XLTrade is a dynamic proprietary trading firm that offers an attractive array of features for traders seeking to enhance their trading capabilities.
With a maximum fund size of $3 million, XLTrade Prop firm provides ample scaling opportunities. The firm sets a first profit target of 10%, allowing traders to measure their success effectively.
Traders benefit from no daily loss limits and no time constraints, enabling them to develop strategies at their own pace.
This XLTrade Review aims to guide you through the platformās trading conditions in detail and give you a better perspective about what actually matter when choosing a prop firm.
XLTrade prop firm company overview
XLtrade, established in 2016 and headquartered in London, United Kingdom, is a prominent player in the proprietary trading (prop trading) industry.
Operated by Chimara Ltd, with its platform registered in The Virgin Islands, the firm offers traders access to substantial trading capital without requiring a significant personal investment.
This unique model has positioned XLTrade as a leading choice for both aspiring and professional traders, enabling them to enhance their trading capabilities on a larger scale.
XLTrade specifications summary
To provide a clearer picture of XLtrade's offerings, let's break down their key specifications:
Account currency | USD |
Minimum price | $250 |
maximum leverage | N/A |
maximum profit split | %90 |
Instruments | Equity Indices, Stocks, Forex, Cryptos, Metals, Energy, Commodities |
Assets | EUR/USD, GBP/USD, USD/JPY, Tesla, NASDAQ, Gold, Silver, Oil |
evaluation steps | Cycle1, Cycle 2 |
Trading platform | MetaTrader5, WebTrader |
Withdrawal methods | Bank Wire, Crypto |
maximum fund size | $3M scaling |
first profit target | 10% |
Max. daily loss | - |
Challenge time limit | No limits |
news trading | YES |
Maximum total drawdown | 10% |
commission per round lot | No |
trust pilot score | 4.6 out of 5 |
payout frequency | Weekly |
established country | Virgin Islands |
established year | 2016 |
XLtrade's model is designed to attract serious traders with its high funding amounts and favorable profit-sharing terms. However, the lack of direct regulation and the high initial costs may cause some traders to pause.
XLTrade prop firm pros & cons
Let's weigh the advantages and disadvantages of trading with XLtrade:
Pros | Cons |
High funding amounts (up to $3 million scaling) | High minimum funding amount ($50,000) |
Generous 90% profit split | Lack of direct regulatory oversight |
Weekly payouts | Mixed customer reviews and transparency concerns |
No profit limits or daily loss restrictions | Limited educational resources |
Use of popular MT5 platform | - |
While XLTrade prop firm offers attractive terms for experienced traders, the high entry barriers and lack of transparency may deter some potential users.
XLTrade funding & price
XLtrade's funding model is designed to cater to traders with various experience levels and capital requirements.
Here's a breakdown of their funding options:
Account Type | Capital Provided | Setup Fee |
Lite1 | $50,000 | $250 |
Lite2 | $100,000 | $500 |
Pro1 | $500,000 | $1,490 |
Pro2 | $1,000,000 | $2,990 |
It's worth noting that while these funding amounts are substantial, the associated setup fees are non-trivial. Traders should consider their ability to meet the evaluation criteria before committing to these fees.
XLTrade claims to cater to traders from over 160 countries, emphasizing their global reach. However, verifying whether your country is eligible before proceeding with registration is crucial.
XLTrade registration & verification Process
Joining XLTrade involves a straightforward process:
- Visit the XLTrade website and click on "Start Now";
- Complete the registration form with your details;
- Get your password;
- Use the password for Guest Access and enter;
- Choose your preferred account type and funding amount;
- Fill in the billing details and make a payment;
- Go to the dashboard by Clicking on āAccess Dashboardā;
- Head to the verification section to verify your identity by submitting required documents (typically proof of ID and address).
XLTrade claims to cater to traders from over 160 countries, emphasizing their global reach. However, verifying whether your country is eligible before proceeding with registration is crucial.
XLTrade Evaluation steps
XLTrade employs a two-cycle evaluation process (for all accounts) to assess traders' skills and risk management abilities:
Cycle | Duration | Profit Target | Maximum Drawdown | Max. Leverage |
Cycle One | 30 days | 10% | 5% | 1:500 |
Cycle Two | 30 days | 10% | 5% | 1:500 |
Traders must complete both cycles to receive a fully funded account. The absence of daily loss limits provides flexibility but requires traders to exercise strong self-discipline and risk-management skills.
XLTrade payment methods
XLTrade offers several payment methods to accommodate traders from different regions:
Transaction Type | Payment Methods |
Withdrawals | Bank Wire, Crypto (Trader provides bank details or Crypto address) |
Deposits | Visa, Master Card, Bank Transfer, Crypto |
While XLTrade claims to offer various payment methods, the available options may depend on your location. It's advisable to check with their support team for the most up-to-date information on available payment methods in your region.
XLTrade commission & costs
Understanding the fee structure is crucial when considering a prop firm. Here's a breakdown of XLtrade's commission and costs:
Category | Details |
Trading Costs | No commissions, Spreads vary, Overnight swap fees may apply |
Withdrawal Fees | No fees by XLtrade, Third-party fees may apply |
Inactivity Fees | No clear info provided |
It's also worth noting that while XLTrade prop firm doesn't charge commissions, the spread costs can add up, especially for high-frequency traders.
When evaluating the overall value proposition, always consider the total cost of trading, including spreads.
XLTrade Trust Scores on Review Websites
Trust scores and customer reviews play a crucial role in assessing the reliability of a prop firm. Let's examine XLtrade's standing on Trustpilot:
- XLtrade's Trustpilot Score: 4.6/5 (based on 101 reviews as of 2023).
This score indicates a generally positive sentiment among reviewers. Key points from the reviews include:
Aspect | Positive | Negative |
Details | Efficient support, fair trading conditions, helpful staff | misunderstandings of trading rules, account termination complaints |
It's important to note that while the Trustpilot score is high, it contrasts with the lower rating on the Forex Peace Army (FPA) website. This discrepancy underscores the importance of consulting multiple sources when evaluating a prop firm's reputation.
XLTrade prop firm customer support
Customer support is a critical aspect of any trading service. XLTrade offers several channels for customer support:
- Ticket System;
- Live Chat (Traderās Hub);
- Phone Support: +44 (0) 203 289 9020.
XLTrade social media channels
In today's digital age, a company's social media presence can provide valuable insights into its operations and customer engagement. XLTrade maintains a presence on some social media platforms:
- Facebook;
- Instagram;
- YouTube.
However, the overall social media engagement appears limited compared to other prop firms.
Expert suggestions
In conclusion, XLTrade stands out as a viable option for proprietary trading, offering a low entry point with a minimum account price of $250 and an appealing profit split of up to 90%. The firm provides access to a wide range of trading instruments, including equity indices, forex, and commodities, on popular platforms such as MetaTrader 5 and WebTrader.
With a clear evaluation process consisting of two cycles and a profit target of 10%, traders can effectively gauge their performance While XLTrade prop firm may lack in educational resources, its efficient service and favorable trading conditions make it an attractive choice for traders seeking to optimize their trading experience. Write your opinion about XLTrade Review in the comment section below.
