Definition of the term “CFD”
CFD (Contract for Difference) is a contract for the difference between the value of an asset at the time the trade is opened and its value at the time it is closed.
CFD contracts are tradable financial instruments that reflect changes in the price of the underlying asset. In CFD trading, profit and loss occur when the price of the asset (typically a currency pair, commodity, or stock index) deviates from the trader’s position. It is important to remember that with CFD contracts, the purchase of the physical asset is not made. The proliferation of high-speed Internet and the emergence of numerous trading platforms have led to the growing popularity of CFD trading among retail investors.
One of the questions that everyone considering CFD trading should ask themselves is “How to choose a reliable broker?”. In this article, I will tell you about Xtrade, one of the leading companies providing brokerage services in the field of CFD trading.
Xtrade review
Xtrade is a CFD broker whose clients can trade contracts for difference on currencies, stocks, major stock indices, commodities, and exchange-traded funds (ETFs). The company was founded in 2009, and its headquarters are located in Limassol, Cyprus. Xtrade’s operations are regulated by the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, as well as several other regulatory bodies and comply with the requirements of the European Union’s Markets in Financial Instruments Directive. Xtrade traders use the proprietary WebTrader application to trade more than 1,000 assets from global financial markets. The company has received several awards from reputable industry publications, including “Best Customer Service 2016” (AtoZForex), “Best Middle East Broker 2016” (Forex Report), “Best Forex Broker 2016” (MENA Forex Expo, Dubai), as well as “Best Mobile Trading Platform 2015” (China Forex Expo).
WebTrader – Xtrade proprietary trading platform
The WebTrader trading platform is free of charge. All platform features, which can be used both from a desktop computer and mobile devices, are based on web technologies. The mobile trading application has been downloaded by over 1 million traders on Google Play, which is an important indicator for a respected CFD broker.
Unlike MetaTrader, another more well-known platform, WebTrader takes into account the needs of inexperienced traders who are just starting to trade contracts for difference. Its simple design, clear functions, and wide selection of trading tools attract a large number of beginners. Customizable trading charts, tools for automated trading, and pop-up notifications – these and other features make Xtrade a convenient platform for CFD trading.
Trader’s interests are represented in the trading software by risk notifications and mechanisms for protecting against negative margins and a compensation fund for investors. Additionally, users cannot overlook the formulated disclaimers.
Xtrade Trading Accounts
New users are offered to open a demo account or a standard account. The free demo account is a good option for novice traders as it eliminates the possibility of financial losses. It allows users to learn the platform and the specifics of CFD trading without using real money. After trial trades, when the trader decides it’s time to start trading CFD contracts for real, they can open and fund a standard account. For any questions, users can contact customer managers and trading instructors provided by the company.
Deposits and Withdrawals
Xtrade accepts payments made via major credit and debit cards, as well as PayPal and other payment methods (including electronic bank transfers). For their security and to protect traders from potential fraud, support requests documents verifying the identity of all newly registered traders. When withdrawing funds from the account, the same method used for depositing funds is applied. Thus, if the account was funded by bank transfer, Xtrade will transfer the funds back to the client via bank transfer.
Customer Service
Xtrade provides customer service in over 40 languages, including major European and Asian languages. Last year, the company received an award for “Best Customer Service 2016” from the reputable industry portal AtoZForex. Customer managers and personal trading instructors respond to customer inquiries 24 hours a day, five days a week.
Xtrade Bonuses for Traders
The company offers a package of four bonuses to all newly registered users, including the opportunity to receive a forex bonus without a deposit of $20 for verifying their phone number. They also organize lucrative promotions tied to Christmas and New Year holidays, and important economic and political events (within such promotional events, the bonus can amount to up to 100% of the deposit amount). Clients can benefit from a bonus for replenishing their account and loyalty.
The broker regularly holds prize draws for 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.
Thank you for the article. Everything is laid out neatly. As a football fan, especially of Cristiano Ronaldo, I was particularly pleased with the opportunity to win tickets.