If you are interested in trading with XtraderFX, make sure to do so through FXMasterBot – a reliable and free online trading software that connects you directly to XtraderFX and all the other brokers available to your country to choose from.
XtraderFX is a broker specialized in cryptocurrencies trading. Crypto trading is quickly becoming the next big thing in financial markets and XtraderFX managed to create an interesting trading platform where traders can simply execute trades with cryptocurrencies as their underlying asset, but with one big difference compared to traditional cryptocurrencies forex trading: traders never have to actually own Bitcoin, Litecoin or any other currency.
If you want to find out more about this broker, make sure to read our XtraderFX review that follows.
XtraderFX is an innovative broker that supports cryptocurrencies trading. There are no special trading accounts traders can choose from. All traders trade with the same account type, which gives them an equal starting point. Of course, traders can (and should) always try to increase their knowledge of financial trading and market trends in order to make progress.
The registration with XtraderFX is pretty straightforward: First, you have to click the ‘Register’ button, and you’ll be redirected to an online form you have to fill out. The required data is basic and the form doesn’t differentiate from many similar forms that can be found online. After the form is filled out and the account created, XtraderFX traders have to make a deposit in order to start trading. The available deposit currencies are EUR, USD, and GBP, and minimum deposit amount is €250, and minimum trade with XtraderFX is only $1. This gives traders amazing possibilities to test different strategies and trading methods, as the minimum trade in most cases is no lower than $25. For example, if the minimum trade is €10, for a minimum deposit of €250, the trader can execute only 10 trades, while with XtraderFX they can execute 100 trades for the same amount!
XtraderFX can also offer different leverage, bonuses, and promotions to their traders. Make sure to ask for terms and conditions before accepting any offers. In this case, bonus and leverage policy are not part of general T&C so make sure to request this document prior to making a commitment that can affect your withdrawals.
We would like to see XtraderFX adding a demo account as well. For now, there is no such addition to their trading platform. However, low trading minimums allow traders to test out the market and entire trading process without risking 10% of their deposit immediately. We have to admit, there is a menu on the bottom of the trading window that shows there is a practice account, but we were unable to use it for demo trading.
Trading Software & Assets
XtraderFX is using Tradologic platform that is quite popular among traders. It is pretty straightforward and even traders who never experienced trading with this broker don’t have to feel nervous.
XtraderFX is a broker whose specialty are cryptocurrencies. All assets available are currency pairs that involve cryptocurrencies. Here is the full list of XtraderFX assets:
As already mentioned, traders never have to own the actual cryptocurrency or USD, as they are trading on contracts they can always sell or buy, depending on the market situation and their wishes. Traders can also customize their trading, as there are several tools available. The great news is that XtraderFX is basically a forex broker specialized in cryptocurrencies, so traders who have some forex experience will already be familiar with many aspects of this broker.
XtraderFX tools available on the platform are:
- Take profit – closes a position automatically after a certain level of profit has been reached
- Stop loss – the position is automatically closed if it goes in unwanted direction
- Order info – delivers more info about the contract
Traders can also choose the chart form they prefer: bars, candles (two types), line, area, heikin aishi. There is also a great list of over 30 indicators that can be applied during the analysis process to help traders determine the right strategy. We never saw that many indicators offered as with XTraderFX.
If this sounds too complicated, you can always use Simplex platform. Just by clicking the button in the upper right corner, you can easily switch between Simplex and Pro layout. XtraderFX Simplex platform will simply deliver popular trades in a special frame, and you can select which ones you prefer to trade.
XtraderFX review has to mention how this broker doesn’t promise the ability to trade on the go via mobile apps. Still, mobile trading can be executed directly from the browser of your phone, as the entire platform is web-based and requires no downloads.
How to trade Cryptocurrencies with XtraderFX?
In order to trade Cryptocurrencies with XtraderFX, traders first have to select an underlying asset/currency pair they want to trade. After clicking the asset, a small pop up will show up. You can determine the number of orders you want to buy or sell, and also use take profit and stop loss to customize the trading experience. XtraderFX also supports Pending Orders for better risk management. All opened positions and pending orders can be found in a neatly organized list that is placed directly below the chart and organized with tabs. We definitely recommend following all the trades placed as only traders with great overview can handle and manage risk and money properly.
XtraderFX has two types of customer support. You can contact them via email [email protected]. Also, you can fill out an online contact form and drop them a message. In both cases, you will get a reply on your email. Good news is that you can select a category whether the problem is of technical nature, general inquiry, question about trading or deposit/withdrawal related.
Traders will be happy to know that XtraderFX has integrated a whole set of security protocols that keep personal information safe so hackers can’t access them.
Besides in English, the trading platform and XtraderFX website are also available in German and Russian. This is a great info for all traders that prefer to trade in their mother tongue. Traders who prefer to increase their knowledge on cryptocurrencies trading can do so by reading different educational materials available on the website. For example, they can find out more about most popular cryptocurrencies offered: Litecoin, Bitcoin, and Ethereum.
There is also a very detailed glossary, as well as several guide articles that explain basic principles of trading. Traders can also follow news, market analysis, watch videos etc.
Banking & Company Information
XtraderFX offers a variety of depositing and withdrawal methods. Traders should also remember how minimum deposit starts at $250, while minimum withdrawal is only $50. This is a very low minimum that allows traders to withdraw their profit as soon as they reach this low limit.
When it comes to payment methods, traders can choose between credit cards and bank wire. Additional fees may apply in the case of withdrawal. Also, the withdrawal is possible only via the same banking method and cannot be executed for 3rd party.
In order for a withdrawal to be executed, the trader must send several documents for identity verification:
- Passport copy with signature page
- Copy of credit card according to the instructions
- Copy of utility bill
- A signed purchase history of online transactions
The broker has the right to ask for additional documents. XtraderFX is owned and operated by GPay LTD.