Choosing a reliable trading platform is no easy task. XTrend Speed has gained widespread attention due to its strong sponsorships and increasing popularity among traders.
But the real question is, is XTrend Speed trustworthy or not? Let’s delve into the details, assess its services, and reveal the truth.
Table of Contents
Who Is XTrend Speed?
XTrend Speed is a trading platform owned by Rynat Capital (Pty) Ltd, a company registered in South Africa. It holds a license from the FSCA (Financial Sector Conduct Authority) under FSP number 23497. While being licensed by the FSCA offers some credibility, it does not guarantee the same level of security as top-tier regulators like the FCA (UK), BaFin (Germany), or ASIC (Australia).
Key Points About XTrend Speed:
- Registered in South Africa and regulated by FSCA.
- Ownership: Rynat Capital (Pty) Ltd.
- FSCA license number: 23497.
- Does not have a European license, which could be a red flag for some traders.
Pros:
- FSCA regulation ensures compliance with basic standards.
- Popular in certain regions due to sponsorships with ACF Fiorentina and the Argentine Football Association.
Cons:
- Lacks regulation from top-tier authorities like FCA, BaFin, or ASIC.
- Offers services to UK residents without the necessary UK FCA license.
Comparison of Regulatory Bodies
| Regulatory Body | XTrend Speed (FSCA) | FCA (UK) | ASIC (Australia) |
|---|---|---|---|
| License Number | 23497 | Mandatory for UK service | Mandatory for Australian service |
| Level of Regulation | Moderate | High | High |
| Trader Protection | Moderate | Very High | Very High |
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Trading Platform and Mobile App
XTrend Speed offers a proprietary trading platform, which can be accessed via a WebTrader interface or downloaded as a desktop app for Windows and Mac. The platform provides features like copy trading and trading signals, which may appeal to beginners.
However, it is important to note that XTrend Speed does not use widely trusted platforms like MetaTrader (MT5) or cTrader, which are known for transparency and robust trading tools. Instead, they have chosen to develop their own platform.
Mobile Trading App:
XTrend Speed also offers a mobile trading app, which has received decent reviews on Google Play Store, with over 5 million downloads. However, the actual number of active users may differ from what is advertised.
Pros:
- Mobile app available with more than 5 million downloads.
- Copy trading and trading signals can be useful for beginners.
Cons:
- Proprietary platform not as reliable as MetaTrader.
- Limited transparency regarding performance metrics of the platform.
Available Instruments
XTrend Speed allows trading in several asset classes, including Forex, Stocks, Indices, and Commodities. However, it does not offer cryptocurrency trading, which is a drawback for traders looking to diversify into crypto assets.
| Asset Class | Examples | Availability |
|---|---|---|
| Forex | USD/GBP, EUR/SEK | Available |
| Stocks | Apple, Google, Meta | Available |
| Indices | NASDAQ, FTSE100, DAX30 | Available |
| Commodities | Gold, Silver, Corn | Available |
| Cryptocurrency | Bitcoin, Ethereum | Not Available |
Key Takeaways:
- Traders can access major markets like Forex, Stocks, and Commodities.
- The absence of cryptocurrency trading limits the platform’s appeal to modern traders.
Account Types and Trading Conditions
One of the unusual aspects of XTrend Speed is that it does not have a traditional account classification like Standard, Premium, or VIP accounts. Instead, traders can deposit as little as $10 to get started. While this low deposit requirement might sound appealing, the lack of transparency in trading conditions is a major concern.
Traders have reported that XTrend Speed offers leverage up to 1:300, which is much higher than what FCA or ASIC-regulated firms would allow. Such high leverage can increase the risk of significant losses for inexperienced traders.
| Feature | Details |
|---|---|
| Minimum Deposit | $10 |
| Maximum Leverage | 1:300 |
| Account Types | No specific classification |
| Spread | Not transparent |
| Fees & Commissions | Not disclosed upfront |
Pros:
- Low minimum deposit allows easy entry for beginners.
- High leverage may attract experienced traders.
Cons:
- Lack of clarity regarding spreads, fees, and commissions.
- High leverage increases risk, especially for novice traders.
Withdrawal and Deposit Options
XTrend Speed claims to offer nine withdrawal methods, including bank transfers, credit cards, e-payments, and cryptocurrency withdrawals. However, withdrawals are not as smooth as they seem. According to some users, withdrawals take 48 hours for processing, with an additional 3–5 business days for funds to arrive.
The most concerning aspect is the 3.5% withdrawal fee, which applies to all methods. This fee is significantly higher than what you would find with most regulated brokers, where withdrawals are often free or come with minimal fees.
Withdrawal Issues:
Several traders, especially from the UK, have reported problems with withdrawals, citing delays and difficulties in accessing their funds. This is a potential red flag, as regulated brokers typically handle withdrawals smoothly.
| Withdrawal Method | Processing Time | Withdrawal Fee |
|---|---|---|
| Bank Transfer | 3-5 Business Days | 3.5% |
| Credit/Debit Card | 3-5 Business Days | 3.5% |
| E-Payment | 3-5 Business Days | 3.5% |
| Cryptocurrency | 3-5 Business Days | 3.5% |
Key Takeaways:
- Withdrawal fees are high at 3.5%, regardless of the method used.
- Delays in withdrawals can cause significant frustration for traders.
Transparency Concerns
One of the biggest concerns with XTrend Speed is the lack of transparency in several areas. For example, the company does not clearly disclose spreads, fees, or commissions. Traders must sign up to access this information, which could be a tactic to prevent potential users from comparing their services with other brokers.
Furthermore, the company’s claim of having 100 million users does not align with the number of app downloads and active users reported elsewhere. Such inflated numbers may be an attempt to appear more popular than they really are.
Key Transparency Issues:
- Spreads, fees, and commissions are not clearly listed on the website.
- The claimed number of users (100 million) seems exaggerated.
- No demo account is available for traders to test the platform before committing real funds.
Customer Reviews: Real or Fake?
XTrend Speed boasts an impressive 83% 5-star reviews on platforms like Trustpilot, with nearly 5,000 comments. However, some traders have raised concerns about the authenticity of these reviews, particularly regarding withdrawal issues and customer service complaints. While the positive reviews indicate that some traders are satisfied with the platform, it is important to consider the complaints as well.
Summary of User Feedback:
- Positive Reviews: Many users praised the platform for its ease of use, low minimum deposit, and availability of copy trading.
- Negative Reviews: Numerous complaints about withdrawal delays, lack of customer support, and high fees.
Is XTrend Speed Real or Fake?
While XTrend Speed is a real company with a valid FSCA license, there are several concerns that traders should be aware of. The company’s lack of regulation from top-tier authorities, combined with issues related to withdrawals, transparency, and inflated user numbers, raises red flags.
Pros of XTrend Speed:
- FSCA-regulated, offering basic compliance standards.
- Low minimum deposit of $10.
- Copy trading features and trading signals available.
Cons of XTrend Speed:
- No regulation from top-tier authorities like FCA, ASIC, or BaFin.
- Withdrawal issues and high fees (3.5%).
- Lack of transparency regarding fees, spreads, and commissions.
- High leverage (1:300) increases the risk for traders.
- Absence of a demo account for testing the platform.
Final Verdict: Is XTrend Speed Worth It?
XTrend Speed is a real trading platform, but whether it is worth your time and money depends on your level of experience and risk tolerance. While the FSCA license offers some security, it falls short of the protection provided by top-tier regulatory bodies. Moreover, the high leverage, withdrawal issues, and lack of transparency could be concerning, especially for beginner traders.
Recommendations for Traders:
- If you’re new to trading, it’s better to choose a broker regulated by FCA, ASIC, or BaFin.
- Always read the fine print, especially when it comes to fees and withdrawals.
- Consider alternatives that offer better regulation, demo accounts, and lower fees.
For those already involved with XTrend Speed, ensure that you are fully aware of the risks and consult with experts if you encounter withdrawal or other issues.
FAQs
- Is XTrend Speed regulated?
Yes, it is regulated by the FSCA in South Africa. - What is the minimum deposit for XTrend Speed?
The minimum deposit is $10. - Are there withdrawal fees on XTrend Speed?
Yes, a 3.5% withdrawal fee applies to all methods. - Does XTrend Speed offer cryptocurrency trading?
No, cryptocurrency trading is not available on XTrend Speed.
I’m Pratiksha, your guide to the digital world. I review tech and debunk internet trends.