For many newcomers to Forex trading, one of the hardest decisions to be made, aside from trading decisions of course, is which broker is the right one to hold your hand. There are so many different options, as well as there being hundreds, no make that thousands, of brokerage firms to choose from.
*Author Note: Before going further make sure you also read more user data online since we discovered mixed user feedback.
There is a way to make the choice much easier, and far more productive than simply picking a name out of the hat. We are going to help by bringing you the lowdown on some of the big names, and also the up and coming ones, with our honest broker reviews. For those of you who want to take things a little slower, and risk small amounts of your hard earned cash in the beginning, keep reading our xCFD broker review.
A brief introduction to xCFD – A New Zealand broker
Brokers come in all shapes and sizes. Some have been around for decades and some just a few short years. xCFD is one of the latter and entered the world of online trading in 2013. Its registered address is Auckland, New Zealand, but there is also mention of a Cyprus address on the broker’s website. We also noticed the website is managed and operated by a company called Global Capital Markets Ltd.
Which is licensed and regulated under the Dealers in Securities Act by the Vanuatu Financial Services Commission. This may all sound a little confusing and certainly raises a shadow of doubt over this particular broker. And the fact there is very little upfront information provided is also a negative factor. Having to sign up and register for an account before getting any relevant trading details is never a good thing. Although we did find the operators very helpful when asking questions via live chat.
Nevertheless, in the interests of writing an upfront and honest xCFD review, we will continue and share some of the details any trader will be wanting to know.
What do xCFD offer in the way of an xCFD bonus?
If you want to take advantage of an xCFD bonus, you can do so right from the very beginning. We would advise anyone considering using xCFD to start with a demo account, as it is a great way to learn more about the company and how it operates. If you want to continue trading with xCFD there are bonuses available when you make the first deposit, providing it is made within 30 days and is more than the minimum of $10. If your real trading account is funded within the set time limit there is a 100% xCFD bonus. There is also a 35% bonus if the deposit is more than $200, and 50% if it is more than $300.
xCFD uses a trading platform of its own design
Rather than stick with the standard MetaTrader 4 trading platform, xCFD has decided to develop its own in-house platform. You will be able to trade all your products from just one standard account. Security and speed are of the highest quality and it has proved itself to be a very stable platform. It does require a download, but once this has been done, and it is quick and simple, you will be ready to start trading immediately. It supports all the usual mobile devices, so there is no problem if you prefer to do your trading will away from home. xCFD mobile can be used on any smartphone, iOS or mobile device.
xCFD offer just one main type of trading account
To keep things simple, xCFD offer one Standard account, as well as a swap-free option for Islamic traders. The minimum deposit is only $10, but if you want to enjoy some extra trading cash by accepting a deposit you will need to make a minimum deposit of at least $200. xCFD is a broker that provides ECN trading, so there are no hidden fees or commission and fixed spreads. Traders are able to choose from a great range of instruments, including more than 100 currency pairs, indices, binary options, bonds, stocks, and commodities. Fixed leverage of 100:1 is available.
All the usual payment methods are accepted by xCFD. These include the major credit and debit cards, Skrill, Neteller, wire transfer, and other local options.
Customer support is very responsive
We were able to appreciate the speed with which the customer support team answer any queries, right from the very beginning. Even without opening an account we were able to get answers to some pertinent questions with the help of live chat. But there is also a phone line manned 24 hours a day, and an email option.
How does xCFD fare in respect of client education? This is one factor we found very disappointing. There are a number of YouTube videos you will be able to watch. But these tend to center around the features of the xCFD platform and offer very little else in the way of trading education. There are plenty of other Forex brokers who offer far more. So if you’re a complete beginner you might want to look elsewhere.
In conclusion, we have to say there are a number of factors that lead us to advise any potential clients to take care. It was registered as a financial services provider in New Zealand but is currently deregistered. The reason behind such a decision is unknown. There are, however, a number of other good reasons to choose xCFD. Such as:
- Minimum deposit is only $10
- There is a demo account
- The bonuses available are worth considering
- Spreads tend to be very low
- A wide range of tradeable instruments are available
- If we didn’t consider xCFD worthy of your attention, we wouldn’t have bothered writing this xCFD review. But there are a number of negative factors you should bear in mind when deciding whether this is the right broker to be helping with your investment.
More Company Data
- Company Global Capital Markets Limited
- Website N/A
- Headquarters Cyprus
- Established 2013
- Languages English, Russian, Spanish, Chinese, German, Italian, Arabic, Dutch, Indonesian, Portuguese, Brazilian, Polish.
- Deposit Methods Visa, MasterCard, Maestro, Diners Club, American Express, Skrill, WebMoney, UnionPay, Neteller, GiroPay, Bitcomet, Wire Transfer and more
