CFD Trading through Xtrade

Definition of the term “CFD”
A Contract for Difference (CFD) is an agreement enabling traders to speculate on an asset’s price movement between the opening and closing of a trade.

CFDs are financial instruments that mirror the price movements of underlying assets. In CFD trading, profits and losses result from changes in the price of assets like currency pairs, commodities, or stock indices, relative to the trader’s position.

In CFD trading, profits and losses arise from changes in the price of the asset (such as currency pairs, commodities, or stock indices) relative to the trader’s position. The advent of high-speed internet and new trading platforms has made CFD trading increasingly popular among retail investors.

Anyone considering CFD trading should ask, ‘How do I choose a reliable broker?’. This article introduces Xtrade, a leading company offering brokerage services in CFD trading.

Detailed Xtrade Broker Review

Xtrade is a CFD broker offering trading in currencies, stocks, major stock indices, commodities, and exchange-traded funds (ETFs). Founded in 2009, the company is headquartered in Limassol, Cyprus.

Xtrade is regulated by the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and other regulatory bodies, complying with the European Union’s Markets in Financial Instruments Directive.

Xtrade offers its proprietary WebTrader application, enabling traders to access over 1,000 assets in global financial markets.

The company has garnered several accolades from reputable industry publications, such as ‘Best Customer Service 2016’ by AtoZForex, ‘Best Middle East Broker 2016’ by Forex Report, ‘Best Forex Broker 2016’ at the MENA Forex Expo in Dubai, and ‘Best Mobile Trading Platform 2015’ at the China Forex Expo.

How to Open an Account with Xtrade: A Step-by-Step Guide

Let’s walk through the process together, ensuring you clearly understand each step involved.

1. Initiate the Registration Process
   Begin by visiting Xtrade’s official website. You’ll find a prominent “Open Account” button on the homepage.
   Click on it to start your registration. The form will request basic information such as your full name, email address, and phone number.
   Ensure that the details you provide are accurate, as they will be used for verification purposes.
2.  Complete the Assessment of Appropriateness
   After entering your personal information, you’ll be prompted to complete an assessment of appropriateness.
   This step involves answering questions about your trading experience, financial situation, and investment objectives. The purpose is to ensure that trading aligns with your financial goals and risk tolerance.
   Take the time to answer these questions thoughtfully, as they help Xtrade understand your suitability for trading.
3. Submit Identification Documents
   To comply with regulatory requirements, Xtrade requires verification of your identity and address. You’ll need to provide:
   • Government-issued Photo ID: A clear copy of a valid passport or driver’s license.
   • Proof of Address: A recent utility bill, bank statement, or lease agreement that displays your name and address.

   Ensure that these documents are current (issued within the last three months) and legible.
   You can upload them directly through your Xtrade account under the “Account Verification” section.

Xtrade’s Proprietary WebTrader Platform

The WebTrader platform is free and accessible from both desktop computers and mobile devices, built on web technologies.

The mobile trading app has been downloaded by over 1 million users on Google Play, underscoring its credibility as a respected CFD broker.

Unlike the well-known MetaTrader platform, WebTrader caters to novice traders entering the CFD market. Its intuitive design, straightforward functions, and a broad array of trading tools attract many beginners.

Features such as customizable trading charts, automated trading tools, and pop-up notifications make Xtrade a convenient platform for CFD trading.

The trading software safeguards traders’ interests with risk notifications, negative balance prevention mechanisms, and an investor compensation fund. Additionally, users are presented with clearly formulated disclaimers.

Xtrade Trading Accounts

New users can open either a demo account or a standard account. The free demo account is ideal for novice traders, as it eliminates the risk of financial loss.

It allows users to familiarize themselves with the platform and the specifics of CFD trading without using real money. After practicing with trial trades, traders can open and fund a standard account when they’re ready to trade CFDs with real money.

Here’s a closer look at what each CFD trading account offers:

1. Standard Account

• Minimum Deposit: Starting with just $250, this account is accessible for those new to trading.
• Features: Access to both desktop and mobile trading platforms, a demo account to practice, and daily video market reviews.
• Support: 24/5 customer service to assist with any queries.

2. Gold Account

• Minimum Deposit: A step up at $1,000, suitable for traders looking to expand their portfolio.
• Features: Includes all Standard Account features, plus an economic calendar and personalized platform lessons.
• Support: Continued 24/5 support, ensuring you’re never alone in your trading journey.

3. Platinum Account

• Minimum Deposit: At $10,000, this account is designed for more serious traders.
• Features: Offers everything from the previous accounts, along with exclusive welcome bonuses and educational video tutorials.
• Support: Dedicated account manager to provide personalized assistance.

4. VIP Account

• Minimum Deposit: A substantial $50,000, reflecting its premium status.
• Features: All the perks of the Platinum Account, plus reduced spreads, VIP support, and exclusive corporate gifts.
• Support: Priority account and payment processing, ensuring your trades are executed swiftly.

Selecting the right account depends on your trading goals and experience. The Standard Account is perfect for beginners, offering essential tools to get started.

As you gain confidence, the Gold and Platinum Accounts provide additional resources and support. For seasoned traders seeking premium services, the VIP Account offers the ultimate trading experience.

For any questions, users can contact the company’s customer managers and trading instructors.

Deposits and Withdrawals

Xtrade accepts payments via major credit/debit cards, PayPal, and electronic bank transfers. To ensure security and protect traders from potential fraud, support requests for identity verification documents from all new traders.

Withdrawals are processed using the same method as the initial deposit.

For instance, if the account was funded via bank transfer, Xtrade will return the funds through the same method.

How to Deposit Xtrade

Xtrade offers several convenient options for funding your account:

• Credit and Debit Cards: You can use Visa/Mastercard card to fund your account. The process is quick and the funds are available almost immediately, allowing you to start trading without any delays.
• Bank Transfers: For larger amounts, bank transfers. Although they take a little longer to process, they are reliable and secure.
• E-Wallets: Services such as Skrill and Neteller are also available, although they may take a day or two to reflect in your account.

How to Deposit Xtrade step-by-step:

1. Login: Login to your Xtrade account using your credentials.
2. Go to the Deposit section: Click on the Deposit option on your dashboard.
3. Choose a payment method: Choose the method that works best for you.
4. Enter details: Fill in the required information, including the amount you wish to deposit.
5. Confirm: Review everything and confirm the transaction.

How to withdraw funds from Xtrade

Available options:

• Credit and debit cards: Withdrawals are sent back to the card you used to make the initial deposit.
• Bank transfers: If you deposited via bank transfer, your withdrawal will be returned to the same bank account.
• E-wallets: For deposits made via e-wallets, withdrawals are usually sent via bank transfer or to the same e-wallet, depending on the amount and the company’s policies.

So, when it’s time to withdraw your money, Xtrade allows you to make it easy:

1. Login: Login to your Xtrade account.
2. Initiate a withdrawal: Click on the Withdraw option on your dashboard.
3. Select a payment method: Select the withdrawal method.
4. Enter details: Enter the amount you wish to withdraw and provide all the required information.
5. Confirm: Verify the details and confirm the withdrawal request.

Few things to keep in mind

• Verification: Make sure your account is fully verified before initiating a withdrawal.
• Processing time: Third-party factors such as banks or payment service providers may cause delays. It is recommended to allow up to five business days for processing.
• Fees: Xtrade does not charge any fees for processing withdrawals. Please, note that banks or payment service providers may impose their fees, which are outside of Xtrade’s control.
• Minimum withdrawal amount: The minimum withdrawal amount may vary depending on the payment method. It is recommended that you check the specific requirements for the method you choose.

Customer Service

Xtrade offers customer support in over 40 languages, encompassing major European and Asian languages. In 2016, the company received the ‘Best Customer Service’ award from the reputable industry portal AtoZForex.

Customer managers and personal trading instructors are available to respond to inquiries 24/5.

Xtrade Bonuses for Traders

The company offers a package of four bonuses to all newly registered users, including a $20 a forex bonus without a deposit for phone number verification.

They also organize lucrative promotions during Christmas, New Year, and significant economic and political events, offering bonuses up to 100% of the deposit amount.

Clients can benefit from a loyalty program that rewards active traders with various bonuses and privileges.

The broker regularly holds prize draws for both new and existing traders. The main prize of the last draw was tickets to a football match featuring Cristiano Ronaldo, a special representative of Xtrade, in Madrid.

Each of the two winners received two tickets for entry to the stadium for the match of the popular forward of Real Madrid, two plane tickets to the Spanish capital and back, as well as a two-night stay in a luxury hotel.