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PepperstoneXtrade Review
Written by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Xtrade, also known as OffersFX in Europe, has recently upgraded its trading platform, offering a redesigned web and mobile application, and providing access to nearly 500 tradable CFDs across multiple asset classes. The mobile application has improved significantly and the integration of trading signals is implemented well.
On the more negative side, Xtrade lags behind the best brokers, particularly in the research and education categories, and offers fewer markets than the industry average. ASIC’s recent cancellation of Xtrade’s license in Australia is also concerning and has substantially impacted its Trust Score.
-
Minimum Deposit:
$250 -
Trust Score:
74 -
Tradeable Symbols (Total):
482
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Xtrade pros & cons
Pros
- The integration of trading signals from Finansoft into the Xtrade web and mobile app experience is done well.
- The Xtrade WebTrader has undergone a major redesign, with TradingView charts and a more modern user interface design, compared to the previous version of the platform (which is still available as a toggle within the new version).
- Xtrade has done a great job redesigning its mobile app. I found the ability to switch between asset classes and navigate pre-defined screeners extremely useful.
- The Market Trends feature in the mobile app adds a simple sentiment tool interface in a screener list format, making it easy to compare Strong Buys with Strong Sells, as well as Neutral sentiment ratings.
- Its research videos containing market analysis are of good quality with a newsroom-style feel and professional presentation.
Cons
- Xtrade is no longer a “Trusted” broker after the loss of its Tier-1 license in Australia, leaving it with just one Tier-1 license under the OffersFX brand in Cyprus.
- Offers fewer tradeable symbols than the industry average.
- MetaTrader platforms are not available at Xtrade.
- Xtrade's educational courses are outdated and overly simplistic.
- News headlines are still absent from the Xtrade platform, although the link to Reuters news is a step in the right direction.
- The minimum lot size is a mini lot of 10,000 currency units which could be a deal breaker for budget investors, or beginner traders with less experience, who would like to trade a micro lot of 1,000 units instead.
- While charts are nicely integrated, you cannot drag to modify stop-loss or limit orders for an open position, even though they appear on the chart.
Overall Summary
Xtrade is a broker with some interesting prospects, especially after its new platform overhaul. During my testing, I developed a keen admiration for its newly redesigned mobile app, despite limited features, since trading signals were well integrated and the overall user experience stands out. But in a more troubling recent development, the cancellation of its Australia license is concerning and puts Xtrade at a disadvantage compared to more trusted brokers.
| Feature |
Xtrade
|
|---|---|
| Overall Rating |
|
| Trust Score | 74 |
| Offering of Investments |
|
| Commissions & Fees |
|
| Platform & Tools |
|
| Research |
|
| Mobile Trading |
|
| Education |
|
Is Xtrade safe?
Xtrade is considered Average Risk, with an overall Trust Score of 74 out of 99. Xtrade is not a publicly traded company, does not operate a regulated bank, and is authorised by one Tier-1 regulator (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). Xtrade is authorised by the following Tier-1 regulator: in the European Union via the MiFID passporting system.
| Feature |
Xtrade
|
|---|---|
| Year Founded | 2003 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 1 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 1 |
Xtrade screenshot galleries
About Xtrade
Xtrade was founded in 2003 and is part of a group that operates related brands such as OffersFX. In Europe it is regulated by CySEC under the OffersFX brand, in Belize it is regulated by the IFSC under the Xtrade International LTD entity, and in South Africa, it is regulated by the FSCA under the Peak Wealth (PTY) LTD entity.
Caution:
On June 6, 2024, the Australian Securities and Investment Commission (ASIC) cancelled Xtrade’s license in Australia, citing “unconscionable conduct” and other compliance failures related to honest and fair dealing. Xtrade has already appealed the decision to the Administrative Appeals Tribunal of Australia (AATA) with a stay application that was subsequently refused.
FAQs
Does Xtrade offer demo accounts?
Yes, Xtrade offers free demo accounts through its various subsidiaries alongside the option for a live account and includes the ability to switch between both directly within the platform.
Is Xtrade good for beginners?
No, Xtrade’s initial minimum deposit and trading size requirements are not a good combination for beginner forex traders. With both a minimum deposit of $250 and a minimum trade size of 10,000 units, a beginner would be forced to use more leverage (at least 40:1 leverage if they only deposit $250) than they would otherwise need. The ability to buy micro contracts of 1,000 units would be more suitable for a beginner with a small deposit. Additionally, while it is good to see that Xtrade has a growing selection of educational content, I found the video courses to be overly simplistic and outdated.
What type of trader is Xtrade best for?
Xtrade is best for a trader who is not demanding in terms of platform variety, is content trading a smaller selection of CFDs, and doesn’t require a plethora of educational content and research. Even if you like trading signals and the Xtrade platform, it’s important to understand the risk of trading with a broker that has few licenses, as Xtrade only holds three following ASIC's cancellation of its license. As a result, I would not park a substantial amount of money with a broker in such a predicament.
2024 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
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About the Editorial Team
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.