The first-ever cryptocurrency, Bitcoin, emerged in 2009. Since then, the online trade market has changed drastically. A large number of online brokerage firms were established and new cryptocurrencies were also mined. You might be one of those people who are considering giving the crypto trade a try. Online trading, with any trading instrument, is a great way to earn side income. You can also make it into a stable career if you get lucky. The first tip I will give to new traders, who are reading this, is that do not become greedy or over-ambitious when you start trading. You may feel motivated to invest in bigger projects if you make small profits from some trades here and there. The excitement makes you forget caution and always leaves you with huge losses.
During my years as an active trader, I came across many brokers that only supported one trade instrument. The broker that I will talk about is XTRgate which is a crypto broker. This broker only allows the trade of cryptocurrencies and supports a wide range of them, I will go over all the different aspects of the trading platform in this XTRgate review today..
Best Features of the Crypto Broker XTRgate
High Crypto Leverage
Cryptocurrencies are very expensive assets if you try to buy them with fiats. So, many brokers do not offer leverages to support this broker. This is because the broker needs to have high liquidity when providing leverage for cryptocurrencies.
XTRgate is solely focused on crypto trading, so it has a high liquidity ratio as compared with other brokers. The broker offers leverages for crypto trades as low as 1:2 and as high as 1:20. If you are someone how is not familiar with cryptocurrency rates, this leverage is pretty high. However, the maximum leverage is available with higher accounts. You can still use the leverage of 1:2 and 1:5 that is offered by the broker. Trading with leverage is probably one of the best things a trader can get. However, you must be careful when trading with leverages, especially if they are with an asset as volatile as cryptocurrencies to avoid unfavorable losses.
Spreads are the broker’s way of earning income. Basically, the price of the asset when you buy it from the broker is higher than what it buys it back for. The difference in these prices is known as a spread. You will see many brokers advertising their low spreads but when you start trading with them, they cover those with hidden fees and commissions.
XTRgate offers you spreads as low as 0 which means that you do not suffer any losses or gains when you sell the currency back to the broker. The spread rates may vary depending on the condition of the trade market. Traders crave to trade with big leverages and low spreads, which this broker delivers.
Deposit and Withdrawals
Banking services are an essential part of a trader’s life. They need to make timely deposits, withdraw cash, make transactions, etc. You will find that most brokers differ with their methods of deposits and withdrawals. While some brokers offer you various payment methods, some are very stiff with their rules and force you to abide by their services. Furthermore, you will also find that some brokers charge hidden and known fees even for the deposits you make. XTRgate does not charge any commissions or fees on making deposits. It supports two ways of depositing money which is credit card and wire transfer.
For withdrawals, you need to undergo a slightly longer process. You have to provide a Proof of Identity to confirm the broker that you are not an imposter signing up with your credentials. Furthermore, you have to select a payment method. You can choose the option of a credit card or a bank wire transfer, whichever you prefer. The broker charges a small fee for processing the withdrawals but don’t worry it does not have a big impact on your income.
Bring A Friend Program
If you are not interested in online trading or cannot get the hang of it just yet, you can still earn money with this broker. How you may ask? XTRgate has designed a Bring-A-Friend Program where basically for every referral with your name on it, you will get a commission. In addition, on every referral that your referral brings, you still get a percentage of commissions.
So, basically, if you invite a friend to register with the broker through the Bring A Friend Program, you and your friend will get a bonus of around $25. If your friend continues with the registration and opens an account, then you both will receive a commission of around $50. If your friend opens an upgraded account, then you both will receive $150. Finally, if your friend opens an elite account then you both will receive $300.
All you have to do is create an account with the broker, give the email address you used for this account to your friend. This will clarify the referral. Now, you both can earn a small income without even participating in trade. While this program is great for those not interested in trading, I find the reward cost to be a little underwhelming as compared to the rates other brokers offer for their affiliate programs. Granted not a majority of them even offer this service.
XTRgate is one of the best crypto brokers in the market and supports the trade of more than 40 cryptocurrencies. Out of all the crypto trading experiences I have had so far, my experience with XTRgate has been my favorite.
So, now that you have read my view on XTRgate, what do you think? Is XTRgate scam or legit? Well it is NOT a scam that is for sure but does this seem like the right broker for you? Like all brokers, it has its pros and cons. So, you should check to see which sides outweigh the other as per your requirements. You should not rush when picking a broker. So, take your time, research various brokers, and you will be able to make a smart decision for yourself in no time.