Is xCFD the Right Forex Broker for You?
xCFD is a relative newcomer to the Forex world, but has nevertheless made quite an impact on the industry. Established in 2013, it has its headquarters in New Zealand, and so far it has been a little difficult to determine whether this broker is regulated by anyone in particular. Many sites and reviews we have read state that it is licensed and regulated by either the FSC, or as a financial services provider in New Zealand. We also found via the New Zealand Companies office that it is currently deregistered, but have been unable to find a reason behind the decision. Although we did find a hint that it was to do with their website and claims that the company is registered in New Zealand. It appears, if you look at their homepage, they are trying to make amends for any misunderstanding. Which is why we’ve decided to continue with our xCFD Forex brokers review, and will aim in the future, to keep you informed of any developments.
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An introduction to xCFD
xCFD have almost 700 tradable instruments. As well as forex there are stocks, commodities, bonds, and indices. Trading can take place on any unit or device, whether sitting at home in front of a PC, or on the move and using smartphones or tablets. Various payment methods are available, and there is excellent customer support.
All in all it offers an enjoyable Forex trading experience and we were particularly impressed with the tight spreads.
xCFD offers their own Forex trading platform
xCFD have decided to go with their own Forex trading platform and it allows traders to trade all their products in just one account. It has proved to be a very stable platform and security and speed is top quality. It is quick and easy to download and install. And there is no need for a Diploma, so anyone can be up and running in the blink of an eye. There is no cost involved in the download, and for those traders who love their gadgets, there is a mobile version as well.
xCFD Forex brokers offer a range of great Forex bonuses
This particular broker has gained quite a reputation for its bonuses. And also the fact that multiple products can be traded from one account. With a minimum deposit of $100, and the chance to earn a welcome bonus of 50%, we thought it would be mad not to try. There is also a $30 no deposit offer if an account is opened. Because of their multiple trading option there is little need for different accounts. There is also a very attractive referral program that gives traders up to $600 for any new clients they refer.
Making payments with xCFD Forex broker
XCFD offers all the usual payment methods, and it all seems to happen pretty quick. Payments can be made using wire transfer, Skrill, credit and debit cards, and a number of other options.
xCFD is an ECN broker, with fixed spreads, and no hidden fees or commission. Hedging is definitely frowned, upon but it is possible to get away with scalping. There are loads of different trading instruments to choose from, including over 100 currency pairs, commodities, indices, binary options, stocks, and bonds. Leverage is fixed at 1:100, and for beginners there is a great education center and great lessons for those who want to understand Forex as much as they can.
Getting in touch with customer support
Any problems and customer support is at the end of a phone, 24 hours a day, 7 days a week. It is also available in a number of different languages. There is also an email option and the opportunity to take part in a live chat.
So let’s finish up this xCFD Forex broker review with a quick summation of the good points.
Main advantages of the new Forex broker on the block
To finish up our xCFD Forex broker review, we’ll provide you with a brief summary of the good points, which should help you come to a decision about the best Forex broker for you.
- Customer support services are good
- The bonus systems offered are worthwhile, especially for newcomers to the site
- It has achieved a reputation for reliability
- Spreads are very low
- A wide range of trading instruments to choose from
- Price feeds are live
- Low minimum deposit of $100
- Low latency and swift trade execution
If we didn’t think they were worth a mention we wouldn’t waste our time writing this review. It’s a shame that this particular broker doesn’t offer a demo account, but if you’re sensible and don’t jump in too fast too soon, you’ll be able to keep your risk low while seeing if xCFD is the one for you.