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78/ 100
Type of Broker: CFDs
Regulated: Regulated by CySEC, ASIC, MiFID and COSNOB
Min Deposit: $100
Min Trade Amount: 0.01 Lots
US Clients:
Max Trade Amount: N/A
Bonus: $20 Bonus Cash
Number of Assets: 200+
Leverage: Stocks 1:20, Forex 1:400, Indices & Commodities 1:200
Fees: No Fees Required
Free Demo Account:
Trading Platform: WebTrader, Mobile Trading
Types of assets: Currencies, Stocks, Indices, Commodities, CFDs
Payment METHOD NAME Charge Time

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Full Review

XTrade is a “Contracts for Differences” (CFDs) trading brand owned and operated by XFR Financial Ltd. The company is authorized and regulated by Cyprus Securities Exchange Commission (CySEC), under license number 108/10, which allows it to offer financial services throughout the EU.

The company is also authorized to conduct business in Australia and is regulated by ASIC under license number 342628, ACN 140899476, as a company owned by O.C.M. Online Capital Markets Pty Ltd. XTrade is also registered with the COSNOB in Italy and is fully compliant with the Markets in Financial Instrument Directive MiFID regulation.

The company provides support 24 hours a day, 6 days a week, and its headquarters are located in Limassol, Cyprus.

Promotions and Account Types

XTrade offers its traders three bonus types. The first deposit bonus is the most common among brokers and XTrade is no exception in that respect. Traders can expect to receive up to $6,000 in welcome bonus on their first deposit.

This broker also offers traders an opportunity to earn cash when verifying various account details. When Traders verify their account, they receive $25 in cash bonus. They also receive $20 in cash bonus when they verify their phone number.

Currently, there are no multiple account types at XTrade.

Margins and Trade types

Once traders open a trading account, they can trade various instruments as long as they meet the required initial margin of 5% for shares CFDs trading. The maintenance margin is set at 2.5%.

This means that traders can trade shares worth $200,000 from an investment of $10,000. XTrade provides traders with three order types, which again are very common among brokers. Traders can either buy/sell at market rates or use stop loss limit and take profit orders.

Leverage and Spread

As suggested by the level of margin requirement, it is clear that CFD traders at XTrade can expect to receive a leverage of up to 20:1, which means they can easily buy/sell shares at 20x cheaper than what their prevailing market prices.

However, margin requirement changes depending on the value of the underlying asset. The details of leverage and margin requirement are displayed via a pop-up window which appears when a particular asset is selected for trading on the CFDs platform at XTrade.

For Forex trading, traders can enjoy a leverage of up to 400x, i.e 1:400, which means traders can begin trading with as little as $100 for a value of $40,000 in FX trades. As for Indices and commodities, traders receive a leverage of up to 1:200, which means that with an investment of $100, they can trade indices and commodities valued at $20,000.

Traders at XTrade also enjoy fixed spreads on forex trades, which begin at 3 pips for most currency pairs.

Trading Platforms, Tools and Resources

Traders at XTrade can capitalize on the broker’s 3-piece trading platforms, which include the MT4 trading platform, Webtrader platform and mobile trading for iOS, Android and Windows phone devices. This means that irrespective of where a trader is, they can always trade via mobile as long as there is internet connection.

This broker also provides access to various trading tools such as economic calendar, technical indicators and news stream services via the trading platform.

Traders can also learn various aspects of trading via the broker’s learning resources where you can get to understand the various aspects of trading including an in-depth look at CFDs.

Deposits and Withdrawals

Traders at XTrade can deposit/withdraw funds in their trading accounts via Wire Transfer, Credit/Debit Card, Skrill, PayU, Poli, SporoPay, Sofort, Neteller, CashU, QIWI, Moneta.Ru, Webmoney, Giropay and eCard among others. Different methods are available to traders depending on their country of residence.

The minimum deposit is EUR 150 but this varies from one country to the other. Generally, traders can deposit funds in AUD, USD, GBP, EUR or CAD, but other currencies are also available depending on where you are making the deposit from.

There is no set minimum for withdrawals, but traders must verify their identity, credit/debit card and address before making their first withdrawal.

XTrade does not charge any commissions or fees on deposits/withdrawals, but your account may be charged when there are overnight trades and also as a result of inactivity.

Support

Traders at XTrade can contact support via telephone, email, live chat and fax. Generally, support is available from Sunday 22:00 GMT to Friday 22:00 GMT.

The international contact telephone number is UK +44 2030516305, while the fax number is +44 203 051 6306. There are several other contact telephone numbers for various satellite offices across the world, which can be accessed via the company website’s Contact Us page.

The email address for general enquiries is [email protected], while that one for support is [email protected]. There are also several other email addresses as per department, e.g, marketing and finance.

In the case where a trader happens to be in dispute with some of the services provided, i.e withdrawal or trading, they can contact support via [email protected] to express their complaints.