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XTrend is a simple broker with a twist: it offers its services only to mobile traders, or if looked from a different point of view, it offers a trading platform that is only accessible on a smart phones.
Rynat Trading Limited is the holding company of XTrend. It’s tightly regulated by Cyprus Securities and Exchange Commission (CySEC), carrying all necessary investigations in order to ensure fraud-free market operations. As part of CySEC, XTrend is part of the Investors Compensation Fund allowing for a compensation of up to €20 000 to be attributed to clients, if the broker fails or becomes insolvent.
Even with a legitimate regulation XTrend lacks in quality when compared to other brokers. Some of the information is contradictory, and the overall feel of the broker is rather lackluster in execution.
The leverage is limited to 1:30 by ESMA, while Professional clients (substantial deposits and specific requirements) can take advantage of a leverage up to 1:500. However, the broker does not quite make it clear that the offered 1:500 leverage, or any amount above 1:30 is for Pro Clients only. Instead it uses the 1:500 as example and mentions it more than the ESMA decreed spread of 1:30. This can be confusing and misleading to more inexperienced brokers. We have this small piece of info, barely informing us of the whole ordeal:
Furthermore, the maximum leverage value mentioned at instances in the website is incompatible. Some parts of the website say that the maximum is 1:500, while others claim it to be 1:300. Whichever one it may be, this further increases the confusion factor, and is very unprofessional.
The average EUR/USD spread is 0.2 pips as pointed out on the website, which is highly profitable for traders but unlikely to be actual, and as we shall see, is burdened with a commission.
The trading assets offered by XTrend are very limited. Only Forex Pair and two Metal types. Objectively talking, this is not at all sufficient for the modern trader to work with. Here’s hoping that they will increase the quantity of products.
The website comes in English, Chinese, Portuguese, Italian, and Spanish.
As mentioned, the broker only allows for mobile trading. As such, it has accommodated its services to an XTrend trading app.
We already observed the confusion surrounding the leverage, more specifically the Pro Client leverage, while the EUR/USD spread is said to be 0.2 pips.
This low cost of trading has a commission attached to it, yet, here again the broker is ambiguous, whether these are per side or round turn:
If the commissions is in fact $0.04 per 1 Standard Lot then this commissions barely increase the initial spread, and offers an insignificant amount of profit for the broker.
XTREND MINIMUM DEPOSIT
The first deposit minimum is $50 according to the FAQ. On the Home Page it says that users can invest as low as $5. After that it is mentioned in the Terms and Conditions that there is a minimum deposit for certain account types, but the clause does not indicate any account types nor any actual minimum deposit:
So the minimum deposit is unsure, except if one is to register and verify his/her account.
There are two base currencies: EUR and USD.
Users can fund an account by means of Wire Transfer, Credit/Debit Card, Skrill, Neteller, Safecharge, Ecommpay, PayPal, and PaySafe.
There are no fees attached to deposits.
Information in the Terms and Conditions say that the broker cannot provide a specific time frame withing which deposits are processed.
XTREND WITHDRAWAL TIME AND FEES
CySEC regulation has never disappointed in bringing the safest possible withdrawals.
The withdrawal methods are them same as the ones used for depositing. They are Wire Transfer, Credit/Debit Card, Skrill, Neteller, Safecharge, Ecommpay, PayPal, and PaySafe.
All withdrawal requests are processed within 1 business day. The time it takes for the money to arrive ranges between 3-5 days
There are withdrawal fees that are left undisclosed. The Withdrawal Policy is unhelpful:
As instructed, we searched the website, and stumbled upon the info that a 3.5% charge is applied to all Credit/Debit Card, Skrill, Neteller, Safecharge, Ecommpay, PayPal, and PaySafe withdrawals. Wire Transfer are charged with $/€45 or $/€50 per transfer, depending on the bank. Don’t forget that there might be fees from the payment institutions themselves.
The minimum withdraw amount is $100 if using Wire Transfer. The minimum withdrawal is $10 when using the any of the other payment methods.
The dormant account fee of $/€50 is activate after 3 months of inactivity. After 6 months of inactivity the broker has the right to close the account, and cease all of the fund of the client if he/she is not reachable (cannot be contacted). Here the entire clause for further clarity.
There is no doubt that XTrend is licensed by one of the most trusted regulator, yet at times XTrend behaves in a shady manner; concealing info (or expertly hiding it) and providing contradictory claims. If we were you, we would give XTrend some time to fix its minor but noticeable issues, before investing.
XTrend compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines