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What is XTrade?
Founded in 2003 and based in Melbourne (Australia), XTrade is owned by XTrade.au Pty Ltd. Although XTradde is primarily registered as an Australian company and has authorization from the Australian Securities and Investments Commission (ASIC – ACN: 140899476 Licence No: 343628) throughout the world and has multiple offices located in its major geographical markets.
As an innovative company, this financial firm 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 around the world.
The football star Cristiano Ronaldo was their ambassador from 2016-2017.
Regulation & Trust
Is Xtrade a good and regulated broker?
Yes, 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).
XTrade has a very poor history of fraudulent behaviour ( withdrawal issues, unfair conditions in its platform, …).
Trading Platforms & Tools
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, they do not offer traditional trading software like other Forex brokers.
Instead, this broker has developed its own proprietary trading porm, which customers can access from any regular modern browser and from their smartphone.
Culy, They offer mobile trading applications for Android, iOS devices, and Windows phones.
Does XTrade use MetaTrader?
Not, they don’t support Metatrader platforms.
How many assets can be traded at Xtrade?
They provide trading shares of major companies and Indices. N addition to the equities, They also allow their customers to trade major commodities like Gold and Silver. However, the largest collection of trading instruments offered by them is the Forex currency pairs.
Besides major currency pairs like EURUSD, GBPUSD, USDJPY, and so on, XTrade offers its customers a range of minor and exotic currencies t
During our research for this review, we found that their customers can also trade virtual cryptocurrencies like Bitcoin on its platform.
What are the Xtrade Spreads?
All fees are charged as spreads, which happen to be fixed and range between 2-5 pips. We accessed its website during the weekend, and 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 from 9 p.m. to Friday at 9 p.m.
What are their fees and commissions?
XTrade.com don’t charge commissions on their accounts, but they have a $50 inactive account fee per month if you don’t trade for a period of 3 months.
What leverage with ICMarkets?
They offer up to 400:1 leverage on all of their instruments.
Research & Education
They offer basic online educational tools including video tutorials, forex courses and an economic calendar.
Type of Accounts
You can choose among 4 accounts depending on your minimum deposit:
- Standard: $250 min. deposit. Basic features, with high spreads.
- Premium: $1,000 deposit is required. Xtrade provides a dedicated account manager.
- Platinum: You must deposit $5,000. You get VIP trading support and the lowest spreads.
- VIP: $20,000 minimum deposit is required. This account includes a priority account, individual trading strategy, and lowest spreads.
XTrade Demo Account
All of these 4 accounts come to include a free demo version.
What is the minimum deposit on Xtrade?
Customers can open a Standard account with a $250 initial deposit.
They offer several popular communication channels to their customers, including, live chat, email, or telephone. However, we found that XTrade support team is available from Sunday at 22:00 GMT to Friday at 22:00 GMT only..
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.
Although that XTrade is an Australian-regulated broker and this broker was a pioneer in CFD trading and its extensive global reach made it one of the handfuls of top brokers around the world, last year they’ve gained a terrible reputation in the industry due to many client complaints about withdrawal issues, manipulation of prices, and huge spreads.
About the Author
Market Analyst / Trading Consultant . 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 email@example.com
John Stuart is the editor’s chief of BrokerTrending and our expert broker. He has been in the online trading business for over 12 years, and he knows everything there is to know about the stock and forex market. When he’s not giving advice to the top investors, John can be found spending time with his wife and two children.