The broker Xtrade has only one all-inclusive trading account that offers higher fixed spreads and maximum leverage levels. It has developed its own trading platform on that the trading is facilitated. The broker also claims to provides high-quality education to all its clients. All the facts mentioned above about Xtrade looks lucrative, but many problems surround the broker. In this Xtrade review, we will discuss all of the issues of this broker to give you a detailed insight into it. Don’t miss any line for complete comprehension. Read the full Xtrade review here.
The only trading account provided is called a Standard Account that requires a minimum deposit of $100. The mini trade size of 0.01 lots is offered, with a maximum leverage of 1: 400 and spreads at two pips on USDEUR foreign exchange pair. To make any review non-biased, it’s our routine to make a note of all the possible opportunities and obstacles of any given broker. In this Xtrade review, we will do the same, and first, we will discuss the potential opportunities this broker has.
The possible opportunity Xtrade has its regulated nature. The broker operational under Xtrade Europe LTD is registered by Cyprus based financial regulator CySEC. Other subsidiaries of this group are also regulated by respective countries’ financial regulators where they operate.
The minimum initial investment requires only 100 USD, and it is according to the current market situation. However, several other brokers have the same trading conditions available at meagre investments around 5 USD.
The potential obstacles that traders may face while trading with Xtrade are discussed below. The leverage level of 1:400 is offered on the only trading account. These levels are suitable for an aggressive style of trading. Many traders may face losses due to such higher leverage levels. For the same reason, high trading leverages are entirely banned in the regulated markets. The spreads of 2 pips are offered, and these also fall on the higher side. Such high spreads are the primary cause of the higher cost of trading and are unwelcomed. The broker does not offer MetaTrader trading platform. It also provides trading bonuses to its clients that require a high trading volume. Such trading bonuses are also banned in the regulated markets.
Is Xtrade scam or left?
The broker’s trading conditions are not favourable to most of the traders and are loss oriented. For the same reason, we claim that the broker Xtrade is a potential Australian trading scam.