eternal. It actually lasts for only 30 days after the deposit was made. When your account is verified, you have gifted a bonus of $20 for phone verification and an extra $120 for account verification.
You can enjoy the services of a personal account manager with extra training periods. There are spreads with discounts, some physical gifts, and a lot of mouth-watering bonuses.
While a lot of platforms do not care about giving bonuses that traders look forward to, Xtrade takes bonuses seriously, as can be seen above. The bonus options are quite vast. It is important to study the terms and conditions properly so as to know what is obtainable and how it can be obtained. The bonuses are worth your investment and consideration.
Around the clock for every five working days of the week, Xtrade provides steady customer service and support for traders that may have reported, have questions they need to ask, and even complaints. Customer support is open to every customer in every part of the world. The modes of communication to customer support include the use of e-mail, fax, or using the phone numbers, which are international.
Xtrade is concerned about the experience level of the customers and their education. There are a lot of materials and tools that are provided by Xtrade to help hone the skills of their customers. There are tutorials, sessions, and even the Xtrade academy, which offers extensive training. All kinds of traders have so much that can be offered to them. The trading platform boasts of advanced trading software and mobile applications.
The Xtrade customer care system is ever ready to help and assist customers by answering questions, dealing with the complaints, and being of guidance to the client around the clock. The worldwide phone numbers are ever connected and ready to carry your message to the ears of the support team. Xtrade has a method of resolving every complaint that is made by its customers and settling disputes.
Deposits and Withdrawals
Both withdrawals and deposits are possible and supported by Xtrade through current payment transfer methods. These payment transfer methods include MasterCard and Visa, Bank Transfer, EUTeller, Neteller, PaySafeCard, and other payment methods that are used by different countries. The same methods used for withdrawals are used for deposits as well. 150EUR is the least amount that can be withdrawn, although this can depend on the country. Currencies such as the United States Dollars, Pound Sterling, Euros, Canadian Dollars, Australian Dollars, and other currencies are belonging to other countries. Your identity as a trader must be verified before you can make any withdrawal from your account. The trader is not charged any fees on when they withdraw or deposit funds into their accounts. Overnight trades may incur some charges, and there might be charges as well when an account is no longer functional.
A lot of domestic payment methods are supported by Xtrader in a bid to make it easier for the traders. E-wallets are supported as well. Regulations and laws demand that withdrawals follow the same methods that deposit was carried out with. The right documentation must be done in a bid to abide by the law, international laws to be even more precise.
You can see the leverage on the platform website arranged so that you can see it for every asset you choose. There is an individual criterion for every different asset. Bid spreads that are different dependent on assets and their margin requirements, which are also published differently, are how Xtrade makes its profits. Contract for Difference makes margin calls possible, especially when the market is not in your favor. It is risky to trade forex or foreign exchange on a margin. It is not always ideal for all investors. The leverage, which is of a high degree, may not favor you in the same way it could be on your side. You should consider the objectives of your investment carefully as well as your background experience and risk that you can afford carefully before you decide to invest in forex.
Features of Xtrade
The features of Xtrade as a platform are those things that make the platform what it is in the first place. Features determine what they are about and why you should choose them. Here are some of the features of Xtrade;
- Xtrade was formed and founded by professionals in the industry that have a lot of distinct experiences in the investment industry. This means that they were founded by people who have been around long enough to know what they are doing since as far back as 2010.
- Xtrade, as mentioned a lot of times in this review, is regulated by the Cyprus Security and Exchange Commission. Not too many platforms are regulated and standardized, but an acknowledged body such as the CySEC regulated Xtrade.
- For security reasons, the client’s deposited funds are separated and kept differently and protected by a Cyprus company, Investor Compensation Fund.
- Xtrade provides two types of accounts, which are the Standard or real account, which contains real money deposited by the trader and a Demo account, which contains virtual money. When over $10,000 is put into the account, then customizations might be instituted. The Demo account is only affected by the first funds deposited.
- Currency pairs and Cryptocurrencies, Stocks and Indices, Commodities, and over 100 Contact for Difference assets are offered on the Xtrade platform, and they are all tradable.
- You cannot make use of the platforms except on the website and when connected to the internet. You may not have to download the trading platform.
- For people that are interested in trading on the go, mobile apps are supported by the Xtrade platform so that traders can trade whenever they want and wherever they want without being grounded to a desktop.
- The only source of income that makes up for Xtrade services is the Bid spread. There are no hidden fees or charges. No commissions are charged as well.
- Professional charts, Customer service teams, training courses and sessions, technical analysis tools are all part of the robust support offered by Xtrade in their bid to make trading experience better for both the newbies and the experienced traders.
- There is little or no language barrier between the customer service representative and the trader. The customer support team is multilingual, which means they can communicate in a lot of languages to be able to understand the reports, questions, and complaints of the traders. They are also accessible almost all the time around the clock.
Merits of choosing Xtrade
Deciding to trade Xtrade has a lot of amazing benefits. They offer options that you possibly may not find with any broker. These merits are what any trader should consider before choosing Xtrade or even any platform in the trading industry. Here are some of the merits;
- In the past decade, Xtrade has been at the fore of the investment industry. They have a history of satisfied customers, and that has kept them in the game for so long. Most other platforms are just springing out from a few years back and do not have the experience and time it takes to build their reputation in the industry. Reputation is everything in the investment industry. People want to feel safe with leaving the funds and data in your care. Xtrade has had the time to learn, develop, and evolve into what the new age traders want and what the old school traders can still hold on to. Time has been on their side, and it is one of the advantages of trading on its platform.
- There has been no report of any hacking and tampering with the security of Xtrade, and they have been around for more than a decade. They have witnessed generations of technological advancements in cybersecurity, and they have been dynamic enough to apply the tools that make it possible for them to ward off these security threats. Xtrade is safe, and you can rely on them to keep whatever you leave in their care safely.
- One can tell if a broker is interested in customer welfare and satisfaction by how far they are willing to go to make their customers happy. The bonus packages they are willing to dole out and the extra enticements they offer to their traders to keep them in the best of trading conditions. Xtrade is clearly all about the customers, and they are not taking chances in making it clear that they will make juicy offers and bonus packages all to make their clients happy.
- Anyone with some trading experience will know that the trading software is important if your trades are going to be successful. Xtrade offers the best user-friendly mobile applications, and its web modes are fairly easy to navigate. With good software, a trader can make efficient trades and do what they need to do.
- Having a long list of tradable assets is very important for traders. They do not want to be limited by the options of trading instruments and assets that you might be provided, which are not enough. Xtrade boasts of over one thousand tradable financial assets.
Summarily, it can easily be concluded that Xtrade is ahead of their game because they offer the best trading conditions for the traders that choose to transact on their platform. They ensure this with the fact that there are no hidden charges, and the spreads are low.