Novices in the crypto market may see XMarkets as just another name amongst tons of other brokers. That’s understandable: there are many brokers and crypto robots out there and finding out which ones are reliable is a difficult task. The Internet doesn’t help either. For every broker name you type in your search engine you will always find contrasting information. If you want to know what to expect from a platform like XMarkets, you have come to the right place. We have tested it and have found that the best way to trade with the broker is through crypto robots like Cryptosoft.
What is XMarkets?
XMarkets was created by Celestial Trading Ltd. XMarkets and is based in Rue de la Perle, Mahe, Seychelles. Based on the website, it was created to give users a safe space to place investments through an innovative technology. However, it has to be pointed out that even though we do consider XMarkets to be a safe platform on which to place investments, it is an online broker, not an automated trading robot. If that’s what you are looking for, you should look into other platforms, such as Cryptosoft or Bitcoin Code.
XMarkets offers you the opportunity to trade in indices, commodities, stocks, CFDs, Forex and you can also trade in cryptocurrencies and currencies. Like all crypto trading platforms, investing always is always risky. Whenever you trade there is a chance that you may lose your investments. XMarkets though, is very transparent though, and provides risk disclaimers on all pages of the website as well as sections dedicated to the education of potential investors.
The difference between trading robots and online brokers is that the former are programmed to follow algorithms that suggest you what investments to make, so you are much more likely to make profit on them if you are an inexperienced investor. Online brokers are platforms you can trade on but you are on your own. Even though they are the product of sophisticated technologies, they are inferior to crypto bots because they do not make potentially profitable investment choices for you. Auto-trading robots instead, not only do that but they also offer a platform on which you can trade with your preferred broker, including XMarkets.
If you want to trade with XMarkets on Cryptosoft click here.
Many XMarkets reviews circulating the Internet claim that the broker is unregulated or that the website does not provide any information on its regulations which means that it is an unregulated broker. Most of the reviews also warn users against the platform. InsideBitcoins has found this information to be inaccurate. In fact, the website clearly states that XMarkets is regulated by the Montenegro Security Exchange Commission and also provides a sub-license number.
Is XMarkets Legit or Scam?
Our test of the platform has revealed that it can definitely be considered a reliable broker. As we have just mentioned, the website is regulated and transparent about the risks of trading in crypto, both significant aspects that increase the reliability of the platform. There is a lot more to it though.
Another thing that positively struck us when navigating the platform is that the broker really seems to strive to provide customers with services they may need. In fact, the website offers a “learn” section on which users can go to educate themselves on trading with crypto. There is also a “security” area dedicated to reassuring customers on the confidentiality of their personal data. As well as this, the section explains what are the best ways to create a safe password, such as having numbers, letters and characters and changing it every three months.
On top of this, the website provides video analyses of all the currency pairs available on the platform as well as market summaries and chart analyses. The effort to make the website as complete and comprehensive as possible is clear, there cannot be any doubt about that.
Regarding the trading experience on XMarkets per se, InsideBitcoins has found the website and trading platforms exceptionally accessible and easy to use. Both novices and professional investors can enjoy and make the most out the services offered by the platform. There is a great variety of markets to choose from and investing on them is quick and simple.
We advise however, to make sure that the platform you visit is the legitimate one. There are several fraudulent platforms circulating the web and some of them may have the same name as XMarkets, so make sure you are on the right page before depositing funds in it.
Now that we have told you about the reliability of the platform it is time to dig a little deeper into the trading characteristics of the platforms and the services it offers. We will also give you a step by step guide to follow on how to sign up and begin trading.
As we mentioned earlier in the review, on XMarkets you can trade in currencies, stocks, indices, commodities and futures. This means that the platform offers a great variety of foreign exchange. The currencies available are US Dollars, Australian Dollars, Euros, Japanese Yen, British Pounds, Swiss Francs, Canadian Dollars and more. The commodities include oil, gas, gold and silver. There are also international stocks available, such as Apple, Google, Bank of America and many more.
It is unclear what platform XMarkets uses to support trades because the website does not provide information on the matter. The most popular ones are WebTrader and MetaTrader4 so it could be that they are the ones used by XMarkets. Our suggestion would be to access these platforms through auto-trading bots like Bitcoin Profit to have the best chance of making profits.
How to sign up on XMarkets directly (not recommended)
If you do not wish to trade with XMarkets via a Cryptosoft or any other crypto bot you are welcome to sign up on XMarkets directly, even though we do not recommend it at you would not have the same advantages. XMarkets is not based on an algorithm allowing an automated trading option, it is simply a platform through which you can access the trading market but you do not have any kind of support. Bots like Cryptosoft instead, have high success rates. They place trades automatically using XMarkets and others as brokers. All you need to do is click here.
To trade on XMarkets directly, go on their website and register. The process is more time consuming than it is for trading bots as you have to provide more information. You will be asked to type in your name, last name, email address, phone number, password date of birth, country, currency of preference and language of preference. You will then be able to access the trading platform. You can either familiarise with the platform with a “practice account” or you can deposit real funds into your account. You will have access to trading history, trading charts, assets list, asset information, investment choices and financial news. We suggest to start trading once you feel familiar with the way the platform works.
Unfortunately, we were unable to find any information on the account types available. Usually, brokers offer between three and four account types that users can choose from. The most basic ones normally require a minimum deposit of $250, whilst the upgraded accounts require higher deposits but offer significant advantages to its holders. Some of these advantages usually include a standard spread and SMS news and signals. We were unable to find out whether XMarkets offers this kind of service.
XMarkets offers a leverage of up to 1:100. If you are not sure what the term means, it is the debt a person uses to make investments. To put it in simple terms, XMarkets issues loans to investors, who ca use the money to make investments. However, if the leverage is 1:100 it means that the investor has to have in his account a minimum of 1% of the total value of the trade he wants to make. We consider 1:100 to be a fair leverage because even though it is not a very high leverage, it does not expose investors to unnecessary risks that they would take with a higher leverage.
Commissions and Spreads
Of course, commission and spreads vary depending on the asset in question. In a brief list of the main assets offered by XMarkets there are some commissions. Most of them are between 0.1 and 1 euro, which seems fairly reasonable. The list did not provide information on spreads.
However, once on the trading platform, you will be able to click on the information button for each asset on the right side to find out what the spread is.
Deposits and Withdrawals
XMarkets offers a wide variety of payment methods. Visa, Mastercard and Maetsro cards are accepted, both debit and credit. The platform also allows Neteller, WireTransfer and Paysafecard as well as bank transfers. Bank transfers can be made in several different currencies but the website is not very clear as to which currencies are accepted.
We suggest to contact customer service if you are planning on depositing funds through a bank transfer to make sure that the currency you wish to pay in is accepted. We suggest to also contact customer support if you run into any sort of trouble doing the payment process, they will be able to help. Even though the platform does not accept Bitcoin or Paypal payments, it certainly makes up for it by allowing a great variety or other methods. If you are considering trading on a crypto bot like Cryptosoft instead of a broker, they offer the same variety of payment methods.
Neither XMarkets nor CryptoSoft offer a mobile app. This is understandable though, because both platforms run on browser so you only need an internet connection to access them on your mobile phone. You will be able to trade on your phone safely and efficiently.
Education and Resources
The education section on the XMarkets website is remarkable. The area of the website is designed to offer new users – both beginners and more experienced ones – tools to learn more about trading with crypto as well as the risks associated with it. Users can access advanced and beginners e-books, commodities and futures contracts, trading strategies, online economics courses, explicative videos and metatrader tutorials.
In the “support” section, users can also find a glossary organised in alphabetical order with the definitions and explanations of most of the key terms that concern the world of crypto. These include “assets”, “binary exchange”, “contracts”, “currency pairs”, “futures”, “forex” and many others.
The website does not provide any information on bonuses or promotions of any kind, which suggests that XMarkets may not offer any. In fact, during the sign up process, there are no areas in the form in which you could include promotion codes of some sort. This is a service that other brokers provide and that XMarkets could consider including in the future.
According to the website, customer support is available 24/7. The “contact us” page is extremely complete and well-designed, providing all the information that customers need if searching for support. In order to contact support staff, you can either fill in a contact form by typing in your name, phone number and email address. You are then required to click on the subject of your email, which may be “deposit/withdraw”, “trading”, “technical issue” or “general”. After that, you may write about your issue and you will be contacted as soon as possible.
You are also provided with an email address and several phone numbers with prefixes of many different countries, including the UK, Germany and the Netherlands. There is also a live chat available on all pages of the website. On top of this, the website clearly attempts to satisfy the needs of customers who may not be able to speak English and offers the possibility to set the website in Dutch, German, Swedish and Italian. The efforts to satisfy customer needs are very visible which certainly increases the reliability of a platform like XMarkets.
What makes XMarkets unique?
As we have already said, XMarkets is certainly a reliable and legit platform, but like all brokers it does have room for improvement. We made a list of pros and cons to help you make a decision on whether you not you want to trade on the platform.
More robots where you can access XMarkets
There are some crypto robots where you can access XMarkets.
Here are some FAQs that can help you decide whether you want to trade on XMarkets or an auto-trading robot.
Is XMarkets reliable?
Yes, we have tested the platform and have found that it is reliable. Like all trading platforms of this kind, there is a risk of capital loss but the website and trading space are certainly well-designed and easy to use. It is also very clear about the risks involved and provides some remarkable education tools. We definitely recommend it.
How do I open an account with XMarkets?
We recommend to open an account on a crypto bot, through which you can access the XMarkets trading platform. To open an account on any cryptobot, you usually have to provide your name, email address, home address and phone number on the official website. If you wish to sign up on XMarkets directly you will have to provide some extra information, including your date of birth and preferred currency.
What is the difference between a broker and a crypto robot?
XMarkets is a broker, Cryptosoft is a cryptorobot. The difference is that brokers are just platforms that allow you to access trading spaces whilst cryptorobots have the same function but are based on an algorithm that suggests users what are the best investments to make. With robots you have a higher chance of making profits. Through robots you can also access brokers like XMarkets.
Can you open a demo account before depositing real funds?
You can open a practice account, which is basically the same thing. It allows you to familiarise yourself with the trading functions offered on the platform. These include financial news, an asset list, trading history and chartings.
Are there risks when trading with XMarkets?
Yes, with all brokers as well as auto-trading bots there is a risk of losing part or all of your capital. The XMarkets website is very transparent about this aspect of the trading industry.
Where is XMarkets based?
XMarkets is based in Rue de la Perle, Mahe, Seychelles.
Where can I find information on spreads and commission?
Whilst on the trading platform, you will have the possibility to click on the circled i on each asset to see what the spread and commission are for it. You can do so for every asset you need this information on.