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XTrend Speed Review 2024: Pros and Cons of This Forex Broker

2024-06-11 Brokersview

XTrend Speed is a forex and CFD broker offering trading on a variety of assets including currencies, stocks, indices, commodities, and cryptocurrencies. It was founded in 2016 and is headquartered in South Africa, regulated by the FSCA (Financial Sector Conduct Authority) under license number 23497.

 

The broker provides two main trading platforms - the popular MetaTrader 4 (MT4) and their proprietary STrader platform. They also have a mobile app called Micro Trading or Xtrend for simplified trading on the go.

 

Account Types and Requirements

 

XTrend Speed offers standard MT4 accounts as well as STrader accounts. The minimum deposit requirement is quite low at just $10 for MT4 and $50 for the Xtrend mobile app.

 

Leverage is capped at 1:300 as per regulations. Accounts can be denominated in USD, EUR or GBP currencies.

 

Trading Conditions

 

One standout feature of XTrend Speed is their low spreads starting from 0 pips on major forex pairs during normal market conditions. They also offer very low minimum trade sizes of 0.01 lots or about $2 in monetary value. Order execution is instant with no re-quotes. XTrend Speed has over 10 top-tier liquidity providers to ensure tight spreads and deep liquidity. However, there is a 3.5% withdrawal fee which is higher than most other brokers.

 

Trading Platforms

 

As mentioned, XTrend Speed boasts two industry-standard platforms:

 

MetaTrader 4 (MT4): Renowned for its intuitive interface, MT4 provides a vast array of charting tools, technical indicators, and the ability to utilize automated trading strategies through Expert Advisors (EAs).

 

MetaTrader 5 (MT5): MT5 offers a more advanced feature set compared to MT4, including additional order types and a wider range of pending orders.

 

While MT4/MT5 are widely used and reliable platforms, some user reviews on Trustpilot yearn for XTrend Speed to develop its own platform with unique functionalities.

 

Their proprietary STrader platform has a different approach focused on very low minimum trade sizes of $2. It also integrates a social/copy trading functionality.

 

The Xtrend mobile app is a simplified version for basic trading on the go, with limited assets like 7 forex pairs and 4 metals.

 

Product Offerings

 

XTrend Speed offers a decent range of over 150 instruments across forex, stocks, indices, commodities and cryptocurrencies on MT4 and STrader. However, the Xtrend mobile app has a very limited selection. The stock CFD offering is relatively small compared to some other brokers. Cryptocurrency CFDs include major coins like Bitcoin, Ethereum and Ripple.

 

Research and Education

 

XTrend Speed provides some basic research and education materials like trading ideas, news, economic calendar and live webinars. However, they lack more advanced tools and structured education courses. There are some educational articles and a glossary of terms, but not a comprehensive trading course for beginners.

 

Regulation and Security

 

While XTrend Speed is regulated by the FSCA in South Africa, this is considered a Tier 2 regulator offering moderate protection to traders. They follow standard security practices like segregated client accounts and participation in investor compensation schemes as per regulations.

 

Customer Support

 

XTrend Speed's customer support was rated poorly in tests conducted. While response times were quick, the support agents mostly provided scripted replies and were unable to adequately resolve queries.

 

Support is available via live chat and email during trading hours.

 

Pros and Cons

 

Pros:

 

Low minimum deposits ($10 for MT4)

 

Tight spreads from 0 pips

 

Very low $2 minimum trade sizes

 

Popular MT4 platform available

 

Regulated by FSCA

 

Cons:

 

Limited stock CFD selection

 

High 3.5% withdrawal fee

 

Poor quality customer support

 

Limited research and education materials

 

Conclusion

 

XTrend Speed offers competitive trading conditions like low spreads and minimum trade sizes, especially for forex traders. However, their non-trading aspects like research, education and customer support need improvement. Traders should also be aware of the higher withdrawal fees compared to other brokers.

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