When you search for online brokers to sign up with one, you will often hear people talking about Xtrade. They usually think of this broker as being the one who cares about its traders the most. There is no doubt that there is a long list of online brokers that provide their traders with some great services. Some rely on huge leverages while others pay more attention to offering great bonuses. However, the best broker is one that makes the lives of its traders in every possible manner. That’s where Xtrade seems to shine more than any other broker out there. What is this broker doing differently that’s making it so famous?
Read this detailed review of Xtrade to find out everything great about this broker.
Xtrade – The Three Signs That Show It Cares about Its Traders
1. The Trading Platform
The first sign that tells you how much a broker cares about its traders is the trading platform from it. Yes, if your broker cares about you, it will provide you with the best trading platforms out there. You will be surprised to know that the best brokers in the world do not rely on only one platform. It is true that every platform has its strengths and weaknesses. Just because you enjoyed using a trading platform on your desktop computer does not mean you will love trading on it while using your tablet as well. These are the things that brokers have to keep in mind when they choose trading platforms for their traders.
Let’s look at the elements that make a trading platform the best and then figure out if Xtrade’s trading platform meet those requirements.
It Should Not Cause Compatibility Issues
The first thing you have to expect from a trading platform in 2020 is that it must not cause any compatibility issues. Compatibility issues are a thing of the past. You can’t say that a platform is not available on the operating system you use. Well, if your broker is living in the same century as you are, then it must know your requirements as a modern trader. Traders are joining trading platforms from all around the world. These people use different types of devices and operating systems. You can’t ask these millions of people to change their devices only because your trading platform is not compatible with them.
That’s what brokers have started to learn in recent years. Fortunately, you have brokers like Xtrade that have understood this thing early on. The broker has arranged its trading platform in such a way that you can use it no matter which device you are on and which operating system you have on the device. If you are an Android user, you will have the same trading experience that an iOS user is having. You can download the trading application on your mobile phones and use it without a care. The trading platform is swift because it has been designed specifically for mobile devices.
You will be surprised to know that this is the only broker that brings a different version of the trading platform only for tablets. In most cases, the broker has the trading platform available for desktop computers and smartphones. With Xtrade, you will have the trading platform on your tablet as well. It does not matter which part of the world you are going to because the trading platform will travel with you. Last but not least, one has to mention the web trader, which is a web-based version of the software that runs on any device without any downloading.
It Should Be Fast
The trading platform you use for trading must not have speed issues. As a new trader, you might not be aware of this issue but it has cost millions of dollars to traders from all parts of the world. What happens is that you place an order after looking at the price of the asset. You think you have placed the order with the price you see on the screen, but what has happened is completely different from your imaginations. Your software halted or glitched, and caused your order to delay. Now, you are trading the asset at a price that you do not even know. You end up with a huge loss and the broker does not take any responsibility of that.
You will not have to worry about this problem when you sign up with this broker and use its trading platform for trading. The software is fast and executes your orders swiftly so what you see on the screen is really what’s happening in real time.
2. The Index of Assets
This is where you will find the second biggest sign that the broker cares about you. You have to see that asset index of your broker to find out how many assets you can trade. In addition to that, you should see how many financial markets you have access to when you sign up with the broker and start using its trading platform. Even the smallest online brokers can give you access to at least half a dozen different financial markets. For that reason, you should not expect anything less from the broker if it claims to be a big one. In the case of Xtrade, you will find more financial markets and tradable assets that you can imagine.
There is not a financial asset that you will not find with this broker. Let’s take a look at them one by one so you can understand what you are getting with this broker.
You can trade commodities after signing up with Xtrade. Commodities can be of many different types. They are classified as one asset group but you will find many different types of assets in them. Whether you want to trade fuels, energies, metals, or some soft commodities, you find them all in this particular list. The best thing is that the broker allows you to take advantage of fixed spreads when you trade commodities with it.
There is no stress needed on stocks to make someone understand them. These are the shares of huge companies from around the world. Think about Google, Apple, Microsoft, and other similar companies. These companies have their shares on the market for traders to buy and sell at will. You can trade a variety of assets with the broker. You have hundreds upon hundreds of stocks that you can trade with this broker. That’s something you should not expect from every online broker though.
Currently, you do not have any financial market as big as the foreign exchange. That’s where you exchange one currency for another. As prices of different currencies fluctuate, you make profits from them. You have to make sure that you pick a currency that’s going to go in the same direction as you have predicted. Forex currency pairs are always traded in the form of pairs. You have to trade one currency for another. You can trade all the major currency pairs with Xtrade. However, that’s something you can do with any online broker.
What makes Xtrade different is that you can find a variety of exotic and rarely found currency pairs with it as well. In addition to that, you will be able to use huge leverages on your forex trades so you can make huge profits at the end of the day.
You have to know at this point that the assets you are reading about right now are not the only ones you can trade with Xtrade. This broker brings you a long list of indices as well. In addition to that, if you do not want to own the assets you are trading, you can go with ETFs and CFDs as well. With CFD trading, you can enjoy some huge profits because of the huge leverages that are at your disposal from the broker.
Well, coming back to the important point, you can trade cryptocurrencies with this broker. Whether you believe in cryptocurrencies being the next internet or are in crypto trading because you think it can make you a millionaire in no time, you will be able to find them all on Xtrade. You will not find many other brokers offering you these many cryptocurrencies for trading despite having a long list of other assets on the asset index as well.
That’s where this broker takes the cake. Yes, all the major online brokers are now paying attention to safety of the traders, but you can’t find one that’s as safe as this broker. First of all, there are many ways to check how much a broker cares about safety. Let’s measure the seriousness of this broker in terms of safety by looking at these important factors.
That’s the first thing you have to look at when you are signing up with an online broker. You have to see whether or not the broker is regulated. Regulated means that the broker has an authority looking into its financial matters and taking care of the interests of the traders. If there is no authority doing that, traders can consider their money gone. How can you expect a broker to take care of your money if it is not answerable to anyone for fraud and mischief?
Despite this being such an important point in safety, you will find that many online brokers are still not regulated. However, you do not have to worry about regulation when you sign up with Xtrade. This broker is properly regulated by IFSC.
Safety of Funds
Does your broker do anything to make your funds safe? Is it meeting all the requirements of the industry to keep your funds safe? These are the questions you should ask yourself and your broker before you sign up. The first measures that brokers take to secure your funds are segregation of funds. Segregation means that the broker is going to put your money in accounts that are different from its own accounts. If the broker mixes your money with its own money, you can consider it gone if something wrong happens to the broker someday.
You will be happy to know that Xtrade does not disappoint you in this area either. The broker pays attention to its traders and their safety by putting their funds in segregated accounts. In addition to that, you will notice that the broker allows its traders to use the safest methods for transferring funds in their accounts, making transactions safe right from the start.
Safety of Info
Last but not least, you have to see how serious your broker is with the safety of your information. If you do not pay attention to protecting your information, online websites will obtain the data and share it with other third parties. Next thing you know, you will be receiving calls and messages from people you have no connections with. However, what’s more grave is the fact that your information can be stolen as well. If someone steals your personal information from the servers of the broker, you can become a victim of identity theft.
The result of this activity is that someone else will be making purchase in your name and signing up with online websites. Worse yet, you might start seeing unknown transactions appearing on your credit card. It will be too late before you figure out what’s going on. However, you will not have to fear such a situation when you sign up with this broker. It takes care of your information through encryption. The strictest encryption protocols ensure that your information is safe from any stalkers on the internet.
You can see that Xtrade shows all the signs of being a broker that cares about its traders. It keeps their information and money safe, and provides them with a trading platform that makes their lives easier. In addition to that, the broker is regulated, which is the most prominent sign of a broker’s seriousness with safety. If you are looking to start your trading and want your first broker to be your last, you should definitely give a thought to signing up with Xtrade.
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1. Should I change money at my own bank at home?
The exchange rate is very, very different from bank to bank! However, a general rule applies: your bank at home for the money always demands a worse exchange rate than a bank in your holiday destination. Why? Your bank must first transport foreign currencies to Germany and keeps them in stock. The other currency is already there abroad. You bring your own Euros.
That is why an exchange office, for example in London, can offer a better rate for buying sterling with Euros than your bank at home. The costs for the exchange office abroad are lower.
- Should I change money before I go on vacation?
For 98% of all travel destinations it is better to change money only on vacation.
Your bank at home, various online services and exchange offices always charge a worse rate in Germany than in your travel destination.
It only pays to switch money at home if you are going to a country where it is difficult to get cash. This is not an issue in any of the popular tourist destinations.For example, in China it can be a problem to find a machine that accepts European debit or credit cards outside of cities.
This is not a problem in all European countries, South and North America and all typical Asian and African travel destinations.
Also Read: Top Five Ways You Can Purchase Ethereum
- Avoid exchange offices at the airport, train station and nearby sights!
The exchange offices at the airport pay a lot for their location. They also understand that there is little alternative to them. Therefore, the exchange offices at the airport, sometimes at train stations and nearby sights, can charge a worse rate.
Only change money at the airport if you really need to. It is therefore best to exchange only a small part of your Euros at the airport or train station, for example only for a taxi or public transport.
In case of doubt, the exchange office at the airport is usually cheaper than changing the money at home.
ATMs and card readers abroad often ask the question during the transaction: Settling in Euros or in the local currency?
The DCC disguised as a service costs you 10% of your money. ATMs particularly liked to have installed the query near sights, airports and train stations. A classic example is the ubiquitous yellow and blue Euro net machines near sights in Europe.
The vending machine owners use other phrases such as: Settling at a fixed exchange rate? Or guaranteed exchange rate! Or Settling in Euros?
Always press No and settle the transaction in the local currency! If you have questions that are misleading, you have to think briefly.
Again the general rule of thumb, because it is so important! Always settle transactions abroad in the local currency! Are you in England Then settle with British pounds sterling instead of Euros?
- First change money, and then pay in the restaurant!
The exchange rate is particularly bad if you pay with Euros abroad in a restaurant or a shop.
The course is certainly worse than in an exchange office, with card payment or at an ATM.
Keep in mind that the waiter will have to carry your Euros to an exchange office later. There he pays the exchange rate and wants money for his additional work.
My experience is that restaurants are on average at least 10% worse off than exchange offices.
Sometimes you can still negotiate the exchange rate. This allows you to get out a few percent. Paying in Euros instead of in the local currency is still a makeshift solution that pays off very, very rarely.
- Remember to compare the exchange rate!
If possible, always compare the course in the exchange offices! This is usually easy in tourist destinations.
Exchange offices usually have a better rate away from the sights. Although there is more exchange offices near a lot of the places visited, which drives the competition, the high rental prices in city centers unfortunately result in an average high price level.
Remember to compare if the exchange offices charge a fee. This is almost always the case in countries like Denmark or the United Kingdom. In countries like Turkey, the Czech Republic or Hungary, very, very few exchange offices charge an additional fee
- Typical tourist traps when changing money!
Wrong course: the good course is on a neon sign and the bad course on the receipt or in lower case as a valid course close to the advertisement. It is one of the international classics among tourist traps. Always ask before changing money about the course and pay close attention to what is on the receipt. Do not sign receipts in a foreign language! The exchange offices in Prague are notorious for this!
Hidden fees: Although there are a big No fees or No commission at the entrance, the exchange office still charges a fee.
Counting money: whether unintentionally or intentionally – calculate exactly how much cost money you give the exchange office, how much you should get and how much you ultimately hold in your hand. This is a problem especially near party districts abroad. Keyword alcohol.
Street vendors: no matter in which country – never change your money on the street! The chance of counterfeit money, a scam or any other problems is then maximum. In some countries, locals like to change euro coins on the street. This can be okay because exchange offices rarely exchange euro coins abroad.
Mix up money: some countries have introduced coins that look like 1 or 2 euro coins. For example, this is a problem in Turkey and Poland.
- Scams with ATMs on vacation
High standards: some ATMs only have very large sums to choose from. At the Charles Bridge in Prague, for example, the machines display amounts starting at 10,000 crowns. That’s the equivalent of 400 €! You must first select a smaller amount manually. There are also high fees and dynamic currency conversion queries. Such a transaction easily brings the ATM operator € 40 or more.
Land currency: I have already mentioned Dynamic Currency Conversion with the additional fees for transactions in Euros. The problem is international, whether you are in Thailand, Sweden or the USA. Always withdraw money in the local currency and pay in the local currency!
Fixed exchange rate: this happens very often within the airport terminals. The machines have an exchange rate set by the operator, which is very much to your disadvantage. Always withdraw money outside the terminals or with a normal ATM in the city. Also avoid tourist-like vending machines near tourist attractions and use the branches of local banks.
- Remember the foreign currency fee when paying with cards!
Within the EU, withdrawing money with a third-party machine costs the same as in Germany. That’s an average of 4 to 6 € per transaction. The exact conditions depend on your bank. Some do not charge any fees at all, some are particularly strict. With credit cards you generally get out better than with a normal EC card.
Travel credit cards are even better. With them you pay no bank withdrawals for money and no foreign currency fee.
- Use free travel credit cards!
V Pay EC cards only work in Europe. You have to activate Maestro EC cards abroad. Credit cards are therefore necessary for many travel destinations. They have cheaper fees and are a backup for unexpected expenses.
Travel credit cards are particularly cheap. There are now dozens of them on the market.
My recommendation is the Genial Visa Card from Hanseatic Bank. In my opinion, it has the best conditions by far. You pay no annual fee, no third-party machine fee and the billing works automatically.
The catch of all other travel credit cards is that they do not settle automatically with the same conditions. Many leave the bill behind and pay high interest rates as a result.