XBulls Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this XBulls Review.
XBulls offers five account types, depending on the client’s initial deposit. All accounts offer variable spreads with leverage up to 1:100, and the option to trade in micro lots on two trading platforms. Three of them are commission-free, and there are two ECN ones (VIP & IPO) with tither spreads, but involving commission fees.
Keep in mind that scalping is not allowed with XBulls and robots (EAs) are available solely on ECN accounts. In other words, if you are into automated strategies, you have to invest at least $20 000 with this broker in order to use them.
The Company. Security of Funds
Rynat Trading Limited
XBulls claims to be a pure ECN/STP brokerage. It offers trading in over 45 currency pairs, and CFDs on bonds, commodities, stocks and indices through both MetaTrader 4 and Sirix WebTrader. The broker has offices in Limassol. Cyprus and Warsaw, Poland.
XBulls is the trading names of Rynat Trading Limited., which is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2016.
Cypriot brokers are required to hold at least €730 000 (as a proof of good financial standing) and maintain it. Client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.
Furthermore, CySEC applies a compensation scheme and all licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States.
Minimum Initial Deposit
We could not understand what is the minimum amount one has to deposit In order to open an account with XBulls.
Spreads & Commissions
XBulls offers variable spreads, which are high on commission-free accounts (above 1.5 pips for the EUR/USD pair). ECN spreads, on the other hand, are pretty good, averaged 0.6 pips, however in order to be able to use the, one has to deposit at least $20 000. What is worse, ECN accounts involve salty commission fees, amounting to 1.5 pips per standard lot, which means that trading costs per lot for the EUR/USD pair are above 2 pips per standard lot, which is way too high .
For purposes of comparison, FXTM‘s ECN accounts offer average spread of 0.7 pips plus a commission of $2. For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by XBulls is 1:100, which is average. In order to protect traders from the risk associated with using higher leverage levels, CySEC has proposed the default leverage to be set at 1:50.
Still, many Cyprus-based brokers offer considerably higher leverage levels: for example, XM and FXTM both provide leverage up to 1:500.
This broker supports the most widely used forex trading platform MetaTrader4 (MT4), as well as Sirix Web trader.
MT4 remains the preferred choice of most traders worldwide, as it provides a full range of trading tools and features: more than 50 built-in technical indicators, advanced charting package, numerous Expert Advisors (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.
The other platform supported by this broker, is Sirix, available as web and mobile versions. It is easy to use and is also equipped with useful charting tools, a number of technical analysis indicators, as well as 128-bit encrypted security.
XBulls’s Sirix Web platfor,. click to enlarge.
Methods of Payment
XBulls supports a small range of payment methods – credit/debit cards & bank wire transfer, as well DotPay.
The processing of the withdrawal request takes up to 1 business day.
XBulls is a STP/ECN Cypriot FX and CFD brokerage that is duly regulated and supports two trading platforms. The main problem with it is that its cost of trading is too high. Also, ECN environment and EAs are available only to traders who deposit a minimum of $20 000.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
XBulls Review Conclusion
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