Overview of Xtrade
Xtrade is a broker based in the United Kingdom that has been operating for 2-5 years. However, it is important to note that Xtrade has a suspicious regulatory license and an unclear scope of business. This lack of proper regulation raises concerns about its legitimacy and poses potential risks for individuals dealing with this broker. Caution is advised when considering Xtrade as a trading option.
Xtrade offers a diverse selection of market instruments for trading, including CFDs on commodities, cryptocurrencies, precious metals, indices, Forex currency pairs, ETFs, and over 100 stocks. Traders can speculate on the price movements of various assets without physically owning them. This includes commodities like oil, gold, and silver, as well as popular cryptocurrencies such as Bitcoin and Ethereum. However, it is crucial to bear in mind the potential risks associated with trading through a broker that lacks proper regulation.
Xtrade provides different account types to suit traders' preferences, ranging from the Starter Account to the Premium Account and Executive Account. Each account type has a minimum deposit requirement, starting from $500 for the Starter Account and going up to $50,000 for the Executive Account. These account options cater to traders with different levels of experience and investment capabilities. However, it is essential to note that the limited information available regarding customer support and the unclear availability of prompt assistance may be a drawback when considering Xtrade as a broker.
Pros and Cons
Xtrade offers a range of pros and cons for traders to consider. On the positive side, it provides a diverse selection of market instruments, allowing traders to choose from various options. The broker also offers different account types to cater to traders' preferences. It utilizes popular trading platforms such as MT4 and MT5, which are widely recognized and used in the trading community. Additionally, Xtrade has its own proprietary trading platform tailored to its services. According to available reports, there have been no indications of fraudulent activities associated with Xtrade. However, there are several drawbacks to consider. The regulatory license of Xtrade is viewed with suspicion, which raises concerns about its legitimacy. The official website is currently not available, which may hinder access to important information. There is a lack of transparency regarding spreads, leverage, and commissions. Xtrade also has a limited range of payment methods, and the responsiveness of its customer support is unclear. Moreover, there is a lack of clear terms and conditions for fund deposit and withdrawal procedures, and a demo account is not available for traders to practice and test the platform.
Is Xtrade Legit？
Xtrade, a broker in question, has been found to lack proper regulation at present. It is crucial to note this significant aspect and exercise caution when dealing with this broker. The absence of valid regulation raises concerns and poses potential risks.
Market Instruments
Xtrade provides its users with a diverse selection of market instruments to trade on. These instruments include CFDs (Contracts for Difference) on various assets such as commodities, cryptocurrencies, precious metals, indices, Forex currency pairs, ETFs, and over 100 stocks.
Commodities: Commodities form one category of tradable assets on Xtrade. Examples of commodities that can be traded through this broker include oil, gold, silver, natural gas, wheat, and corn. By offering CFDs on commodities, Xtrade allows traders to speculate on the price movements of these essential goods without physically owning them.
Cryptocurrencies: Cryptocurrencies are another set of market instruments available on Xtrade. Well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) are among the options for traders interested in the crypto market. Through CFDs, traders can capitalize on the price volatility of these digital currencies without directly owning them.
Precious metals: Precious metals, such as gold, silver, platinum, and palladium, are also part of Xtrade's market instruments. By trading CFDs on these precious metals, investors can take advantage of their fluctuating prices in the market without having to physically possess or store them.
Indices: Indices are another tradable asset class provided by Xtrade. Examples of popular indices include the S&P 500, NASDAQ, Dow Jones Industrial Average, FTSE 100, DAX, and Nikkei 225. Trading CFDs on indices allows investors to speculate on the performance of entire stock markets or specific industry sectors.
Forex currency pairs: Forex currency pairs are a significant market instrument offered by Xtrade. Traders can engage in currency trading by speculating on the exchange rate movements between various pairs, such as EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD. Through CFDs, traders can profit from changes in currency values without owning the underlying currencies.
ETFs: In addition to the above instruments, Xtrade provides access to ETFs (Exchange-Traded Funds) and a selection of over 100 stocks. ETFs represent a basket of securities and allow traders to gain exposure to a specific market or sector. With CFDs on stocks, traders can speculate on the price movements of individual company shares without owning them outright.
Pros and Cons
Account Types
Xtrade provides clients with a range of account types to suit their trading preferences. These include the Starter Account, Premium Account, and Executive Account.
The Starter Account requires a minimum deposit of $500 to open. It is an entry-level account designed for traders who are starting out or prefer to trade with a smaller investment.
The Premium Account, on the other hand, mandates a minimum deposit of $10,000. This account type is suitable for traders who have gained some experience and are looking for enhanced trading capabilities.
For traders seeking even more advanced features and benefits, Xtrade offers the Executive Account. Opening an Executive Account requires a minimum deposit of $50,000.
Pros and Cons
Minimum Deposit
The minimum deposit required by Xtrade for its Starter Account stands at $500. This amount serves as the baseline requirement for individuals interested in opening an account with the broker.
Deposit & Withdrawal
Xtrade offers a limited range of payment methods for depositing funds into trading accounts. These methods include bitcoin, bank wire, Ethereum, Western Union, and Moneygram. However, credit/debit card and Skrill options are not available. It is important to note that Skrill has imposed restrictions on unregulated forex traders in order to safeguard its customers from potential fund-related scams.
During the research conducted for this review, no information regarding the withdrawal of funds was found. Additionally, the website lacks clear terms and conditions outlining the procedures for both depositing and withdrawing funds.
Trading Platforms
Xtrade provides traders with access to two popular trading platforms: MT4 (MetaTrader 4) and MT5 (MetaTrader 5). These platforms are widely recognized and utilized within the trading community. Both platforms offer a range of features and tools to assist traders in their activities. One notable advantage is the availability of auto-trading bots, enabling automated trading strategies. Traders can program these bots to execute trades based on predetermined criteria, potentially saving time and effort.
In addition to the aforementioned platforms, Xtrade also offers its own proprietary trading platform. This platform is designed specifically for Xtrade clients and includes various functionalities to support trading activities. While the specific features of this platform are not mentioned, it provides an alternative option for traders who prefer using a platform specifically tailored to the services offered by Xtrade.
Customer Support
Xtrade provides a customer support email address (info@xtrade.com) and a UK-based phone number (+44 2038074001) for customer inquiries. However, it is unclear whether prompt responses can be expected due to the lack of reliable information regarding the availability and responsiveness of their customer support team. Live support, including live chat options, is not offered, and there are no indications of round-the-clock phone assistance.
Reviews
According to a review on WikiFX, Xtrade is mentioned as lacking any regulatory license and having an expired website. However, there were no reports of individuals being cheated thus far, leaving hope that the company is not involved in any fraudulent activities.
Conclusion
In conclusion, Xtrade is a broker that raises concerns due to the lack of proper regulation and a suspicious scope of business. Traders should exercise caution when dealing with this broker as it poses potential risks. Xtrade offers a diverse selection of market instruments, including CFDs on commodities, cryptocurrencies, precious metals, indices, Forex currency pairs, ETFs, and stocks. However, the limited range of payment methods for depositing funds and the absence of clear information on withdrawal procedures are notable disadvantages. Traders have access to popular trading platforms like MT4 and MT5, as well as Xtrade's proprietary platform. Customer support is available through email and a UK-based phone number, but the responsiveness and availability of support are uncertain. Overall, due to the suspicious regulatory license and potential risks associated with Xtrade, traders should carefully consider their options and conduct thorough research before engaging with this broker.
FAQs
Q: Is Xtrade a regulated broker？
A: Xtrade lacks proper regulation at present, raising concerns and potential risks.
Q: What market instruments can I trade on Xtrade？
A: Xtrade offers a diverse selection of market instruments, including CFDs on commodities, cryptocurrencies, precious metals, indices, Forex currency pairs, ETFs, and over 100 stocks.
Q: What are the account types offered by Xtrade？
A: Xtrade provides Starter, Premium, and Executive accounts with varying minimum deposit requirements.
Q: What is the minimum deposit for opening an account with Xtrade？
A: The minimum deposit for the Starter Account is $500.
Q: What payment methods are available for depositing funds on Xtrade？
A: Xtrade offers limited payment methods such as bitcoin, bank wire, Ethereum, Western Union, and Moneygram.
Q: What trading platforms does Xtrade offer？
A: Xtrade provides access to popular platforms like MT4, MT5, and its own proprietary trading platform.
Q: How can I contact Xtrade customer support？
A: Xtrade can be reached via email (info@xtrade.com) and a UK-based phone number (+44 2038074001).
Q: Is Xtrade involved in fraudulent activities？
A: There have been no reports of individuals being cheated, but caution is advised due to the lack of regulation and other concerns.
