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The WikiFX Score of this broker is reduced because of too many complaints!

XTrend Speed

South Africa|2-5 years|
Financial Service Corporate|MT4 Full License|Global Business|Suspicious Overrun|High potential risk|

https://www.xtrendspeed.com/en-US

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

RynatCapital-Demo

Germany
MT4
2

Influence

A

Influence index NO.1

France 7.81
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
RynatCapital-Demo MT4
Server Location Germany

Influence

Influence

A

Influence index NO.1

France 7.81

Surpassed 24.82% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

support@xtrendspeed.com
https://www.xtrendspeed.com/en-US
96 RIVONIA ROAD 4TH FLOOR SANDTON
https://www.facebook.com/Xtrend-Speed-50-100713755913960

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-09-20

Contact number

Other ways of contact

Broker Information

More

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Warning: Low score, please stay away! 4
Previous Detection : 2024-07-17
  • The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 23497)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The CyprusCYSEC regulation (license number: 303/16) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

XTrend Speed · WikiFX Survey
Danger A Visit to XTrend Speed in South Africa -- Finding No Office
South Africa

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    XTrend Speed · Company Summary

    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

    XTrend Speed Review Summary in 10 Points
    Founded 2020
    Registered Country/Region South Africa
    Regulation FSCA (Exceeded), CYSEC (Suspicious Clone)
    Market Instruments Forex, commodities, indices, shares
    Demo Account Available
    Leverage 1:30 for retail/1:300 for Professional
    EUR/USD Spread From 0.4 pips
    Trading Platforms STrader
    Minimum deposit $5
    Customer Support 22/7 live chat, email

    What is XTrend Speed?

    XTrend Speed is a forex and CFD broker that offers trading in over 280 markets, including forex, commodities, indices, and shares. The company was founded in 2020 and is headquartered in South Africa. XTrend Speed offers several trading tools, including copy trading, trading signals, and educational resources. The broker supports the STrader platform for both mobile and PC trading.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    XTrend Speed's website

    Pros & Cons

    XTrend Speed is a regulated broker offering a wide range of markets, trading platforms, and copy trading features. The broker provides traders with access to trading signals and educational resources to help them make informed trading decisions.

    However, the broker's website has a suspicious clone CYSEC license. Additionally, regional restrictions and the absence of phone support may be disadvantages for some traders.

    Pros Cons
    • Wide range of markets • Exceeded FSCA license & Suspicious clone CYSEC license
    • Supports copy trading • Regional restrictions (see details at the bottom FAQs)
    • Offers trading signals • Limited educational resources
    • Customer support available through multiple channels • Limited range of trading platforms
    • High-level encryption for data storage
    • Low spreads

    XTrend Speed Alternative Brokers

      There are many alternative brokers to XTrend Speed depending on the specific needs and preferences of the trader. Some popular options include:

      • AvaTrade: A well-regulated broker with a wide range of trading instruments, multiple trading platforms, and excellent customer support.

      • TMGM: An ASIC-regulated broker with competitive spreads and commissions, a variety of trading instruments, and advanced trading tools.

      • EightCap: A regulated broker with a good selection of trading instruments, multiple trading platforms, and competitive pricing.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is XTrend Speed Safe or Scam?

    XTrend Speed claims that it is regulated by FSCA (Financial Sector Conduct Authority) and CYSEC (Cyprus Securities and Exchange Commission). However, it has been verified that the FSCA license is exceeded and the CYSEC license is a suspicious clone. Lack of legitimate regulatory license raises concerns about the broker's credibility. Although the high-level encryption of data stored on its website and apps and clients‘ assets are safeguarded by South Africa’s largest insurance company - NNAC are reassuring features. Overall, while there are some potential red flags, it is difficult to definitively classify XTrend Speed as either safe or a scam without further information and investigation.

    protection measures

    Market Instruments

    XTrend Speed offers a diverse range of 280+ trading instruments across four asset classes, including forex, commodities, indices, and shares. With such a broad range of instruments, traders can easily access different markets and diversify their portfolios.

    forex
    commodities
    indices
    shares

    Accounts

    XTrend Speed asks traders to deposit at least $5. Although this is a reasonable amount, given the fact that XTrend Speed is an unregulated broker, traders should stay away from it.

    Leverage

    Trading leverage offered by this broker varies depending on client types, retail or professional traders. The maximum trading leverage for retail traders is capped at 1:30, while professional traders can apply higher leverage up to 1:300 based on their knowledge and experience.

    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

    Floating spreads vary throughout the day, depending on market volatility and available liquidity. The spread on the EUR/USD pair is from 0.4 pips, GBP/USD pair from 1.2 pips, and USD/JPY pair from 0.4 pips. However, no information related commission is openly revealed on their website.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commission
    XTrend Speed 0.4 pips N/A
    AvaTrade 0.9 pips None
    TMGM 0.0 pips $7/lot
    EightCap 0.0 pips $3.5/lot

    Note: The above information is subject to change and may vary depending on the account type, trading platform, and market conditions.

    Copy Trading

    XTrend Speed offers a copy trading service, allowing novice traders to copy the trades of experienced traders. The broker offers a wide range of strategies that traders can copy, and users can easily browse and filter through available strategies to find one that meets their trading preferences. The platform provides detailed statistics on the performance of each strategy, including historical data on profitability, drawdowns, and risk, enabling traders to make informed decisions about which strategies to copy.

    Copy Trading

    Additionally, the copy trading feature is integrated with social trading, allowing users to interact with other traders and discuss market trends and trading strategies. XTrend Speed's copy trading feature can be a valuable tool for traders who want to benefit from the expertise of successful traders.

    Trading Platforms

    XTrend Speed provides its clients with the STrader trading platform, which is available for both mobile and PC. The platform is user-friendly and offers advanced charting and analysis tools, along with customizable layouts and a range of order types. The mobile version of the platform is available for both iOS and Android devices, allowing traders to manage their positions on the go.

    STrader

    See the trading platform comparison table below:

    Broker Trading Platforms
    XTrend Speed STrader for Mobile and PC
    AvaTrade AvaTradeGo, MetaTrader 4, AvaOptions
    TMGM MT4, MT5, WebTrader, MobileTrader, TMGM Go
    EightCap MetaTrader 4, MetaTrader 5, WebTrader

    Trading Signals

    XTrend Speed provides its users with access to trading signals that are generated by professional traders and analysts. These signals can be used by traders to make informed trading decisions based on market analysis and predictions. The signals are designed to be easy to understand and can be accessed through the trading platform or via email notifications.

    Additionally, traders can use these signals to automate their trading strategies using the copy trading feature, which allows them to automatically copy the trades of signal providers. Overall, XTrend Speed's trading signals are a useful tool for traders looking to stay on top of the market and make informed trading decisions.

    Trading Signals

    Deposits & Withdrawals

    Deposits can be done via bank wire transfers, credit/debit cards such as Visa and MasterCard, Skrill, Neteller, UPI, Paypal, etc. To be able to withdraw your funds on your XTrend Speed trading account, access your XTrend Speed Portal and initiate your withdrawal from the designated tab and proceed to complete the online form. The processing of the withdrawal request takes up to 1 business day.

    XTrend Speed minimum deposit vs other brokers

    XTrend Speed Most other
    Minimum Deposit $5 $100

    Customer Service

    The XTrend Speed customer support team can be reached 22/7 through live chat, email, WhatsApp, Telegram, or send Feedback online. You can also follow this broker on social networks such as Twitter, Facebook, Instagram and YouTube. Help Center and FAQ section are also available. Address: 17 Midas Avenue, Olympus Dr, Pretoria, 0081, South Africa.

    location
    Customer Service
    social networks
    Help Center
    FAQ
    Pros Cons
    • Multiple communication channels available • No 24/7 customer support
    • 22/7 customer service availability • No phone support
    • Help Center and FAQ section available
    • Social media presence for updates and promotions

    Note: These pros and cons are subjective and may vary depending on the individual's experience with XTrend Speed's customer service.

    Education

    XTrend Speed offers a limited range of educational resources, including a novice tutorial and a set of articles covering various aspects of trading. The novice tutorial provides a basic introduction on how to use credit, how to complete “About You”, how to deposit, etc. The articles cover basic introduction of Forex, Index, Copper, Nickel, NFP, EIA, FOMC, etc. While the educational resources are somewhat limited, they can still be useful for novice traders looking to learn more about the basics of trading.

    novice tutorial

    Conclusion

    XTrend Speed is a well-established broker that offers a wide range of tradable instruments. The broker offers competitive spreads and commissions, along with several trading tools and educational resources. However, there are concerns about the legitimacy of the broker's regulatory licenses, which may raise questions about the safety of trading with this broker. Additionally, the customer support is not available 24/7, which may be a drawback for some traders. Overall, while XTrend Speed has some strengths, traders should carefully consider the potential risks before deciding to trade with this broker.

    Frequently Asked Questions (FAQs)

    Q 1: Is XTrend Speed regulated?
    A 1: No. It has been verified that XTrend Speed currently has no valid regulation.
    Q 2: At XTrend Speed, are there any regional restrictions for traders?
    A 2:
    regional restrictions
    Q 3: Does XTrend Speed offer the industry-standard MT4 & MT5?
    A 3: No. Instead, XTrend Speed offers STrader.
    Q 4: What is the minimum deposit for XTrend Speed?
    A 4: The minimum initial deposit with XTrend Speed is said to be just $5.
    Q 5: Is XTrend Speed a good broker for beginners?
    A 5: No. XTrend Speed is not a good choice for beginners. We dont advise any traders to trade with unregulated brokers.

    News

    Forget September Slump! S&P 500 Could Scale New Highs By Mid-2024, Predicts JPMorgan Strategist

    NewsForget September Slump! S&P 500 Could Scale New Highs By Mid-2024, Predicts JPMorgan Strategist

    2023-10-07 18:14

    The stock market faced significant setbacks in September, with the S&P 500 Index, a broader seen since early June. Despite this, a market strategist remains optimistic about the medium- term outlook.

    WikiFX
    2023-10-07 18:14
    News
    Forget September Slump! S&P 500 Could Scale New Highs By Mid-2024, Predicts JPMorgan Strategist
    Stock market today: Dow snaps 4-week losing streak amid mixed quarterly earnings

    NewsStock market today: Dow snaps 4-week losing streak amid mixed quarterly earnings

    2023-06-21 11:07

    The Dow closed lower Friday, snapping a four- week win streak on mixed quarterly earnings ahead of results from big tech next week. The Dow Jones Industrial Average was 0.1%, or 22 points higher, the Nasdaq rose 0.1%, and the S&P 500 added 0.1%.

    WikiFX
    2023-06-21 11:07
    News
    Stock market today: Dow snaps 4-week losing streak amid mixed quarterly earnings
    Earnings season holds the key as FTSE 100 continues bullish run back towards 8,000

    NewsEarnings season holds the key as FTSE 100 continues bullish run back towards 8,000

    2023-06-13 18:23

    The FTSE 100 is closing in again on the 8,000-point milestone it breached for the first time ever earlier this year, with five weekly gains in a row close to putting the index in official bull market territory.

    WikiFX
    2023-06-13 18:23
    News
    Earnings season holds the key as FTSE 100 continues bullish run back towards 8,000
    S&P 500 Trades Lower With Possible Recession On The Horizon, China's Economy Grows

    NewsS&P 500 Trades Lower With Possible Recession On The Horizon, China's Economy Grows

    2023-05-06 18:42

    The S&P 500 dipped and the Nasdaq ended sharply lower on Wednesday after a growing wave of weak economic data deepened worries that the Federal Reserve's rapid interest rate hikes might tip the U.S. economy into a recession.

    WikiFX
    2023-05-06 18:42
    News
    S&P 500 Trades Lower With Possible Recession On The Horizon, China's Economy Grows

    User Reviews

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    14

    Comments

    Write a review

    nerdy
    more than one year
    Since I switched to cryptocurrency six months ago, I haven't been able to withdraw a single penny. The so-called 1:1 interest rate is a lie, and coin settlement is also a lie. Now there are many so-called ""internal cryptocurrencies,"" which is completely absurd. The company never limits the amount of coin settlement, so for us ordinary investors, our coin settlement requests will never be approved.
    2024-03-22 16:54
    Reply
    0
    0
    Kendrick Thoroughgood
    more than one year
    The website also lacks detailed educational resources, which is a bummer for someone like me who's always looking to up their trading game. And no 24/7 customer support? I've run into issues that needed immediate attention, and the limited availability was frustrating.
    2023-12-06 10:34
    Reply
    0
    0
    Peregrine Fairchild
    more than one year
    Been rolling with XTrend Speed for a minute now, and I gotta say, they got a solid offering. The range of markets is on point – over 280 instruments, including forex, commodities, indices, and shares. The STrader platform is smooth for both PC and mobile trading. I'm all about that copy trading life, and XTrend delivers with diverse strategies to follow. The low spreads and multiple communication channels for customer support are definite pluses. Overall, a good fit for traders looking for variety and user-friendly tools.
    2023-12-05 16:31
    Reply
    0
    0
    是筱娜娜呀
    more than one year
    Honestly, spreads on instruments offered by Xtrend Speed are average, and I am leaving it. However, customer service is great, just with high trading fees.
    2023-02-24 12:21
    Reply
    0
    0
    小马哥
    more than one year
    What forex broker these days don't have MT4? I tried an online chat but they respond very slowly 5-10 minutes per reply. Eventually not helpful at all.
    2023-02-15 14:37
    Reply
    0
    0
    FX1200787341
    more than one year
    although the contents on the xtrend speed website looks professional, i see that it is not under any effective regulation. so I do not recommend trading here: the safety of money is the most important thing in forex trading.
    2023-02-13 18:02
    Reply
    0
    0
    赵海霞
    more than one year
    The deposit threshold is low, and you can start with only 10 US dollars, which is too attractive, but it is said that the withdrawal fee is relatively high. I am still hesitating and want to see if this platform is worth trading. What do you think?
    2022-12-15 18:19
    Reply
    0
    1
    FX1159751706
    more than one year
    This broker platform is quite good for novices, and will provide some learning and analysis material videos to help novices get started. It is also good to see the quotations of some major currency pairs. I am very interested in this platform and will try it when the time is right.
    2022-12-14 10:23
    Reply
    0
    0
    trader19
    more than one year
    SCAM!
    2022-12-13 00:59
    Reply
    0
    0
    Lord
    more than one year
    So far I think the service provided by this XTrend Speed company is satisfactory for me, but I saw some bad information on the wikifx website and got a little scared, so I decided to withdraw all the money. Will I be cheated? If I had known earlier, I would not have invested here. Can wikifx help victims recover funds? I'm scared.....
    2022-12-06 10:24
    Reply
    0
    0
    WCbpt
    more than one year
    Please be careful with this platform, various strange reasons refuse to withdraw cash, the customer service reply will always make you wait, and even freeze your account
    2022-12-01 17:17
    Reply
    0
    1
    FX1082241487
    more than one year
    A BIG SCAM .... this XTrend Speed Forex Broker is unregulated and for your sanity, do not trust this broker. They made me suffer from trusting them. They dried me out financially. Warning! Don’t make them do the same thing to you.
    2022-11-29 17:02
    Reply
    0
    0
    韩贵杰
    more than one year
    When I tried to take out my money, they began to ignore me, blocking me from entering my personal account. So, everybody can see the real face of this platform, right? STAY AWAY FROM IT!!!
    2022-11-29 15:17
    Reply
    0
    0
    Ritesh9608
    more than one year
    This is an cheating apps. Dont trust on this app. Rynat capital and xtrend very bad when your marzine is low they close deposit chennal and show you full loss
    2022-11-15 02:56
    Reply
    0
    0
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