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XSpot Review - is it scam or safe?

XSpot Review - is scam or good forex broker?

RATING: 2.9 / 1 REVIEWS ForexBrokerz XSpot


Trading Accounts and Conditions




Trading account  Minimum deposit Minimum trade size Maximum leverage Average Spread
Standard  €2 000 0.01 1:30 0.1 pips +$10 /lot (MT4)
Pro  €20 000 N/A 1:30 N/A


Forex and CFD brokerage XSpot offers trading in good variety of forex & CFDs on two trading platforms. Its clients can choose between the account types listed in the table above.


Read the entire review to get informed on all the details regarding this CySEC-regulated broker.



XSpot Advantages


CySEC license

When we weighted the advantages of XSpot, one that stands out is its solid regulation. The company behind the brand, X Spot Markets (EU) Ltd. (previously Boursotrade Ltd.), is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Besides, the XSpot group also includes offshore brokerage XSpot International.


Regulation in Cyprus involves certain rules and requirements to licensed brokers, which provides certain guarantees to their clients. For example, Cypriot brokers have to hold a minimum capital of at least €730 000, which should be maintained at all times, to keep client funds separately from the company’s operational assets, to regularly report executed transactions and many more. Moreover, they have to to adhere to all rules introduced on a EU level. Of course, this also means that CySEC-licensed are entitled to provide cross-border services throughout the EU and the EEA.


MetaTrader 4 and XOH Trader offered

Clients of XSpot can either trade on the good old MetaTrader4 (MT4) or use the XSpot Trader/XSpot Pro platforms.


The availability of the MT4 is always considered an advantage in a broker’s offer. This piece of trading software is preferred by traders of all skill levels due its reliability and useful functionalities. The latter include top-notch charting with a number of technical analysis indicators, automated trading strategies (EAs), rich back-testing environment, easy customization options and more.



>> More MT4 brokers <<



As regards XSpot Trader and XSpot Pro, these are two variations of XOH Trader platform. This user-friendly, fully-customizable trading software is available as desktop download, web version and mobile apps. Its charting is pretty good and it also features one-click trading and the ability to deal straight from the charts. Besides, the XSpot Pro platform features the option for algorithmic trading.


Good spreads

Although the costs of trading at XSpot are not clearly presented on its website, we tested both its platforms and found that the spreads are quite good. On the MT4 demo platform the benchmark EUR/USD spread was floating around 0.1 pips and a commission of $10 applied, which means that the cost of trading per standard lot for this pair is around 1.1 pips on average.



XSpot Trader web platform. Click to zoom in.


The spread on the XSpot Trader, on the other hand, was fixed at 0.5 pips on EUR/USD, and a small commission applies (0.005% per trade). For further information and comparison on spreads, check out the below link.



>> Compare the spreads of the best brokers in real time <<



XSpot Disadvantages


High initial deposit

In order to open a Standard account with XSpot, one has to deposit at least €2 000, which is a quite solid amount. By comparison, most forex brokers require something in the range of $100 - $250 as a start. With other brokers, like FXTM and XM you can register a live account by investing just $5.


Inaccurate presentation of spreads on the website

We found an information sheet with reference spreads on XSpot’s website, but the average EUR/USD spread there is 0. As we clarified in the Advantages section above, the broker’s spreads are pretty good, but not non-existing. Such inaccuracy (or misleading information) does not leave a good impression. 



Click to view larger



Leverage capped at 1:30

XSpot provides a maximum leverage of 1:30, which would be insufficient for many traders, yet this is in line with the regulatory requirements applicable to the broker.


As some of you are probably aware, in August 2018 the European Securities and Markets Authority (ESMA) restricted the maximum leverage allowed for retail forex traders on the European market to 1:30 due to investment protection concerns. 





It seems that XSpot has it all: reliability, good trading conditions, and besides, it offers a choice of several account types and trading platforms. Although there are several things we don’t like about this broker, the solid regulation outweighs them.


Holding a CySEC license is the biggest advantage of XSpot, as the regulatory environment in Cyprus is quite solid. More importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default. 



>> Find the best brokers in Cyprus <<



Let’s sum up the strong and weak sides of XSpot:


Pros Cons
Regulated in Europe (Cyprus) High initial deposit
MetaTrader4 and XOH trader available Inaccurate presentation of spreads on the website
Good spreads Leverage capped at 1:30


Latest news about XSpot
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