Xtrade Review 2021

Xtrade is an online CFD and Forex trading broker. This full Xtrade review has all the broker information including minimum deposit and withdrawal, mobile app and bonus. It must be read before register and login the platform.

Regulation and legitimacy

The broker is owned by XTrade International Ltd, which is authorized and regulated by the International Financial Services Commission in Belize. This tier-2 regulation allows the company to provide legit brokerage services in most countries.

This license does not guarantee high security for traders. Brokers regulated by IFSC often turned out to be scammers and deceived customers. Well, some brokers have their licenses revoked for fraud. But traders do not receive any compensation.

The situation is aggravated by the legal documents of XTrade. There are many clauses in the terms and conditions to shield the broker from liability. For example, a broker can close your order at any time or refuse to open it.

Apart from that, the XTrade has a rather bad reputation based on the reviews. So, it is not safe and reliable for online trading. It may be a scam.

Trading platform and offers

Immediately after login, you will see the XTrade’s proprietary trading platform.

First, you need to select the group of trading instruments on the left. There are about 450 assets in total, including Forex (55), indices (13), commodities (16), stocks (342+), cryptocurrencies (13), bonds (5), ETFs (5). Then you need to select an asset on the right side and you can open a trade.

Below is a trading chart. There are enough timeframes, candlestick types and instruments. But the platform provides only 11 basic trading indicators. Most likely, this will not be enough for graphical analysis.

It is also possible to view market trends on the XTrade platform. Market trends is a technical analysis service provided by a third party company (Finansoft S.R.O) as a general market commentary and for information purposes only.

The leverage depends on the trading instrument:

• Forex – 1:400
• Indices – 1:250 to 1:300
• Commodities – 1:50 to 1:200
• ETFs – 1:10 to 1:50
• Shares – 1:10
• Bonds – 1:10

Spreads and fees

XTrade has very high spreads. Even a beginner can understand this. For example, the spread is 5 pips for the major Forex pairs EUR/USD, GBP/USD and USD/JPY, and for gold it is 100 pips. In general, they have high values for all trading instruments. It also increases strongly at night and at the time of important economic news.

Swaps are also charged on positions for the next day roll. The broker can take a commission of $ 50 if the client has no trading activity for 3 months.

At least XTrade does not charge additional fees for the trading volume.

Demo account

XTrade offers trading on a free demo account. It is only available when login from the home page. You have $ 10,000 on a demo account. So, you can try trading in the real market using virtual money. Here you risk nothing.

You can train on a virtual account for an unlimited time. However, annoying managers will encourage you to open a real account and make a deposit.

Even at this stage of the XTrade review, you can see that it is best not to open a real account.

Account types

The broker XTrade has 4 types of real accounts: Standard, Premium, Platinum and VIP. Special conditions for each type of account look unattractive.

In fact, you will receive a reduction in spreads only with a deposit of $ 5000. But they are initially much lower for other brokers. You also get personal managers (on whose advice you can lose money) and useless bonuses. They will be discussed later.

Mobile App

XTrade own trading platform is also available for download as a mobile app for IOS and Android. It has a user-friendly interface and offers an introductory tutorial on first login.

A review of the XTrade app finds that it contains all the functions of the web version for online CFD trading. It has one-click trading, asset chart display and analysis tools, trading on a demo account, payment functions and alerts.

The mobile version also has additional analytical tools, such as a financial calendar from Investing.com, Autochartist signals and market trends.

Deposit and withdrawal

XTrade has a wide range of deposit and withdrawal methods. There are more than 15 of them. Customers may use certain payment options depending on the country.

All customers can fund their account via credit cards and bank transfer. Also, clients are offered about 10 electronic wallets, including WebMoney, Skrill, Neteller and others. Traders in Brazil can use Boleto, traders in India can use Jeton wallet, etc. Finally, there are cryptocurrency funding in most countries. Broker XTrade has set a minimum deposit of $ 250.

As with most brokers, withdrawals are made using the same method as a deposit. XTrade specialists process the withdrawal request within 5 business days or even longer. It depends on the payment method.

The broker does not charge fees for depositing and withdrawing funds.

Deposit bonus

The broker offers several types of bonuses. However, XTrade does not offer a no deposit bonus.

First, there is a XTrade welcome bonus. It can be obtained after making the first deposit. The amount depends on the size of investment and can be up to a maximum of $ 6000.

You can get $ 25 and $ 20 bonus funds for verifying your phone and account.

First trade with a broker. If your first trade is unprofitable, the broker will refund the loss of up to $ 500 cash bonus.

Cashback can be received by owners of premium accounts. You will receive up to $ 10 for every 1,000,000 trade turnover.

The trap is located in their bonus conditions.

Bonus conditions

The first part of the XTrade bonus rules is in the Terms and Conditions document, the second part in the Bonuses and Promotions document.

To transfer the bonus to your capital balance, you need to earn XPoints equal to the bonus amount multiplied by 10. You will receive XPoints by trading an amount of $1,000. And it must be realized 30 days in advance.

So, you need to make a huge trading volume in a short time. Obviously, the broker will earn a lot more on fees.

Certainly, everything is important to read in the next image.

As you can see, the conditions are absolutely bad. So, the Company reserves the right to revoke or change the offers at any time without prior notice.

Pros and cons

Conclusion on the Xtrade review

The conclusion on the XTrade review is obvious. Broker is a very bad option for online CFD trading.

It has low reliability and a awful reputation. Trading conditions and special offers will disappoint any client. Besides, there are many hidden pitfalls in the Terms and Conditions. So, the broker goes to the “Scam” category.

Therefore, it is better to choose one of the more reliable brokers for CFD trading.

Accepted countries

XTrade provides services in Panama, Cyprus, El Salvador, UAE, Ecuador, Slovakia, Australia, South Africa, Taiwan, India, Mexico, Chile, Turkey, Singapore, Colombia, Malaysia, Indonesia, Serbia, Germany, Switzerland and most other countries. The broker has a regulatory license and a full list of legal documents.

The broker does not provide its services in the United States, Canada, the United Kingdom or other countries where such use is contrary to local laws, regulation or religion.

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