Xtrend Speed Review – Trusted Regulation But Is The Broker?
Rynat Trading Limited is the official owner of this trading brand. With a primary address in Cyprus, many experienced traders would find it positive. However, some trading conditions don’t meet European regulations. And that’s exactly why we are writing this Xtrend Speed review.
|Rynat Trading Limited
|From 0 pips
Xtrend Speed Regulation and Fund Security
Indeed, Xtrend Speed Broker is registered and licensed in Cyprus. As a trusted regulator, CySEC provides many funds protection measures. But the most important one is a compensation fund of up to 20.000 EUR. Also, the companies are required to provide negative balance protection and sufficient initial capital.
All this plays a key role in choosing a broker. However, the company provides leverage of up to 1:300. Yes, they claim to determine that based on your knowledge and experience. Even though ESMA rules allow maximum leverage of up to 1:30 for retail traders. But who determines if you are experienced? Only the broker that offers you dangerous leverage.
On the positive side, if anything goes wrong with this broker you can report it to CySEC. Which is expected if we are going to trust Xtrend Speed reviews.
Trading Software Overview
According to some Xtrend Speed reviews, we can see that some mention Meta Trader. However, the company website only claims to provide a proprietary Xtrend app. It allows live markets trading, low costs and risk management tools.
Even though it has more than 500K downloads in stores, it can’t be compared to Meta Trader. Or even cTrader. Simply because of available functionalities. As we can see, there are only basic trading functions and tools available. But if you are looking for social and copy-trading tools, you will need to look elsewhere.
On the positive side, the company promotes Expert Advisors’ services. Which became very popular due to the automatization of trading.
Available Account Types at Xtrend Speed
As for the account types, the company didn’t provide much information. It seems like everyone gets the same conditions. The only requirement they have is a minimum deposit of $50.
As mentioned above, leverage can go up to 1:300 depending on your experience. The company presents all commissions transparently on the website. Except for the rollover fees that you have to calculate yourself. On the positive side, the company provides you with the formula.
But after reading many Xtrend Speed broker reviews, we are wondering what motivates traders to deposit more money here. Especially seeing reviews where traders complain about potentially misleading app.
Deposit and Withdrawal Process
XTrend Speed funding methods are completely transparent. The company accepts the following:
- Debit and Credit cards
- Wire transfers
Unfortunately, the processing time of deposits and withdrawals is not clarified. At least, we can see the fees. For deposits, there are no fees logically. However, upon requesting a withdrawal traders will have a 3.5 % fee. Considering all the negative reviews about the broker, depositing here should be questionable.
How Does This Broker Operate?
The broker is running two domains. One is designed for US traders, while the other one is for European traders. Thus, with shady leverage politics, it’s not confirmed if they match the European Securities and Markets Authority’s rules.
According to Xtrend Speed reviews traders are reporting application discrepancies. Which is not a rare thing with proprietary trading software. Through the back end, their agents can easily change the data presented on certain accounts. Thus, we don’t have a confirmation for that. Those are only other user-experience reviews, but worth noticing.
Read more about us to find the best broker
To know more about worldwide brokerages it’s good to sign up for our reviews. Delivered directly to your e-mail, you can build up more knowledge about trading companies. That ensures you are informed about the latest updates and changes in the financial world. But also, with information about fund recovery procedures.
Whether you have issues with this or any other broker, you can always file a chargeback. Except if you are transferring crypto. Whereas you will need advanced technology like our CipherTrace software.
Xtrend Speed Summary
Generally speaking, Xtrend Speed has everything that a licensed company needs to have. They provide all the necessary information for traders. However, if that’s the only thing needed for trust we can see from the reviews. Whereas many traders are reporting different issues. But mainly with their trading software.
In fact, it’s better to avoid headaches than investing and potentially throwing money away. Don’t jump to conclusions and decisions. Think wisely about where you want to invest before it’s too late.
FAQs About Xtrend Speed Broker
Is Xtrend Speed a Regulated Broker?
Yes. The company holds a trusted CySEC license since it first registered.
Is My Money Safe at Xtrend Speed?
It depends on the metrics. Based on regulation, yes. Based on the user reviews no.
What Is The Minimum Deposit at Xtrend Speed?
The minimum deposit requirement is below the industry average and you can start with $50.