xTrend Review

Trust

XTrend Speed Regulations

XTrend Speed is the brand name of Rynat Capital (Pty) Ltd., regulated by the Financial Sector Conduct Authority (FSCA – license number 23497). We rate FSCA as a Tier 2 regulator.

Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?

Each regulator has its requirements for brokers, which may differ materially. Traders need to understand these differences to evaluate whether the broker suits their needs.

Rynat Capital (Pty) Ltd., which is regulated by FSCA, is also a member of the Investor Compensation Fund. Its clients will also benefit from the compensation scheme of up to €20,000.

Traders should also focus on whether their funds are segregated from the firm’s funds. Such segregation ensures that clients’ funds are safe if a broker has financial problems. In XTrend Speed’s case, the broker offers segregated accounts, boosting traders’ protection.

Negative balance protection is another important part of traders’ protection. In case a broker offers negative balance protection, its clients will not lose more money than they have in their accounts.

We have summarized key aspects of the broker’s entity in terms of regulation and safety in the table below:

Is XTrend Speed Safe to Trade With?

XTrend Speed has been in the market for more than five years, indicating a stable operation. The broker is regulated by a Tier 2 regulator (FSCA). The broker offers segregated accounts and negative balance protection. All in all, traders will have sufficient protection when working with a broker that is regulated by a Tier 2 regulator.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the size of the company, and how transparent they are in terms of information being readily available.

The broker’s website has all the important legal documents in one place, so traders have easy access to this essential information. At the same time, it should be noted that not all relevant information on fees or commissions is available in one place, and traders will have to search around the website or ask the support team. We cannot say that this information is “hidden”, but it is not always structured in the easiest way.

Since we had to specifically search for information on commission and fees as it was not available in the comparison table between accounts, we have assigned a medium level of transparency to XTrend Speed. In addition, the broker’s website does not contain its business history, which also played a role in our decision.

In summary, our findings indicate that XTrend Speed can be regarded as having an average level of trust and stability due to the following factors:

• FSCA-regulated broker.
• More than 5 years in business.
• The company could have organized information on commissions and fees in a better way.

Fees

XTrend Speed Trading Fees

XTrend Speed offers 2 account types in the FSCA-regulated entity: XTrend Speed account and MT4 account. Traders using the XTrend Speed account will enjoy lower spreads but have to pay commissions, which are different for various instruments. For those using the MT4 account, no commissions would be applied.

Note that fees are a significant factor that impacts the choice of the broker. Always focus on the fees for the instruments you trade rather than “average” fees, as they will reflect your own costs.

In this review, we tested the MT4 account. In this account, XTrend Speed charges spreads and swap/rollover fees with no commissions. It is important to remember that spreads are variable and depend on the liquidity situation in the market at any given point in time.

XTrend Speed Spreads

We tested the spread on the XTrend Speed MT4 account during the London open at 8 am UK time and just after the US open at 2.45 pm UK time. These are the most actively traded times.

Swap Fees

Are XTrend Speed Trading Fees Good?

XTrend Speed trading fees are mostly average for the industry, although they differ from one instrument to another. For example, the spread for gold is low, while the spread for DAX is high compared to the industry average. You should keep in mind that spreads will be lower when trading at the XTrend Speed account, but you will also have to pay a commission, depending on the exact instrument.

Non-Trading Fees

XTrend Speed has a 3.5% fee for all withdrawal methods. At the same time, the broker does not charge the inactivity fee, which is often applied when a trader does not make any trades for several months in a row.

Platforms and Tools

XTrend Speed Desktop and Web Platforms

XTrend Speed offers the MT4 platform for Windows, Web Browser, Android, and iOS. XTrend Speed platform is available on Windows, macOS, Android, and iOS. For this review, we tested the widely-popular MT4 platform.

General Ease of Use

MT4 is a very popular trading platform that suits beginners and advanced traders alike. While beginners may have some work to do to get accustomed to the platform, the information is readily available on the web, both in text and video forms, so those willing to study trading will face no material problems with MT4.

Charts

MT4 offers:

• 51 indicators
• 31 drawing tools
• 9 timeframes

Both beginners and advanced traders will have plenty of options to choose from when developing their trading strategy.

Indicators include:

• Trend indicators
• Oscillators
• Volumes
• Bill Williams
• Custom indicators

Available time frames include 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly, and monthly. Some platforms offer a wider range of timeframes, but the number of timeframes provided by MT4 is more than sufficient for practical purposes.

MT4 also supports objects:

• Lines
• Channels
• Gann Tools
• Fibonacci Tools
• Shapes
• Arrows

Please note that there are no Elliott Waves, an essential indicator for many pro-level traders. This indicator could be purchased from third parties.

Each chart could be displayed as a bar chart, a candlesticks chart, and a line chart. While candlesticks are generally more popular among traders as there is an abundance of candlesticks patterns used to make trading decisions, other types of charts also have their fans.

In general, MT4 charts are easy to configure even for novice traders after some prep work, and they surely have enough options for advanced traders who could also download and install additional indicators if needed.

Orders

MT4 provides access to main order types that you will need when trading:

• Market order, which is used to buy or sell the instrument at the current marketplace. This order is used when a trader wants to establish a position as fast as possible. Typically, this order is necessary when the instrument’s price begins to move quickly. The main risk of this order is that you pay a spread, which is the difference between the bid price and the ask price.
• Limit order, which is used to buy or sell the instrument at a preset price, or better. This order is used when the trader wants to establish a position at a certain level and is not willing to pay current market prices. Using limit orders is a good way to control risks because the trader controls the price that will be paid. In case of a fast breakout, the limit order may be used as an “upgraded” market order when the limit price is placed above the current market price.
• Stop loss order, which is used to exit the position when the price is moving in the wrong way. This order is triggered when the price reaches a specified price point.
• Trailing stop order, which is used to set a stop order that will move in case open position trends in the right direction. This order is used to protect a trader’s profits if the market direction reverses.

XTrend Speed Mobile App

General Ease of Use

The MT4 mobile app is rather easy to use. It provides charts, quotes, account balance info, economic calendar, news, and other tools to provide traders with an opportunity to make informed trading decisions.

Devices

XTrend Speed offers the MT4 versions for Android and iOS.

Charts

MT4 mobile app offers:

• 30 technical indicators
• 24 drawing tools
• 9 timeframes
• 3 chart types

This selection of options is more than sufficient enough for mobile-based trading. Typically, the mobile app is used when the trader does not have access to the desktop platform but needs to monitor the market and open positions. While the app is helpful in certain circumstances, it cannot beat the speed of work that could be achieved using the desktop platform, which is the primary solution for active trading.

Orders

In an MT4 mobile app, you can set market orders, limit orders, and stop orders. Trailing stops are not available on mobile trading terminals.

Tradable Instruments

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to bet on securities without owning the underlying securities. The key advantage of CFDs is the access to significant leverage, which is typically not available when trading other instruments. In this light, CFDs are very popular in short-term trading.

What Can You Trade with XTrend Speed?

• 63 forex pairs. The list includes major currency pairs like EUR/USD and USD/JPY, as well as exotic pairs like USD/SGD (U.S. Dollar/Singapore Dollar) or USD/NOK (U.S. Dollar/Norwegian Krone).
• 8 commodities. XTrend Speed allows you to bet on the direction of Gold, Silver, WTI Oil, Brent Oil, Platinum, Palladium, U.S. Natural Gas, and Copper.
• 8 indices. XTrend Speed provides access to CFDs on major indices like S&P 500 or Nikkei 225.
• 28 cryptocurrency pairs. XTrend Speed’s offering includes pairs of major cryptocurrencies like Bitcoin and Ethereum against USD and EUR, as well as more exotic options like Neo and IOTA.
• 64 stocks. Traders have access to famous names from the U.S. and Europe, like Apple, Chevron, and Bayer.

Forex	Shares
EUR/USD | AUD/USD| GBP/USD	AAPL | FB | TSLA

 

Indices	Cryptocurrencies
S&P 500 | CAC 40 | Hang Seng	BTC/USD | ETH/USD| XRP/USD

 

Commodities

Gold | WTI Oil| U.S. Natural Gas

To sum it up, XTrend Speed offers an average selection of currencies, commodities, and indices. The number of stock CFDs is low, although traders have a chance to trade CFDs on stocks from Europe, which may be interesting for some traders. The offering in the crypto segment is diverse enough to attract traders who want to try these kinds of assets but are not ready to open an account on crypto exchanges.

Customer Support

Support is an important part of doing business with the broker, as traders sometimes need timely answers to their questions, especially at times of market volatility.

XTrend Speed provides support via online chat and email. We have contacted XTrend Speed support several times, and support agents have quickly responded to our questions. However, not all problems were resolved, and the support left the impression of being highly scripted.

XTrend Speed Customer Support Test

In our rating, we tested XTrend Speed chat support. Support agents have quickly responded to our questions. However, the quality of these responses was low as they mainly consisted of scripted lines and, in some cases, a link to the main page of the XTrend Speed website. As a result, XTrend Speed received a low score on the customer support test.

Deposit and Withdrawal

XTrend Speed provides several options to deposit and withdraw funds from the account. These options include cards from major global payment systems, e-wallets, and wire transfer.

The only base currency is USD. In case the deposit is made in another currency, it will be automatically exchanged into USD, based on the XTrend Speed exchange rate.

The first deposit is just $5, so everyone can try XTrend Speed’s services. There are no deposit fees on the XTrend Speed side. However, traders should keep in mind that their bank or payment system may charge fees for transactions.

The minimum withdrawal is $20. However, if you use the wire transfer method, the minimum withdrawal is $100. Please note that a 3.5% fee is charged on withdrawals by E-wallet/ Credit Card/ Debit Card.

XTrend Speed Deposits

On the deposit side, XTrend Speed provides a sufficient number of options that should suit most traders. Main payment systems, popular e-wallets, and wire transfer options are all included. There are no fees for deposits, which is standard for the industry as any broker wants to attract clients’ funds.

XTrend Speed Withdrawals

Withdrawals can be done via the same methods as deposits. the main problem of XTrend Speed is the fees. Interestingly, these fees cannot be found in the company’s withdrawal policy but are listed in the FAQ.

Account Types and Terms

XTrend Speed offers two types of accounts – the STrader account, which uses the company’s in-house trading platform, and the MT4 account, which uses the widely popular MetaTrader 4. XTrend Speed offers demo accounts, so you can try the company’s platform without using real money.

XTrend Speed offers an easy-to-use mobile app, which is not surprising as the company started its business with the app and then expanded its offerings to the desktop.

Why is Choosing the Right Account Type Important?

The Account that you choose must meet your needs. Typically, the trader should focus on base currency options, contract size, commission, fees, the number of pending orders/positions, and the minimum deposit size. In XTrend Speed’s case, the primary choice is between the trading platforms.

What Account Types does XTrend Speed Offer?

There are two main differences between the account types that you would use. The first one is the software you will use – XTrend Speed or MT4. The second significant difference is how you will compensate your broker for trading. In the XTrend Speed account, you will pay a spread and a commission. The size of this commission for each instrument can be found in the mobile app. In the MT4 account, there are no commissions. Not surprisingly, the spreads are larger than in the XTrend Speed account.

What is CFD leverage?

CFD Leverage allows you to avoid paying the full value of the position. Instead, you pay a deposit, which is called margin, while the remaining funds are borrowed.

XTrend Speed Account Opening Process

The account opening process is straightforward:

• Step 1: Click on the “open an account” tab on the front page.
• Step 2: Enter an email and a password, or use your mobile phone.
• Step 3: Enter basic KYC information like your name, country of residence, address, etc.
• Step 4: To get access to all options, complete the identity verification process.

The whole process is digital and easy to complete. The basics could be completed in under 10 minutes, although the identity verification process will take more time.

What is a demo account?

A demo account is an account that allows you to test the broker’s services and your trading skills without risking your money.

Please note that your trading experience will differ when you use a demo account compared to a real-money account due to human psychology, as traders find themselves under pressure when the real money is at stake.

It’s a good idea to use the demo account for practicing and learning the trading platform, but do not spend too much time on the demo.

XTrend Speed supported countries

XTrend Speed does not offer services to residents of certain jurisdictions, including the U.S., Australia, Japan, Turkey, Canada, and some others.

Research

XTrend Speed provides research support to its clients in the “Analysis and Education” segment on its website.

There, traders can read about the latest trading ideas. Such ideas include a chart and a brief written explanation of the idea. The company’s clients also have access to the news feed.

As usual for brokers, XTrend Speed provides access to the economic calendar. Traders can also watch detailed live videos that discuss the current situation in the markets.

At the same time, XTrend Speed lacks fundamental stats and additional tools, which has decreased its score in this section of our rating.

Education

Educational support is offered by the above-mentioned “Analysis and Education” section on the company’s website. Educational material could be found in the section called “Trading Knowledge.” It includes basic information on certain topics, but it is not a comprehensive guide. In addition, the data is not structured in a way that would take a beginner trader from the basic level to more advanced topics. At the same time, beginner traders could still find enough useful info in this section.

We would also like to highlight that XTrend Speed offers a detailed glossary of terms that a trader could face in the financial markets.

The Bottom Line

XTrend Speed emerged as a mobile-focused broker, and the simplicity of its in-house XTrend Speed app will likely attract beginner traders.

Traders can open an account with Rynat Capital (Pty) Ltd., regulated by FSCA. We rate FSCA as a Tier 2 regulator, which means it offers adequate protections for traders. The broker’s trading fees and the selection of instruments is fairly standard, although it should be noted that stock traders will likely search for more options elsewhere. The low number of available stocks has decreased XTrend Speed’s score in the Instruments part of our rating.

In addition to the simple app, the broker offers research support, including live webinars and trading ideas, which would be useful for beginner traders. XTrend Speed also provides some educational articles and a glossary, but they cannot be viewed as a complete course for traders who are new to markets.

Speaking about the disadvantages of the broker, traders should keep in mind that XTrend Speed has a 3.5% withdrawal fee. Also, XTrend Speed showed weak performance in our support test.