BrokerXP Review of the Trading Process
BrokerXP is one of the fastest growing trading platforms at the present.
It is quite clear to understand why. Despite being a mainstay in the finance world, BrokerXP has grown rapidly as of late due to the low minimum deposits and withdrawal amounts that the platform operates on. You only need $500 to deposit in order to trade with BrokerXP and you can withdraw as little as $100 with their platform.
Trading Forex and Bitcoin
Since BrokerXP was founded over 20 years ago, it has enabled traders from across the world to trade beyond pure binaries. The platform offers cfds and even traditional forex trading. Not to mention, BrokerXP also allows cryptocurrency trading, with direct access to Ethereum, Bitcoin and many other popular coins.
By utilizing the power of Meta Trader 4, BrokerXP has great trading options, along with many risk management features. Traders can utilize the platform’s stop loss and take profit features to ensure forex and cfd traders can trade successfully with leveraged products.
Here are the key features that we like the most about BrokerXP and it’s integrated platform:
- Demo Account — Yes, a demo account is available to anyone once they have registered a demo account. There is no time limit and the trading balance can be reset as frequently as required.
- Minimum Deposit — $500
- Minimum Withdrawal — $100
- Support Team — Superb 24/7 support from the customer service team at BrokerXP. They dealt with all of my queries with a matter of minutes and ensured that I got the most of the platform.
Trading Platform
Broker XP uses the widely popular Meta Trader 4 platform as the main interface for traders. It is visually stunning, and it the gold standard for forex brokers. It is an easy-to-use platform that can be configured to how the individual traders wants. Traders can arrange and organize windows to their preference. Some traders prefer to look at many windows at one time, whilst others prefer only one window. With BrokerXP, these factors are easy to change to meet your requirements. Many assets can be traded simultaneously, which is a huge benefit that not all trading platforms have. On the left of the platform, the trading pairs are apparent, along with their real-time prices. The main section of the trading platform is the price graph.
Above the price graph, Meta Trader 4 boasts some of the most advanced technical analysis tools seen on any trading platforms. You can now learn to carry out technical analysis regardless if you are a beginner or an experienced trader. Not to mention, Broker XP can be used via the Meta Trader 4 mobile app and tablet app. If you are non-english speaking, then this is no worry as the Broker XP platform offers 30 language options. The languages that Broker XP can translate are English, French, Portuguese, Japanese, Russian, Chinese and many more. The platform also helps analyze financial markets, does copy trading and performs advanced trading operations.
The client-front end terminal of the platform allows traders to execute a trade in three different ways:
- Instant execution
- Execution on request
- Execution by market
You can carry out market orders through Broker XP’s platform. This is when an order is carried out at the real-time market price. A pending order can also be set, where you commit to buying or selling a security at a predetermined price in the future. The pending order can be a stop, limit or stop-loss order.
The platform’s quick trading function allows you to send an order from the chart in only one click. Another feature that we enjoy using is the built-in tick, this helps us determine accurate entry and exit points. BrokerXP is suitable for all types of traders, wether you are an intraday specialist or only uptake long positions. Price movements can be tracked in nine timeframes.
Arguably the best feature that Broker XP offers is it’s high-level security standards. From the moment you login, your trading account is secured by the complex encryption of data exchanged between the Broker XP client terminal and the Meta Trader 4 servers, by the use of RSA digital signatures.
When starting out trading, we found it beneficial to use the TradingSignals feature that MT4 and Broker XP have on offer. This allows you to copy the trades of successful traders who provide their signals to the public for free. These people are classed as signal providers. There are free and commercial signal providers listed on Meta Trader 4. Some elite-traders charge a fee to copy their trader as their upside is generally higher than the average. By copying experienced-traders, you can build a deeper understanding of what makes the markets tick and what to look out for when following your own model. Not many trading platforms allow you to select a signal provides whilst remaining on the platform. This is a major benefit that comes with trading on Broker XP’s platform.
There is also an alert tool that comes built in to the platform. This allows you to create an alert for specific trading conditions such as the price that reaches a specific trading price. For example, if you want an alert once the AUD:CAD pair 0.92, then the platform will ping you once it reaches that level.
To conclude, Broker XP is our favorite trading platform when trading cryptocurrency, forex and CFDs. By being integrated with Meta Trader 4, you will be able to increase your upside in no time at all and build experience. If you are looking to start trading, then Broker XP is the platform for you as it is easy to use and accessible on all devices with an internet connection. For experienced traders, you will also find great benefit by switching to Broker XP its low fees and withdraw limit allow you to make the most out of large-volume trades. Broker XP also offer a wide range of educational resources and video tutorials that enable you to learn trading with ease. Once you have mastered the basics of trading using their platform, then the advanced technical tools and built-in indicators that Meta Trader 4 offers will ensure you can carry out trades with flawless accuracy.
The maximum leverage that Broker XP offers is 1:200, this is suitable for most traders as it is not dangerously high. It is known that leveraging is a double-edge sword, which can help you to multiply your profits. Although, by over-leveraging, your losses will also be multiplied which is what traders look to avoid. High leverage levels are not advised for beginners as it is easy to lose more money than you can make. We started off trading $500 with Broker XP to start with, once our upside reached $750, we increased leverage and increased deposit amount.
We give Broker XP an all-round five stars and recommend the platform for all traders, as the platform meets the requirements of all traders of different needs.
