Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is XTrend Speed？
XTrend Speed is a forex and CFD broker that offers trading in over 280 markets, including forex, commodities, indices, and shares. The company was founded in 2020 and is headquartered in South Africa. XTrend Speed offers several trading tools, including copy trading, trading signals, and educational resources. The broker supports the STrader platform for both mobile and PC trading.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
XTrend Speed is a regulated broker offering a wide range of markets, trading platforms, and copy trading features. The broker provides traders with access to trading signals and educational resources to help them make informed trading decisions.
However, the broker's website has a suspicious clone CYSEC license. Additionally, regional restrictions and the absence of phone support may be disadvantages for some traders.
XTrend Speed Alternative Brokers
There are many alternative brokers to XTrend Speed depending on the specific needs and preferences of the trader. Some popular options include:
AvaTrade: A well-regulated broker with a wide range of trading instruments, multiple trading platforms, and excellent customer support.
TMGM: An ASIC-regulated broker with competitive spreads and commissions, a variety of trading instruments, and advanced trading tools.
EightCap: A regulated broker with a good selection of trading instruments, multiple trading platforms, and competitive pricing.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is XTrend Speed Safe or Scam？
XTrend Speed claims that it is regulated by FSCA (Financial Sector Conduct Authority) and CYSEC (Cyprus Securities and Exchange Commission). However, it has been verified that the FSCA license is exceeded and the CYSEC license is a suspicious clone. Lack of legitimate regulatory license raises concerns about the broker's credibility. Although the high-level encryption of data stored on its website and apps and clients‘ assets are safeguarded by South Africa’s largest insurance company - NNAC are reassuring features. Overall, while there are some potential red flags, it is difficult to definitively classify XTrend Speed as either safe or a scam without further information and investigation.
Market Instruments
XTrend Speed offers a diverse range of 280+ trading instruments across four asset classes, including forex, commodities, indices, and shares. With such a broad range of instruments, traders can easily access different markets and diversify their portfolios.
Accounts
XTrend Speed asks traders to deposit at least $5. Although this is a reasonable amount, given the fact that XTrend Speed is an unregulated broker, traders should stay away from it.
Leverage
Trading leverage offered by this broker varies depending on client types, retail or professional traders. The maximum trading leverage for retail traders is capped at 1:30, while professional traders can apply higher leverage up to 1:300 based on their knowledge and experience.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
Floating spreads vary throughout the day, depending on market volatility and available liquidity. The spread on the EUR/USD pair is from 0.4 pips, GBP/USD pair from 1.2 pips, and USD/JPY pair from 0.4 pips. However, no information related commission is openly revealed on their website.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The above information is subject to change and may vary depending on the account type, trading platform, and market conditions.
Copy Trading
XTrend Speed offers a copy trading service, allowing novice traders to copy the trades of experienced traders. The broker offers a wide range of strategies that traders can copy, and users can easily browse and filter through available strategies to find one that meets their trading preferences. The platform provides detailed statistics on the performance of each strategy, including historical data on profitability, drawdowns, and risk, enabling traders to make informed decisions about which strategies to copy.
Additionally, the copy trading feature is integrated with social trading, allowing users to interact with other traders and discuss market trends and trading strategies. XTrend Speed's copy trading feature can be a valuable tool for traders who want to benefit from the expertise of successful traders.
Trading Platforms
XTrend Speed provides its clients with the STrader trading platform, which is available for both mobile and PC. The platform is user-friendly and offers advanced charting and analysis tools, along with customizable layouts and a range of order types. The mobile version of the platform is available for both iOS and Android devices, allowing traders to manage their positions on the go.
See the trading platform comparison table below:
Trading Signals
XTrend Speed provides its users with access to trading signals that are generated by professional traders and analysts. These signals can be used by traders to make informed trading decisions based on market analysis and predictions. The signals are designed to be easy to understand and can be accessed through the trading platform or via email notifications.
Additionally, traders can use these signals to automate their trading strategies using the copy trading feature, which allows them to automatically copy the trades of signal providers. Overall, XTrend Speed's trading signals are a useful tool for traders looking to stay on top of the market and make informed trading decisions.
Deposits & Withdrawals
Deposits can be done via bank wire transfers, credit/debit cards such as Visa and MasterCard, Skrill, Neteller, UPI, Paypal, etc. To be able to withdraw your funds on your XTrend Speed trading account, access your XTrend Speed Portal and initiate your withdrawal from the designated tab and proceed to complete the online form. The processing of the withdrawal request takes up to 1 business day.
XTrend Speed minimum deposit vs other brokers
Customer Service
The XTrend Speed customer support team can be reached 22/7 through live chat, email, WhatsApp, Telegram, or send Feedback online. You can also follow this broker on social networks such as Twitter, Facebook, Instagram and YouTube. Help Center and FAQ section are also available. Address: 17 Midas Avenue, Olympus Dr, Pretoria, 0081, South Africa.
Note: These pros and cons are subjective and may vary depending on the individual's experience with XTrend Speed's customer service.
Education
XTrend Speed offers a limited range of educational resources, including a novice tutorial and a set of articles covering various aspects of trading. The novice tutorial provides a basic introduction on how to use credit, how to complete “About You”, how to deposit, etc. The articles cover basic introduction of Forex, Index, Copper, Nickel, NFP, EIA, FOMC, etc. While the educational resources are somewhat limited, they can still be useful for novice traders looking to learn more about the basics of trading.
Conclusion
XTrend Speed is a well-established broker that offers a wide range of tradable instruments. The broker offers competitive spreads and commissions, along with several trading tools and educational resources. However, there are concerns about the legitimacy of the broker's regulatory licenses, which may raise questions about the safety of trading with this broker. Additionally, the customer support is not available 24/7, which may be a drawback for some traders. Overall, while XTrend Speed has some strengths, traders should carefully consider the potential risks before deciding to trade with this broker.
Frequently Asked Questions (FAQs)
2024-03-22 16:54
2023-12-06 10:34
