XTrade Brokers Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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It's a shame that XTrade Brokers has gone out of business. I was a customer for a while and had a decent experience with them. It's always disappointing to see a company shut down, especially when you've invested time and money with them. I hope that anyone who was affected by the closure can find a new brokerage that meets their needs.
Xtrade Brokers, established in 2003, has garnered attention in the online trading community for its diverse offerings and proprietary platform. However, recent developments, particularly concerning regulatory issues, have raised questions about its reliability. Overall, user experiences reflect a mixed sentiment, with some praising its user-friendly interface and educational resources, while others express concerns over withdrawal difficulties and regulatory compliance.
Note: It's important to highlight that Xtrade operates under different entities across various regions, which may lead to discrepancies in user experience and regulatory oversight. This review aims to provide a fair and accurate assessment based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
We rate brokers based on a combination of user feedback, expert analysis, and factual data.
Xtrade Brokers, originally known as XFR Financial Ltd, is headquartered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Belize Financial Services Commission (FSC). The broker offers a proprietary trading platform, Xtrade WebTrader, which is user-friendly and accessible on mobile devices. Traders can engage in a variety of asset classes, including forex, commodities, indices, shares, and cryptocurrencies. However, its worth noting that Xtrade has faced scrutiny due to the cancellation of its Australian license by ASIC, raising concerns about its trustworthiness.
Xtrade operates through different entities, including Xtrade International Ltd in Belize and Xtrade Europe Ltd in Cyprus. While CySEC provides a level of regulatory oversight, the FSC is considered less stringent. This duality can lead to varied experiences for users based on their location.
Xtrade supports several deposit and withdrawal methods, including credit/debit cards and bank transfers. The minimum deposit requirement is set at $250, which is relatively standard for the industry. Notably, Xtrade does not charge fees for deposits or withdrawals, although some users have reported delays in processing withdrawal requests.
To open a standard account, traders are required to deposit a minimum of $250. While this is competitive compared to other brokers, it may be a barrier for beginners looking to start with smaller amounts.
Xtrade offers a variety of bonuses, including a first deposit bonus of up to 60% and a cash bonus for phone verification. However, these bonuses are subject to specific trading conditions and can expire if not utilized within a certain timeframe.
The broker provides access to a wide range of tradable instruments, including over 50 forex pairs, commodities like gold and oil, and various indices. However, some users have noted a lack of advanced trading instruments compared to competitors, which could limit trading strategies.
Xtrade operates on a fixed spread model, with spreads starting at approximately 2 pips for major currency pairs. While this model simplifies cost calculations, it may not be as competitive as variable spreads offered by other brokers. Additionally, the absence of commissions is appealing, but users should be aware of potential inactivity fees after three months of no trading activity.
Xtrade offers leverage up to 1:400 for international clients, while European clients are limited to 1:30 due to regulatory restrictions. This high leverage can amplify both gains and losses, making it essential for traders to manage risk effectively.
The broker primarily utilizes its proprietary platform, Xtrade WebTrader, which is web-based and does not require downloads. Unfortunately, Xtrade does not support popular platforms like MetaTrader 4 or 5, which may deter users accustomed to those systems.
Xtrade imposes restrictions on several countries, including the USA, Canada, and certain Middle Eastern nations. This limitation could affect potential clients in those regions seeking to engage with the broker.
Xtrade provides customer support in multiple languages, including English, Spanish, and Arabic. Support is available through live chat, email, and telephone, but some users have reported slow response times, particularly during peak hours.
| Category | Detailed Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
Account Conditions (6/10): Xtrade offers a single account type with a minimum deposit of $250, which is standard. However, the lack of micro accounts may deter beginner traders.
Tools and Resources (7/10): The educational resources provided, including video tutorials and market analysis, are beneficial for novice traders, although they could be more comprehensive.
Customer Service and Support (6/10): While Xtrade offers multiple support channels, user feedback indicates that response times can vary significantly.
Trading Setup (Experience) (7/10): The proprietary platform is user-friendly, but the absence of more advanced tools may limit experienced traders.
Trustworthiness (5/10): Recent regulatory issues, particularly the revocation of its ASIC license, have raised concerns about Xtrade's reliability.
User Experience (6/10): Overall, user feedback is mixed, with positive comments about the platform's usability but negative reports regarding withdrawal processes.
In conclusion, Xtrade Brokers presents a mixed bag for potential traders. While it offers a user-friendly platform and a variety of trading instruments, the recent regulatory challenges and user complaints about withdrawal difficulties are significant concerns. As always, potential traders should conduct thorough research and consider their trading needs before engaging with Xtrade Brokers.
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