Many modern trading platforms give their users financial versatility largely, and only a few brokers give their investors the greatest value for their money. Among the many emerging brokers is xTrade, which is among the leading CFD brokers, having its base in Cyprus.
Who is behind xTrade?
Many forex trader platforms have their base in Cyprus, and xTrade is no different. The owner is XTrade EuropeLTD, which is a financial organization that is under regulation, and has offices in more than thirty countries worldwide.
The platform therefore has a solid foundation, and this gives clients the confidence to trade in the Forex world. Among the hallmarks of this platform is the level of funding that the owner provides. In fact, this is largely, that the company is able to construct the whole Forex platform from scratch, making it one of the most complete and feature-rich platforms in the world.
What trading does it offer?
You can choose one among 52 currency pairs, and 21 of these are exotic currencies that the average broker may not have. There is a Bitcoin pairing as well.
Aside from forex trade, you can deal in almost one hundred asset choices, each having their own minimum requirements and Bid/Ask spread dynamics. In addition, the platform gives you several illustrations that can enable you to understand how the system works and dealing with risk management issues.
There are various platform features on the platform, which include trading signals, streaming news feed, mobile alerts, guaranteed stop loss, guaranteed limit orders, OCO orders, web-based trade, and one-click execution. There are also various instruments you can trade, which include indices, gold, metals and commodities.
Trading platforms on the site
Due to the main trade being in CFDs, the platform that xTrade uses a proprietary platform. The good news is the user-friendliness is high, while it maintains the feel and look of other online systems. It also allows one-touch accessibility to open positions, trading tools and history, as well as asset choices.
You do not need to do complex downloads, and the site has mobile applications that ease the trading process. All data on the site has SSL-256 encryption, which means hackers cannot access information on the site.
Account types present on the site
The platform that you use will determine the costs you need to pay to get started on the platform.
For instance, if you use the web-based platform, deposits begin from $100, but if you use the Metatrader platform (MT4), you will pay $2,000 to begin. The advantages that the company offers is not bad, since they give up to 1:400 in returns (or losses, on the other side).
The platform allows for registration of one standard account, which also comes with a demo account for practice purposes. The demo account is subject to your initial deposit, and you can trade up to $100,000 in virtual cash – this all happens in real time so that you improve your skills, trading strategy and theory before you risk your money on real-life trades.
In addition, you can upgrade your account into the premium version. The main difference between the standard and premium accounts is the spreads ratio, as well as the access to a customizable training program. You can register for the premium account when you deposit at least 1,000 euros. Premium accounts also carry less pips spreads, at only two pips – therefore, this increases your returns after trade.
Deposit and withdrawal options
The xTrade platform offers users up to 40 ways of depositing funds to your account, though you need at least $100 in the initial deposit. Among these options is bank transfers and credit and debit cards, as well as e-wallet options and domestic payment provider alternatives. Withdrawals follow the same process and method that you used in deposit, as long as your verification documents are in order.
There are charges guidelines that relate to the deposits and withdrawals, depending on the payment provider you use. The commission charges are:
Neteller or Skrill – 1%, with the most being $10
Bank wire transfers – more than $20, especially in case of international transfers
Debit/credit cards – incurs no charges
These charges can change at any time, so you need to confirm with your service provider for any details. When you withdraw, the processing of the transaction is instant, and you can even access your money within 48 hours after approval.
In addition, US traders may have issues regarding deposit and withdrawal using US bank accounts, though the other options are still valid.
Commission and bonuses
Bonuses on xTrade are available to users that make initial deposits of at least $10,000, and these bonuses have a range of 20% to 60%, or even more in some cases.
These bonuses boost the standing of a standard account and make it into a premium account, giving the trader benefits such as access to more efficient trading tools, in-depth analysis, as well as asset rewards dependent on their trade volume.
However, these bonuses expire after thirty days, so you need to use them while they are available. They can allow you to maximize your opportunities for investment without resorting to putting aside too much of your own money from the start.
When you can refer a new customer successfully, you earn a bonus of 100 euros, and for successful referrals, you can earn up to 1,000 euros.
among the most important benefits and weaknesses of the platform itself is the fixed spreads. The goodness with fixed spreads is allowing the trader to predict the fees that they need to pay or stand to gain. An additional benefit is the absence of commissions, which eases the facilitation of trade.
However, the fixed spreads are very high. This is particularly evident with the standard account, which starts at four pips. This makes it better to opt for a premium account, as the spreads and possible losses will be less.
Variable vs. fixed spreads
There are two kinds of spreads in the forex market scene – floating/variable spreads, and fixed. For the case of fixed spreads, these give the trader more assurance when trading because their rates do not change as much and they tend to have wider pips than variable spreads.
In recent times, the popularity of variable spreads is increasing, due to the high rates of returns they offer when favorable major events occur. However, the forex trade platforms now put caps on variable spreads to minimize losses for traders.
The customer service is accessible for seven days a week on a 24-hour basis. The languages available are Swedish, English, German, Arabic, Turkish, Italian, Russian, Portuguese, Polish, French, Hungarian and Spanish.
You can reach the team through:
Email address for support issues: firstname.lastname@example.org
Phone – +357 25030742
Financial and billing issues – email@example.com
Affiliates – firstname.lastname@example.org
General information – email@example.com
Compliance issues – firstname.lastname@example.org
Marketing platforms – email@example.com
The site offers very good bonuses and benefits to premium users
The platform seeks to protect all accounts and deposits up to 20,000 euros, which is something that many platforms lack.
The demo account is available
You can trade a wide variety of assets on the platform
There are no automatic deductions from withholding tax
There is protection of funds, as well as Cypriot regulation
The education of traders is very high
For US-based clients, operating withdrawals and deposits with a bank account is a struggle.
The demo account only lasts for thirty days
Some spreads are higher than other platforms