XTrade was established in 2010, and in that short period has already a solid reputation among South African traders and brokers alike. Regulated by the FSB in South Africa, Xtrade Group complies with international regulatory standards and also operates via units regulated in Australia (by ASIC), Belize (by IFSC).
Xtrade Accounts Available
There are only two accounts available, standard and premium. The standard account requires a minimum deposit of $100 while the premium account has a minimum requirement of $1000. There is also a demo account available, so if you’re new to forex, use this to test drive XTrade.
XTrade comes with a lot of features but they are properly implemented with clear instructions on how to use each one. The trading process is easy so you can buy and sell with just a few clicks. When you register an account, all the pertinent info is displayed on the main page including Buy, Sell and all available financial instruments.
Even if you’re new to forex trading the interface will be pretty self explanatory. Under Instrument will be your currency pair, and next to it are buy, sell, change, time, high/low and details.
Apart from Forex, XTrade also provides services for trading stocks, indices and commodities. The number of options may seem overwhelming, but you don’t need to use all of them as you could just stick with forex. There’s also the demo account mentioned earlier which you can use for practice.
New forex traders in South Africa may also want to check out the guidelines for CFDs, their financial instrument options and prices. When it comes to educational material for clients, XTrade sure isn’t lacking.
Most South African forex brokers have a commission on each trade, but XTrade utilizes fixed spreads instead for each trade. Let’s say the spread between the EUR/USD buy and sell it at 2 pips. If you trade with XTrade, you can increase your trading element via its leverage.
The minimum leverage in Xtrade is 1:50 and you can increase your leverage to 1:400. Aside from the $100 minimum balance, you can have a minimum trading balance of $5,000. Keep in mind that leverage can be potent tool, but you have to be careful when handling it.
Xtrade also provides members with several tools to help trading in South Africa. There is the usual set of technical analysis tools, charts, graphs and so on. If you’re into stock trading you can pick CFDs from the US, France, Germany and other countries.
Members receive quotes in real time so you can plan each trade. XTrade also makes it easy to get dividends, and it simplifies the process of setting trade limits. Their platform tools also let you close positions automatically when your target price has been attained.
The Xtrade platform lets you choose from a vast array of index CFDs. These are financial instruments which indicate the value of publicly listed companies based on index grouping. Just like with the forex market, you can trade the indexes as the market moves. The CFD list is comprehensive and includes the JPN 225, NASDAQ, Dow Jones, S&P 500 and more. Rates are provided via real time graphs so you’re always updated.
You can also trade commodities like silver, gold and oil and other commodities. You get the same exceptional features here like when you’re trading forex. Everything is done online so there’s no need to physically buy or sell commodities. You can also use leverage here, and it really makes a difference even if you have a small deposit. Even if your deposit is only $100, your trading balance can go up to $5,000 with a 1:50 leverage.
Xtrade has a comprehensive set of educational tools and video tutorials to guide beginners. The Autochartist tool is especially useful as it provides trading signals and daily market reports. Its signals are handled by Trading Center, one of the most respected in the industry.
Technical analysis is available daily so you can keep an eye on the latest trends and signals. You also get a financial / economic calendar so you’ll be notified of the latest developments. Breaking news are delivered in real time so you can plan accordingly.
The feature set on XTrade is one of the most comprehensive, offering tools and resources for beginners and advanced traders alike. We also like the fact that its offers go beyond the usual and offer lots of options for those into stocks and commodities trading as well.
Bonuses, Deposits and Withdrawals
XTrade offers a fantastic $25 bonus and no deposit is required. With regards to withdrawals and deposits, the process is very easy. XTrade supports several deposit options including PayPal, Sofort, Qiwi, WebMoney, Skrill, wire transfer, banks and other credit cards. You withdraw money using these same methods so it should not be an issue.
Deposits and withdrawals are always a concern for reviewers, so it’s a relief to know that XTrade put a lot of thought into this. With a few clicks you get your money right away.
Forex traders in South Africa and elsewhere will benefit from good customer support, and XTrade provides that. Their support team is available 24 hours, 5 days a week. Their website has complete information on phone numbers, emails and international offices. There is also live chat so you can interact with them.
Customer support is only available in English, but it’s comprehensive. Also, their technical team also do a good job of answering inquiries and making sure your needs are answered.
- Demo account available
- $25 Cash Bonus. No deposit required
- Bitcoin, Litecoin, Dash and Ethereum available to trade
- Well regulated including the FSB from South Africa
- Comission free trading
- MT4 Trading platform not available
- Only offers fixed spreads
Trading in South Africa can be complicated especially for a beginner. The key is having a dependable online broker, which XTrade is. It has all the essential trading tools you’ll need and also provides a lot of explanations of what it can do. Customer support is dependable and services are safe and well regulated, so this gets a recommendation.