Review XTrend Speed Trading App

XTrend Speed is a leading global investment and financial services platform catering to users across more than 170 countries and regions. Offering a diverse range of symbols including shares, forex, commodities, and indices, XTrend Speed is committed to delivering a professional and user-friendly trading experience. The platform is characterized by its solution-based design, multilingual customer service, real-time quotes, and daily technical analysis of market trends. XTrend is not registered by SEBI. XTrend Speed is a finance broker. You can trade more than 460 instruments related to Forex, commodity, index and stock on it. XTrend Speed is an authorized financial service provider in South Africa, and is regulated by FSCA under the FSP license number 23497.

Operated by Rynat Capital (Pty) Limited and regulated by the FSCA (Financial Sector Conduct Authority, XTrend Speed has gained immense popularity since its inception in 2020, boasting a user base of over 10 million worldwide. It has also established partnerships with renowned football teams such as ACF Fiorentina and the Argentine National Football Team. Founded in 2016, XTrend Speed trades FX, indices, commodities, stocks, and cryptocurrencies. The broker provides two platforms: the in-house XTrend Speed app and the commonly used MetaTrader 4. XTrend Speed allows you to choose between two accounts: one based on the XTrend Speed platform and one based on the MT4 platform. XTrend Speed received high scores in the Platforms and Tools and Fees categories. The company’s Support received a low mark. XTrend Speed is a broker alongside higher-than-average risk as well as the TU Overall Score of 4.74 out of 10. After reviewing the company’s trading opportunities and the reviews posted by XTrend Speed clients on our website, Traders Union expert Anton Kharitonov advises users to consider a more reliable broker with better terms, as many of this broker’s clients are dissatisfied with the company’s work. XTrend Speed is ranked 144 out of 406 companies in the TU Ranking, which is based on an evaluation of over 100 criteria and a test on how to open an account. Regulated by the Financial Sector Conduct Authority (FSCA), XTrend Speed offers negative balance protection to its clients and holds their funds separately. XTrend Speed received an average score in this section as a Tier-2 regulator that provides significant protections to investors, but allows a leverage of up to 1:300. Also, the company provides crucial information in a transparent manner, and can be regarded as a stable firm.

CEO of XTrend

Michael Rezaie is a highly accomplished and experienced CEO/Managing Director with a rich background in the Management and Financial Risk industries. Having successfully led projects in both Europe and Asia, Michael’s current focus lies within the Financial Services sector, where he specializes in Strategic Start-Ups, New Ventures, and Investment funds across diverse sectors spanning Financial markets to Properties. Michael plays a pivotal role in representing International High Net Worth Investor Interest in key regions such as Cyprus, MENA, and Europe, showcasing his expertise in understanding and catering to the needs of elite investors. With a keen eye for identifying business potential and implementing effective solutions, Michael is a strategic thinker known for his leadership, commercial acumen, relationship-building skills, and effective communication. His entrepreneurial spirit is further highlighted by his role as the founder of XTrend Speed, a leading global investment and financial services platform.

Features of XTrend

• Perfect for Retail Investors:

Ideal for beginners starting their trading journey.

• Cash Back and Rewards:

Get a 20% cash back on every deposit, along with additional rewards during the newbie period.

• Copy Trading:

Follow a Master Trader in one click or copy their trades for a simplified trading experience.

• Exciting Prizes:

Enter contests to win prizes like signed jerseys and VIP tickets to events like the Copa America.

• Capital Risk Coverage:

The capital risk is borne by NNAC, South Africa’s largest insurer, providing added security to traders.

• Multiple Instrument Support:

Trade forex, gold, stock futures, and other instruments to diversify your portfolio.

• Free Investment Reports:

Access free investment reports for valuable insights and advice.

• Awards and Recognition:

XTrend Speed has received numerous awards including Mobile Broker of the Year, Best Customer Service Forex Broker, and Most Transparent Broker, highlighting its excellence in the industry.

• Multilingual Support:

Available in 11 languages including English, German, French, Italian, and Chinese for global accessibility.

• Flexible Payment Options:

Deposits and withdrawals can be made via credit/debit cards, e-wallets, bank transfers, and more, providing convenience to users worldwide.

• Robust Trading Platform:

Offers an in-house trading platform and MetaTrader 4, known for their reliability, speed, and advanced features.

• Official Partnerships:

XTrend Speed is the Official Trading Partner of ACF Fiorentina and the regional sponsor of the Argentine National Football Team, reflecting its strong presence and reputation in the market.

• Comprehensive Customer Support:

While customer support could be improved, XTrend Speed provides assistance via email and offers a dedicated FAQ section on its website.

• Global Presence:

Headquartered in Johannesburg, South Africa, XTrend Speed caters to users in over 170 countries/regions worldwide, ensuring accessibility to a wide user base.

More About Xtrend

Pros of XTrend Speed:

• Low initial deposits. The starting level is $10 for XTrend Speed and $50 for the mobile XTrend platform.
• MT4 is a popular trading platform for aggressive traders. Simple mobile platform functionality. Ideal for inexperienced investors who avoid active trading.
• There is social trading, with stringent rules for signal suppliers.
  The leverage is up to 1:300.
• Compliance with client service rules and the European MiFID II Directive obligations. Separate accounts and an insurance fund.
• Users can get free credits for trading, which can be converted to real money upon successful trading sessions.
• The app offers a user-friendly interface with customizable charts and real-time market data, making it suitable for both novice and experienced traders.
• The withdrawal process is described as simple and secure, with users reporting no problems in withdrawing their funds.
• Some users mentioned reliable customer support, indicating that the platform provides assistance when needed.
• XTrend Speed offers a variety of trading options, including forex, stocks, and cryptocurrencies, catering to different trading preferences.

Cons of XTrend Speed

• Withdrawal commission.
• The website does not provide all of the information required to comprehend the broker’s trading terms and advantages.
• Registration and communication with the Support Services are necessary.
• Several users experienced difficulties with account verification, which led to restrictions on account activities or delays in withdrawal processes.
• Some users mentioned sudden changes in terms, such as minimum trade amounts or deposit requirements, which affected their trading experience negatively.

Account safety with XTrend

• All data stored on our website and apps is encrypted to the highest level possible.
• Passwords should meet length and complexity standards.
• If you haven’t logged in for a while, you’ll need to unlock your account using the password, pattern, or fingerprint you set.
• If you want to update or change your private data, we will confirm with you before the change takes effect.
• A skilled team monitors online payment and trade in real-time, responding to any complications that arise.
• XTrend prioritise efficient back-end operations and secure payment and trading processes.

Potential Risks with XTrend

• Withdrawal Commissions:

One of the risks mentioned is the withdrawal commission, which implies that users may incur additional fees when withdrawing funds from their accounts. This can affect the overall profitability of trades.

• Limited Information on Trading Terms:

Users have reported that the website does not provide all the necessary information to fully understand the broker’s trading terms and advantages. This lack of transparency can lead to misunderstandings or unexpected fees/terms.

• Account Verification Issues:

Some users experienced difficulties with account verification, which resulted in restrictions on account activities or delays in withdrawal processes. This can lead to frustration and inconvenience for traders.

• Sudden Changes in Terms:

Users mentioned sudden changes in terms, such as minimum trade amounts or deposit requirements, which negatively impacted their trading experience. Unclear or changing terms can lead to uncertainty and distrust among users.

• Technical Issues:

Instances of technical issues, such as app hang-ups during trades or rejections of orders without clear reasons, were reported. This can disrupt trading activities and lead to potential losses if not resolved promptly.

• Slow Withdrawal Processing:

Complaints about slow withdrawal processing times were mentioned, with some users waiting for a week or more to receive their funds. Delays in fund withdrawals can impact liquidity and trading strategies.

• Customer Service Concerns:

Some users reported poor customer service and unresponsive support. Lack of effective customer support can hinder problem resolution and lead to dissatisfaction among users.

• Account Deactivation:

Instances of account deactivation without clear explanations were mentioned. Sudden account deactivation can disrupt ongoing trades and cause uncertainty about the security of funds.

• Payment Method Difficulties:

Some users experienced difficulties with deposit and payment methods, which can affect the ease of funding accounts and executing trades.

• Mixed Reviews on Reliability:

Mixed reviews regarding the reliability and trustworthiness of the platform were noted, with reports of potential fraudulent activities. Users should exercise caution and conduct thorough research before using the platform for trading.

Conclusion

XTrend Speed is a prominent global investment and financial services platform known for its diverse range of tradable assets, user-friendly interfaces, and comprehensive support. Operated by Rynat Capital (Pty) Limited and regulated by FSCA and CySEC, XTrend Speed offers multiple account types, robust trading platforms, and flexible payment options, making it accessible to traders worldwide. While it has received awards and accolades for its services, including recognition for its mobile app and customer support, there are areas for improvement noted by experts and users, such as withdrawal commissions and the need for clearer information on trading terms. Overall, XTrend Speed caters to both beginner and experienced traders but may benefit from addressing certain aspects to enhance user experience further.