xDirect Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this xDirect Review.
xDirect offers three basic account types: Electron, Classic UAH, and Classic USD. Apart from the initial deposit, the three accounts offer similar trading conditions: leverage up to 1:200, identical fixed/variable spreads, commission-free trading and micro lots available for trade.
The Classic USD accounts offer Professional CFDs based on STP technology, additional trading instruments (Equity CFDs and options), as well as xSocial signals trading platform.
In addition, there is a VIP offer for accounts with deposits of more than $30 000. These account holders are offered a personal manager, 30% on deposit bonus + rebates.
xDirect is a financial broker providing a variety of electronically traded products, including 50 currency pairs, a wide range of CFDs on Indices, commodities, stocks, and ETFs, through both the popular MetaTrader 4, and xStation.
xDirect Group consists of three companies:
– ООО «Икс-Трейд» (РФ), registered in Ukraine (for Electron, and Classic UAH accounts);
– Xeta Direct Private Limited, registered in Mauritius;
– CFDs Prime Limited (formerly Xeta Prime Limited), registered in Belize.
Xeta Direct Private Limited and CFDs Prime Limited refer to the Classic USD account.
Currently xDirect maintains offices in Ukraine, Russia, Chile, India, Azerbaijan, Kazakhstan and the Republic of Mauritius. The company has more 10 years of experience with online forex trading and is also part of XTB group, holding licenses from both UK’s Financial Conduct Authority (FCA) and the Poland’s financial supervision commission (KNF). What is more, XTB recently went public, debuting on the Warsaw Stock Exchange (WSE:XTB).
Security of Funds
Although both Mauritius and Belize are offshore zones, famous for their light-touch forex regulation, registered brokers must satisfy a number of prerequisites such as capital adequacy to demonstrate financial standing, set by the Financial Services Commission of Mauritius (FSC) and Belize’s International Financial Services Commission (IFSC). FSC-regulated brokerages must hold at least MUR 1 000 000 (around EUR 25 000), and IFSC-licensed companies are required to have a minimum of $500,000 net tangible assets. What is more, both regulatory bodies require client funds to be kept in segregated accounts.
Unlike with the FCA and other EU regulators, IFSC and FSC place little emphasis on compliance-checking, reporting and supervision and companies at not required to detail individual transactions. To put it simply, if you choose to open an account with an offshore broker, your funds are far from safe. So, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based ones or Swiss brokers, where the respective financial watchdogs are always on alert.
Nonetheless, xDirect claims to be a MiFID-compliant broker, who conducts regular audits in order to insure compliance with the relevant legislation. It is also a member of the European Business Association in Ukraine since 2013.
Minimum Initial Deposit
The minimal sum required to open an account with xDirect is less than $20 (500 UAH), a reasonably low amount, considering the light-touch regulation. In comparison, ForexBrokerInc, registered in the Marshall Islands, requires $100 from its customers as a start for all account types (ECN ones included).
Average Spreads & Commissions
This broker has both fixed and variable spreads in its portfolio. Fixed spreads are quite low, amounting to 1.6 pips on EUR/USD.
As regards variable spreads, xDirect quotes as typical 1.2 pips for the EUR/USD pair, and average spreads within the range of 1.0 – 1.5 pips on EUR/USD are considered average for the forex market. In comparison, LiteForex provides spreads averaged 1.1 pips on EUR/USD on its ECN commission-free accounts.
For further information, you may look up and compare real-time spreads of 15 leading brokers here.
We should also note that the STP Classic USD accounts offer professional CFDs with spreads as low as 3 pips, which involve a commission of $10 round turn. These STP accounts actually use the deep liquidity of parent company XTB.
The maximum leverage rates at xDirect are high, reaching 1:200, which is average. If you need higher leverage levels, many offshore brokers offer such. ForexBrokerInc, for instance, provides leverage up to 1:500. Here you may look up more forex brokers offering leverage equal to or exceeding 1:500.
We advise traders to keep in mind that trading on margin with high leverage levels involves a risk of heavy losses, exceeding the initial investments.
xDirect offers its clients a choice of two main trading platforms: the popular MetaTrader 4 & xStation.
xStation is user-friendly, fully-customizable platform developed by XOpen Hub, which is equipped with more than 20 instruments for technical analysis and customizable Market view window, among other advanced features. Traders will probably appreciate even more the other two features of the platform: one-click dealing and the ability to deal straight from the charts. It can be downloaded for Windows, Android or iOS devices and can also be directly launched into your browser. The platform is also equipped with a Multiple Account management (xMAM) and social trading (xSocial) solutions.
As most FX brokers, xDirect also supports the industry preffered MetaTrader 4 (MT4), available as a PC, web and mobile versions. MT4 offers all a trader needs: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive EA back-testing options. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Clients of xDirect who would like to make use of auto trading, can check out Metatrader trading signals. Another possibility to copy the signals of successful traders Is the xSocial platform, available for Classic USD account holders. Using xSocial you can monitor other traders’ activity, trading results and copy them in just one click of a mouse.
Methods of Payment
The following payment modes are available to clients of xDirect: Credit/debit cards (Visa, MasterCard), bank wire transfer, and e-wallets Яндекс Деньги, WebMoney, Приват24.
Part of the EU XTB group, xDirect is a FX brokerage, registered offshore, targeted mainly at Ukrainian clients. It offers reasonable trading conditions on two robust platforms.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
xDirect Review Conclusion
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