It seems more people are venturing into Forex trading. Forex trading can be overwhelming especially to newbies. Therefore, for those with interest but zero knowledge and experience in Forex trading, it is imperative to do your due diligence. Making informed decisions regarding Forex trading includes choosing the best platform. XTrade it is said to be among the most reliable ones.
Check out reviews and testimonials on different Forex trading options to make sure you make the right choice. It is vital that you choose a trading platform you can trust and trade confidently. Superior trade executions, reliability professional guidance, support and are some of the qualities of a distinguished provider. Is Xtrade safe? This is an honest and comprehensive Xtrade review.
About the Company
Xtrade has more than ten years of experience. It is operated by Xtrade International LTD which is an international provider for CFDs (Contracts for Difference). Moreover, it offers an all-inclusive trading environment for shares, commodities, foreign currencies, and indices. It is licensed and regulated by International Financial Services Commission (IFSC/60/383/TS/15).
Contracts for Differences are a simple trading regimen that involves buying a contract with the help of a broker that will pay off in the event that the market shifts in your favor. The head office is located in Cyprus. It is also among the businesses and enterprises that are using celebrities as ambassadors namely it has a contract with Christiano Rolando.
How to Make Money with Xtrade
So, do you want to make money in the forex industry? Xtrade will guide you and provide all the necessary tools to help you make rewarding investment decisions when trading assets. The firm is a big step-up from regular platforms. Most people know that Forex trading is a good way to make money, but it is not always guaranteed.
But, did you know that there are different ways to make money besides trading assets? The Xtrade brokers offer incentives for referring clients to their services. This is a fast and easy way to make money without having to deal with the risks associated with trading foreign currencies.
#1. Trading Platform
Unlike MetaTrader4 (MT4), processing Contracts for Differences requires different software protocols and a separate back office. To ensure that they operate at an optimal level, the company’s management team decided to develop and utilize their proprietary platform. Though their platform has the look and feel of other online trading platforms, it has additional features.
It allows one-touch access to asset choices, trading tools and features, open positions, history and everything else needed to facilitate trade. This means that clients don’t have to waste time with downloads. They also have mobile applications that can facilitate all platform possibilities.
Xtrade offers two types of accounts, a real money account, and a free demo account. A demo account is always a good idea especially for beginners in Forex trading. It helps train and prepares an individual for the real money account. The new user gets to familiarize with the platform, test out strategies and choose a broker.
Demo accounts are free; you only have to complete a simple registration process after which you are provided with free virtual money. Once you feel confident enough to venture into the world of live trading, you have to sign up for a real account.
The live account requires the user to make a minimum deposit of $100. Live accounts provide the user with a variable of spreads ranging from 0.3 to 0.6 pips. Accounts allow pending orders, hedging, and automated trading. They also accept an array of payment options.
#3. Deposits & Withdrawals
As previously stated, to operate a real money account, the user is required to make a minimum deposit of $100. $100 is an average amount hence suitable for a majority of clients. Clients are provided with a variety of ways to fund and withdraw from their accounts.
They include all the main credit cards, PayPal, bank wires, Skrill, WebMoney, Qiwi, Sofort and other online payment alternatives. Withdrawals are fast and easy as long as your account has all the required documents per international law.
#4. Customer Service
Customer service representatives are friendly and supportive and reached twenty-four hours a day and five days a week. There is a live support through chat on the website and toll-free numbers. Xtrade also offers plenty of languages to ensure clients from around the globe are well serviced. Furthermore, beginners are provided with account managers who aid in system familiarization and directly address the customer’s queries.
#5. Security of Funds
Since the company is also regulated by CySEC, they apply certain rules that ensure the safety of resources. A Cypriot watchdog ensures that brokers allocate customer funds in segregated accounts separate from the firm’s operating funds.
#6. Spreads and Commissions
Like many other fixed-spread brokers, Xtrade offers commission-free trading. The spread varies depending on a pair, and each asset has its unique criteria. For instance, the spread for EUR/USD pair sums to 2 pips which can be considered to be average in the Forex trading market. All spreads and leverages for every asset choice are published on the website.
Margin requirements are also separated and clearly stated. The precise definition of spreads, commissions, and leverages allows the client to carefully consider their level of experience, investment objective, and risk appetite before they start investing in Forex trading.
The firm strives to ensure that their customers have the necessary skills and information required to make smart investments. They offer several educational programs such as video tutorials and trading guides. They also have an autocharist tool that supplies the clients with recent market reports.
Xtrade also sends trading signals that are powered by a great signal provider, Trading Central. Trading signals provide traders with updates concerning market movements. Other means of providing education include daily technical analysis and a fiscal calendar.
Pros & Cons of XTrade
Probably the most important pros are those of the provided bonuses. Unlike a majority of brokers, Xtrade has bonuses galore for trades. Some of their current choices include:
- Phone verification bonus.
- Account verification bonus.
- Special VIP package.
- First trade bonus.
- First deposit bonus.
- 77% bonus on all deposits made during the first seven days.
Other additional advantages and benefits of using this platform are the following ones:
- Free training demo account.
- Trading support on the website in the form of charts, alerts, and technical analysis.
- More than 150 CFD asset choices.
- Mobile efficient and no downloads required.
- 24/5 customer service via email, live chat, and direct phone call.
- MT4 is not available, and CFD is quite challenging.
- They offer only fixed spreads.
- Trading members will not be able to use certain trading methods on Xtrade platform.
- No variety of trading platforms and account types.
Xtrade is a well-regulated CFD and FX broker that provides its client with a friendly trading environment. They have a responsive customer service. Though trading CFDs is still a new trading method, years of experience have enabled the firm to perfect their craft. Finally, if you are thinking about online trading, you might want to consider Xtrade.