Xtrade Trading Platform Exposed: Review and Tutorial (2016)

Ok, what do we have here… XTrade – this looks very much like a Plus500 wanabee – again gamifying trading and basically targeting unsophisticated traders for low amounts.

We are told that XTrade was founded in 2010 but in my research I found that XTrade was operative a number of years before that operating under the XForex brand. This is an online Forex and CFD broker regulated by CySEC – Cyprus, as well as ASIC for Australian residents and IFSC – Belize. What this means is that if you are an EU resident you will be subject to CySec, if in Australia ASIC and if outside both regions – Belize. [don’t confuse XTrade with XTB, the Polish Broker]

This broker used to go by the name of XForex.com operating thru subsidiary company OCM Holdings LTD. The company was later re-named as XFR Financial Ltd and is now operating as Xtrade.Europe.

What follows is an unbiased examination of the platform (do not take this as a recommendation to use XTrade). They do have some money to splash – seeing that they are sponsoring football star Cristiano Ronaldo – that mustn’t come cheap! But this is common in the industry – high-profile sponsorships with football teams or the such help build their credibility.

Pros
• Great Leverage at 400-1 for certain currency pairs [more rope for traders to hang themselves? – just imagine depositing $100 and receiving the effect of $40,000 mind-boggling!]
• One good thing is that with XTrade you can never lose more than the funds that you have in your account although this also means that XTrade are fairly aggressive in closing client trades once your equity falls below the required margins for the opened positions. [possibility of margin calls do exist!]
• Unlimited Demo Account – which is great but testing out the platform but is not a good indicator of how you’ll do in real life because 1) in the simulator you have no greed and fear 2) XTrade spreads on a real money account can be wider than in a demo one.

Cons
• XTrade will allow you to open an account with a minimal $100 deposit but as soon as you do that an agent may contact you to try getting you to deposit a bigger amount. I don’t like pushy people so I don’t like this.
• Lack Of Info About Trading Conditions
• Their spreads are quite wide – this means trading with XTrade is expensive to use for regular traders.
• Their financing fees aren’t cheap [illustrate] – looking at UK shares for instance Lloyds Banking Group – the minimum shares you can trade is 10 shares – this is actually 1000 shares because of the way XTrade quote UK shares: 1 unit its actually 100 shares – and you are charged GBP2 each day you hold a position overnight. [they refer to this as Premium Buy]

Comments

isaacFX GT says:

can tell me.. this broker is scam or not.. i’m confuse..

- Anton - says:

Thoughts on the ico?

PA Browser says:

Platform is good but Pending order not Accept. only Accept in Demo

MultiScorpion1 says:

I requested a withdrawal today. If they don’t send my deposited money within those 5 days, I’d call them a scam.

X Trade says:

good video – there is a class action group against them

Marvin Pattoc says:

i was about to open new account but i was told it was a scam, i did not deposit then

Allen Bonnik says:

nice video

UKspreadbetting says:

October 25 2016: Cyprus financial regulator CySEC has imposed a fine of €225,000 on XFR Financial Ltd, the parent company of retail forex broker XTrade, for a variety of violations.

The largest parts of the fine relate to:

providing investment investment advice without authorisation,
failing to act fairly, honestly and professionally or in the best interests of clients in granting trading bonuses, and
marketing communications were not fair, clear and non-misleading.

Yammy Xing says:

eager really and so much noise

jafar godil says:

My 100 doller dont widhrow

Raj Magar says:

My number not verified extreme what’s problem please help solution

G Force says:

xtrade has now been punching back the image from some of my brokers sharing and that now because of the employees of the parent company that act out of company’s policy resulting their previous bad image but now i have since try myself of 2k and got a bonus of 60% and they gave me a refund on the loss for my first trade on the platform. now i would give them 8/10 and maybe because team i receive are the asian team instead of the europe side that cause the bad image.

My Life As An Innocent Bystander says:

So, which platforms would you recommend?

Luis Borges says:

X Trade nao regulada

Cykamae Darwin says:

perpect …. so nice ….

Anton Niko says:

X Trade ”The easiest way how to loose your money very quickly”

jaimin patel says:

Can I use this app

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