The Forex market is one of the most liquid and comprehensive markets in the world, being readily available for both newcomers with zero knowledge in the domain and large institutional investors with billions to spend. Forex trading is one of the most appealing activities in the financial system, and millions of users are already engaged in it. This means that you can find a sea of Forex brokers out there, raising the question of how you choose the best fit. From regulations to fee structures to security features to overall transparency, some aspects are never to be neglected.
So, why XS.com, you may ask? There are a few noteworthy Forex trading platforms worldwide, yet this one managed to become a global leader in a decade of expansion. The asset classes offered include forex, indices, cryptocurrency, commodities, CFDs, and more. Without beating around the bush, let’s look into this detailed and unflinching review of what draws seasoned and beginner investors to XS.com.
Authorizations
The jurisdictions across which a Forex broker operates tell a lot about its reliability. Regarding XS, its legal entities operate under several major regulatory licenses, having developed a super tough system of regulation that covers various regions. This means that the broker guarantees compliance with different international financial and safety standards, so both the company and the user can benefit from a good level of supervision and investor protection.
One of the most noteworthy is the CySEC regulation that oversees and regulates XS Markets Ltd in Cyprus. It provides insurance on the client’s funds of a maximum of €20K per client, and employs compensation schemes like the ICF (investor compensation fund). XS Ltd is also controlled by the FSA in Seychelles, while XS ZA (Pty) Ltd is monitored by the FSCA In the South African region. Lastly, XS Finance Ltd works under the regulations of the Federal Territory of Labuan, Malaysia, while XS Prime Ltd is licensed and controlled by the Australian’s ASIC.
No matter the broker you choose, it’s wise to check for their regulations to ensure the entity puts use trust, accountability, and regulatory compliance first.
User Feedback
Compared with other market players, XS.com is relatively new, being on the market since 2010. It launched as a CFD provider in Australia and initially offered a limited set of assets before it gained traction and enlarged its palette of offerings. The positive user feedback and reputation gathered are some of the elements that secured the platform’s rise to the global prominence boasted today. The favourable reviews usually tackle every trader’s aspects of interest when it comes to forex trading, such as the platform’s stability, account management and types, order processing speed, withdrawal and deposit user-friendliness, and compliance with international financial standards.
You can look for other traders’ experiences with XS.com on various platforms, including Quora and Trustpilot, as well as social media platforms. Preferably, you’ll do your market research well before entrusting good money with a broker, no matter your choice.
Platforms and UX
Finding a broker that ensures hassle-free trading on both smaller and larger screens is quite a feat. XS.com stands out through the offered MT4 and MT5 platforms, which cater to those who trade on the move for better flexibility and those who sit in front of their PCs to monitor their activities closely.
Meta Trader 5 (MT5) is a forerunner among platforms that facilitate trading internationally and a successor to the already-used Meta Trader 4. It makes trading an easy job for both professional and retail traders, being broadly favoured by forex and CFD trading providers and covering markets ranging from commodities to stocks. It stands out as a versatile platform for those who want to spread their money across more asset classes, provides 21 timeframes (from one minute to 30 days), and uses more than 80 built-it tech indicators and analytics instruments. Together with MT4, which ensures the interface’s user-friendliness and navigation use, the platform ensures trades are smooth and on time.
Fees and transparency
XS.com offers various account types to meet the needs of investors from all walks of life. For instance, with the afferent commissions included, spreads can hit the lowest point of 0.0 pips. To trade without commissions, one can opt for the standard plan; though for wither spreads.
Regarding withdrawal and deposit fees, XS tends to follow the trading industry’s rules, going with zero deposit fees for the bulk of methods. Nevertheless, traders may still be charged for some specific withdrawal procedures depending on the financial service provider and geographical region.
Transparency is key here, and you don’t want to spend hours looking for vaguely stated terms or asterisks. XS.com states its services’ fee structures plainly and explicitly so that unexpected charges can take aback no client.
Client support
Forex trading is a complex and arguably confusing practice in itself, so you don’t want to double your stress by having to deal with inefficient customer support. The XS group, aka XS or XS.com, is aware of clients’ need to obtain relevant and rapid assistance and guidance, regardless of the topic. As such, you can use a multilingual live chat and talk with an agent who’ll answer your questions, confusions, and problems, being available for 5 weekdays and without restricting you to any language. Or you can use the phone number or e-mail for more formality, finding this information easily online.
All sorts of challenges can occur, from tech issues to lagging withdrawal or deposit times and to a usual misunderstanding of a term and condition. For all these reasons, you want to ensure you can rely on your chosen broker’s customer support.
The payment system
Various payment methods and the whole payment system indicate the quality of a broker’s development. The more complex the payment system is, the greener the flag, as this sign denotes that the broker is deep-rooted and keeps scammers at bay. Looking into XS’s payment system, one can see that it processes deposits and withdrawals via numerous routes, including MasterCard and Visa, bank transfers, Neteller, Skrill, and online banking. Depending on the country of residence, it might even take local payments.
The various payment methods enabled are a testament to the broker’s reliability and commitment to catering to varied payment preferences so that everyone feels comfortable selecting their method of choice.
Bottom line
Forex trading is highly appealing because of the profits promised and the low entry barriers. It’s no wonder if you ever want to explore this hot territory, which is why we’re reminding you to prioritize the aspects enumerated above before committing to a platform.
