- Nice trading platform with multiple trading interfaces
- Accomodates both beginner and experienced traders
- Crypto CFD trading
- Bitcoin accepted for deposits
- Not regulated
- Unfavorable trading conditions
- Not transparent with fees and commissions
- Limited crypto assets
XTraderFX is a cutting edge online trading brokerage that provides traders the opportunity to trade cryptocurrencies through CFDs. Contrary to the name XTraderFX, the brokerage does not facilitate the trading of forex or “FX”, they just offer CFD cryptocurrency trading. The brokerage was established in October of 2017 during the beginning of the 2017 cryptocurrency bull run. XTraderFX is an online trading brokerage for both beginner and experienced traders who want to invest in cryptocurrencies, but do not want the hassle of owning the crypto assets themselves. XTraderFX makes this possible by offering these crypto assets through CFDs. XTraderFX is an international trading brokerage that accepts traders from around the world, but primarily services traders from the UK and throughout Europe. XTraderFX is owned and operated by GPAY Ltd. and their headquarters are located at 18 Stoke Road, Slough, SL2 5AG United Kingdom. The brokerage remains to be unregulated, which raises some concerns. However, they are still very new and may become regulated in the future as they are located in the United Kingdom. With so many viable online trading brokerages available these days, how do you know which one to choose? It can be a hard decision, which is why we have compiled an in-depth review on the XTraderFX online trading brokerage to help you decide if they are the right trading brokerage for you.
The XTraderFX online trading brokerage provides their traders with the popular Tradologic trading platform. The platform is web-based and made accessible via any web browser across all desktop computers and mobile smart devices. The trading platform is much like traditional Forex and CFD trading platforms, opposed to a cryptocurrency exchange platform. This poses many benefits as traders have access to more advanced trading features such as a sophisticated charting package, an array of technical indicators, drawing and analysis tools and order types. However, if these features are too complicated, traders can simply switch to the XTraderFX Simplex trading platform with the click of a button. This platform simply changes the trading interface into a simpler platform with basic buy and sell orders and a small price chart.
Additional features of both trading interfaces are the inclusion of a news radar section with watch lists and price notification functionality as well as a crypto calendar. All in all, the trading platform is sufficient for the trading of cryptocurrency CFDs and accomodates the needs of both beginner and experienced traders.
The markets offered by XTraderFX are very limited for a CFDs trading brokerage as only cryptocurrency trading is made available. As well, the only cryptocurrency assets supported are; Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). It appears the XTraderFX trading brokerage was only established to take advantage of the massive cryptocurrency boom and does not take the time to provide traders more tradeable assets. All in all, the range of assets and markets featured by XTraderFX are very disappointing.
Fees and Commission
XTraderFX does not post their trading fees anywhere on their website and thus traders are kept in the dark. This is very common among unregulated crypto CFD trading brokerages as they try and attract impatient and unaware traders to their platform and surprise them with ridiculous fees once their money is deposited. The fact that there is absolutely no information regarding fees, we suspect this is the case with XTraderFX. Another concerning aspect is that XTraderFX required traders to have a ridiculously high minimum trading volume before they are able to withdraw. With trading parameters like this, it’s only safe to assume the trading fees are very high as well.
Security and Fairness
Again, XTraderFX does not disclose much information regarding the security of their trading brokerage services. However, the website does state that the brokerage is PCI DSS compliant for the safe transaction of funds. Also, they employ secure SSL encryption technology on all transmitted data to protect their clients sensitive information and data. While these security features are nice, they are to be expected. The biggest security scare with us is the fact that XTraderFX is located in the UK but is not regulated by the Financial Conduct Authority as every brokerage service located in the UK should be licensed and regulated. All in all, we would advise traders to remain cautious about XTraderFX as they are unregulated, do not treat their traders fairly, and have no viable reputation as of yet.
XTraderFX provides their customers with support via an online contact form, email, telephone, and live chat and is apparently available 24 hours a day, 7 days a week. However, upon contacting them via live chat we had no response. Additional support methods include a limited education center where traders will find a few articles about cryptocurrencies, a couple webinars, and a glossary. To our surprise the website does not feature an FAQ section where traders can find answers to the most common questions. All in all, the customer support is lacking quality, much like the rest of the brokerage.
XTraderFX is a new and unregulated cryptocurrency CFD trading brokerage that attempts to attract new customers into signing up to their platform and depositing funds where they will then impose ridiculous trading conditions the customers. Overall, we would advise avoiding this trading brokerage until they become regulated, improve their services, and build a better reputation for themselves.
The following are the common questions that customers inquired about XTraderFX.
Is XTraderFX regulated?
No, it is not regulated by any reputable regulatory authorities.
Is XTraderFX a scam?
Maybe, it is uncertain whether XTraderFX is a legit broker or just trying to scam traders. Although we believe the latter is true.
Where is XTraderFX based?
XTraderFX is based at 18 Stoke Road, Slough, SL2 5AG United Kingdom.