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Xtrade Review - Is it scam or safe?

Xtrade Review - Is it scam or safe?

RATING: 3 / 12 REVIEWS Xtrade
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads Trading platform
Standard  $100 0.01 1:400  Fixed, 2 pips on EUR/USD  Xtrader Pro

 

Xtrade offers its clients a single universal account type with fixed spreads and leverage of up to 1:400 on its proprietary web-based platform Xtrader Pro.


At present, the broker does not offer the most popular MetaTrader 4 (MT4) platform. Account management services are not available either.


Meanwhile, Xtrade offers exceptional training options via its Education Center and Xtrade Academy, where you may find tutorial videos, e-books and other resources suitable for both beginner and professional traders.


The Company


Xtrade offers trading in forex, commodities, indices, shares and CFDs on its in-house platform. The brokerage’s head office is located in Cyprus.


Xtrade is a brand operated by Xtrade.Europe Ltd., which is authorised and regulated by the by the Cyprus Securities and Exchange Commission (CySEC).


Xtrade Group complies with international regulatory standards and also operates via units regulated in Australia (by ASIC), Belize (by IFSC) and South Africa (by FSB). What is more, In July the broker joined Russia’s self-regulatory organization NAFD (former CRFIN) and said it will apply for a Russian license.


In addition, XTrade is one of the forex brokers that advertise through sport, namely has a contract with the famous footballer Cristiano Ronaldo.


Security of Funds


CySEC applies certain rules and requirements to Cyprus Investment Firms. For instance, they must maintain net tangible assets amounting to at least €730,000 in order to prove their good financial standing. Furthermore, the Cypriot watchdog requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company becomes insolvent or discontinues operations.


Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID regulations. Despite this, it is registered with the Italian Financial regulator, CONSOB.


Earlier this year Xtrade got in the trouble with the ASIC over suspicions of improper handling of client money. What is more, earlier in October angry XTrade customers commenced media campaign and strike In Limassol (Cyprus), alleging manipulation and theft of funds (according to online media FinanceFeeds). A number of forex forums are also flooded with complains about this broker and allegations that it is a scam. In light of the above said, there may be concerns about XTrade’s reliability.


Trading Conditions


Minimum Initial Deposit
In order to open an account with Xtrade, traders have to invest a minimum of $100. Such minimum initial amount is average, yet some renown Cyprus-based brokers require less. For instance, XM demands just $5 from its clients as a start.


Spreads & Commissions
As most fixed-spread brokers, Xtrade provides commission-free trading. The spread for the EUR/USD pair amounts to 2 pips, which is average for the forex market.


For purposes of comparison, another EU broker (holding a FCA license), HYCM, provides fixed spreads of 1.5 pips on EUR/USD and also charges no commission. For more information, you may look up real-time spreads of 15 leading brokers here.


Leverage

The maximum leverage level offered by Xtrade is 1:400, which is common for the FX market, yet it is considered a high ratio, because the higher the leverage, the greater the risk.


Nonetheless, many Cyprus-based brokers offer even higher leverage rates - for example, XM provides leverage up to 1:888. And HYCM – up to 1:500. You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.


Trading Platform


If you are looking for the standard forex market trading platform MetaTrader4 (MT4), you will not find it with this broker. Xtrade offers its clients solely its proprietary platform Xtrader Pro, which is entirely web-based. Mobile versions are also available.
Xtrader Pro has a simple user-friendly interface and is equipped with the common trading tools and features, such as charts, technical analysis indicators, etc.

 

Xtrade's in-house web platform Xtrader Pro. Click to enlarge.

When placing orders, users are able to set a few other variables to capture profits and limit losses. They include the “Close at profit”, “Close at loss” and “Buy when Rate is” features.


Promotions
This broker offers a lot of bonuses and other attractive promotions. At the time of writing of this review, Xtrade supports a Welcome Package of 4 types of bonuses for newcomers:


• First Deposit Bonus from 20% to over 60% (Up to $6000), which expires after 30 days and can be withdrawn after certain volumes are traded;


• $20 Cash bonus, which can be acquired following Phone Verification.To redeem it, you are required to reach 300 XPoints within 30 days;


• First Trade on us (Up to $120 Cash bonus);


• $30 Cash bonus, Account Verification Account Verification. To redeem it, you are required to reach 300 XPoints within 30 days.


Methods of Payment


As opposed to the narrow range options it offers in terms of trading accounts and platforms, Xtrade supports a number of payment methods: credit/debit cards, bank wire transfer, PayPal, AliPay, Abaqoos, DineroMail, Boleto, CashU eKonto, ePay bg, EPS, EUTeller, Giropay, Halcash, iDEAL, Lobanet, Mister Cash, Moneta RU, Multibanco, Neosurf, Neteller, POLi, QIWI, Przelewy24, Skrill, Sofort, Sporopay, Teleingreso, Ticketsurf, Todito Cash, Webmoney and YandexMoney.


Xtrade does not charge any fees for deposits and according to the information on its website, withdrawal requests take up to five business days to process. Delays beyond the company’s control might occur due to third party withdrawal payment methods.


Conclusion


Xtrade is a well-regulated FX and CFD broker that offers trading in a variety of instruments on its in-house web platform. However, Xtrade services are quite limited in terms of trading accounts and platforms and some concerns are raised with regards to this broker being a scam. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros  Cons
Well-regulated No choice of trading platforms & account types
Commission-free trading MT4 not available
High leverage levels offered  Only fixed spreads offered
Bonuses available Market Maker model
Useful training package for CFD trading  
Multiple payment methods supported  

 

Latest news about Xtrade
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Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
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UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Xtrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam

They blocked me after I called to withdraw my funds.

jhoanne 01/24/2019

I got robbed by this organization it is a fraud

It is a fraud .. I have been stolen by this company

safaa safwat fares Ibrahim 08/10/2018

Xtrade is a Big Scam Stay away

Guys .. Getting messages from across the globe from victims of Xtrade . Personally i am also cheated and i lost almost 22K USD trading with those assholes. So please stay away.

Sanoj 06/25/2018

They are a scam

Dont fund account! I funded account with $1197 after constant hounding from a guy called Gerald Harper email [email protected], to get started asap with them and told ill get a call back and shown how and what to exactly do! After 5 days no call back and numerous emails sent with no reply i went through the withdrawal process and even got a confirmation email confirming my withdrawal. Yesterday I missed a call from them and then I got an email from a Leah Green, email [email protected] the supposed Senior Account Manager wanting to call me back. I replying saying no need for the call back just refund and make sure my withdrawal goes ahead thank you. Today I go to log in and cant as they have obviously locked me out and no money refunded. I called them to complain and find out why and was told by there answering services they will chase it up and email me back by the end of the day, still nothing. I call fair trading and the ombudsman and was given a complaints number so when i called it its a fake number! Do not fund or do anything with these guys i recommend as they are a scam! I am going through fair trading now, but doubt ill see that money again!

colin o'riley 04/10/2018

Wide spread and Software Bugs

On March 1, 2018,
Xtrade broker wechat me saying good tips to buy Germany 30 for price 123xx below, anyway it went further down. (unreliable tips from Xtrade broker)

Broker will keep pressing you to have at least $1k, anything less is insufficient but isn't there alternative portfolio for lower than $1k (broker ought to have wide analysis of portfolio)

I Buy in Dax at 12231, platform Sell price has risen to 12241, my account still showing negative (loss) from that opening (system software not reliable/ bugs)

Prior to sign-up & deposit, Helpdesk saying first trade losses will be covered by Xtrade but doesn't seems to be the case as additional terms need to be fulfilled.

I have screen shot to proof all these, will release if necessary.

Jason Tan 03/02/2018

scam

Hi !
This is copy of my information which i will sand to many internet pages about your service or im expecting my money on my acc.
..SCAM..Thieves in white gloves.Do not deposit money with this company in Australia ( Melbourne)!!!!!Rude,incompetent,shouting on you and don't listening service(Benjamin Harris from Melbourne office). No help and no good advise for you only give us more money ( invest)we will give you plenty of bonuses.They will keep seeking more deposit from you when the dollars start going down and then block you .hard to contact account sales and no more guide/assist after joining and very fast losing money.XTrade is scam, they take take your funds.
Brokers Never listening what is your question and expectations.
Office has only one person and never can connect with your broker.
No phones to your brokers ONLY ONE phone number to Head Office( looks like call center)If you ask by email for answer or call back NOTHING - MOUSE FULL OF WATER.The Xtrade Account managers are having less experience. They always try to put you in negative deals,then you will be moving huge loss,once you are going loss at the same time they getting daily spread charges,further there is no defined calculations for your spread charges,then the deal contract will reached expired,finally you will loss huge or 90% of your invested money,so be careful about x trade.Sorry for this opinion but it is true!.

James 02/07/2018

Process of Withdrawal is painful

I opened and account with Xtrade and to activate it you need to deposit US$95 as a minimum. Once you do it, you can start trading only later i realised minimum you transaction you need to do is $2500. Once i decided it's not worth it i decided to withdraw my funds. They said it will take 5 days which is reasonable.

First time it was rejected saying, i had to print out and sign a document in order to process the withdrawal. So i had to take a printout, scan and email.

Then again i was informed they couldn't process it because i had to open a skrill account in order to process, which i did. Now to activate skrill it takes 3 days and it's a very lengthy process with authentication, credit card verification etc etc.

To keep it simple, they take forever - not a pleasant experience. I will never use this and never recommend this to anyone. I rate zero star for this horrible experience

Senthil Kumar Vairam 12/29/2017

They will keep seeking more deposit from you

Do not deposit money with this company
Do your homework
Lots of bad reviews
They hound you and call you all the time-that is alarm bells during a time when crypto is booming and they should not need to and the rest of the industry is struggling with demand but not this company, they have workers ready to pounce on you
They will keep seeking more deposit from you when the dollars start going down and then block you
You have been warned!

Pat 12/21/2017

after sales

hard to contact account sales and no more guide/assist after joining and very fast lossing money 1st win $14 after an hour equity $100 become $15 chart fall very fast incredible! and paymaya crd not send how can you get your money i think its big scam as of now!

pablo genaro 09/17/2017

Scam

XTrade is scam, they take take your funds harass you every now and then to request you deposit more and nobody will ever assist you with the bare minimum (100 + 25 bonus) then they stop close your account and you lose 100 USD... no option no withdraw stay away from this

Froilan Rivero 09/13/2017

Don't invest your valuable money in X Trade

The Xtrade's Account managers are having less experience sThey always try to put you in negative deals,then you will be moving huge loss,once you are going loss at the same time they getting daily spread charges,further there is no defined calculations for your spread charges,then the deal contract will reached expired,finally you will loss huge or 90% of your invested money,so be careful about x trade

Saravanan Venkatesh 09/11/2017

Withdrawal

Process of my withdrawal takes for ages

Roem daphnie tapaoan 07/11/2017
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