|Platform||Xtrader Pro, iPhone & iPad App, Android Phone & Tablet App, Windows Phone App|
|Minimum account size||$100|
|Minimum lot size||0.01|
|Spread on EUR/USD||3 pips|
|Payment methods||Credit Cards, UnionPay, Fast Bank Transfer, AliPay, CashU, Neteller, Skrill|
|Accepts Malaysian traders||Yes|
|Regulated||CySEC (Cyprus), ASIC (Australia), IFSC (Belize)|
|Support||Phone, E-mail, Fax, Live Chat|
XTrade was founded in 2007 and is based in Belize. They are licensed with various regulators including the Cyprus Securities and Exchange Commission, the Australian Investments and Investments Commission and the Belize International Financial Services Commission.
XTrade enjoys a share of good and negative reviews based on the exhaustive research that we’ve done. Most of their clients in Malaysia though are not that satisfied with their particular service.
Unlike most brokers, XTrade doesn’t offer the MetaTrader platform. Xtrade began its foray into the world of online trading by offers CFDs, which meant an entirely different kind of software was required and led this broker to develop their own.
Don’t be put off by this fact as it is very similar in both look and feel to many other online trading platforms. It is the two user-friendly and allows one-touch access to everything needed including history and trading tools, open positions, and asset choices.
There is no need for any complicated or time- consuming download and there is even an Xtrade mobile version allowing traders to trade away from their very own PC at home. All personal, financial and trading session data is usually securely encrypted using the latest 256- bit SSL technology.
Website and Trading Platform Design
The platform design is different from the usual ones that we’ve seen though it’s easy to get used to. It doesn’t have any complex menus or elements.
A minimum account size of $100 is needed in order to open an account be able to operate. It’s basically within the average amount.
There are plenty of financial instruments that can be traded with XTrade. With more than 800 options, there’s no problem in widening your trading portfolio. This is comprised of various shares, indices, commodities and forex.
When it comes to competition, all their spreads aren’t that narrow. Most of the major currency pairs only getting 3 to 5 pips like the EUR/USD.
It would take up to 5 business days to process a withdrawal request with this kind of broker. It’s still fast when you compare it with the rest in the industry
Deposit and Drawback Methods
There are a variety of payment methods that you can use to fund your account with XTrade. Deposits can be done using credit cards (Visa and Mastercard), UnionPay, Fast Bank Transfer, AliPay, CashU, Neteller and Skrill.
Since there were a number of options for me to contact them ( phone, e-mail, fax and live chat), we were expecting to experience a prompt service but we were dead wrong. We spent nearly half an hour just to be able to communicate with one of the agents. That is something that they need to improve
Xtrade has bonuses galore intended for investors
Some brokers decide to offer no bonus deals or promotions at all, but Xtrade seems to possess gone in completely the other direction. Here are the current options, if you’re considering choosing Xtrade for your broker.
- 77% bonus deals on all deposits made in the first 7 days – Sign up and become a Xtrade customer and Ronaldo will give you a whopping 77% reward on every deposit you make within your 1st seven days.
- First deposit bonus – Up to $6, 000 will be given as a bonus when you help to make your first deposit. It really is, however , just added to the trading accounts when you have accumulated the required number of trading points, and if this condition is not met within 30 days the reward will expire.
- Phone verification benefit — Verify your telephone number and you will receive a free $20 cash reward. It really is credited to your equity and can be used to trade. To redeem it you have to accumulate 300 Points within thirty days.
- First transact on Xtrade bonus – When you open up your first deal, Xtrade will cover this, allowing you to keep any kind of profit, or refunding the loss approximately $120 cash bonus. Terms and conditions do apply.
- Account confirmation incentive — Verify the bank account and get a free $30 money bonus. It truly is credited to your collateral and used for trading purposes. You will have to reach 300 XPoints within thirty days to be able to redeem that.
- Special Xtrade VIP package – Benefits include personal account management, extra training session, discounts on spreads, exclusive promotions and bonuses, special financial terms, and valuable gifts.
- Wide selection of instruments
- Demo account
- No MetaTrader platform
- Wide spreads
- $100 minimum account size
- Complex terms and conditions