If you try to get to the XTrade broker website, you are redirected to OffersFX which belongs to XTrade Europe LTD. This is a very confusing connection. This broker is authorized by Cyprus Securities and Exchange Commission ( CySEC) to provide a platform for trading with FX and CFDs assets.
The company exists since 2010 but the strange thing is that numerous company names were under the same license. O.C.M Online Capital Markets LTD, XFR Financial LTD, and XTrade Europe LTD.
Before we go any further, we suggest reading our brokerage reviews on ET Finance, Libertex, and T4Trade.
| Broker status: | Regulated Broker |
| Regulated by: | Suspended since 2017. |
| Websites: | offersfx.com / xtrade.com |
| Regulators’ Complaints: | N/A |
| Owned by: | XTrade Europe LTD |
| Headquarters Country: | Cyprus |
| Foundation year: | 2010 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 250 $ |
| Cryptocurrencies: | No |
| Types of Assets: | Forex, Commodities, Shares, Indices |
| Maximum Leverage: | 1:30 |
| Free Demo Account: | Yes |
| Accepts US clients: | N/A |
| Site Grid: | www.8invest.com |
Is XTrade a Reliable Broker?
XTrade broker clients were secured by CySEC license. But since 2017, this broker had their license suspended. Before that, they were fined 200.000 EUR by the regulator and after that, they changed their name as shown above.
However, through XTrade reviews we could find some customers that were not satisfied with their customer service and approach to the business. Some of them as well complained about losing all of their funds once they wanted to withdraw them, which is strange. Therefore, you can expect potential difficulties.
As a broker with a CySEC license, XTrade is very favorable among traders. The downside is that they don’t provide any advanced trading platforms like MT4/MT5 or cTrader. They still have some negative reviews on Trustpilot that are worth checking.
Reasons for Using a Regulated Broker for Trading
Even though this CySEC is a good regulatory body, we always recommend traders look for brokers with Tier 1 Regulation. Those are FCA, BaFin and ASIC. Unfortunately, XTrade is not in the database of any Tier 1 regulator.
These regulators provide you with the highest level of security and reliability in terms of funds safety. Even in worst-case scenarios they act quickly and can help you along the way.
XTrade Software
We were expecting some high-end software behind the XTrade trading company. What we got is only a web trader. Surprisingly this web trader provides a very good range of trading tools, advanced charting and indicator options. On the other hand, there are no social or copy trading or advanced EAs. There is nothing more than MT4 or MT5 trading platforms could provide.
Mobile Trading
If you take a look at the website presentation you will see that they offer mobile version and tablet versions. However, they don’t mention downloads. That is because those are accessible through the browser and they don’t have actually an app that you can use. Since they didn’t put any significant effort into the trading platform we wouldn’t recommend using it.
Trader’s Reviews of XTrade
We were checking Trustpilot XTrade reviews and at the moment of writing, we found 221 comments. Unfortunately, almost 15% of those were rated 1-star. Every other comment looked pretty much the same. But you can check it out yourself. Don’t trust us, trust your own eyes.
What Financial Instruments Does XTrade Include?
The range of instruments is solid with XTrade broker. Even though they don’t provide cryptocurrencies, one of the most volatile assets, coverage is really good.
They cover:
- Forex – USD/EUR, USD/GBP, GBP/SGD
- Commodities – platinum, gold, natural gas
- Indices – FTSE100, AU200, CAC40
- Shares – Microsoft, Tesla, Coca-Cola
Since the broker offers leverage only up to 1:30 these assets are a very good combination with those trading conditions.
XTrade Service Countries
According to XTrade reviews they are covering a lot of countries with their service. Some of those are:
- France
- UK
- Italy
- Australia
Since they have European regulations they can trade with almost all EU countries. Wherever you are coming from, do your research first before you invest any of the funds.
XTrade Awards – Company Achievements
As a company that is spread globally and serves clients from different countries, they found themselves on the awards radar. Even the most famous football player Christiano Ronaldo was their ambassador and promoter in 2016/2017.
They were getting different awards for their platform since 2016.
List of XTrade Account Types
Besides XTrade single account and a Demo account, they offer 3 additional types:
- Premium – 1.000$
- Platinum – 5.000$
- ·VIP – 25.000$
You won’t notice any significant difference between accounts in terms of service and technical tools. However, when it comes to spreads, you get tighter spreads on higher account levels. Compared to some other trading companies, their benefits are nothing special that would make you interested in raising your account level.
Can Customers Open A Free Demo Account?
Access to a demo account is granted by this broker. To get access to it you have first to register. That gives personal information to the broker and after that, you might expect a call from them. The problem with a demo account is that you are trading with virtual money, which is not good. You get used to some different and bad trading habits instead of good ones.
XTrade Deposit and Withdrawal Policies
This broker provides fast digital deposits with credit/debit cards, American Express, bank transfers, PayPal, Skrill and some other common options. The broker doesn’t have any deposit or withdrawal fees as per the company statement.
When it comes to withdrawals, you can use any method that you used for a deposit. Charges for withdrawals are 0$. Unfortunately, there could be some potential issues with withdrawals according to XTrade reviews from customers.
XTrade Terms and Conditions
Basic terms and conditions are clearly explained. There are no second thoughts about anything. That’s what regulation brings to clients. Unluckily, not many people read those and they sometimes end up in unfavorable situations.
Leverage, Spreads, and Fees
This broker is limited for leverage up to 1:30 because of regulations. Which is good. You can’t lose all of the funds in the blink of an eye. Spreads are unknown unless you open a trading account. At any point, you have the right not to accept conditions and to close your account and look for another broker.
The only fee that this broker has for inactivity is in the amount of 50$.
What Should I Do If I Have an XTrade Problem?
The first thing that you should do if you have a problem with a broker is to contact their regulator. They can run an investigation and check all the details about your situation. If your statements are right, you should be compensated.
Sometimes even refunded depending on the situation. To get detailed advice about those situations, you can reach our expert team that understands T&Cs in detail.
FAQ
What Is XTrade?
XTrade is part of the XTrade Europe Ltd group from Cyprus that is providing FX and CFD trading services.
Is XTrade a Regulated Broker?
They were regulated until 2017. Afterward, their license is suspended. Previously they were fined for 200.000 EUR because of activities that violated CySEC regulations.
Is XTrade Available in the United States or the UK?
It is not presented anywhere on the brokers’ website what countries they are working with. According to reviews, we can see that some countries they work with are Australia, Italy and France.
Does XTrade Offer a Demo Account?
Yes. Besides live trading accounts, you can try your luck with virtual funds. We usually don’t recommend using demo accounts but micro-accounts. This broker doesn’t offer micro accounts like some other Tier1 Regulated companies.
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