Xtrade is a renowned online Forex trader with years of experience in the field. The broker offers trading in a wide array of instruments. That is commodities, indices, CFDs, and shares. The headquarters of the broker is in Cyprus and is also regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker is also regulated by other international bodies like (FSB) South Africa, IFSC (Belize) and ASIC in Australia. Xtrade is additionally an award-winning broker, which speaks volume about its reliability. Xtrade gives equal opportunity to all classes of traders and offers training services and coaching to traders with no much experience through its Education Center, video tutorials, and ebooks and so on.
Trading Accounts
Standard account
Among Xtrade’s trading accounts is the standard trading account. A minimum deposit of $250 characterizes the account. The account comes with both the desktop and mobile trader. If a trader opens the standard account, he can get an additional benefit of interacting with a demo account. It makes it suitable for the beginners as it gives them an opportunity to find their way around the trade risk-free. A trader with the standard account also has access to an economic calendar and daily market reviews via video.
Premium account
To open a premium account, the trader is required to make a minimum initial deposit of $1000. The account is available for desktop and mobile traders and comes with a demo account. The premium account also has access to an online calendar and market reviews with one on one training offered on the platform. Among the other benefits that come with this account is spread reduction and a welcome bonus for new accounts. The trading platform used in this account is MetaTrader4.
Platinum account
The platinum account has a minimum deposit of $5000. It also comes with a demo account, a welcome bonus, on platform training, spread reduction, and VIP deposit bonuses. The platform used on this account is the MetaTrader4.
VIP account
The VIP account requires a minimum deposit of $20,000. The additional benefits that the account comes with are an individual trading strategy and support, corporate gifts and priority account and payment processing.
About Xtrade and the Security of Funds
Being under the regulation of CySEC, the broker is governed by specific rules that aim at protecting the traders’ assets. The broker is required to uphold a minimum of £730,000 to prove that it has good financial grounds. The broker is also mandated to keep the clients’ funds in segregated accounts to prevent the broker from using it in their operations. The broker also has a compensation fund in place. In case the broker goes bankrupt, it is in a position to pay up to £20,000.
Xtrade is also under stringent regulation which offers a guarantee to the traders that their assets are in the right hands. The broker is also MiFID compliant: which should clear all doubts if any.
Trading conditions
Minimum Initial Deposit
The minimum investment required to be made by traders interested in Xtrade is $100. It may be considered average if a comparison was to be done with other brokers in the market. However, other brokers require less than the amount.
Leverage
Xtrade offers the traders minimum leverage of 1:400. It is a familiar figure in the forex market. However, it is essential for the traders to note that the higher the leverage, the more substantial the risk of losses. Nonetheless, Xtrade offers good leverage as most of the traders provide a minimum of up to 1:500.
Spreads and commissions
As an Xtrade forex trader, you get to benefit from trading free of commission. More so, the spreads at Xtrade are fixed. The spreads amount to 2 pips for the USD and EUR.
Trading Platforms
Xtrader Pro
The Xtrader Pro platform is used by traders with the standard account. The platform is web-based and comes with mobile versions too. The advantages of the platform are that it has a user-friendly interface. More so, it is equipped with trading tools that aid the trader in analyzing the condition of the markets. The tools are technical analysis indicators and charts.
The platform has also eased order execution as the platform has automated features that allow the traders to make orders at the most convenient times.
MetaTrader4
MetaTrader4 platform is available for the premium, platinum and VIP accounts. It is one of the most popular trading platforms. The platform is suitable for users with varying skills and experience in Forex Trading. It also allows traders access to mobile trading apps and offers the clients an exceptional user experience. It is a flexible trading platform that also offers the traders an opportunity with Expert Advisors (EAs).
Promotions
The broker has promotional campaigns running from time to time. For instance, new accounts are offered attractive welcome bonuses. The broker had bonuses for Black Friday whereby traders registering with the broker got $250. For the welcome package, the trader receives a first deposit bonus that goes up to $6000. Traders also get $25 cash bonus on phone verification, $120 cash bonus for a first trade and $30 cash bonus for account verification. The broker has more attractive promotion packages that you should look out for.
Among other benefits that come with trading with Xtrade are a no-fee charge on deposits and withdrawals. The withdrawals are also approved in less than five days. The broker offers the traders several options of transacting, which is making deposits and withdrawals. Credit/debit cards are allowed, PayPal and Webmoney to mention a few.
Briefly about Xtrade
Xtrade gives traders the opportunity to a fantastic experience in the Forex market. The broker is reliable which is owed to the regulatory measures put in place. Traders get to enjoy commission free trading and bonuses. For beginners, they get an opportunity to learn through the educational programmes put in place. You do not have to worry about how to execute payments as you have unlimited options. The mentioned are among the many reasons as to why you should trade with Xtrade Forex brokers.
