The broker offers two platforms – the in-house XTrend Speed app and the widely popular MT4. With XTrend Speed, you can choose between two accounts – one based on the XTrend Speed platform, and another one based on the MT4 platform.
XTrend Speed received high scores in the Platforms and Tools and Fees categories. The company’s Support received a low mark.
Who is XTrend Speed For?
For beginner traders, XTrend Speed offers accounts with a minimum deposit of just $5. The low minimum deposit makes it easier for novice traders to make their first steps in the markets with real money. Real-money trading differs from demo trading due to the psychological pressure of having your own money at risk. The low minimum deposit allows traders to experience “real” trading with low risks. Advanced traders should note that XTrend Speed has a 3.5% withdrawal fee.
How Do We Rate?
When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
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.
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.