Xtrade

Note: Xtrades official site - http://www.xtrade.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

Xtrade was founded in 2000 and based in Melbourne, Australia, is a online trading broker. It currently holds a full license from the Australian Securities and Investments Commission (ASIC), a suspicious clone license from the Cyprus Securities and Exchange Commission (CYSEC), and an offshore retail forex license from the Financial Services Commission (FSC) of Belize.

Note: The screenshot date is January 29, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

Market Instruments

Xtrade provides investors with mainstream and tradable financial instruments in the global financial markets, including CFDs, indices, commodities, forex, stocks, ETFs, bonds, etc.

Account Types

Xtrade has set up four account types, namely Standard (minimum deposit of $250), Premium (minimum deposit of $1,000), Platinum (minimum deposit of $5,000), and VIP (minimum deposit of $20,000). The broker also offers demo trading.

Leverage

The maximum leverage for forex is 1:400 for major currency pairs, 1:250 for minor currency pairs, and 1:100 for low-volume currency pairs. 1:50 to 1:200 for commodities, 1:50 to 1:300 for indices products, 1:10 for stocks, also 1:10 for bonds, and 1:10 to 1:50 for ETF products.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Only spreads are charged when trading on this platform. Forex spreads for major currency pairs are 5 pips for EUR/USD and 1 pip for minor currency pairs. The spread for XAUUSD is 6 pips, for XAGUSD 3.6 pips, and natural gas 3.4 pips. Index products have a spread of 6 pips for the Russell 2000 and 3 pips for the US 500. The minimum spread for bond products is 2.2 pips and for ETF products is 2.1 pips. Al charging no commissions.

Trading Platform Available

Xtrade's trading platform, Xtrade WebTrader, is a browser-based web platform that makes it easier for traders to browse the best market analysis available and execute trades and orders quickly and easily, with no downloads required. The mobile application features an intuitive multi-asset application that includes full functionality for all major technical indicators and a wide range of tools for real-time charting. In addition, a tablet trading application is supported, which features an advanced graphical interface for fast trading and deposit, full activity reports, intuitive navigation, and alert settings.

Deposit & Withdrawal

Xtrade welcomes credit/debit cards and bank transfers. The company does not charge users for accessing funds, but banks and transfer banks may charge related processing fees, which are the responsibility of the user. If the user opens a position, the full available amount cannot be withdrawn. The margin needs to be maintained at a minimum amount: (available margin - maintenance margin) + margin ≥ 1% = maximum withdrawal amount.

Withdrawals and deposits must be done via the same payment method and the broker does not accept third-party withdrawals. It takes up to 5 business days to be processed.

There is no indication of what currencies can be used. Since the broker deals with many countries it would probably be the usual currencies such as AUD, USD, GBP, ZAR, and others.

Educational Resources

Traders can develop trading skills and strategies with professional trading tools, along with educational resources and daily market reviews, which makes it possible for beginners to join as well. In addition, there is an economic calendar, analysis tools and News feed inbuilt into the platform, daily analysis videos and other educational support essential for everyday trading.

Customer Support

XTrade provides also multiple support that increases the trading experience. Traders can reach out customer team through live chat, email (info@xtrade.com) or phone lines (+44 2038074001), also due to international coverage, there is multilingual support and centres that run 24/5. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, YouTube and LinkedIn. Company address: 35 New Road, 2nd floor flat, Belize City, Belize

Pros & Cons

Frequently Asked Questions (FAQs)