XTrend Speed Forex Broker
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Low minimum deposit requirement starting from $10, making it accessible for new traders. Offers a proprietary trading platform (Strader) alongside the popular MT4 platform, catering to different trading styles. Regulated by the FSCA in South Africa, providing a level of credibility and oversight.
Withdrawal fees apply, which can reduce overall profitability for traders. Lacks transparency regarding trading conditions and fees, making it difficult for traders to fully understand costs. No demo account available, limiting opportunities for traders to practice or test strategies before committing real funds.Basic Information
South Africa
XTrend Speed Forex Broker - Complete Information Guide
1. Broker Overview
XTrend Speed is a forex and CFD broker established in 2016. The company operates under the full name Ryn At Capital (Pty) Ltd, with its headquarters located in Pretoria, South Africa. This broker is privately owned and provides services primarily to retail clients across various markets, including forex, commodities, indices, and stocks.
Since its inception, XTrend Speed has focused on developing a user-friendly trading environment, particularly catering to novice traders with its mobile trading app and proprietary platform. The broker has achieved significant milestones, including partnerships with notable organizations, which have helped boost its visibility in the trading community.
XTrend Speed operates as a retail forex broker, facilitating trading in a wide range of financial instruments. The company emphasizes technological advancement and aims to provide an accessible trading experience for users in over 170 countries.
2. Regulation and Compliance Information
XTrend Speed is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, holding the license number FSP 23497. This regulatory body ensures that the broker adheres to specific standards designed to protect investors and maintain market integrity.
The FSCA's oversight includes the requirement for brokers to maintain segregated client accounts, ensuring that client funds are kept separate from the company's operational funds. However, it is important to note that the FSCA is classified as a tier-2 regulator, which may not provide the same level of investor protection as tier-1 regulators like the FCA in the UK or ASIC in Australia.
XTrend Speed complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to verify their identity before trading. This process includes submitting identification documents and proof of address, which helps mitigate the risk of fraud and enhances the security of client accounts.
3. Trading Products and Services
XTrend Speed offers a diverse range of trading products, including over 150 currency pairs, making it a robust choice for forex traders. The broker provides access to various CFD products across multiple asset classes, including:
- Indices: Major global indices such as the S&P 500 and NASDAQ.
- Commodities: Precious metals like gold and silver, as well as energy products like crude oil.
- Stocks: CFDs on shares from prominent companies, including Apple and Google.
- Cryptocurrencies: Although limited, the broker offers trading in major cryptocurrencies such as Bitcoin and Ethereum.
The broker frequently updates its product offerings, aiming to include new instruments based on market demand. XTrend Speed primarily serves retail clients, but it also provides services tailored to institutional clients, focusing on technology-driven solutions.
4. Trading Platforms and Technology
XTrend Speed supports MetaTrader 4 (MT4), a widely recognized trading platform known for its extensive features, including automated trading strategies through Expert Advisors (EAs). In addition to MT4, XTrend Speed has developed its own proprietary trading platform called Strader, designed for both mobile and desktop use.
The Strader platform is user-friendly and provides essential trading tools, including advanced charting capabilities and market analysis tools. The broker's mobile application, available on both iOS and Android, allows traders to access their accounts and trade on the go.
XTrend Speed employs a market execution model, ensuring that trades are executed quickly and efficiently, with an average execution speed of less than 42 milliseconds. The broker's technology infrastructure is robust, with servers located in strategic locations to enhance trading performance.
5. Account Types and Trading Conditions
XTrend Speed offers two primary account types based on the trading platform:
- MT4 Account: Requires a minimum deposit of $100. This account type offers access to all MT4 features, including custom indicators and scripts.
- Strader Account: Requires a lower minimum deposit of $10. This account is designed for users who prefer a simplified trading experience.
- Bank Transfers
- Credit/Debit Cards (Visa, Mastercard)
- E-Wallets (PayPal, Skrill, Neteller)
- Phone
- Live Chat (during trading hours)
The broker provides competitive trading conditions, with leverage options up to 1:300 for professional traders and 1:30 for retail clients, in line with regulatory standards. The minimum trade size is 0.01 lots, and the broker charges variable spreads that start from 0.1 pips for major currency pairs.
XTrend Speed also has an overnight fee policy, which applies to positions held beyond the trading day. This fee varies based on the asset being traded.
6. Funds Management
XTrend Speed supports a variety of deposit methods, including:
The minimum deposit requirement is $10 for the Strader account and $100 for the MT4 account, with no deposit fees applicable.
Withdrawal methods mirror deposit options, but a 3.5% withdrawal fee applies, which is higher than many competitors in the market. Processing times for withdrawals can take up to 48 hours, followed by an additional 3-5 business days for funds to be reflected in the clients account.
7. Customer Support and Educational Resources
XTrend Speed provides customer support through various channels, including:
Support is available 22/7, but there are reports of delayed response times, which may impact user experience. The broker supports multiple languages, including English, Spanish, French, and German, catering to its diverse client base.
In terms of educational resources, XTrend Speed offers basic tutorials and market analysis services. However, the range of educational materials is limited compared to other brokers, lacking comprehensive courses for beginners.
8. Regional Coverage and Restrictions
XTrend Speed primarily serves clients in South Africa and other countries around the globe. However, it does not accept clients from the United States and certain other jurisdictions due to regulatory restrictions.
The broker's operations are mainly concentrated in Europe, Asia, and Africa, with localized support to enhance the trading experience for clients in these regions.
In conclusion, while XTrend Speed offers a competitive trading environment with a variety of products and a user-friendly platform, potential traders should weigh the risks associated with its tier-2 regulatory status and the higher withdrawal fees. It is advisable for traders to conduct thorough research and consider their individual trading needs before engaging with the XTrend Speed broker.
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Latest Reviews
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I hate scammers really, I made profit and I awoke to my funds being taken from me.
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FX2560884846
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customer care can't answer. email not answer. scammer this application
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Chris4642
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They require a proof of my address issued by my company, otherwise the payment will not be made. My address is recognized by the government, banks, etc. But the platform still requires the company to prove my address, and even if I provide the company's certificate, there is still no guarantee that I can withdraw money.
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2024-04-25
Alechef
Vietnam
I made 8 withdrawal requests, all rejected!! They justify themselves by saying that my bank rejects the request! BEWARE. IT'S A SCAM.
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2024-02-15
dewasuling
Indonesia
I've been using this app for a long time, but recently I created a new account and made a deposit to complete the mission. There were many interesting missions on Xtrend speed, but after withdrawing a few days later several features and missions were removed from the account. There was no notification or clear reason from SC Xtrend speed. I checked on my grandmother's account, and the feature was still there but on other accounts, it was removed. I traded on the old account again and managed to do WD once, but a few days later several features and missions on my account disappeared. There were still no warnings or notifications. Based on conversations with the personal manager, he couldn't explain a rational reason. He just said, "The event has ended". I checked my friend's account, and the features and missions were still there. I think the service on this app is no longer transparent and has a detrimental game and that is what decided me to stop trading on this app.
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2023-12-19
FX2161934651
Philippines
my entry time was at 6:27 am. up and down maeket was at 6:19-6:20.
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2020-10-30