Xtrade is considered to be a leading global forex and CFD broker and financial institution. The company has been around for over a decade, serving traders from all parts of the globe. With Xtrade, customers can gain direct access to a wide range of financial markets, including forex, cryptos, stocks, indices, commodities, CFDs, options, and ETFs. The company also boosted its credibility on the international stage when it signed soccer star, Cristiano Ronaldo, as its official ambassador. Over the years, it has provided services to some of the leading traders in the world, providing a safe and secure trading environment.
Despite its glowing international recognition and reviews, we decided to test out the services offered by Xtrade and to establish how they measure up against some of the major competitors in the CFD brokerage industry. To achieve our aim, we had to open a live trading account on the platform and funded it with real cash. We proceeded to review and test some of the leading services available on Xtrade. After our analysis, we wrote this comprehensive review, detailing every aspect of the company’s services. The contents of this review are 100% unbiased, reliable, and discusses everything you need to know about Xtrade before you decide to partner with them.
Xtrade Broker Review – Know the Facts, Trade with Confidence
For a decade now, Xtrade has been committed to providing traders with access to the financial markets. Traders from all parts of the globe can trade a wide range of financial assets from the crypto, forex, stock markets, and more. To provide you with accurate information regarding their services, we opened a live trading account on Xtrade, funded it with real money, and proceed to try out their features and services. Here is a comprehensive summary of Xtrade and the services they offer to their customers.
What Makes Xtrade Unique?
The Xtrade brokerage is a unique trading platform because of the services it offers. Most of the leading brokerage companies in the world don’t provide their services above 6 days a week, however, Xtrade is available to provide access to the financial markets to traders on all days of the week. Their customer support agents are also on hand to help traders out whenever they encounter problems with their accounts.
Although MT4 is yet to get widespread adoption on Xtrade, the broker provides traders with several educational materials and trading tools. These resources are very crucial to the success of traders, and Xtrade has made them readily available.
Xtrade has become a favorite platform amongst traders due to its constant availability and the high-level services they offer. Although it is not available in some jurisdictions, like the US, the UK, and Canada, Xtrade allows traders from all parts of the world to access hundreds of financial instruments on their platform. Over the past decade, Xtrade has handled transactions worth billions of dollars for its customers. With a high influx of cash and liquidity, depositing and withdrawing money on Xtrade shouldn’t present traders with any problems.
Xtrade Experience Test
To effectively rate the services provided by Xtrade, there are specific features we had to look out for. These features are the backbones of trading success in the financial markets. As a reputable brokerage firm, we wanted to confirm the efficiency level of these services on Xtrade and how customers enjoy these features. Based on this, we created a live trading account, deposited funds into the account, and tested a variety of services.
The number one service we looked into was their customer support system. Regardless of the industry, a company with an active and professional customer support team will always keep its clients happy and ensure their satisfaction. Xtrade is rated 5 stars in this category. Xtrade is one of the few leading brokerage companies that provide 24/6 access to its customer agents. You can reach them via email, live chat, or phone call at all hours of the day, even on the weekends (Sunday only). We submitted a ticket to the customer service, and we got an instant response, promising to look into the issue immediately. True to their words, Xtrade looked into our problem and resolved it as quickly as they could. In the customer service aspect, the company performed excellently.
Secondly, the trading platform was our target. Xtrade mostly uses the WebTrader platform, which is easy to use and grants users access to several educational resources and trading tools. Traders get access to daily news, market analysis, an economic calendar; educational resources are more. These tools make it easier for traders to trade financial assets and to make better decisions in the process. Their trading platform is very responsive. We placed a buy order, and it was processed instantly. That way, we didn’t lose an excellent buy opportunity. Similarly, we set a sell order, and our request was approved within seconds. Fast order execution is sometimes the difference between success and loss in the trading scene, and Xtrade ensures orders are executed instantly.
The third and final essential feature is the withdrawal process. For traders, the ability to withdraw their earnings from a brokerage platform easily is as important as the trading process itself. On Xtrade, we became eligible to withdraw our funds as soon as we deposited it into our trading account. We filled out the payment withdrawal request slip and submitted it to the customer support team, together with our identification documentation. Our application was quickly reviewed and approved, and our accounts were funded in less than 24 hours. For those that use the bank wire payment method, it could take more than two business days for the money to reflect in your bank account. These delays are as a result of your bank so take the time to call them to get more information.
These three services are crucial to the success of traders, and Xtrade has been providing them to customers satisfactorily. After reviewing these features, we can recommend Xtrade as your brokerage platform to trade crypto, forex, stocks, indices, commodities, and metals.
Is Xtrade a Scam or Legit?
As a trader, you must know the regulatory status of a platform before you start trading with them. Trading with legit brokerage firms will give you peace of mind that your funds and personal data are safe with them. After going through their services, we can guarantee that Xtrade is a legit CFD brokerage platform. They are affiliated with some big names around the globe, including soccer star, Cristiano Ronaldo.
Xtrade has become a reputable CFD broker, with over a decade experience under its belt. During that period, it has provided services to some of the leading traders in the world, allowing them to access several financial instruments under the stocks, currencies, CFDs, cryptocurrencies, commodities, metals, and indices markets. The company’s main objective is to make it easy for everyone to trade financial assets.
Xtrade is a regulated company. The brokerage firm is authorized and regulated by the International Financial Services Commission, with a registration number IFSC/60/383/TS/19. As a regulated body, Xtrade is required to abide by the international policies guiding the financial markets, which include Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. Xtrade follows these policies to ensure that its services are 100 percent transparent and are aimed at curbing crimes associated with the industry. They also work to ensure data and funds safety on their platform.
The AML and KYC policies help eliminate some problems on the platform, such as identity theft, money laundering, terrorism funding, and more. It also helps secure user funds and personal information at all times. With a team of highly efficient individuals, Xtrade works continuously to grant users a safe and regulated trading environment.
Over the years, the payment system on Xtrade continues to make the withdrawal and deposit of funds an easy process. The payment system is streamlined to ensure the safety of funds during transactions. As a result of this, you can deposit, withdraw, or trade currencies on Xtrade without encountering any security challenges. You can safely move your funds around without any issue. Keep in mind that you cannot withdraw your earnings on Xtrade without verifying your account. Thus it is advisable to get your verification documents ready before you open an account with Xtrade.
Xtrade has a comprehensive and easy to understand terms and conditions page. The company discusses everything related to its business and what traders need to know before they sign up with them. They respect traders’ privacy and do not sell or share their personal details with any third-party affiliate company. The information shared with Xtrade remains private and confidential at all times, following their privacy policies.
Xtrade Regulation and Safety of Funds
Xtrade is a fully regulated, international brokerage firm. The company is authorized and regulated by the International Financial Services Commission under the registration number IFSC/60/383/TS/19. Xtrade, therefore, strictly adheres to the international monetary laws such as the AML and KYC policies, which requires traders to verify their identity and residence address before accessing certain features on the platform. The regulations are put in place to safeguard user funds and data and to combat crimes taking place in the industry.
Xtrade ensures the utmost security of user funds. Their security system is robust, enabling them to protect user funds from hackers and other harmful elements at all times. Asides the account owner, any other person would find it almost impossible to carry out financial transactions on an account. Xtrade has established segregated client accounts to ensure strict control and separation of client assets from other assets of the company. By separating customer funds from that of the company, Xtrade ensures that traders can have access to their money whenever they wish to withdraw. Since they bank with international financial institutions, the client funds are safeguarded by reputable EU Credit Institutions. In terms of security of data and funds, Xtrade meets the international standard. Based on all of this, this is reason why they are trusted by some of the leading traders in the world. Remember that there are many top-quality brokers that are regulated so take the time to compare their services before signing up.
Xtrade – Account Types
With Xtrade, you get to enjoy a complete trading experience. Their trading accounts cover customers from all classes, with reliable services offered to everyone. Although the account types have slight differences, they are designed to make it easier for people to trade the hundreds of financial assets available here.
This is the basic account type on Xtrade, with a minimum deposit amount of $250. Desktop and mobile trading are supported here and users get to enjoy demo accounts, and an economic calendar is available to help keep you updated on the latest market events. Traders get to enjoy 24/7 customer service, and you can contact them via email, phone call, or the live chat feature available on Xtrade.
The daily video market reviews are here to make it easy for you to understand what is happening in the market and to make informed trading decisions with the information. Standard account users also get to enjoy a 1-on-1 platform lesson, where they are taught more about trading on Xtrade.
The premium account type has a minimum deposit amount of $1,000. Users here get to enjoy several features, including desktop and mobile trading, demo accounts, economic calendar, daily video market reviews, and 24/7 customer service, and 1-on-1 platform lessons. In addition to these, the other features available include an exclusive welcome bonus, which can be in credit or cash, depending on the trader’s preference. The Autochartist Market Alerts, Reports, and Forecasts give traders further insights into the markets and how they can take advantage of the market movements. Premium account users on Xtrade get to enjoy the MetaTrader4 platform, which comes with various resources and trading tools. Each user here receives a dedicated account manager to help them with trade decisions, while they also get access to educational video tutorials and eBooks.
The platinum account has a minimum deposit sum of $5,000. Traders here get to enjoy a wide range of features, including; desktop and mobile trading, demo accounts, economic calendar, daily video market reviews, 24/7 customer service, and 1-on-1 platform lessons. They offer an exclusive welcome bonus and a VIP bonus for platinum account users on Xtrade, with the bonus coming as either cash or credit. Traders here can use the MT4 trading platform, which comes with various tools to ease trading. The Autochartist Market Alerts, Reports, and Forecasts give traders further insights into the markets and how they can take advantage of any market movements. In addition to these, traders get access to educational video tutorials and eBooks. With the Platinum account type, spreads on trades begin to reduce. Users are assigned a VIP trading support/dedicated senior account manager, who is there to help you with trading decisions.
The minimum deposit sum on VIP accounts is $20,000, with users getting to enjoy all the features available on the site. The basic features they get to enjoy, like other account types. include desktop and mobile trading, demo accounts, economic calendar, daily video market reviews, 24/7 customer service, and 1-on-1 platform lessons. VIP members on Xtrade can decide to use the MT4 trading platform, which has numerous trading tools. They get to enjoy both exclusive welcome and VIP deposit bonuses, which could be either cash or credit. The Autochartist Market Alerts, Reports, and Forecasts give traders further insights into the markets and how they can take advantage any potentially profitable trading opportunities. VIP members receive priority in terms of payment processing, while they also enjoy access to individual trading strategies and support. Finally, VIP traders also enjoy the exclusive corporate gifts which are available only to them.
Regardless of the account type you choose, all traders enjoy essential services such as 24/7 customer support, fast order execution, streamlined payment system, and more. If Xtrade does not meet your trading needs, take the time to check other reputable brokers in the industry before you sign up.
Xtrade Trading Conditions
The trading conditions on Xtrade are:
- The market trading hours on this platform are from Sunday 21:00 GMT till Friday 21:00 GMT during the Day Light saving times. In the winter, Xtrade’s trading hours are from Sunday 22:00 GMT through Friday 22:00 GMT.
- Highest leverage available is 1:400
- The default leverage ratio cannot be changed
- Minimum trading lot can be lowered with the help of the customer service
- Each trading instrument has a specific trading time – details can be found on the site
- Xtrade accepts payments via credit/debit cards, bank transfers, and electronic transactions.
- Xtrade doesn’t charge a transaction fee for deposits and withdrawals.
Fees and Spreads
Xtrade doesn’t charge any fees for deposits/withdrawal on its platform. However, your financial institution might charge you processing fees. Xtrade charges other fees on its platform, including; spread fee, premium fee, and the inactivity fee (for when an account remains dormant for three months).
Depending on the account type, Xtrade supports both fixed and variable spreads. The spreads reduce as the account types go higher. Based on this, traders using Platinum and VIP accounts get lower spreads on their trades compared to those who use the Standard and Premium Xtrade accounts. Therefore, you need to consider your spread preference when choosing the account type you wish to select.
Account Opening Experience
Opening an account with Xtrade involves only a few simple steps. To register with Xtrade, visit their official site and click on the ‘REGISTER’ button visible in blue. You will be asked to provide your name, email address, and mobile number. Agree to Xtrade’s terms and conditions and submit your application. Your account will be opened immediately afterwards.
Deposit and Withdrawals
The payment system on Xtrade is simplified to make it easy for traders to deposit and withdraw funds. To deposit funds into your Xtrade trading account, follow these simple steps:
- Visit the Xtrade official website and login to your account
- Access your dashboard and click on the ‘DEPOSIT’ tab
- Choose your preferred payment method
- Insert the amount you wish to deposit and submit your application
- The funds will appear in your trading account within a few minutes
- For bank wire transfers, it could take more than a day for the funds to reflect in your account
Xtrade accepts three major payment systems. They include:
Xtrade accepts payment from electronic wallets like Neteller and Skrill. Deposit and withdrawals are free, but your financial institution might charge you for the transactions. Depositing and withdrawing funds using this method usually takes place instantly.
Another payment method accepted here is credit/debit cards. This payment method is used by most traders around the world, with the transactions approved almost immediately. Xtrade doesn’t charge transaction fees when withdrawing or depositing money into your account. However, you could be charged by your financial institution.
The bank wire payment method is useful in regions where credit card use is low. Xtrade accepts payment from this source, although it takes roughly 2-5 business days for the funds to reflect in your account.
To withdraw your earnings from Xtrade, follow these steps:
- Visit the Xtrade website and login to your trading account
- Navigate to your dashboard and access the ‘WITHDRAW’ tab
- Fill in the payment withdrawal request form
- Wait for approval, and your account will be credited after Xtrade approves your request.
Account verification is vital before you can withdraw your funds from Xtrade.
Account verification is necessary at Xtrade. This is to ensure that you are the owner of the account and to help them safeguard your funds and data. Xtrade would require you to submit the following documents:
Proof of Identification
The accepted documents by Xtrade are:
- International passport
- National ID, or
- Driver’s license
Note that the documents to be submitted need to be valid and they must contain the same information found on your Xtrade account.
Proof of Address
For your proof of address, the accepted documents by Xtrade include:
- Bank account statement
- Utility bill (electricity, gas, water, phone, oil, Internet and cable TV contract)
All the documents need to be recent (not more than three months old), should contain your details, and should be clear.
Keep in mind that failure to verify your account will not enable you to carry out some transactions, like funds withdrawal. Please note that the verification process is standard among the leading brokers in the industry and it is used as a means to safeguard your funds and account.
Xtrade Trading Platform
Xtrade supports both the WebTrader and MetaTrader 4 platform. The WebTrader is the most popular trading platform on Xtrade. It doesn’t require any installation and can be used by any trader. It is compatible with almost all browsers, including mobile devices. WebTrader comes with several important features for traders, including; demo accounts, market news and analysis, price charts, economic calendar, and more.
The MT4 platform is currently the most popular trading platform in the forex industry due to the features it offers. The platform is highly secure and comes with several tools such as market news, financial calendar, live price chart, market analysis, dedicated account managers and expert advisors, educational resources, and more. This platform is only available to traders who have opened higher account types.
The Xtrade mobile app is available to both Android and iOS device users. Traders can access their accounts and carry out their transactions using their Xtrade mobile app. All Xtrade platforms have a smooth interface, making it easy for users to navigate.
Education and Resources
At Xtrade, traders can access the various educational materials made available to them. To stay ahead in the crypto trading space, you will have to be updated about the latest trends in the sector and to learn more about trading. The best way to do this is to read and use the tutorials available on the site. Xtrade has several educational materials including video tutorials, blogs, eBooks, and glossary. The articles are available to both new and experienced traders and it helps everyone to learn new trading techniques.
In terms of resources, Xtrade provides its customers with various trading tools. Whether it is the WebTrader or the MT4 trading platform, users can access several trading tools such as the economic calendar to keep them updated on upcoming events in the market. Price charts, daily market news, market analysis, live currency rates, and more are other resources you can find on Xtrade. With the educational materials and trading tools, you can be guided appropriately on the financial markets to make better trading decisions.
Xtrade has one of the best customer service teams in the industry. The customer support team is available 24/6, attending to customer’s needs at all times of the day. You can easily reach them via the live chat feature, email, or phone call. The agents are highly professional and friendly. You can be sure that your challenge will be resolved once you contact Xtrade’s customer support team.
Frequently Asked Questions (FAQs)
Is Xtrade Regulated?
Yes, Xtrade is an internationally regulated financial entity. It is authorized and regulated by the International Financial Services Commission in Belize, with registration number IFSC/60/383/TS/19. The platform also abides by the AML and KYC policies, according to the international guidance for financial market service providers.
What is Xtrade?
Xtrade is considered to be a global leader and a top forex and CFD brokerage platform. The company allows traders to have access to hundreds of financial instruments from the stock, crypto, forex, commodities, CFDs, and indices markets. In exchange, Xtrade charges customers for the services they offer to them via trading and other fees.
Who Has Experience with Xtrade?
Xtrade is designed to cater to traders of all classes. The platform is easy to navigate, making it excellent for both newbie and experienced traders in the market. The features and account types here cater to trades from all levels of experience.
How does Xtrade Work?
Xtrade provides traders access to the financial markets, allowing them to trade assets under the stock, forex, crypto, indices, CFDs, commodities, and metals markets. In exchange, Xtrade charges trading fees for each trade in addition to other costs, such as inactivity and spread fees. Xtrade doesn’t charge fees for withdrawals and deposits, but your financial institution might charge you a fee for their services.
How Reputable are Xtrade?
Xtrade is a very reputable online CFD broker. The company is regulated by the International Financial Services Commission in Belize, with registration number IFSC/60/383/TS/19. They have been providing services to traders over the past decade and they strictly abide by the international regulations guiding the financial markets. Xtrade also implements active security measures to curb crimes on its platform.
How Do I Open an Account with Xtrade?
To open an account with Xtrade, follow these simple steps;
- Visit the Xtrade official web and click on the ‘REGISTER.’
- Provide your full name, email address, and phone number
- Click on the ‘Agree’ tab and submit your application
- Xtrade will review the information and will activate your account afterwards
- You can start trading your favorite assets after depositing funds into your Xtrade account.
Where is Xtrade Based?
Xtrade is a based in Belize at address, No.5 Cork Street, Belize City, Belize. You can get in touch with the team via email, phone call, or live chat.
While Xtrade will meet the trading needs of traders worldwide, since the broker does not offer its services in many countries, take the time to review other quality brokers before starting your trading journey.
Overall Rating: 8/10