XLTRADE Review ?

In the forex prop trading industry, there are many new firms launched almost daily. Because of this, traders must find reliable firms, ensuring they trade in a safe environment. This is why we decided to take a closer look at XLTRADE prop firms that promise diverse funded options and low fees.

In this review of XLTRADE, we will be assessing the firm’s most crucial features including safety, funded options, rules, and much more. After reading this review, you will know whether you can trust this firm.

XLTRADE promises very high funding options of up to 5 million dollars, which is a serious trading capital and should allow traders to make more than enough for a living, completely replacing the standard job.

?️Safety & Security of XLTRADE

XLTRADE is a proprietary trading firm established in 2014 giving it more than 10 years of experience within the industry. Typically, it is critical to consider an experience when assessing the firm’s safety. However, it is not always indicative of a legitimate firm. The firm has a 1.6 score on the FPA, indicating issues with its services. Many reviews complain about the firm’s declining payouts, while the FPA administration has shut down multiple fake positive reviews. These are serious red flags for any prop firm, and traders should think twice before signing up with this firm. Another important feature XLTRADE lacks is the lack of regulated brokers. All its trading is done on simulated accounts, which are not backed by regulated brokers.

? Available Assets on XLTRADE

Asset diversity is very crucial for prop traders. Accessing your favorable pair and deploying a trading strategy is always much better than adapting your strategy to new asset classes. XLTRADE allows access to several asset classes such as Equity Indices, Single Stocks, Forex, Cryptos, Metals, Oil, and other Commodities. The firm offers raw spreads on all these assets, which is most likely an exaggerated claim, as prop firms typically have spreads on all pairs. Since the firm offers simulated trading environments, it can control the size of spreads easily., so, there might be low spreads. However, the firm does not seem legit, and it is more than likely it will have super wide spreads during highly volatile times to ensure traders fail.

XLTRADE allows for diverse asset classes, which could be useful for multi-asset traders, including both Forex and other popular instruments. With access to stocks, traders at XLTRADE can speculate on stock markets as well, including many popular companies.

Apart from stock trading, traders at XLTRADE accounts can access popular commodities such as metals, energies, and other commodities.

Despite having numerous red flags, XLTRADE offers robust asset diversity, allowing traders to access multiple assets and trade on numerous instruments. The leverage is set at 1:500 for all accounts at all assets.

?️ XLTRADE Account Types

XLTRADE has several funded account types with diverse funding options. However, the smallest funded amount starts from 10,000 USD, which is higher than what beginners would prefer. There are evaluation accounts and instant accounts, each of them offering unique advantages and disadvantages.

? EVALUATION accounts include funded options of 50k lite, 100k lite, and 500k pro, and 1 million USD pro accounts. These accounts offer up to 90% profit-sharing. Traders can pay fees to get this high-profit sharing and weekly payout. Pro accounts can be scaled higher than non-pro accounts, with 500k accounts scaling up to 1.5 million, and 1 million accounts scaling up to 3 million USD. There is no daily risk limit but a weekly drawdown, which is set at 5% for evaluation accounts. The maximum account drawdown is at 10% and the profit target is also 10%. This profit target is actually higher than the industry average of 8%.

As for the other rules of EVALUATION, all strategies are allowed, overnight positions and positions over the weekends are allowed. Traders can trade during news, and EAs or Expert Advisors (automated trading algorithms) are also allowed.

After the trader passes the evaluation and gets funded, there are no weekly drawdown limits, but traders have a maximum drawdown of 10%. There is no profit target during the funded phase. The scaling plan increases the account size by 25% every three months, the profit split is 90%, and withdrawals are allowed once per week.

? INSTANT accounts offer lower funded options including 10k, 20k, 50k, and 100k in funding. These accounts allow traders to access a funded account instantly and have no profit targets. These accounts are designed for professional, highly experienced traders who only need funded accounts and already have developed profitable strategies. The account drawdown here is also 10%, the weekly drawdown is set at 5%, and there are no lot size restrictions. EAs are allowed, news trading is allowed and traders can open positions overnight and over the weekends.

XLTRADE trading period is 60 days divided into two 30-day cycles where traders are required to trade at least 30 days before they can be eligible for funded accounts on EVALUATION accounts.

Overall, XLTRADE offers account diversity but lacks flexible funded options with the minimum funding for evaluation being 50k there is no funding adoption for beginners.

? XLTRADE trading fees

The fees play an important role for pro traders for several reasons. Trailers have to purchase the funded account, and then they also pay fees for trading in the form of spreads and commissions. XLTRADE has expensive fees, mainly because of its limited funded account options.

Let’s list all fees for each funded account to compare them more clearly.

XLTRADE EVALUATION accounts for one-time fees:

• Funded amount: 50k Lite — one-time fee: 320 USD
• 100k Lite account — 790 USD
• 500k Pro account — 1,990 USD
• 1,000,000 Pro account — 3,690 USD

The fees for INSTANT accounts are also one-time:

• Funded amount: 10,000 USD — One-time fee: 500 USD
• 20k Instant account — 1,000 USD
• 50k Instant account — 1,950 USD
• 100k Instant account — 3,850 USD

As we can see, the fees at XLTRADE are very expensive, with the lowest fee being way beyond the industry standard of 150 dollars.

Withdrawals at XLTRADE can be requested once per week. However, the downside is that traders need to trade at least 30 days of their funded account to get funded and eligible for withdrawals. This makes withdrawals a lengthy and frustrating process at XLTRADE.

XLTRADE free repeat is allowed if a trader’s balance stays higher than the starting balance, but does not achieve performance targets.

? Platforms and Mobile trading at XLTRADE

XLTRADE provides access to the advanced MetaTrader 5 (MT5) platform. This platform is advanced software that allows traders to use advanced methods of technical analysis, including technical indicators and customer indicators. There are numerous built-in indicators and tools in MT5. XLTRADE supports EAs and allows traders to use MT5 at its full capabilities, which is advantageous.

XLTRADE Mobile trading is available through the mobile MT5 app, which has many built-in indicators. However, the mobile version of MT5 lacks the robustness of the desktop variant. It can not be used to use custom indicators and Expert Advisors. The firm also has download links on its website to download and launch both mobile and desktop MT5 app versions.

? Education and research tools offered by XLTRADE

XLTRADE does not provide any educational materials, which is another downside of this firm. There are no trading courses, webinars, or video tutorials, which makes it difficult for beginners. There are no tools either to support traders measure their performance or to use tools for market analysis.

XLTRADE blog exists, but traders need to scroll down on the bottom menu to find it. This makes it difficult to find blogs and read numerous posts about trading. These posts mainly offer insights on ongoing market dynamics and news, meaning they can not be used for education and are quickly becoming outdated.

? Customer Support of XLTRADE

Customer support from XLTRADE is mediocre, as the firm offers email and hotline options. There is no live chat, which is a huge deal. This is a serious red flag for a firm that aims to become a serious prop trading brand. The lack of live chat makes it a costly and lengthy process to contact the firm’s support and resolve issues in a timely manner. None of the support options nor the website are available in multilingual mode, which is also a downside of this firm.

Overall, XLTRADE has still a lot of work to do to become a reliable firm. Negative trader reviews and a lack of responsive live chat are its main downsides, together with safety issues.

Frequently Asked Questions