Anchor: XS.com
Given that Forex is the only financial market worldwide working around the clock, it’s understandable why trading in it has become a global phenomenon the bulk of people with investor flair think of exploring. The forex market, aka forex exchange, is the largest financial market internationally and has a daily trading volume of over $7.5TN, possibly being the best-known trading option and explaining why there’s so much at stake for brokers when it comes to outshining the competition.
Now, there are over a thousand forex brokers in the world, each striving to work through the ranks through their own perks and one-of-a-kind feats. A few of them raised the barriers and XS seems to keep staying ahead of the pack. If you want to start trading and don’t know where to start, the best starting point would be to assess the criteria that any user should make sure they can benefit from when going for a certain broker, namely security, fees, features, transparency, customer support, and legal compliance. Since XS.com stands out in the sea of platforms, the wisest thing to do is to unbiasedly dissect each of these areas to see if the services live up to the hype. After all, the multi-asset broker was endowed with the “Top Trusted Broker”. For what, many people ask.
XS offerings
First things first, is your eyed platform’s offer engaging enough? XS.com brings to people’s notice that trading FX instruments and CFDs may bring about a slew of risks, and the possibility of losing your investment isn’t excluded. This is why it’s essential to understand the segment market you’ll go for thoroughly. The broker rose to international prominence and managed to lead by example, now presenting many features and products for investors from the curious novice to the unbeatable expert. Examples of financial assets and services include, but aren’t limited to Forex, crypto, futures, metals, energy, commodities, shares, indices, and the list continues.
For each, you’ll have your trading options as follows:
- Trade different commodities, including copper, cotton, coffee, sugar, and corn
- Gain access to NASDAQ, FTSE 100, S&P 500, Dow Jones, and more indices
- Trade CFDs from significant providers like Apple, Alibaba, and Amazon
- Spot trade gold, palladium, platinum, silver, and other metals
- Engage in trading Natural Gas, WTI Crude Oil, Brent Crude Oil, etc.
- Trade well-known cryptos like BTC, ETH, LTC, SOL, XRP, etc.
- Trade more popular currency pairs in the forex market
- Trade OTC futures across more markets.
XS.com licenses
Australian fintech and financial service provider XS.com was first a liquidity provider in 2010, a primordial step when launching a crypto exchange or brokerage. Fast-forward to today and the provider has scaled and solidified its presence across more areas, offering access to the trading options enumerated above.
Your jurisdiction’s watchdog must regulate your eyed broker. As a general rule, depending on the XS entity you’re using, the regulatory framework for a possible investor compensation scheme may differ. Notably, some of the regulators authorizing and supervising the activity at XS.com include:
- The Australian Securities and Investments Commission (ASIC)
- The Financial Sector Conduct Authority (FSCA), in South Africa
- The Financial Services Authority of Labuan (LFSA), Malaysia
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Services Authority of Seychelles (FSA).
XS Safety and Security
XS takes pride in prioritizing users’ security and safety both on- and off-line, meaning that if you’ve just registered with the online broker or are actively trading, important things like personal data are safe. The trading provider employs the latest tech and tools to ensure superior security for users, such as premium data encryption across every app and website. Since these operations don’t manage themselves, it’s crucial to have a highly skilled team overseeing and controlling every aspect; the broker assures users that they have everything under control in this regard.
According to the company, there’s always someone prepared to address errors in online payments or various incidents. If you deem the requirements for your password too strict, it’s possibly because they are. To ensure the incorruptibility of your passkey, you’ll undergo the password creation step until it is long and complex enough, meaning that you can’t use the basic name and birthday combo. 2FA is also employed and automatic emails are sent every time attempts to access your account are made.
The provider’s Data Protection guidelines supervise valid compliance standards, and the broker’s safeguards and systems undergo frequent external audits to keep the protection measures as efficient as possible.
XS Fees
XS states they offer “competitive” fee structures regarding commissions and spreads. Yet, the competitiveness is for us to decide. As assessed, the broker offers a flexible minimum deposit policy, which appeals to novices looking to test the waters instead of jumping head-in. At the same time, there are different expertise levels and financial capacities from which to profit.
More account types are at users’ disposal, including Standard, Cent, Live, Elite, Micro, VIP, and Pro. Form the minimum deposit to amounts as high as $500, $1K, and, for the curious’ information, $100K, a few capital structures should accommodate each spending vision.
Every category has its own spreads and commissions that traders pay on specific activities, so it’s up to you to decide on an alternative and try it.
XS Trading
XS relies on a few features for its first-rate trading experiences, such as the trading platforms ranking high in UX MetaTrader 5 (MT5) and MetaTrader 4 (MT4). Members have a variety of payment alternatives to choose from, including the popular bank transfers, Visa and MasterCard, and so on. This makes depositing and withdrawing money a breeze.
Lastly, the flexibility ensured by the dynamic leverage model is non-negotiable, especially since hard-earned money is at stake. The model applies to every trading instrument and allows for various market conditions.
Bottom line
For any of your questions this review failed to answer, XS takes pride in presenting a 24/7 customer support service, so feel free to ask for more. Or, better yet, you can go through the platform’s educational resources. Sharing is caring, so don’t hesitate to share your experiences with other curious individuals eager to enter the trading world with XS if you deem it satisfactory.