XS.com, a global multi-asset broker, has been getting a lot of attention lately. As the trading world evolves, it’s crucial to distinguish between legitimate brokers and scams. This XS.com review explores whether XS is a scam or a legit broker by examining its features, security measures, account types, and more.
XS Forex Broker: Company Overview
XS started in 2010 in Australia as a liquidity provider. Over the past decade, it has become a full-fledged global broker, operating in regions including Cyprus, Seychelles, and the MENA region. Despite its expansive reach, it avoids operating in the USA, North Korea, and Iran due to regulatory restrictions.
A key indicator of a broker’s legitimacy is its regulatory framework. XS is licensed by multiple reputable bodies:
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)
Is XS.com Legit or a Scam?
XS prides itself on transparency. Their website details their regulatory status, company history, and more. This openness is a positive sign of their legitimacy.
User reviews are generally positive, highlighting XS.com’s robust customer service and reliable trading platforms. Additionally, XS.com has garnered several industry awards, reinforcing its reputation as a trusted broker.
For example, TrustPilot users highlighted XS as superior to competitors, noting that while others might match individual features like fees, XS.com’s overall package of fees, spreads, and support makes it the best choice.
Another Trustpilot user was impressed with the variety and structure of XS’s account types. He notes the uniqueness of the Elite account with its favorable trading conditions and high minimum deposit.
XS.com Awards and Recognitions
In addition to user feedback, XS has garnered several industry awards, reinforcing its reputation as a trusted broker. Some notable awards include:
Best Global Market Leader — The Dubai Forex Expo, September 2023Top Trusted Financial Broker — Middle East Awards Ceremony, Smart Vision, September 2023Best Multi-Asset Broker — Jordan Financial Expo & Award, JFEX, September 2023
These accolades reflect XS.com’s commitment to providing high-quality services and maintaining industry standards.
XS.com Security Measures
XS.com has a dedicated team that constantly monitors for any suspicious activity and performs regular audits to ensure compliance with global security standards.
Their commitment to security is evident in their proactive approach to safeguarding client assets.
XS.com Client Fund Protection
XS ensures the safety of client funds by maintaining segregated accounts, separate from company funds, held with top-tier financial institutions.
Advanced Security Features
Encryption and Verification: Advanced data encryption and two-step verification protect client information and transactions.Insurance Coverage: XS’s Civil Liability Insurance Program, underwritten by Lloyd’s of London, covers losses from fraud, negligence, and other risks up to $5,000,000.
XS.com Account Types and Trading Platforms
XS offers a variety of account types to cater to different trading needs:
Preferred Account Types
The Cent, Standard, and Micro accounts are perfect for novice traders. These accounts offer low spreads and no commissions, making it easier for beginners to start trading without incurring high costs.
Cent Account: This account is ideal for new traders or those looking to trade smaller volumes. It uses the MT5 platform and has an average spread of 1.1 on EURUSD.Standard Account: A versatile choice available on MT4 and MT5 platforms, offering an average spread of 1.1 on EURUSD.Micro Account: This account is suitable for trading smaller lots with more flexibility. It is available on the MT5 platform and has an average spread of 1.1 on EURUSD.
Professional Accounts
The Elite, Pro, and VIP accounts are designed for more experienced traders and offer competitive spreads and commissions.
Elite Account: Designed for experienced traders seeking tight spreads (average spread of 0.1 on EURUSD) and competitive commissions ($3 per side).Pro Account: A balanced option with low spreads (average spread of 0.7 on EURUSD) and no commissions, supporting multiple instruments.VIP Account: Tailored for high-net-worth individuals and professional traders, with an average spread of 0.1 on EURUSD and commission-based trading.
Partner Accounts
Extra and Classic accounts offer specialized conditions for partners.
Extra Account: Tailored for partners needing specialized trading conditions, featuring the MT4 and MT5 platforms with an average spread of 2.1 on EURUSD.Classic Account: A popular choice for many traders, operating on MT4 and MT5 platforms, with an average spread of 1.6 on EURUSD.
Trading Platforms
XS.com offers the widely acclaimed MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, known for their user-friendly interfaces and advanced trading tools.
These platforms provide traders with a comprehensive suite of tools for technical analysis, automated trading, and risk management.
XS.com Funding and Withdrawals
Deposits
XS.com supports various funding options to cater to different client needs. Deposit methods include bank transfer, Visa, MasterCard, Skrill, and Neteller.
Minimum deposits range from $5 to $200, depending on the method, with processing times varying from instant to several business days.
This variety ensures that clients can choose the most convenient and cost-effective method for them.
Withdrawal Methods
Withdrawals can be made using the same methods as deposits, ensuring clients have quick and easy access to their funds. XS strives to process withdrawal requests promptly, typically within one business day, although some methods may take longer.
The broker’s commitment to efficient fund handling underscores its dedication to client satisfaction.
XS Mastercard
XS.com offers its clients a branded prepaid Mastercard, which is integrated with a mobile app for seamless financial transactions.
The XS Prepaid Mastercard allows clients to transfer funds directly from their XS wallet to their card and vice versa. This card can be used for point-of-sale (POS) transactions, ATM withdrawals, e-commerce purchases, mobile applications, and loyalty solutions.
The XS Cards Mobile App, fully integrated with the XS Client Portal, enhances the deposit and withdrawal process, making it smooth and simple. This feature ensures that traders and partners can easily track their transactions and manage their funds on the go, providing convenience and flexibility.
Trading Features
XS.com provides access to a diverse array of asset classes, including forex, shares, metals, futures, commodities, and indices. This variety allows traders to diversify their portfolios and explore different markets, reducing risk and maximizing potential returns.
Dynamic Leverage
XS offers dynamic leverage up to 1:2000, adjusting based on trading volumes to optimize trading conditions. This flexible leverage model helps traders manage their risk effectively while maximizing their trading opportunities.
Swap-Free Accounts
XS provides swap-free (Islamic) accounts, free from swap or rollover fees, catering to traders who adhere to Islamic finance principles. These accounts maintain the same trading conditions as regular accounts, ensuring fairness and transparency.
Multilingual Customer Support
XS.com’s customer support is available in multiple languages, including English, Arabic, French, Portuguese, Spanish, Traditional Chinese, Simplified Chinese, Korean, Thai, Vietnamese, and Japanese. This ensures clients from different regions can receive assistance in their preferred language, enhancing their overall trading experience.
How to Open an Account with XS
It’s a pretty straightforward process to open an XS account.
1. Visit the XS.com Website
Navigate to the XS.com homepage. You’ll find all the necessary information about the broker and its services.
2. Click on “Register”
Locate the “Register” button at the top right corner of the website. Click on it to begin the registration process.
3. Fill Out the Registration Form
Complete the registration form with your personal details, including your name, email address, phone number, and country of residence.
4. Choose Your Account Type
Select the type of trading account that best suits your needs. XS.com offers a variety of account types, including Cent, Standard, Micro, Elite, Pro, VIP, Extra, and Classic accounts.
5. Verify Your Identity
To comply with regulatory requirements, you’ll need to verify your identity. This involves uploading identification documents such as a passport or driver’s license and proof of address like a utility bill or bank statement.
6. Fund Your Account
Once your account is verified, you can fund it using one of the available deposit methods, including bank transfer, Visa, MasterCard, Skrill, or Neteller. Choose the method that is most convenient for you.
7. Start Trading
After funding your account, you can start trading. Access the trading platforms (MT4 or MT5) provided by XS.com and begin exploring the markets.
XS Review: Conclusion
This XS review has showcased that XS.com is a well-regarded, legitimate broker offering comprehensive trading services. Its robust regulatory framework, diverse account types, and advanced security measures make it a reliable choice for traders at all levels.
The broker’s dedication to transparency, customer support, and continuous improvement further cements its reputation as a trustworthy trading partner.
FAQs
How do I Deposit in an XS Account?
You can deposit funds into your XS account using various methods, including bank transfer, Visa, MasterCard, Skrill, and Neteller.
What is the Minimum Deposit for XS?
The minimum deposit for XS.com varies by method, starting at $5 for Visa and MasterCard deposits.
How Long Does it Take to Withdraw Money from an XS Account?
Withdrawal times vary by method, typically taking from instant up to several business days to process.
What is the Maximum Leverage in XS?
The maximum leverage offered by XS.com is up to 1:2000, depending on the trading instrument and account type.
XS.com Review: Is It a Scam or Legit? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.