Xtrade Reviews & Ratings
License: CySEC, ASIC
USA Accepted: No
Trust Score: 94
Super fast web trading interface was very impressive. Extremely simple to use, no clutter and only what you need to start trading.
I ran into a small issue where after opening my demo account, I found that there was no virtual money added. When I accessed the live chat, it was also very quick and I had a support staff on the other end straight away. However, it turns out that they only add $5,000 demo money into your account, 7 days after you open it.
This was strange to me but it is in their FAQ so I can't complain. They did mention that it can be manually added by an account manager via a phone call.
My advice is that if you are looking to open just a demo account, you are better off at another broker as it takes too much work to get just $5,000 of virtual money added here.
Opening my account
This part was very simple and fast! I entered my full name, e-mail and phone number. Once I clicked the submit button, I was already into the web trading interface.
Support (live chat)
I had a response within a minute with a person who was very responsive throughout the conversation, had all the right answers and reference links ready for my questions. I was very pleased with the speed, language ability and friendliness of this particular support staff.
XTrade Web Trader
Very simple, clean, easy to use. It didn't take me long at all to find what I wanted. For anything that I was unsure of, there was always a question mark help circle which I hovered over to get more inforamtion about the item in question. I really liked this web interface for the simplicity and think it would be an excellent starting point for new traders.
Click to enlarge
Opening a real account
This process was also very simple, activated from within the above web trading interface. It involved 3 steps:
- Complete your personal details
- Answer some questions about your trading knowledge
- Upload ID verification documents
Note that this process may be different for some other countries. I am in Australia so there may be additional laws that brokers must abide by.
Xtrade User ReviewsNo user reviews submitted yet
Welcome package bonuses
Phone Verification ($25 Cash bonus)*
Account Verification ($30 Cash bonus)*
First Deposit Bonus (Up to $6000)*
First Trade on us (Up to $120 Cash bonus)*
*Terms and conditions apply. The bonuses mentioned above are offered by XTrade AU Pty Ltd for Australian clients. Bonuses may differ or not be available depending on your country.
NO BONUSES are offered to European clients.
What is Trust Score?
This is a rating out of 100 which we calculate for each broker based on a combination of factors, all of which you will find below on the scorecard.
Every broker starts with a base score of 100 and we subtract points according to what criteria they match in each category.
Whilst Trust Score provides a good insight into the broker's reputation, our overall rankings are based off our own thorough reviews plus the user reviews. Therefore, brokers with a high Trust Score aren't always guaranteed to be ranked at the top.
Xtrade Scorecard - 94 / 100
|Category & Criteria||Point Deduction||Score|
|Years in operation|
|Over 10 years||0||0|
|Between 5-10 years||-1||-1|
|Between 1-5 years||-2||0|
|Less than a year||-10||0|
|No phone number||-10||0|
|No e-mail address||-10||0|
|No live chat||-2||0|
|Social media accounts|
|No Facebook page||-5||0|
|No LinkedIn page||-5||0|
|No Twitter account||-3||0|
|No YouTube channel||-1||0|
|No Google+ account||-1||0|
|No Instagram account||-1||0|
|Not on Apple App Store||-5||0|
|Not on Google Play||-5||0|
|Major partnerships / Public Exposure|
|No major partnerships||-5||-5|
|No negative balance protection||-20||0|
Rules: You must fill in all fields. Your ID is only used to verify with the broker that you are a real user to ensure that all reviews are fair.