Choosing a broker nowadays requires a lot of researching in order for you to find the best one that is suited for your trading needs. Then I heard about xCFD and got curious if they have something new or interesting to offer. Based on the information that I got, they are based in New Zealand and have been in the market since 2013. They are licensed and regulated by the Financial Services Provider and have more than 650 tradable instruments comprising of forex, stocks, commodities, indices and bonds. The platform can be accessed on a PC and even mobile phones so trading on any unit or device is possible. There’s also a demo account which never expires and this can be used for practice trading. Transferring money into the account was plain easy because they accept various payment methods. When it comes to support they are always very attentive and fast in resolving almost any type of issue or problem.
Switching to live trading only requires 1 mouse click which enabled me to toggle between this and the demo account in just seconds. I find their trading conditions to be very competitive particularly with their ultra-tight spreads. Overall my experience was excellent and highly satisfactory. Scroll down to read my complete review.
Demo Account: Risk-free environment
It’s possible to use their demo account even if you haven’t deposited any amount in the live account. It doesn’t have an expiry time and it’s even loaded with $20,000 virtual money that you can freely use for practice trading.
Bonuses: Perks for newcomers
As a newly signed-up member you will be entitled to receive $30 for sign-up and a 50% bonus on your first deposit. They also have a referral program wherein you can get up to $600 for referred users.
Platform: Supports various operating systems
xCFD’s online multi-product platform is powered by Exante, a reliable provider for high-volume traders. It can be accessed using the web-based interface or by downloading a software that runs on Mac OS X, Windows, Linux, Android and iOS. And since the platform is brand new, expect an ultra-fast execution with your orders.
Mobile Trading: Intuitive and intelligent apps
The intuitive apps for iOS and Android mobile operating systems allow you to do full trading and order management on the go. It’s very fast and only consumes minimal system resources.
Minimum Lot Size: No lots or points
What makes this broker different from the rest is that they don’t have lots nor points in their platform and it all depends on how much funds you have. That means you can set your desired amount in the quantity field in units of an instrument. The minimum amount is 1 and there is no upper-limit.
Maximum Leverage: Potential returns increased
The 1:200 maximum leverage ratio of 1:200 which is enough for me to increase my potential returns although it would have been more profitable if they have a much higher proportion.
Spreads: Ultra tight
xCFD offers incredibly low spreads and zero commissions on major currencies including the EUR/USD pair which has a pip value of 0.5. Such value can definitely bring you an advantage to your trading.
Tradable Instruments: Over 650 choices
With this broker you can trade stocks, commodities, forex, indices and bonds from a single account. You have plenty of choices and plenty of ways to expand your trading portfolio.
Deposit and Withdrawal
Minimum Deposit: Competitively low
A minimum deposit of $100 is required for you to sign-up for an account and start live trading. With so many tradable instruments, this amount might not even be enough because you are most likely to make more deposits in the future especially if you are a dedicated trader.
Deposit Methods: A selection of trusted payment options
Funding your xCFD account can be done via wire transfer, credit and debit card, UnionPay and E-payment systems. These are the most secured and the most popular payment methods that are used today so there’s no need to worry about the safety of your transactions.
Withdrawal Methods: Very easy
Even the withdrawal methods are very easy to use and since they support the fight against money launderers, they follow the strict guidelines that are set by the Joint Money Laundering Steering Group.
Withdrawal Processing Time: Only 48 hours
Processing of withdrawal requests only takes up to 2 days and during my actual test I was able to get the money that I had withdrawn from my account just as they promised. This means they are true to their word.
Channels: Various communication methods
Getting in touch with their support team can be done via phone, email, live chat and even newsletters. This means you have plenty of ways to contact them.
Availability: 24 hours a day, 7 days a week
You can contact them any time since they are available 24/7.
Supported Languages: Only 3 options
Currently, the supported languages are only English, Russian and Chinese only.
Average User Rating: 8.9
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Easy to navigate and user-friendly
The web-based platform has a drag and drop interface so it’s very easy to place a position. In terms of navigation, the website is very easy to browse thanks to its user-friendly layout and system.
Support: Efficient in handling customer concerns
All kinds of issues and concerns are handled by their customer service team efficiently. They try their best to solve any problems during the first call or conversation to achieve first call resolution.
Reputation: Officially registered with New Zealand’s FSP
xCFD is officially registered with the Financial Services Provider New Zealand and they are also a member of the Financial Dispute Resolution Service. This goes to show that they are always in accordance with the strict guidelines that are set by this reliable financial authority.
Editor’s Rating: 75
xCFD runs a fully-optimized platform that can be run across different systems. It’s smarter and faster than most trading platforms that are used in the market today. The wide range of trading instruments particularly the stocks and forex opens a lot of opportunities for their users to make great profits together with maximum leverage which can increase high potential returns. xCFD has an above average customer support available 24/7. Their status as a registered member of the FSP in New Zealand guarantees that they conduct transactions under the strict guidance of this trusted regulator.