Cryptocurrency Broker Review XCoinBroker 2018
XCoinBroker is a fairly new Cryptocurrency trading broker that supports crypto trading, as well as depositing in bitcoins. This is a very interesting feature, as most forex brokers offer cryptocurrencies only as an underlying asset, and not as a currency you can use for depositing and withdrawing.
XCoinBroker describes themselves as a digital broker in a digital world that will help traders explore alternative trading opportunities. It is important to note in the very beginning of this review how XCoinBroker is not a regulated broker. Find out more information by reading the review that follows and decide on whether or not this broker is for you.
XCoinBroker Account Features
XCoinBroker prepared six different account types for their traders. Here, we will provide you more details on each of them
XCoinBroker Micro Plan
This account (or plan) type is available to traders who deposit up to 0.5 bitcoins. It also includes up to 1:20 leverage, up to 10% margin loans and monthly market reviews. This is the cheapest account type available.
XCoinBroker Mini Plan
Mini plan is available if you deposit up to 2 bitcoins, and offers 1:25 leverage, 25% margin loan, monthly market reviews and weekly webinar via live stream.
XCoinBroker Silver Plan
This account type is described by the broker as the best value for the money. Minimum deposit in this case is up to 10 bitcoins, and you get 1:30 leverage, up to 35% margin loan, weekly market review, personal account manager and weekly live stream trading webinar. Basically, you get all the features available with cheaper accounts, but upgraded, as well as some additional perks.
XCoinBroker Gold Plan
Gold plan requires a minimum deposit up to 20 bitcoins. For that price, you get 1:35 leverage, up to 50% margin loan, weekly market review, personal account manager, personal broker, weekly live stream trading webinar, weekly one on one trading sessions.
XCoinBroker Diamond Plan
Minimum deposit is up to 45 bitcoins. For that price tag, you can expect 1:40 leverage, up to 75% margin loan, daily market review, personal account manager, personal broker, weekly live stream trading webinar, daily one on one trading sessions, invites to VIP events…
XCoinBroker VIP Plan
The most expensive trading account requires a minimum deposit in the amount of over 45 bitcoins, which is quite high considering current exchange rates. Traders get 1:50 leverage, up to 100% margin loan, daily market review, personal account manager, personal broker, weekly live stream trading webinar, daily one on one trading sessions, invites to VIP events, higher payouts, super tight spreads.
Unfortunately, we had to notice how there is no XCoinBroker demo account available for traders who wish to test the platform first. but we have written about this and hope that they will pick this up !!
Also, the minimum deposit is not listed, only the maximum limits for certain account types. Additional info on deposit requirements would be great. Bear in mind that you must have a crypto wallet in order to trade with this broker. XCoinBroker has a whole set of crypto wallets they do business with, but more on that later.
This broker is advertising bonuses. On their homepage, it clearly says that all traders are eligible for a 100% bonus that can help you leverage profits. No-deposit bonus is available for VIP clients only. Once added, all bonuses are final, so traders should think twice whether or not they really need them as they will have to fulfill some bonus conditions prior to withdrawal. The required trading volume is x30. XCoinBroker bonus policy is quite complicated and very detailed, so make sure to read it thoroughly prior to accepting any typr of bonus or promotion.
XCoinBroker Trading Software
XCoinBroker is in many ways a very unusual broker. First and foremost, they still offer trading only on their proprietary trading platform. A closer look at the platform is possible only after the trader has made a deposit, which can be somewhat inconvenient considering there is no demo account available.
The main part of the trading dashboard is taken by a dynamic trading chart accompanied by the list of placed trades. When it comes to underlying assets, traders can choose among commodities, stocks, indices, and currencies. The broker claims to offer over 200 most popular assets with high liquidity.
Unfortunately, we didn’t manage to find a mobile app for this broker. Considering that XCoinBroker is still fairly new, it is possible that they will add one in the future. Of course, traders can trade on the mobile version, but as we all know, it can be quite difficult to conduct a proper analysis on a small screen of a smartphone. We are looking forward to the mobile app in the future.
- Your capital is at risk
XCoinBroker Support Information
Customer support is, in this case, available exclusively via email and an online form. Unfortunately, there is no live chat support that can provide answers to traders almost immediately. This is somewhat unusual, but maybe this feature will be added in the future.
The website is available in English, French and Spanish language.
When it comes to education, XCoinBroker review showed how this broker takes a somewhat different approach than most of them. Instead of offering a wide selection on webinars and literature traders have to navigate by themselves, they give traders a special treatment based on their account type. Participation in webinars is possible thanks to special streams that take place every week. However, additional FAQ section would be a great addition to their platform, as traders often revisit this part of website in search for quick answers.
XCoinBroker Payment Methods
As we already noted, depositing and withdrawing is done somewhat different when it comes to XCoinBroker. First and foremost, there are no minimum deposits and withdrawals, and all transactions are done in bitcoin. For this reason, traders can’t use conventional methods of money transactions, but have to use crypto wallets.
Traders can have a crypto wallet prior to opening the trading account, or can open a crypto wallet account once they register with the broker. Then, you have to buy some coins.
Available crypto partners where you can buy coins are:
Once you have your bitcoins ready, all you have to do is follow the instructions available on the trading interface. You will have to transfer the bitcoins by using the crypto address provided on the dashboard.
Additional payment method that is available is DreamsPay that can be use in a way similar to PayPal, as an intermediate between the service provider and you as a credit card owner.
Traders will also have to validate their account by providing a scanned image of a document that contains their picture. It can be a government issued ID, driver’s license or passport.