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XtraderFX cryptocurrency CFDs – June 2018 review

Trade CFDs on 10 popular cryptocurrencies with 24/7 customer support.

If you’re thinking of buying cryptocurrency but don’t want to go through the hassle of actually acquiring any coins or tokens, you may want to consider cryptocurrency CFDs (contracts for difference). CFDs allow you to predict the price movement of an underlying asset, in this case cryptocurrency, and potentially profit if your forecast is correct.

XtraderFX, formerly known as CryptoPoint, is a UK-based broker that supports CFD trading on bitcoin, Ether and a host of other popular cryptocurrencies. It’s a fairly new player on the crypto trading scene, so let’s take a look at the features and benefits it has to offer.

Product Name XtraderFX Cryptocurrency CFDs
Fiat Currencies GBP, EUR
Cryptocurrencies BTC, LTC, ETH, XRP, XMR, DASH, NXT, ETC, ZEC, GNT
Deposit Methods Credit card, Debit card, Wire transfer, Credit vouchers (POLi, Neteller, SEPA, Giropay, Skrill & more)
Trading Fee Fees vary
Deposit Fees Fees vary
Withdrawal Fees Fees vary

Pros

  • ID check required before funds can be withdrawn from your account
  • 24/7 customer support
  • Access to several major cryptocurrencies

Cons

  • High withdrawal fees
  • £50 inactive account fee charged monthly if you haven’t logged in for three months
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is XtraderFX?

Established in October 2017, XtraderFX is owned and operated by GPAY Ltd, which is headquartered in the United Kingdom. Rather than buying and selling cryptocurrencies, it allows users to trade crypto CFDs using Tradologic CFD crypto trading software.

Designed to suit both beginner and advanced traders, XtraderFX offers CFDs on 10 cryptocurrencies and round-the-clock customer service. Its platform includes advanced features like take-profit and stop-loss tools, while it also offers market research and trading academy sections to help users learn more about crypto CFDs.

Which cryptocurrencies can I buy/sell?

XtraderFX provides access to the following crypto coins and tokens:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Dash (DASH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Golem (GNT)
  • Monero (XMR)
  • Nxt (NXT)
  • Ripple (XRP)
  • Zcash (ZEC)

The platform offers both fiat/crypto and crypto/crypto pairs.

Available countries

XtraderFX offers its cryptocurrency trading services to users in countries around the world, including Australia. However, people in the following countries and areas are unable to use the platform:

  • United States
  • US territories
  • France
  • French territories
  • Israel
  • Turkey

Which payment methods are accepted?

You can deposit funds into your XtraderFX account using the following payment methods:

  • Credit vouchers (Neteller, Skrill, SOFORT, POLi, credit card)
  • Credit and debit cards
  • Phone deposits
  • Bank wire transfers

How much will it cost me to use XtraderFX?

XtraderFX’s trading fees aren’t clearly stated anywhere on its website. However, when looking around the XtraderFX demo platform, we noticed that a 1% commission applied to virtual trades.

XtraderFX charges the following fees on account withdrawals:

  • Credit/debit card withdrawals: £20
  • Bank account withdrawals: £20 + 1% of the withdrawal amount

It’s also essential to be aware that if you haven’t logged into your XtraderFX account for three months or more, that account is considered to be dormant. The provider then charges a £50 inactive account fee each month, which is deducted from your available balance. If your account is in another currency, this fee is calculated as a direct conversion of £50.

How fast will my funds be available?

All withdrawals from your XtraderFX account will be sent back to the same payment method you used to fund your account in the first place. Once you’ve issued a withdrawal request, this process is initiated within 5-7 business days. There may also be slight delays due to XtraderFX’s identity verification process.

Are there any transfer limits?

XtraderFX imposes the following minimum limits on account withdrawals:

  • Bank wire transfer: £300
  • Credit card/debit card transfer: £50

There’s also a limit on the minimum amount you can deposit into your account, but this varies depending on the payment method you select.

Is it safe to use XtraderFX?

If you want to make a deposit into your XtraderFX account, you’ll need to provide the following details:

  • Your name
  • Your address
  • Your date of birth

To withdraw funds from your account, you may also need to submit valid identification documents that verify your age and address. Examples include a copy of your driver’s licence or passport, a copy of a recent utility bill confirming your address, or a copy of a recent bank statement.

Customer support

If you have a question about your account or you need help with a transaction, XtraderFX offers phone and email customer support that’s available 24/7. It also offers an education section on its website that includes webinars and articles explaining how cryptocurrencies work and how you can trade them.

Pros and cons

Pros

  • ID check required before funds can be withdrawn from your account
  • 24/7 customer support
  • Access to several major cryptocurrencies
Cons

  • High withdrawal fees
  • £50 inactive account fee charged monthly if you haven’t logged in for three months
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