Discover how XLtrade is revolutionizing prop trading with funded accounts up to $1 million, a fair evaluation process, and substantial profit payouts. This review delves into the intricate workings of XLtrade, exploring its fees, security measures, and the unique opportunities it offers traders.
Discover how XLtrade is revolutionizing prop trading with funded accounts up to $1 million, a fair evaluation process, and substantial profit payouts. This review delves into the intricate workings of XLtrade, exploring its fees, security measures, and the unique opportunities it offers traders.
- Access to $1 Million Funded Accounts.
- 80% Profit Retention for Traders.
- Flexible Trading Strategies Allowed.
- Regular Fund Increases for Successful Traders.
- Diverse Global Market Access.
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XLtrade 2023 Review: A Comprehensive Look
XLtrade, an offshore prop trading firm, empowers investors by offering funded accounts up to $1 million. This company stands out for its open approach to trading strategies and its generous profit-sharing model, allowing traders to keep up to 80% of their earnings. In this detailed review, we delve into what XLtrade is, the intricacies of its trading costs, and its operational model. Continue reading to discover if XLtrade’s funded account program is the right choice for you.
Overview of XLtrade
Operated by Chimara Ltd, BVI, XLtrade is a distinguished prop firm, supported by substantial investment from sophisticated global investors. Its trading team consists of elite XLtraders, handpicked from those who adeptly manage $1 million funded accounts. Located in London’s City Road, the firm’s offices signify its prestigious position in the financial world. Despite its headquarters in the British Virgin Islands, XLtrade’s global footprint extends to Monaco, Singapore, and Dubai, demonstrating its international influence and reach.
Understanding XLtrade’s Operational Mechanism
XLtrade caters to traders of varying experience levels by offering access to funding while safeguarding against potential risks and losses. The key to unlocking this capital is successfully navigating through their evaluation process. This process mandates traders to demonstrate consistent performance within specified risk limits over a set period. The evaluation phase is conducted on a simulated account, closely replicating real-market scenarios, and is initially funded with $100,000. Successful candidates are granted a fully funded account within a day after passing the evaluation.
XLtrade’s Evaluation Criteria Explained
To pass the evaluation and qualify for funding, XLtrade requires traders to:
- Achieve a 10% performance target within each 30-day cycle.
- Maintain strong risk control by consistently upholding the target throughout the cycle.
Additionally, XLtrade offers an alternative route to securing an account. Traders can bypass the evaluation stage by depositing a security fund amounting to 8% of the desired account size. For instance, acquiring a $500k lite funded account necessitates a $40,000 deposit. This approach allows immediate account access but involves the risk of the trader’s own capital.
XLtrade Fee Structure
To initiate their trading journey with XLtrade, traders are required to pay a one-time sign-up fee. This fee is intended to cover administrative and ongoing maintenance costs. Interestingly, this fee is fully reimbursable for those who pass the evaluation phase. However, it’s crucial to note that failure to clear the evaluation process results in the non-refundable payment of this fee, adding a layer of risk for less confident traders.
Detailed Fee Breakdown for Various Funded Accounts
XLtrade’s one-time setup fee varies according to the type of funded account:
- The 1 Million Dollar Experience: $1,590.
- 500K Funded Account: $1,390.
- 100K Funded Account: $490.
- 50K Funded Account: $390.
Tools and Assets at XLtrade
XLtrade equips its traders with the renowned MT4 platform across all account types. Those managing the 1 million dollar account also have the privilege of accessing XLtrade’s exclusive DMA platform. Additionally, AvaTrade powers market access for XLtrade users, offering leverage options of up to 1:400.
Accessible Markets for XLtrade Traders
XLtrade opens the door to a diverse range of markets, including:
- Commodities such as oil.
- Precious metals like gold and silver.
- Forex majors and crosses.
- Various equities and indices.
Account Options and Plans at XLtrade
At XLtrade, traders can select from four distinct account types, each defined by its funding level. The firm offers the flexibility to open up to five accounts under a single registration. All accounts support the use of expert advisors (EAs) and copy trading, enhancing trading strategies and convenience.
Variety of Trader Funding Levels
The available funding levels at XLtrade include:
- The 1 Million Dollar Experience.
- $500K Lite Funded Account.
- $100K Lite Funded Account.
- $50K Lite Funded Account.
For funding requirements exceeding the $1 million threshold, a personalized meeting with the XLtrade team is necessary. This discussion caters to individual requirements and elevates the trader to the status of an XLtrade Elite Trader.
Profits and Withdrawal Process
XLtrade adopts a profit-sharing model where it retains 20% of the profits, leaving 80% for the traders. This distribution is automated. Each month, traders receive an account summary via email, detailing their profit payouts. Traders have the option to request the full amount or a partial withdrawal to reinvest in their account. Withdrawals are processed instantly upon request. Funds can be transferred to any personal or company bank account globally. Additionally, XLtrade offers the option to receive profits in cryptocurrencies through Coinbase. If a trader consistently generates profits, XLtrade increases the funded account by 25% every three months, incentivizing sustained success.
Security Measures at XLtrade
While XLtrade operates as a private fund and is not bound by strict regulatory licenses, it adheres to anti-money laundering regulations. However, its affiliated broker, AvaTrade, is regulated by various authorities like the CySEC, ASIC, and FSA. The MT4 platform further reinforces security through encrypted logins, ensuring the safety and integrity of trader data.
Customer Support at XLtrade
XLtrade ensures that their customers have various avenues for support and assistance. The customer support team can be reached through:
- Email: contact@xltrade.net.
- Telephone: +44 (0) 203 290 8808.
- Feedback Form: Accessible via the ‘Contact Us’ link in the website footer.
- Headquarters: Mill Mall Tower, PO Box 4406, Road Town Tortola, The British Virgin Islands.
For common queries, XLtrade’s website hosts a comprehensive FAQ section. However, it’s noteworthy that they currently do not offer a live chat feature.
Final Verdict on XLtrade
Prop trading with XLtrade presents an attractive proposition for users aiming to profit from trading without risking their own capital. The firm’s evaluation process is structured to be fair, offering access to various funded accounts up to $1 million. Notably, traders have the chance to augment their funds by an additional 25% every quarter. An 80% profit payout rate further enhances the attractiveness for successful traders. However, potential clients, particularly those new to trading, should be aware of the non-refundable setup fees in case of unsuccessful evaluation.