XTrade Review 2021
Pros / Cons
- Regulated platform by ASIC
- Bad reputation
- Not Metatrader platform
- High Spreads
- Min. deposit of $250
What is XTrade?
Founded in 2003 and based in Melbourne (Australia), XTrade is owned by the XTrade.au Pty Ltd. Although XTradde is primarily registered as an Australian company and has authorization from the Australian Securities and Investments Commission (ASIC – ACN: 140899476 Licence No: 343628) throughout the world and has multiple offices located in its major geographical markets.
As an innovative company, this financial firm was one of the first brokers to offer Forex trading via Contracts for Differences (CFDs). XTrade is one of the largest providers of CFD trading and has clients from around the world.
The football star Cristiano Ronaldo was their ambassador from 2016-2017.
Regulation & Trust
Is Xtrade a good and regulated broker?
Yes, its Australian clients are protected by one of the most strict government regulatory authorities, the Australian Securities and Investments Commission (ASIC – ACN: 140899476 Licence No: 343628).
XTrade has a very poor history of fraudulent behaviour ( withdrawal issues, unfair conditions in its platform, …).
Trading Platforms & Tools
As XTrade is a CFD broker, it does not have to pass customer orders to the real market, because all books are maintained internally. Hence, they do not offer traditional trading software like other Forex brokers.
Instead, this broker has developed its own proprietary trading platform, which customers can access from any regular modern browser and from their smartphone.
Currently, They offer mobile trading applications for Android, iOS devices, and Windows phones.
Does XTrade use MetaTrader?
Not, they don’t support Metatrader platforms.
How many assets can be traded at Xtrade?
They provide trading shares of major companies and Indices. N addition to the equities, They also allow its customers to trade major commodities like Gold and Silver. However, the largest collection of trading instruments offered by them is the Forex currency pairs.
Besides major currency pairs like EUR/USD, GBP/USD, USD/JPY, etc., XTrade also offers a range of minor and exotic currencies to its customers.
During our research for this review, we found that their customers can also trade virtual cryptocurrencies like the Bitcoin on its platform.
What are the Xtrade Spreads?
All fees are charged as spreads, which happens to be fixed and ranges between 2-5 pips. We accessed its website during a weekend, the spread on EUR/USD was showing 5 pips, which would be pretty high compared to its close competitors. Although, we are sure that it comes down to 2 pips during regular trading hours, which is Sunday 9 p.m. to Friday at 9 p.m.
What are their fees and commissions?
XTrade.com don’t charge commissions on their accounts, but they have a $50 inactive account fee per month if you don’t trade for a period of 3 months.
What is their max leverage with ICMarkets?
They offer up to 400:1 leverage on all of its instruments.
Research & Education
They offer basic online educational tools including video tutorials, forex courses and an economic calendar.
Type of Accounts
You can choose among 4 accounts depending on your minimum deposit:
- Standard: $250 min. deposit. Basic features, with high spreads.
- Premium: $1,000 deposit is required. A dedicated account manager is provided by Xtrade.
- Platinum: You must deposit $5,000. You get a VIP trading support, and lowest spreads.
- VIP: $20,000 minimum deposit is required. This account includes a priority account, individual trading strategy, and lowest spreads.
XTrade Demo Account
All of these 4 accounts come to include a free demo version.
What is the minimum deposit on Xtrade?
Customers can open a Standard account with a $250 initial deposit.
They offer several popular channels of communication to its customers, including, live chat, email, or telephone. However, we found that XTrade hour support team is available from Sunday at 22:00 GMT to Friday at 22:00 GMT only.
Customers are encouraged to send an email to firstname.lastname@example.org prior to calling. However, XTrade does offer strong phone support.
In addition to phone and email support, XTrade also has a live chat option on their website where customers can reach customer support during business hours, which excludes the weekends.
Although that XTrade is an Australian regulated broker and this broker was a pioneer in CFD trading and its extensive global reach made it one of the handfuls of top brokers around the world, last years they’ve gained a very bad reputation in the industry due to many client complaints about withdrawal issues, manipulation of prices, and huge spreads.
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