No longer the preserve of the rich and influential, or financial experts, trading has become a popular activity that everyone can engage in. The rise of online brokers and trading platforms has facilitated access to financial markets, lowering barriers to entry.
However, with easy access and more options available than ever before, traders need to do their due diligence and evaluate the reliability and trustworthiness of brokers before committing to their services, so they can stay safe and ensure a positive trading experience.
As one of the most prominent players in the trading scene, XS.com has been gaining a lot of attention ever since its debut. But does the provider live up to the hype? If you want to learn more about XS.com and determine whether it’s a good fit for your trading needs or not, this comprehensive review provides a detailed rundown of the broker’s main features and characteristics so you can make an informed decision.
What is XS.com?
The XS Group, commonly known under the brand name XS.com or simply XS, is a global multi-asset broker founded in 2010 in Australia. XS started out as a liquidity provider for CFD trading but soon expanded its service range and reach, establishing itself as a powerhouse in the FinTech sphere. Today, the broker provides access to a wide range of financial services and assets, including forex, CFDs, metals, futures, shares, stocks, crypto, indices, energy, and commodities, catering to the needs of traders worldwide.
As expressed in the company’s mission statement, XS aims to empower traders of all types and levels by offering the necessary expertise and tools to help them navigate the intricate trading landscape effectively and optimize their trading journey. To achieve its goals, XS relies on a team of experts with vast experience in the field and a deep knowledge of financial markets, coupled with a robust trading platform powered by cutting-edge technology.
Legality
In order to ensure safe and reliable trading activities, brokers need to apply for registration with competent authorities and comply with a series of industry-specific regulations.
In terms of legal status, XS holds licenses in various jurisdictions, being authorized and regulated by several leading financial authorities, including:
- Financial Services Authority of Seychelles (FSA)
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
- Labuan Financial Services Authority (LFSA)
- South African Financial Sector Conduct Authority (FSCA)
On its website, XS provides detailed information about each of its entities and the regulatory bodies overseeing their operations, including license numbers and links, to ensure full transparency and highlight their commitment to adhering to the guidelines and regulations established by relevant authorities. In addition to regulatory disclosure, they also include risk warnings and disclaimers to make sure users are well-informed and know exactly what to expect if they want to trade on the platform.
The numerous awards that XS has received over the past couple of years also attest to its legitimacy and reliability.
Security
Security is paramount when it comes to online trading. Every broker and trading platform needs a solid security system to prevent risks and keep cyber threats at bay.
XS.com employs advanced security measures and protocols to keep their clients’ funds and personal information safe. Client assets are separated from company funds, being kept in segregated accounts by reputable custodians, thus reducing counterparty risk. Substantial investments in their infrastructure, the use of encryption technology, cutting-edge security measures, and strict digital controls ensure enhanced data protection for all clients.
Furthermore, XS also provides advice and recommendations for users on how to stay safe while conducting online trades, as well as customer support and guidelines on the steps they should take in case of suspicious activity.
The broker’s Civil Liability Insurance Program adds an extra layer of protection for clients and third parties, offering coverage for losses over USD 10,000 and up to USD 5,000,000 caused by omission, fraud, technical errors, carelessness, and other risks that might result in financial loss for clients.
Account types
The broker offers multiple account types with different features and tools, so traders can choose the ones that best fit their needs and requirements. Options include:
- Cent Account: provides access to various asset classes and the smallest trading volumes in the industry, making it a smart choice for beginner traders who want to keep risks to a minimum.
- Standard Account: ideal for both new and verses traders, this account ensures a superior user experience, offering access to a wide range of assets, competitive spreads, and fast trading execution.
- Micro Account: the go-to choice for newcomers who want to play it safe and trade smaller volumes with small trading units or traders who want to assess the effectiveness of their trading strategies using real funds.
- Elite Account: intended for skilled traders who prefer raw trades and want to benefit from reduced trading costs and fast market execution.
- Pro Account: designed for experienced traders who seek reduced spreads with direct market access and zero commissions.
- VIP Account: allows expert traders to take advantage of exclusive features such as customized trading conditions, raw spreads, and the lowest commissions in the market.
- Extra Account and Classic Account: specifically designed for partners, these accounts feature stable and low spreads with no commissions as well as no minimum deposit requirements.
Getting started with XS.com
To open an account and start trading on XS, one has to follow a few simple steps. After accessing the broker’s website, users have to click on the Register button and provide the personal details required in the registration form.
The next step is to confirm identity by uploading verification documents such as a passport or driver’s license. Once the account verification is completed successfully, users can upload funds by choosing one of the deposit methods available and begin trading immediately.
Relevant features
XS boasts a series of features and elements that make it stand out from other financial providers. For starters, the broker gives users the possibility to trade on two popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are highly user-friendly and ensure an optimum trading experience.
The platform accepts multiple payment methods, via bank transfer, Visa & MasterCard, Skrill, and Neteller, making deposits and withdrawals safe and convenient. Users also benefit from a branded prepaid Mastercard and a mobile app that facilitate fund transfers.
Additionally, XS employs a dynamic leverage model that automatically adjusts trading conditions to match traders’ preferences, so users can enjoy extra flexibility and manage risks more efficiently.
It’s also worth noting that XS offers promotions and bonuses regularly and ensures multilingual customer support to enhance the trading experience.
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