RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
X Spot is a Cyprus regulated forex and CFD broker offering a variety of trading instruments with two account types and a choice of MetaTrader4 and the XOH Trader platform.
The available forex pairs are over 40 with plenty of exotic currencies like South African Rand, Swedish Krona, Norwegian Krone, Danish Krone and Hong Kong Dollar.
And there are also lots of CFDs on gold, silver, platinum, oil, natural gas, 35 idices, stocks, ETFs, bonds, CO2 Emission rights, cocoa, coffee, corn, cotton, soybean, sugar, wheat, aluminum, copper, nickel and zinc.
XSpot trading conditions
As tested with a Demo account the benchmark EURUSD spread floated around raw levels of just 0,1 pip – 0,2 pips. When we traded a position, however, we noted that a commission of 10 USD per standard lot is applied and that ads another pip to the spread.
So basically the actual spread is around 1,1 pip – 1,2 pips and that sounds attractive. Generally spreads starting below 1,5 pips with a standard account are considered attractive.
The maximum leverage with XSpot is 30:1 and that is in line with the new European Securities and Markets Authority regulations, adopted last year in an attempt to limit investment risks. Under the new regulations the maximum leverage allowed with forex transactions is caped at 30:1 and with CFDs at 20:1.
XSpot trading platform
XSpot supports both the classic MetaTrader4 platform and XOH Trader – a user-friendly, fully – customizable, trading platform that features one-click dealing, which can be done even straight from the charts.
MetaTrader4 on the other hand is the most widely used trading solution, preferred by beginner and professional traders alike. Like XOH Trader it features excellent charting tools, multiple market indicators and the option to run automated trading sessions with the help of customizable trading bots, known as Expert Advisors.
XSpot regulation & safety of funds
XSpot is owned and operated by the Cyprus based X Spot Markets (EU) Ltd., previously known under the name Boursotrade Ltd. The company is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and that is a major selling point for XSpot.
The activities of all CySEC regulated brokers are diligently scrutinized by the Commission and that makes your investment with such brokers completely safe. Among others CySEC brokers are obliged to maintain at all times a minimum operational capital of at least 730 000 EUR, to file regular reports, to allow external audits, to provide their customers with a negative balance protection, to keep all invested funds in a segregated, protected form creditors account and to participate in the Investor Compensation Fund – which covers all invested capital with an insurance of up to 20 000 EUR.
XSpot deposit/withdrawal methods and fees
Also the minimum deposit requirement is 8 times higher than what traders would usually expect. To open a Standard Account with X Spot you have to invest at least 2000 USD and that in our view is a bit excessive. As we noted, the usual minimum deposit requirement with most brokers is about 250 USD.
At the same time to open a Pro Account with X Spot you will have to deposit 20 000 USD.
And finally, be aware that fore small withdrawals under 100 USD X Spot will charge you a 20 USD fee.