The contest offers the demo ECN trading environment of the xcritical broker, and all the trading is done via the popular MetaTrader 4 terminal. Winners will receive real prize money and bonuses, and after the end of the contest winners can withdraw the cash prize or use it for live trading. Traders joining the xcritical trading contest can earn real money prizes, and bonuses, for their live trading account, by entering the exciting world of forex trading contests with ForexCup. Currently, xcritical trading accounts are available in USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, BTC and mBTC – subject to the contracting entity and the traders’ geographical location. The Level II plugin, a free download for xcritical traders, allows me to set my position size, see market liquidity, set my entry price, and also set my stop losses and profit targets automatically. Cryptocurrency accounts are also offered, where you can deposit, withdraw, and trade in cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
I feel xcritical are an honest company where it is possible to think about long term investing as withdrawing funds is not an issue. I’m here to make a complaint about the company xcritical.online.
xcritical – Open Trading Account
Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available. xcritical became the first Forex broker to offer its investors a direct access to ECN trading and Interbank liquidity through the MT4 platform in 2009. The proprietary and revolutionary solution – the xcritical Liquidity Aggregator – of xcritical fully utilised MT4’s capacities. Nowadays, xcritical guarantees an error-free and instant order execution at top-notch prices from over 10 liquidity providers and banks. During our readings the Crypto Account BTC/USD spread is $7.4, BTC/EUR €5.2. Forex ECN Account spreads are not 0 pips on any asset at any time during our testing.
Do you pay tax on forex gains?
Currency traders in the spot forex market can choose to be taxed under the same tax rules as regular commodities 1256 contracts or under the special rules of IRC Section 988 for currencies.
I have been using xcritical for around 3 years and have had hundreds of trades. All I can say is that not one trade has had an issue and all have executed immediately with a very good spread. I have deposited and withdrawn many times also with no issues.
XTB MT4 Broker Review | Trade Forex Online
Other companies had offered micro accounts with $50 as minimum deposits but xcritical took the revolutionary step. xcritical is an ECN forex broker offering a range of CFD instruments using the MetaTrader 4 and MetaTrader 5 trading platforms. This review will cover account types, fees, minimum deposits, and more. xcritical uses micro-lot sizes on all accounts or 0.01 lots . The maximum trade size is not limited as stated, what we have noticed in the specifications from the MT4 is 1000 lots. Additional steps are also 0.01 lots allowing traders to be precise when allocating more trades.
It is noteworthy that Micro accounts offered by xcritical firms functioning outside of Australia and the U.K. This implies that traders are directly trading against their broker, and there is no mention of hedging trade https://scamforex.net/ with other counterparties in the customer agreement. In the U.K., the firm acts as a counterparty to all but ECN order customer trades, meaning customers will have to bear counterparty risk for non-ECN trades.
Spreads and trading commissions
Finally, this account does not charge commissions, and there is no maximum balance requirement. The second part of their mission statement was innovation and implementation for new technologies that should provide the traders with even better tools. Keep in mind this was in the early days of forex trading online. More than 2/3 of all Forex brokers provide its clients with the MT4 terminal and more than 90% of retail transactions on the Forex markets are executed via this platform. Year after year, the MetaTrader 4 continues to receive prominent awards since 2005.
xcritical AU Pty ltd marks all accounts, that haven’t been active for over 90 days, as inactive. Clients with inactive accounts get $10 per month deducted from their trading accounts and in case they plan on reactivating their account, they will have to pay the firm a reactivation fee of $50. ECN account holders are required to make a minimum deposit of $100, whereas STP and Crypto account holders need to deposit at least $10. Micro account holders are given the privilege of only depositing $1 for the activation of their account. Since it is compatible with android, iOS and Windows, xcritical AU Pty ltd.’s clients can continue to trade on the go. The software can either be installed or downloaded but clients also have the option to resort to the web-based version that is compatible on all devices.
How to enrol on the xcritical contest?
To further tighten clients’ safety, xcritical employs account and eWallet verification which typically needs 48 hours and requires an address proof and a photo ID. xcritical assiduously punches above the competition’s weight when it comes to customers’ security. The Forex enterprise is duly registered on the island of St. Kitts and Nevis and is a proud member of The Financial Commission.
- Counting only cryptos available there are Bitcoin, Litecoin, Ethereum, NameCoin, PeerCoin, DASH, Emercoin, and Ripple.
- xcritical Trading hours of operation coincide with the global financial markets.
- My order is sent, along with stop loss and target orders which are placed the indicated number of pips away from the entry.
- Clients are allowed to choose from multiple trading accounts as mentioned above and can further improve their trading experience by opting for automated systems such as Myfxbook and Zulutrade.
xcritical is transparent with its history, stating major advances for each year, the readers will have a better picture of what they do, how, and what are their concerns. Their business domains cover the Australian branch from xcritical.com.au and xcritical.co.uk for the UK, while xcritical.com is from Saint Kitts and Nevis, Carribean country without any regulation. All of the regulated xcritical entities, the xcritical Ltd , xcritical AU PTY Ltd and xcritical EU Ltd , offer a default Negative Balance Protection. With the NBP mechanism, customers of these regulated entities are protected from any losses bigger than their original xcriticals, in cases of extreme market volatility. Starting our xcritical review, we will outline some of the key features of this popular CFD broker. xcritical is a UK-based, and well-regulated broker, supervised by some of the leading global financial regulators, such as the UK’s FCA, Cyprus CySEC and Australia’s ASIC.