Innovations in the forex market have enabled traders across the globe to choose from an assortment of trading styles, ranging from traditional lot purchases on leverage to binary option instruments. XTrade.com, however, chose to go down the innovation path that focused on Contracts for Differences (CFDs). They pioneered these new vehicles from 2010 when they just began hitting the market with popularity. With CFDs, your exposure relates directly to the difference between the opening and closing price for your position. Spread betting firms have dealt with this approach for years on an isolated basis, but a portion of the brokerage community saw an opportunity in the forex world and beyond for more simplified trading and capitalized on the existing technology.
CFDs permit a wider range of asset choices with greater flexibility, as well. Xtrade offers more than 150 asset items to choose from, including currency pairs, stocks, indices, and commodities. Major and minor pairings in forex are the familiar ones, but if you want to go exotic, the company posts 21 choices, plus a chance to bet on the travails of BitCoin. Xtrade has five offices spread across five continents, which include licenses from all of the major regulatory bodies. Their trading platform is a derivative of WebTrader, which is proprietary in nature and permits the kind of flexibility and execution prowess that only an online service can provide. Mobile apps are also available. Technical analysis tools, system alerts, and professional charting also enhance your trading experience.
Registration is easy, as is depositing funds. The firm offers nearly 40 different methods. As little as $100 will get you started, with welcome bonuses ranging from 20% up to 60% and more, if you deposit over $10,000. The firm’s unique “XPoint” system alerts you as to when bonus amounts are available for withdrawal. There is only one standard account that also comes with a free demo account, a “good to have” when attempting to trade this new genre. There are no hidden fees or commissions. As is stated on the website, “XTrade is compensated for its services through the bid/ask spread.” Leverage varies by asset choice, as do spreads, and the possibility of margin calls do exist. XTrade is operated by XFR Financial Ltd, which is regulated and licensed by CySEC under the license number 108/10. Unfortunately, U.S. clients are not accepted at this time.
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Features at XTrade
The distinguishing features listed by Xtrade.com website are as follows:
- Founded in 2010 by a group of industry professional in the brokerage industry;
- Regulated by CySEC and ASIC;
- Five global offices supporting traders in 140 countries;
- Client deposits are segregated from operating capital and protected by the Investor Compensation Program in Cyprus;
- Standard account comes with a free demo account;
- More than 150 CFD asset choices, including Currency pairs (51 plus BitCoin), Stocks (74); Indices (12); and Commodities (13);
- Proprietary WebTrader platform requiring no downloads;
- Mobile apps available;
- No commissions charged – Bid/Ask spreads denote the cost per asset choice with adjustments for overnight trading positions;
- Leverage can be as high as 400:1 for forex, and as low as 20:1 for stock CFDs;
- Trading support includes professional charts, technical analysis tools, alerts, and training provided by customer service reps;
- Customer service reps are bilingual and accessible “24X6” via live chat, email, or direct phone.
Xtrade is a market maker in CFDs, and in order to present the best operating environment for these special instruments, the firm developed its own customized, online, real time trading platform. No complex downloads are necessary, and, if you are a trader on the go, then their mobile apps will appeal to you. As for security, all personal and trading session data are encrypted using the latest in 256-bit SSL technology.
Deposits and Withdrawals
Xtrade excels in making fund transfers an easy and convenient proposition. They offer the standard credit and debit card, bank transfer, and ewallet global service options, but they have also managed to support a host of local payment alternatives that may apply in your area of the world. There are nearly 40 methods listed. Withdrawals will be handled quickly and follow the same method as was used for deposit, as long as internationally mandated AML documents are current and in order. The firm even pays you a bonus, if you are quick to get this documentation completed.
Customer service representatives are professionally trained in six languages and can help you with most any operational problem or guide you to training materials. The website can actually be read in 16 languages, and detailed examples are provided for each asset type to explain how spreads, leverage, and risk management tools apply. There are a number of direct phone lines available, together with a global footprint of five offices. For quick responses, live chat works best, but emailed queries are handled quickly, too, all on a “24X6” basis.
XTrade – Conclusion
If you are tired of the traditional way of trading currency pairs and want to dabble in a newer way of trading for both forex, as well as for stocks, commodities, and indices, then Xtrade may be worth your consideration. Peace of mind is guaranteed by ample regulatory compliance in a number of jurisdictions that apply to client deposit security, order execution performance, and general operating transparency. With CFDs, you will also have a broader spectrum of asset choices and the ability to take advantage of opportunities in a variety of domestic markets and locales, all facilitated by Xtrade’s user-friendly proprietary trading platform.
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BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.