Important Notice to Australian Traders:
XTrade is not a recommended broker .
Check our list of regulated forex brokers accepting customers in Australia.
Founded in 2010 and based in Limassol, Cyprus, XTrade is owned by the XFR Financial Ltd. Although XTradde is primarily registered as a Cyprus company and has authorization from the Cyprus Securities and Exchange Commission (CySEC), it operates throughout the world and has multiple offices located in its major geographical markets.
For example, it serves its Italian clients from a branch in the country, which is registered by the Commissione Nazionale Per Le Societa’ e La Borsa (CONSOB – reg. n. 0096369/13 dated 13/12/2013, inscription n. 00012, authorised according to Law D.LGS. N. 58/98). Furthermore, its European clients can feel safe trading with XTrade as it comply with the Markets in Financial Instruments Directive (MiFID) as a licensed investment firm.
Similarly, its Australian clients are protected by one of the most strict government regulatory authorities, the Australian Securities and Investments Commission (ASIC – ACN: 140899476 Licence No: 343628). In order to better comply with Australian law, XTrade operates in Australia through a separate company called O.C.M. Online Capital Markets Pty Ltd.
As an innovative company, XTrade was one of the first brokers to offer Forex trading via Contracts for Differences (CFDs). XTrade is one of the largest providers of CFD trading and has clients from over 140 countries.
XTrade Review: Pros and Cons of XTrade
- XTrade is regulated by the Australian Securities and Investments Commission
- XTrade offers a proprietary and very easy to use cloud based trading platform
- Offers a very reasonable 400:1 leverage on trading instruments, including Forex
- $20 bonus just for verifying phone number!
- As a CFD broker, XTrade do not pass customer orders to the actual foreign exchange market, however, that also help them to offer better order execution
XTrade Review: Trading Services
As one of the largest providers of CFDs trading, XTrade offers trading shares of major companies and Indices. N addition to the equities, XTrade also allows its customers to trade major commodities like Gold and Silver. However, the largest collection of trading instruments offered by XTrade is the Forex currency pairs.
Besides major currency pairs like EUR/USD, GBP/USD, USD/JPY, etc., XTrade also offers a range of minor and exotic currencies to its customers.
During our research for this review, we found that XTrade customers can also trade virtual cryptocurrencies like the Bitcoin on its platform.
As a CFD broker, XTrade does not charge any commissions from the customers. All fees are charged as spreads, which happens to be fixed and ranges between 2-5 pips. We accessed its website during a weekend, the spread on EUR/USD was showing 5 pips, which would be pretty high compared to its close competitors. Although, we are sure that it comes down to 2 pips during regular trading hours, which is Sunday 9 p.m. to Friday 9 p.m.
XTrade does not offer different types of trading accounts and offers all its trading services via a single account, that currently comes with a lot of promotional bonus offers. So, if you are looking to open an account with XTrade, now would be a good time.
Customers of XTrade get access to some of the highest leverage options offered in the Forex industry. Currently. XTrade offers 400:1 leverage on all of its instruments, including the exotic pairs, which is very rare.
During our research, we did not find any option to open a demo account with XTrade. But, if you verify your phone number after signing up, they would offer a $20 free bonus that you can trade with and try out the service prior to depositing funds.
XTrade Review: Trading Platforms
As XTrade is a CFD broker, it does not have to pass customer orders to the real market, because all books are maintained internally. Hence, XTrade does not offer the traditional trading software like other Forex brokers.
Instead, XTrade has developed its own proprietary trading platform, which customers can access from any regular modern browser and from their smartphone.
Currently, XTrade offers mobile trading applications for Android, iOS devices, and Windows phones.
Although the cloud based trading platform offers charts for technical analysis, we found it to offer very limited functionality and scope. However, users can still conduct basic technical analysis like drawing trend lines, plotting Fibonacci retracement levels and draw other objects on the built-in charts.
Based on our research regarding the major Forex brokers around the world, we have found the speed of trade execution of XTrade to be at 99 percentile rank. Which means, XTrade’s speed of trade execution is better than 99 percent of the Forex brokers.
XTrade Review: Customer Support
XTrade offers several popular channels of communication to its customers, including, live chat, email, or telephone. However, we found that XTrade hour support team is available from Sunday at 22:00 GMT to Friday at 22:00 GMT only.
Customers are encouraged to send an email to email@example.com prior to calling. However, XTrade does offer a strong phone support with a lot of local numbers in many countries. For example, users in major markets like the United Kingdom, Germany, Greece, Finland, etc. can easily reach XTrade customer support by calling a local number.
In addition to phone and email support, XTrade also has a live chat option on their website where customers can reach customer support during business hours, which excludes the weekends.
There is no question that XTrade is a pioneer in CFD trading and its extensive global reach makes it one of the handfuls of top brokers around the world.
Australian customers would feel safe trading with them as they are fully regulated by the Australian Securities and Investments Commission (ASIC). Moreover, unlike other international brokers operating in Australia, XTrade has a registered company taking care of its Australian operations, which helps to gain tremendous trust of the Australian customers.
Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at firstname.lastname@example.org
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