Overview of XS
XS is a financial services provider based in Seychelles, operating under different regulatory licenses in various jurisdictions. It holds a Retail Forex License from the Seychelles Financial Services Authority and operates as XS LTD. In Australia, it is overseen by the Australia Securities & Investment Commission as XS PRIME LTD. Additionally, XS Markets Ltd is licensed in Cyprus by the Cyprus Securities and Exchange Commission, although it's flagged as a “Suspicious Clone.”
XS offers a wide array of trading instruments, including currency pairs, shares, indices, precious metals, energy commodities, agricultural products, and cryptocurrencies. Traders can choose from account types like ELITE (RAW), STANDARD, CLASSIC, and PLUS, each with distinct features such as spreads, commissions, leverage, and order limits.
The platform supports the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, known for their user-friendly interfaces and technical analysis tools. XS also offers a web-based trading platform and a mobile app, ensuring convenient access to trading activities. Despite its offerings, traders should exercise caution and consider the regulatory variations across jurisdictions before engaging with XS.
Pros and Cons
Introduction: XS presents a range of notable advantages and considerations. The broker operates under regulatory oversight in Seychelles, Australia, and Cyprus, offering traders a level of regulatory assurance. The platform boasts a diverse selection of currency pairs for trading and provides traders with multiple account options. Leverage reaches up to 1:500, enhancing potential returns but with a risk of magnified losses. While XS offers spreads from 0.0 pips, the impact of spreads and commissions on trading costs should be acknowledged. The minimum deposit requirement stands at $200, potentially affecting accessibility for some traders. XS extends various deposit and withdrawal methods, although processing times and fees should be taken into account. The broker supports trading across multiple platforms, including MT4, MT5, Web Trader, and a mobile app. Additionally, XS ensures 24/7 customer support, but no explicit mention of educational resources is provided.
Is XS Legit？
The regulatory status of XS appears to vary across different jurisdictions. In Seychelles, XS LTD operates under a Retail Forex License regulated by the Seychelles Financial Services Authority with license number SD089. However, it's important to note that this falls under offshore regulation. In Australia, XS PRIME LTD holds an Investment Advisory License overseen by the Australia Securities & Investment Commission with license number 374409. On the other hand, in Cyprus, XS Markets Ltd is licensed by the Cyprus Securities and Exchange Commission with license number 412/22, although it is flagged as a “Suspicious Clone.” Traders should exercise caution and be aware of the associated risks when dealing with brokers under these regulations.
Market Instruments
Currencies: XS offers a range of currency pairs for trading, including major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs like AUD/CAD and USD/SGD.
Shares: XS provides access to trading shares of various companies from around the world. Examples include Apple Inc. (AAPL), Microsoft Corporation (MSFT), and Amazon.com Inc. (AMZN).
Indices: The platform allows trading on a variety of global stock market indices such as the S&P 500, Dow Jones Industrial Average, and FTSE 100.
Metals: Trading opportunities in precious metals like gold and silver are available, providing exposure to fluctuations in their market prices.
Energy: XS offers trading options in energy commodities like crude oil and natural gas, enabling participation in the price movements of these resources.
Commodities: Apart from metals and energy, XS extends its offerings to other commodities like agricultural products, including wheat, corn, and soybeans.
Crypto: The platform includes a selection of cryptocurrencies for trading, such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), allowing investors to speculate on the value of these digital assets.
Pros and Cons
Account Types
ELITE (RAW) Account Type provides access to trading platforms MT4 and MT5. It offers spreads starting from 0.0 pips and a commission of $6 per lot. The required starting deposit is $1,000, and the maximum leverage is 500. The stop-out level is set at 20%. This account allows for trading in micro lots (0.01) and supports a maximum of 100 orders. It accommodates all trading styles and asset classes.
STANDARD Account Type offers trading on MT4 and MT5 platforms with spreads starting from 0.9 pips. There is no commission charged per lot. No initial deposit is required (starting deposit: $0), and the maximum leverage is 500. The stop-out level is at 20%, and micro lots (0.01) are allowed. Traders can place up to 100 orders, and all trading styles and asset classes are permitted.
CLASSIC Account Type includes access to MT4 and MT5 platforms. Spreads begin at 1.4 pips, and there is no commission per lot. The account can be opened without an initial deposit (starting deposit: $0), offering a maximum leverage of 500. A 20% stop-out level is applicable, and micro lots (0.01) can be traded. Traders are allowed a maximum of 100 orders, and all trading styles and asset classes are supported.
PLUS Account Type enables trading via MT4 and MT5 platforms, with spreads starting from 1.9 pips and no commission per lot. The account can be initiated without an initial deposit (starting deposit: $0), providing a maximum leverage of 500. The stop-out level is set at 20%, and micro lots (0.01) are permissible. Traders can execute up to 100 orders, and all trading styles and asset classes are accepted.
Pros and Cons
How to Open an Account？
To open an account with XS, follow these steps:
Click on the “JOIN XS NOW” button on the registration page.
Provide your registration details:
Title (e.g., Mr., Mrs., etc.)
First name (using Latin characters, spaces, and dashes)
Last name (using Latin characters, spaces, and dashes)
Country / Region of residence
Phone number (numbers only)
Email address
Select your preferred language.
Create a password and repeat it for confirmation.
Confirm your agreement to the terms and policies:
Confirm that you have read, understood, and agree with the Privacy Policy, Client Services Agreement, Risk Disclosure, Order Execution Policy, Complaint Policy, and Conflicts of Interest Policy.
Declare that you are neither a citizen nor a resident of the United States for tax purposes.
Leverage
XS offers leverages and commissions for diverse instruments: major, minor, and exotic FX pairs boast a leverage of 1:500; metals include 1:200 for gold, 1:100 for silver, and 1:50 for platinum and palladium. Energy instruments feature a leverage of 1:100, major indices offer 1:100, minor indices provide 1:50, commodities utilize 1:50, shares employ 1:50, and cryptocurrencies operate at 1:20 leverage.
Spreads & Commissions
XS provides multiple account types with specific spreads and commissions. The ELITE (RAW) Account features spreads from 0.0 pips with a $6 per lot commission, while the STANDARD Account offers spreads from 0.9 pips with no commission, the CLASSIC Account presents spreads starting at 1.4 pips without commission, and the PLUS Account provides spreads from 1.9 pips with no commission.
Minimum Deposit
The minimum deposit amount across various payment methods supported in all countries is US $200 (or equivalent denomination).
Deposit & Withdrawal
Deposits: XS offers a range of deposit options with varying minimum and maximum deposit amounts. Bank transfers require a minimum deposit of $200 with unlimited maximum, processing in 1-7 working days for EUR and USD. Visa & MasterCard deposits have a $50 minimum and $5,000 maximum, processing instantly for EUR and USD. Skrill and Neteller deposits, both with a $15 minimum, allow up to $15,000 or equivalent and process instantly for EUR and USD. Klarna deposits, also starting at $15, can go up to $5,000, processing within 1 business day for EUR, GBP, PLN, and CZK. Giropay deposits, starting at $15, are limited to $5,000, processing in up to 1 business day for EUR.
Withdrawals: For withdrawals, bank transfers require a minimum of $200 and have unlimited maximum withdrawals, processing in 1 business day for EUR, USD, and GBP. Visa & MasterCard withdrawals have a $50 minimum and a maximum of $5,000, processing instantly for the same currencies. Skrill withdrawals start at $50 and go up to $50,000 or equivalent, processing in 1 business day for EUR, USD, and GBP. Neteller withdrawals require a minimum of $50 and have a maximum of $2,500 or equivalent, processing instantly for EUR, USD, and GBP.
Pros and Cons
Trading PlatformsMetatrader 4 (MT4) Platform: XS offers the popular Metatrader 4 (MT4) platform, known for its user-friendly interface and automated trading features. With a wide range of technical indicators and trading tools, MT4 supports market analysis and trade execution. Traders can access real-time quotes, employ one-click trading, and build custom indicators and automated strategies. The platform's versatility and convenience make it suitable for traders of varying experience levels.
Metatrader 5 (MT5) Platform: XS introduces the MetaTrader 5 (MT5) platform, an advanced version of its predecessor with improved features. MT5 provides an expanded set of tools for technical analysis, including 90 indicators and charting options. Traders can place one-click trades, access embedded news, and utilize six types of pending orders. The platform's support for hedging positions, a diverse range of timeframes, and a VPS service enhances its versatility and utility for traders.
XS Web Trader Platform: The XS Web Trader platform offers clients a web-based trading solution accessible from any operating system. This platform eliminates the need for downloads and installations, allowing traders to access their accounts conveniently from web browsers. With real-time quotes, multiple chart types, and timeframes, XS Web Trader offers a reliable and user-friendly trading experience. Its compatibility across devices ensures traders can manage their activities seamlessly.
XS Trader Mobile App: XS provides traders with the XS Trader Mobile App for on-the-go trading. This mobile app allows users to access their accounts and trade from anywhere using advanced mobile technology. Traders can execute trades, manage accounts, and customize settings on the move. The app offers a range of features including reliable deposit and withdrawal methods, advanced charts, and multiple chart types and timeframes, making it a comprehensive solution for mobile trading.
Pros and Cons
Customer Support
XS provides around-the-clock customer support through various contact options. Clients can access assistance through a call back request form, live chat via the XS online trading platform, or by requesting a call back. For email inquiries, support is available at support@xs.com. Additionally, XS maintains a presence on Twitter, Instagram, and Facebook for additional communication channels.
Conclusion
XS presents a mixed picture in terms of its advantages and disadvantages. On the positive side, the platform offers a diverse range of market instruments, including currency pairs, shares, indices, metals, energy, commodities, and cryptocurrencies. It provides multiple account types catering to different trading styles and asset classes, accompanied by variable leverages and commissions. The inclusion of popular trading platforms like Metatrader 4 (MT4) and Metatrader 5 (MT5), along with web-based and mobile trading options, ensures accessibility and convenience for traders. The platform's customer support operates 24/7 through various contact channels. However, the regulatory status of XS varies across jurisdictions, raising concerns about offshore regulations and “Suspicious Clone” flags. Additionally, while the platform offers a comprehensive range of features, traders need to exercise caution due to the associated risks involved in dealing with brokers under these regulations.
FAQs
Q: How are my deposits kept secure, and where are they held？
A: Client funds are held in segregated accounts, following the guidance of regulators.
Q: Do you offer Swap Free accounts？
A: Yes, we offer Swap Free accounts tailored for our Muslim clients.
Q: What's the margin calculation for CFDs？
A: The margin for CFDs is calculated as Lots * Contract Size * Opening Price * Margin Percentage.
Q: What's the typical time for receiving a bank wire transfer？
A: Bank wire transfer times vary by country and may take 3 to 5 working days in some cases.
Q: Can I deposit from or withdraw to a third-party account？
A: As a regulated company, we only accept deposits and withdrawals from and to your own account, as per regulatory requirements.
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