Operating online since 2003, Xtrade (formerly Xforex) is a broker in the Foreign Exchange Market that is headquartered in the British Virgin Islands and licensed and regulated by CySEC, ASIC and FSA UK. Formerly known as Webgine Ltd, the company now goes by O.C.M. Online Capital Markets Ltd; Xtrade is simply the brokerage’s name. Over time, there have been mixed reviews about Xtrades’s services, so let’s take a closer look at what they offer and what they don’t.
Xtrade doesn’t offer any type of account to residents of the U.S., but for most outside of America, you can open one of three account types of the site: A Demo account, a Standard account, or a Premium account. Learn a little more about each type below.
- Demo Account: The Demo account on Xtrade, like with most brokers and platforms you’ll find, is free to use and is available upon registration. However, the kicker here is that there are multiple types of demo account, enabling new traders to get a real feel for the proprietary platform.
- Standard Account: With a minimum deposit of $100, you can open a Standard account with Xtrade. This account type gives you access to one-on-one personal training, a slew of trading tools and reports, and you won’t be charged any commissions or fees for using the account.
- Premium Account: On top of receiving the demo accounts and all the features of a standard account, the Premium account, opened with a minimum of $1,000, also gives you immediate stop-loss execution, fixed spreads, increased security over your account, and many more funding options for your account.
Unique Selling Points
- Proprietary platform that is unique and user-friendly
- Multiple languages available (7 total) for international traders
- Instant registration and startup
- Frequent “Market Scenario” reports
- A range of contests and promotions
- 3 versions of the demo account
Pros and Cons
- Easy to use features on the streamlined platform
- 2 metals also available on top of 21 currency pairs
- Competitive fixed spreads
- No withdrawal or trading fees
- 20% deposit bonus for new accounts
- Stop features are easy to set
- Web-based platform runs efficiently
- Daily events calendar
- Points-earning system for traders
- Margin watcher
- Not a lot of info about the company itself via its website
- Questionable support at times (i.e. a little slow)
- Very touchy about any type of hedging
- Only focused on international traders, so US traders not allowed
- No fractional pips
- No auto-trading feature
- MT4 not available
Researching Xtrade online, we found a mixed bag of reviews. While some were fumbling around the platform, not able to make sense of things, others seem to be excelling with the platform. The conclusion drawn is that Xtrade isn’t the most beginner-friendly broker you can select, but if you already have knowledge of how trading platforms work and how the market functions in general, this broker may be right up your alley.
There are many deposit/withdrawal options, a lot of opportunities to earn points and prizes, plenty of training offered with the multiple types of demo accounts, and you won’t have to spend a lot of money on an account to get the full-featured package from the broker.