XTrade Review – Are They a Scam?

XTrade Overview

Founded2007
PlatformXtrader Pro, iPhone & iPad App, Android Phone & Tablet App, Windows Phone App
Minimum account size$100
Minimum lot size0.01
Tradable assets800+
Maximum margin1:400
Spread on EUR/USD3 pips
Payment methodsCredit Cards, UnionPay, Fast Bank Transfer, AliPay, CashU, Neteller, Skrill
Demo accountYes
Accepts Malaysian tradersYes
RegulatedCySEC (Cyprus), ASIC (Australia), IFSC (Belize)
SupportPhone, E-mail, Fax, Live Chat
Websitewww.xtrade.my

 

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Pros

  • Wide selection of instruments
  • Demo account
  • Regulated

Cons

  • No MetaTrader platform
  • Wide spreads
  • $100 minimum account size
  • Complex terms and conditions

 
XTrade was founded in 2007 and is based in Belize. They are licensed with various regulators including the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission and the Belize International Financial Services Commission.

Platform

Unlike most brokers, XTrade doesn’t offer the MetaTrader platform. This warrants XTrade with a Platform score of 9/10.

Design

The platform design is different from the usual ones that we’ve seen though it’s easy to get used to. It doesn’t have any complex menus or elements. This kind of layout deserves a Design score of 4/5.

xtrade platform

Minimum Deposit

A minimum account size of $100 is needed in order to open an account be able to trade. It’s basically within the average amount so we are giving them a Minimum Deposit score of 3/5.

Minimum Lot Size

The minimum lot size is 0.01 which is equivalent to a position size of 1,000 units. Since they are keeping with the industry standards, we are giving them a Minimum Trade Score of 4/5.

Tradable Assets

There are plenty of financial instruments that can be traded with XTrade. With more than 800 choices, there’s no problem in widening your trading portfolio. This is comprised of various shares, indices, commodities and forex. Such diversity earns a Tradable assets score of 5/5.

xtrade assets

Payouts

When it comes to competition, their spreads are not that narrow. Most of the major currency pairs only getting 3 to 5 pips including the EUR/USD. Since it will be make a profit with these spreads, we are giving this broker a Payouts score of 7/10.

Withdrawal Time

It would take up to 5 business days to process a withdrawal request with this broker. It’s still fast when you compare it with the rest in the industry so we are giving this broker a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

There are a variety of payment methods that you can use to fund your account with XTrade. Deposits can be done using credit cards (Visa and Mastercard), UnionPay, Fast Bank Transfer, AliPay, CashU, Neteller and Skrill. This deserves a Deposit and Withdrawal Methods score of 5/5.

xtrade deposit

Customer Support

Since there were a number of options for me to contact them (phone, e-mail, fax and live chat), we were expecting to experience a prompt service but we were dead wrong. We spent nearly half an hour just to be able to communicate with one of their agents. This is something that they need to improve so for now we are giving them a Support score of 10/15.

xtrade support

Quoting Accuracy

The quotes shown on the platform is synchronized with the real-time financial prices although a few delays were noticeable when certain market events are happening. This warrants a Quote Accuracy Score of 8/10.

Reputation

Credibility-wise, XTrade enjoys a share of good and negative reviews based on the exhaustive research that we’ve done. Most of their clients in Malaysia though are not that satisfied with their service which is why they are getting a Reputation score of 15/20.

xtrade reputation
xtrade reputation
xtrade reputation

Conclusion

XTrade has an unconventional platform with a good set of trading instruments. Such advantages however are overshadowed by a number of disadvantages which they still need to work on to make them more favorable for trading. If you want better trading conditions then it would be wiser to find another broker.

Final Score: 78/100

We highly recommend that you sign-up with a much more stable and reliable brands like LCG/strong> or Pepperstone as alternatives so you can continue with your trading activities.

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