Xtrend was founded in 2016 and is owned by Cyprus-based business ‘Rynat Trading Limited’ with its registered office and communication address in Cyprus. In addition, it has a Cyprus Investment Company (CIF) registered under number HE344135. In addition, Rynat Trading Limited is the owner and operator of the XBulls brand.
Xtrend is a controlled market, and for this study, we investigated both inside and outside of it. The broker seems to be acting ethically.
However, alarming allegations have surfaced that this business is a counterfeit that has cheated these people out of their online money. Let’s see whether any of it is real on Xtrend and if the broker’s promises about its safety are true.
Xtrend Regulation
Customers of sectionally regulated businesses in Cyprus benefit from generally stable regulatory circumstances that substantially protect their interests. Foreign exchange brokerage firms operating in Cyprus must be licenced by the Cyprus Securities and Exchange Commission (CySEC) or a relevant EU financial authority, and they must adhere to a variety of strict regulations. Such as
- Negative Balance Protection
- Compensation Funds
- Segregated Accounts
- Audited Reports
- No Bonus Incentives
According to the regulatory information provided above, Xtrend’s current CySEC licence enables the broker to provide financial FX services across the European Union.
However, many troubling allegations from past customers in the United Kingdom allege that the business dealt with them before. Even when the prohibition on bitcoin exchanges was lifted, this is clearly a red flag.
Xtrend Trading Conditions
According to the company’s website, XTrend offers very cheap spreads, averaging 0.2 pips on the EUR/USD pair. Even after deducting the $4 per side applicable fee, the total trading costs for this pair are about 1 pip per standard lot, which is in the lower half of the industry’s typical trading cost range.
A $50 deposit is needed to establish an account with XTrend, which is a reasonable starting point for a beginner. Apart from that, customers of the broker may leverage their accounts up to 1:500, which suits even the most aggressive trading strategies. We must warn you, however, that trading on margin has a greater chance of loss.
Another minor flaw with XTrend is that its offering might have been more diverse in terms of the types of tradeable assets available. XTrend now only provides trading in currency pairings, silver, and gold.
In fact, the majority of brokers now provide a broader selection of forex pairs, in addition to CFDs on indices, commodities, stocks, and cryptocurrencies such as Bitcoin. If you are a cryptocurrency enthusiast, we have compiled a list of different brokers who provide Bitcoin CFDs that are both reputable and legally regulated.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Mobile Interface and Platform
As previously stated, all XTrend trading is conducted entirely via mobile devices. When the firm developed its iOS and Android trading applications, it kept young traders in mind.
Despite the fact that these applications are intuitive and feature-rich, we believe that some traders will miss MetaTrader4 and the benefits of working with an industry-leading desktop platform.
Because it offers an excellent trading environment with an abundance of features, the majority of traders, both novices and experts, choose the MT4 trading platform. The programme is small, light, quick, simple to use, and dependable.
Additionally, it has superior charting and is well-known for its support for Expert Advisors, or trading algorithms that automate the trading process.
User Feedback
Our Xtrend review concludes that the company provides steady and dependable trading conditions. Their participation ensures that a fixed spread with minimal costs, a transparent online trading platform, and a diverse range of trading products are all maintained.
To maintain its licence as a broker, Xtrend conforms to stringent client security, stock security, and trading restrictions. Additionally, Xtrend promotes its traders via a variety of methods, including superior customer service, low transaction costs, and publicly regulated tactics.
We are aware, however, that a significant number of licenced brokers may choose to take advantage of their customers. Please share your odd encounters with us; we’d love to hear about them.
Bottom Line
XTrend, a Cyprus-based brokerage, provides its customers with an easy-to-use forex trading mobile application and competitive trading conditions. More significantly, it is licensed by the Cyprus Securities and Exchange Commission, which ensures that its customers’ money and accounts are secure.
On the other hand, this financial services provider is not appropriate for more experienced traders used to working from a computer and using professional trading software such as cTrader or MT4/MT5.
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