Xtrade Review 2018
We are now turning our attention to forex and CFD brokers once again. It’s been a while since we last analysed one of those, and since there are so many interesting companies in the industry, we have a lot of work to do. This time, we are analysing an established name, a company that has been around for more than ten years and whose clients have nothing but praise for the trading experience provided on its website. The reasons for this are what motivated us to write this Xtrade review. Simply, we wanted to see for ourselves how these guys have managed to become so famous and maintain their excellent reputation. Well, the reasons for that are quite numerous. Good thing we decided to make this a lengthy review. Keep reading and you will learn the secrets of one of the most popular forex and CFD brokers in the whole world.
Xtrade trading platform
We will start our Xtrade review with a look at something that is probably this company’s greatest strength – its trading platform. You see, the software you trade on when on this website was developed by this very company and has won many prizes and recognitions over the years. Moreover, you won’t have to download anything.
So why is Xtrade trading platform so enticing? Several reasons. Number one, it has great design. Everything is nice and clear, so even if you have no trading experience you will quickly get the hang of things. What we liked even more than that, however, is how customizable your trading screen is. Not only do you have assets sorted according to class (stocks, cryptocurrencies, shares etc), but you can also see which assets are rising and which are falling. That’s a very nice and useful touch. But that’s just the tip of the iceberg of what Xtrade trading platform has to offer.
There is an incredible array of tools, indicators and themes you can choose from. You can even choose between candles, bars, lines or areas to visualis prices on your charts, plus you can have up to six screens active at the same time. The timeframes go from one single tick to one whole week, which is another multitude of ways you can look at the market. And if you ever think that you have clogged up your trading screen too much, simply click the cleaning button in the upper right corner and choose what you want to remove. Nice and intuitive. This just goes to show how thorough these people were when Xtrade trading platform was being designed. But there are more very interesting proofs of that, so stay tuned.
In this day and age, you simply cannot survive as a broker if you don’t offer your clients the option of trading on the go. Xtrade knows this very well, so they have made their trading platform available for the two main types of mobile operating systems out there. Obviously, you have your Xtrade app for smartphones. It is free, available for both Android and iOS devices and offers all the things you’d expect from a product like this. You can receive notifications and alerts about an asset, perform analyses with loads of trading tools and pretty much do everything you can do on the regular trading platform. Naturally, money transfers are also very easy to do this way, and you can even set limits on your trades in order to maintain control at all times. The whole thing is very well thought out and represents an excellent substitute for trading on your computer back home. However, if you have a tablet, that’s where Xtrade app will really shine. This is where you realise how good the design is because the app transforms your tablet in a full-fledged trading machine. Everything will resemble the desktop platform even more closely, you will be able to use advanced graphical interface, make transactions in a flash and view reports about your trades. Because of this, Xtrade app is a breath of fresh air in the mobile trading sector. Do give it a try if you can, you won’t regret it. However, the trading environment is not the only praiseworthy feature on this website. We’re just getting started, so stay tuned.
Xtrade account types
If you want to trade, you will need a trading account, that goes pretty much without saying. But Xtrade account types are another thing that proves this company is constantly thinking out of the box. You see, there are very few differences between them when it comes to features they provide you with, the only difference is in the numbers associated with each package.
You can choose between four Xtrade account types when registering on this website – Standard, Premium, Platinum and VIP. Depending on how much you deposit, you will get one of these (the minimum deposits are 200$, 1000$, 5000$ and 25000$, respectively), and each account package is very rich indeed. You will get access to the broker’s library, daily reports, signals and trends, be able to listen to webinars, go through tutorials, e-books and so much more. As a matter of fact, the only difference in available features is the personal assistant you can’t get with the Standard (most basic) Xtrader account. The list of features for all other accounts is exactly the same.
So, what’s the catch? Well, in the spreads. The bigger Xtrader account you get, the lower your spreads will be. But when you take a look at the some of the spreads listed on the account types page, you’ll see that the differences aren’t all that big. For example, the spread for top three account types is the same for USD/JPY pair (3 pips) and for many other pairs and assets the difference between the VIP account and the two account types that come after it are exceptionally small. It can therefore be argued that Xtrade account types, especially those which are not of the highest rank, offer a pretty good value for your invested money. But there are more ways you can trade here. Read on!
Apart from live accounts, there is also the Xtrade demo account you can open. This is another indispensable feature brokers need to have if they want to remain competitive. On this website, you can open your practice account rather easily – just head to the Register button and select Demo once you click on it. Everything is completely free and can be set up in a matter of seconds, which makes things a lot easier and more accessible, especially if you’re a beginner.
As far as the features of Xtrade demo account are concerned, they are everything you could wish for and more! The account provides you with an exact copy of the trading platform and 50,000 virtual dollars, plus you can switch between that and your live account whenever you want. Yes, this is exactly the same as the trading platform – all indicators, themes, tools and even the lists of rising and falling assets are available. The only difference is, of course, that you’re trading with virtual money, so your profits and losses are also virtual. But the conditions you trade in will be the same as on the real account, so let’s talk a little about them.
Leverage and spreads
If you have ever traded forex and CFDs, you know that leverage is an essential element of every broker’s offer. Xtrade leverage goes all the way up to 1:400, which is quite impressive and higher than what most of the rest of the industry can offer you. The thing is, this value is not equal for all assets, so we recommend you study the asset you want to invest in, which can easily be done on the broker’s website. Just to give you an example, Xtrade leverage for major currency pairs can range anywhere between 1:50 and 1:400, whereas that same value for most commodities is fixed at 1:50 and for bonds at 1:10.
Apart from Xtrade leverage, spreads also represent a value that needs to be taken into consideration when placing a trade. We mentioned already that they depend on the account type you have, but that the differences between them aren’t very big, so let’s now take a look at some more concrete examples. The spreads for the EUR/USD pair can be as low as two pips, GBP/USD can cost you only three, but these values become higher once you get to other assets. Gold can require 50 pips, coffee 25 etc. Therefore, you need to do a bit of researching before you invest because there are dozens and dozens of assets here, each with their own spread levels. With that out of the way, we will turn this Xtrade review towards financial conditions and analyse them next. The most interesting info is yet to come.
OK, so you have the account package you wanted, and the trading platform is all ready to go. Do you have any funds in your account? Right, you need to make an Xtrade deposit. How? Well, there are quite a few ways, actually.
Generally speaking, Xtrade deposit methods can be grouped into several categories: credit and debit cards, bank transfers and online payment methods. However, which of these methods are available to you may depend on where you’re trading from. Fortunately, if you go to the payment options page on the website, you will be able to simply select your country and a list of available methods will be shown to you. Simple, right? Since this broker is present in a huge number of countries, we won’t go through each of them individually here, but we will give a summary of what you can expect. Bank transfers are a no-brainer, but when it comes to credit and debit cards, things start to get interesting. You see, in addition to the usual Visa and MasterCard cards pretty much all brokers offer, you can also (in some countries, obviously) deposit by using your American Express cards. That’s very rare in this industry. In addition, you also have a wide variety of online payment methods, such as Skrill, Neteller and even PayPal! Add to that the fact that you can use paysafecard and you get a pretty impressive line-up with some very rare options.
As for the numbers, the minimum Xtrade deposit is set to 200$. Compared to other brokers in the same industry, this is pretty standard, maybe even slightly lower than average. However, there are occasions on which this requirement is lowered. Special promotions may allow you to start your trading adventure on this website for less than that, so keep your eyes open. In addition to that, you’ll be happy to know that there are no Xtrade deposit fees you need to worry about. What about withdrawals, though? Don’t worry, we have that, too.
Well, that was one way of transferring money with this broker. What about the other one? Most of the requirements connected to Xtrade withdrawals adhere to the industry’s standards, so more experienced among you won’t be surprised. Still, there are some thing that need to be mentions, just to be perfectly clear.
In some cases, Xtrade withdrawals will be executed the same way you make your deposit with this company. More specifically, if you deposited via credit card, the money will be returned to you via that same channel, and the same goes for bank wire transfers. If you deposit by using an e-wallet, however, your Xtrade withdrawal will have to go through a bank account or your Skrill/Neteller account. So, not all e-wallets that are available for deposits are available in this case. Nevertheless, you can expect everything to go smoothly every time. We never had the slightest problem.
The time needed to process your request is up to five days, and it can take up to five more days for the funds to become visible to you. We should mention that this is much faster if you opt for an e-wallet transfer. You also have the option to cancel the transaction before it becomes approved. The status of your request can be checked in your account whenever you want. Finally, we have to say that there are no Xtrade withdrawal fees that will be charged to you, although this may not apply to your bank or the company behind the method you’re using. In any case, the broker will not charge you a cent. But this is not the main financial advantage of this whole process because minimum Xtrade withdrawal is only 10$! That’s right, you only need to request ten bucks for the request to be approved. Finding another company which will allow you to do this will be incredibly hard. This is a huge plus for this broker because it makes it possible for casual traders to trade with practically no restrictions and to familiarize themselves with the platform completely. Really, we cannot overstate how important this is. What else is this Xtrade review going to discover?
Whenever you’re doing an analysis like this, you have to take into consideration what other people think, too. You have to check if there are some serious and genuine Xtrade complaints that can be made about the way this broker does business. If you were to ask us, we’d say that we think the minimum deposit could be a bit lower (although, as mentioned earlier, this is somewhat remedied by the promotions which bring this requirement down). Additionally, as you will see later on, we’d love to see more news articles. However, these issues can’t really be considered serious Xtrade complaints. But what do other people think?
Given how long these guys have been a part of the forex and CFD industry, it’s not a big surprise that you’ll find various comments about them all over the internet. If there are any Xtrade complaints, they are usually on the same level as the two we mentioned earlier – something to be considered, but nothing that should be a deal-breaker, especially when you consider the quality this broker provides. Everyone has an opinion how the offer could be even better, and as long as they can support it in a reasonable manner, we have no problem with them voicing it. Quite the opposite, we like to discuss things. But there are people who will simply drop Xtrade complaints containing some serious accusations without any evidence. Avoid those. Not just because this is a genuinely good and professional broker (proofs for that are in our Xtrade Scam Test), but because serious accusations of things being rigged and money being stolen always need to be backed by hard evidence. Don’t fall for that. Everything you want to know about this company can be found out easily, as you will see in the next part of this Xtrade review.
Support and contact methods
Yes, if you have any Xtrade complaints, maybe you should direct them towards the company’s support team. They do splendid work on this website and were always able to help us in a blink of an eye. These people are very professional and patient, so don’t hesitate to contact them, and you can do so in several different ways.
Xtrade contact methods include two e-mail addresses (one for compliance, one for regular support), phone, fax, but they also have accounts on many different social networks. Facebook, Twitter, LinkedIn, Instagram, YouTube and even Google Plus can all be used to make contact with the company. But the Xtrade contact method we liked the most by far is the company’s live chat. Someone will be there literally always, and we never had to wait for an operator to join in for more than half a minute. Talking to these people was an absolute pleasure because they always got right to the point, didn’t hesitate at all to answer us and would always check everything related to the country we were calling from to make sure we always got the most accurate information. A+ for the service here.
Apart from that, you can also learn everything you need to know from the broker’s FAQ section which is really well designed and covers a wide variety of topics. The company’s policies are also clearly stated on the website, and you can learn absolutely everything about Xtrade even if you never open an account with them. Simply click on the button in the top right corner of your screen (right next to the button for registration) and a drop-down menu will appear where you will able to choose and learn about absolutely every aspect of the offer here. That’s an excellent and very intuitive solution, but there are more of those worthy of our attention in this Xtrade review.
Educational materials are often underestimated when people examine websites like this. But if a company can help you learn, it has a much bigger chance of attracting traders who are still new to this whole thing. That’s why we were really impressed when we saw how detailed Xtrade courses can be. Allow us to show you.
The best way to start learning on this website is to take up educational courses the broker has designed. However, you will need an account to access them, so make sure you go through the registration process first. Once you do that, you will be able to start with the beginners’ course which will introduce you to all the basic principles of forex trading. After that, you can learn all about the trading tools you can use here and maybe even explore some more advanced trading principles and ideas. In addition, you can also learn all about CFDs and cryptocurrencies, so Xtrade courses are really a great way to start your education in this particular area.
But that’s not all. The courses are supported by several e-books you can download for free, plus there is a series of educational videos that will show you how to use the trading platform properly. You even have a glossary of trading terms, so if you don’t understand a term that is being used, simply look it up. It will literally take you a couple of seconds to do it. Once you’re done with Xtrade courses and feel ready to take on the trading world, we recommend you take a look at some other texts the broker has in store for you. They will also help you a lot, and you can learn all about them in our next section just below.
Apart from education, there is one more source of materials we have to mention in this Xtrade review and that’s the news section on this website. Having a reliable source of information from the global political and economic stage can only benefit you because it helps you make the right decision. Especially when those materials are completely free like these.
What do Xtrade news cover, we hear you ask. In a word – everything. They take into account pretty much all countries in the world (at the moment, we can find articles concerning Turkey, OPEC, Great Britain etc) and whenever there is something important to discuss, you will get a thorough analysis of how it can affect the market. But the articles themselves really aren’t too long, and it will only take you a minute or two to go through them. You will get one article every weekday, so we recommend you make a habit of reading them before you start trading. What we will say that we’d love to see more of these articles (there are no texts on weekends) because they really help traders immerse themselves in the trading world and get into the right mindset. But this is really a minor complaint – you can’t have it all. With that, we will now wrap up this text with a condensed version of everything that has been said in the review. Stay for the conclusion if you want an overview of the broker’s main features.
Xtrade review: Conclusion
So there you have it, that’s our Xtrader review. As you have seen, there are plenty of interesting features to admire when trading here, especially when it comes to your trading environment and conditions. It is quite obvious that this company is determined to provide its clients with everything they need, and they are more than willing to invest some extra effort to achieve it. That’s why the trading platform here is so detailed and well designed and why the account types have so very little differences between them. Seriously, they are almost identical. You can also open a great Xtrade demo account, discuss whatever you want with the support team and much, much more. All in all, this company is everything you’d expect from a CFD broker with more than ten years of experience in the industry. It is reliable, versatile and professional, which is really all you need to enjoy your trading and be successful. We had a great time trading here; no problems ever came up (which is extremely important to mention, especially when it comes to finances), and we firmly believe you will feel the same if you decide to invest through this website. Open an account here to find yourself the most reliable and professional business partner. Join them and you will see this type of trading at its very best.
– low minimum withdrawal (10$)
– no deposit or withdrawal fees
– excellent trading platform
– numerous payment methods
– well equipped account types
– minimum deposit fairly average
– more news would be nice