Pros & cons of Xtrade broker

Xtrade Fact sheet

Xtrade is regulated by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC). All security measures seem in place including negative balance protection, segregated accounts for client funds, and membership in an investor compensation fund. Clients will not go into debt if they lose more than their account balance while trading with leverage and they will get refunds in case of broker insolvency. Furthermore, the broker will not be able to touch and use client money for company-related matters, thanks to segregated accounts. 

There are multiple account types available that are sorted into tier lists with increasing minimum deposit requirements. The differences between these types of accounts are mainly the initial funding amounts and extra services offered by the broker for higher tiers.

Pros & cons of Xtrade account types

Fees & commissions review of Xtrade 

Comparing Xtrade fees with other brokers

Xtrade fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Xtrade fees compared to CM Trading fees

Xtrade fees compared to plus500 fees

Xtrade fees compared to XM fees

Xtrade fees compared to AvaTrade fees

Xtrade fees compared to Capital.com fees

Xtrade provides access to its proprietary trading platform which offers limited capabilities when compared to other popular platforms like MetaTrader 4 or TradingView. The platform can be accessed via the website when using a desktop and there is no downloadable application. This makes it hard to analyze markets with technical analysis without other software that supports indicators and other technical tools. Xtrade’s platform comes with support for all devices including Android and iOS. The inbuilt charting platform is also very limited and makes it almost impossible to apply technical tools and indicators to the charts. Xtrade’s platform can be used for opening and closing trades but traders will need another software to properly analyze markets.

There are several good sources of education on the Xtrade website. Video tutorials offer a unique opportunity for newbies to learn by example and watch educational videos explaining various Forex trading peculiarities. Courses are more advanced and will enable students to understand the fundamentals of financial markets and how to trade. Their blog is a great place for beginners to read other traders' and students' posts and deepen their knowledge and also ask questions to other students and experts. There is an additional Forex education that offers a basic intro to Forex trading for absolute beginners. In addition to educational materials, there are several key market research tools offered. Some of them are free for all traders and some require certain trading account types with a substantial deposit. The economic calendar and currency converter is free for everybody. Daily market news and 1-on-1 trading platform lessons are free for all account holders. However, when it comes to dedicated account managers, VIP deposit bonuses, and individual educational tutorials on trading strategies, at least a Platinum account with an initial deposit of 5,000 USD will be required. 

There is a live chat to quickly connect with the broker and there is also the possibility for phone calls and emails. There is no online form to send messages to the broker. The live chat is only in English. The website is multilingual which makes it easier to navigate but the lack of multilingual live chat is a little inconvenient. 

Xtrade is a Forex and CFDs broker that has been in business for over a decade and is regulated by two respected authorities, namely the ASIC and CySEC, the Australian ASIC is a very strict and reputable regulator, leaving very little room for fraud and scams. The broker offers a wide range of assets, totaling more than 400 instruments in various classes. The broker also provides a fast and straightforward account opening process with no minimum deposit requirements. However, Xtrade's trading fees, especially its spreads, are relatively high compared to its competitors. Additionally, the maximum leverage offered by Xtrade is very low making it hard to trade with a low budget. In summary, Xtrade may be a reliable broker for traders looking for a place to trade a diverse range of assets, including bonds and ETFs, and comes with low deposit requirements. However, traders should be cautious of the high trading fees and limited leverage.