Beware! XTRend is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
XTRend is a legit broker with not much to show for, except for a license and some average trading conditions. Read the review for more.
XTREND REGULATION AND SAFETY OF FUNDS
The broker is regulated by the Cypriot and one of Europe’s most popular regulator, CySEC. Actually, it’s the broker’s holding company – Rynat Trading Ltd – that is regulated, but that’s not the point. The point is that the broker is fully regulated by one of the top license issuers, as well as one of the most sought after ones.
As part of the CySEC team, XTRend must abide and follow very strict requirements, keeping the firm in check and out of trouble. There are hundreds of requirements, some small some more demanding, that must be adhered to, otherwise XTRend would be facing penalty and even exclusion.
One of the most crucial requirement is for all CySEC regulated brokers to hold at least €730 000 in constant capital in order to guarantee that the broker is financially stable, and is serious about offering its services. Next, we can talk about client account segregation, helping users avoid banking and payment issues and keeping the broker’s interests away from the users’ money. All European broker are , of course, under the Markets in Financial Instruments Directive whihc services all EEA nations, creating a fair and secure market industry within the zone. Then we have the obligatory reports that brokers under CySEC have to constantly provide the regulator these include financial reports, client reports, risk assessments, etc.
Last, but not least, something for the users to keep them safe. All users under CySEC regulated brokers are covered by the Investor Compensation Fund, allowing a reimbursement of up to €20 000 if the broker falls into insolvency.
Moreover, XTRend is currentLY allowed to offer its services in the UK under the jurisdiction’s Temporary Permission Regime, opening the grounds of the broker to all UK based traders.
XTREND TRADING SOFTWARE
We have very little information on a trading software, as XTRend does not bother to advertise it, which we found to be a very amateur move on the firm’s side.
However, we did learn that the platform is only available as a mobile trader, on both Android and iOS devices. Why XTRend would not include a web trader or a desktop trader is not for us to debate. Perhaps there is a trading software within the user area, although we had no access to it to make sure of that.
The only other thing that we were able to gather, was that XTRend’s platform seems proprietary.
XTREND TRADING CONDITIONS
The available tradeable assets are forex currency pairs, precious metals, cryptocurrencies, energies, indices, and shares.
The average EUR/USD cost of trade is said to be 0.2 pips, but with a commission of 0.04 USD per 100 units. This, we thought, translates into $4 per standard lot, but we still don’t know if it is per side or round turn?
The leverage is capped at 1:30, as all EU brokers’ leverages are.
XTREND DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirement here is just $50, making the broker very accessible to all. The available payment methods are bank transfer, Skrill, PayPal, Sofort, Neteller, SafeCharge, credit cards, and debit cards.
The same methods are used for withdrawing. There are fees: a withdrawal fees of 3.5% for all except Sofort where there is a fixed fees at up to €15. There are also banking fees up to €50 depending on the bank itslef as well as the user’s location.
All in all, XTRend is quite limited and very simple, and we don’t see how it can manage to attract a large audience by being so average. It might be a great point of entry into the industry, but after a short period with it any user will want to move on to something bigger and better.