XLibre Review 2024 - Pros and Cons | Scam or Legit Forex Broker☑️ (2024)

1. What is XLibre?
2. XLibre Trade Pros and Cons
3. Is XLibre safe or a scam?
4. Leverage
5. Account types
6. Market Instruments
7. Trading Fees
8. Spreads
9. Deposits and Withdrawals
10. Trading Platform
11. Customer Support
12. Education
13. Conclusion

Our Review Method

• 55Brokers Financial Experts with over 10 years of experience in Forex Trading review all trading offerings, regulations and licenses, fees, spreads, platforms, customer service, and placed trades to see trading conditions and give expert opinion about XLibre.
  

What is XLibre?

XLibre is a CFD Broker freshly established in 2024 which operates through several entities, with headquarters in Mauritius and operate International entity available via exalibre.com site, as such available for the global trading community. XLibre second entity is established as a regulated broker licensed by SA FSCA available for traders from South Africa under site exalibre.co.za. In our review we mainly cover International proposal conditions as they might suit wider range of traders, and mention SA conditions for comparison too.

Even so XLibre is a new player in the industry Broker provides quite balanced trading conditions with a good range of instruments covered, including Currencies, Indices, Commodities, Shares, Crypto all traded as CFDs. Execution speed is commendable, and its platform features industry-leading software MT5 with useful trading tools, along with various account types offered to suit traders of different need, along with negative balance protection applied as an important safety measure.

XLibre Pros and Cons

As we conclude by our research on XLibre a broker is freshly established, but its trading proposal is well-organized, regulations are in place, while traders from various regions can join via an International entity. Broker offers a solid selection of account types and pricing models suitable for various trading styles, with tight spreads, yet Standard fee might be average or slightly higher compared to competitors. Besides, the minimum deposit starts from 0$ which is good, also there is high leverage available. There is 24/7 support and some support materials provided which is a good bonus too.

As for the cons, we mark several points to refer to including lack of proper education which is necessary for beginners. Trading conditions and protective measures are different based on the XLibre entity, also customer support is not available 24/7 and Live Chat is available only via Account Area.

Overall XLibre Ranking

From our expert review, XLibre stands out as a broker with favorable trading conditions, making it a suitable choice for both novice and experienced traders. The quality of service reinforces its appeal to a broad range of traders as such gained good ranking from us.

• XLibre Overall Ranking is 7.5 out of 10 with our testing compared to 500 Insutry Leading brokers. Explore our ranking in detail below to see how XLibre compares to other popular brokers in the industry.

XLibre Alternative Brokers

After looking at trading features, regulatory standards, costs, and user feedback, we found XLibre to be a solid choice for trading suitable for various level of traders. However, we also put together a list of alternative brokers that might better fit your specific needs, giving you more options to choose from also focusing on points XLibre might be less competitive:

• HFM – Great for Beginning Traders and Education
• AvaTrade – Excellent Instrument Range
• Deriv – Good Tight Spreads

Is XLibre Safe or a Scam?

No, XLibre is not a scam. The Broker is considered reliable since is regulated by South Africa FSCA that apply good oversight over Forex Companies, also Broker has International entity also compliant to local legislation.

Is XLibre Legit?

Yes, XLibre is a legit and regulated broker that is licensed in two of its entities Broker operates through.

XLibre ZA is based in South Africa and operates with a license authorized by Financial Sector Conduct Authority (FSCA) SA. This license and established operation provide XLibre exposure to South Africa market while it is also considered a tight regulation with good protective measures applied. As for the XLibre International entity, which is based in Mauritius licensed by FSC, there are indeed fewer protective measures applied since Mauritius is known offshore zone, nevertheless, since broker has an additional tier-2 license FSCA it is considered safe choice.

In addition, Broker apply various protective measures to all accounts including negative balance protection, Two-factor authentication and OTP to safeguard Client Accounts and Infrmation.

See our conclusion on XLibre Reliability:

• Our Ranked XLibre Trust Score is 7.5 out of 10 being a licensed Broker, for now still no reputation is at place since the Broker is not long-time established firm, yet Broker holds licenses in two of jurisdictions it operates, therefore considered a safe choice. However, important to note trading services provided via offshore entity like Mauritius are much less regulated in comparison to Tier-1 Licenses like FCA in comparison

XLibre Leverage

Leverage is a great tool allowing to gain greater exposure in correlation to your account balance. Yet, being a quite risky tool leverage levels are always regulated by world authorities, as such depending on the jurisdiction Broker operates alike we would advise to learn well how to use leverage without great exposure to risk on losing trading account.

For XLibre Leverage as its main offering operated by SA entity higher leverage levels are allowed. While the International entity offers very high leverage ratios available to all trading accounts.

Here are our findings on XLibre Leverage offered:

• South Africa branch and Mauritius International Branch offer leverage up to 1:2000 and are based on the instrument you trade, alike Indices and Commodities are offered up to 1:500 trading multiplier

Account Types

While follow the XLibre Account Open you may choose between 4 Account types offered: Cent, Standard, Raw and Pro.

All accounts are available on offered XLibre MT5 platform and conditions on offered accounts mainly vary by the pricing model where trading fees either built into Spread for Standard and Pro account. Raw account fees are mainly based on the commission paid. Also we notice Cent account will add on some commission per trading orders too, while fees are also based on a spread.

Yet, we see that depending on the country of residence and XLibre entity you trade through account specifications vary.

How to Open Trading Account XLibre?

While Account Operating is quite easy and is an electronic approval process, it might take from few minutes to 30 minutes as Broker promises.

Here we gather the simple steps to XLibre Login and account sign in step by step:

1. Fill in Your Personal information
2. Complete Registration Form with Account Type Preference
3. Verify Your Account, which includes Identity verification, Afress Verification
4. Upload required documents to complete XLibre Account Opening

Trading Instruments

Analyzing XLibre we note a selection of over 1000 CFDs on popular trading markets, which include CFDs on Forex, Commodities, Bond, Crypto and Stock CFDs with the Leverage levels available up to 1:2000, yet based on the region. The range is considered quite widely presented, and indeed covers the most popular trading Markets, but stands within the industry average as some Brokers offer thousands of different instruments.

• XLibre Market Selection Score is 7.5 out of 10 for good trading instrument selection overall. Nevertheless, Broker mainstays only of CFD trading, also some instruments like ETFs, Real Stocks or Futures are not available so better to check these offering with other Brokers.

XLibre Fees

XLibre’ pricing structure is different based on the account specification you choose, while primarily integrated into the spread on Standard and Pro accounts being commission-free option. Raw account fees are built into a commission basis, and the only interesting thing we notice in Cent account as traders have both spreads and commission charge applied, while overall still fees paid for cent trading is quite good proposal overall.

However, for full Fee structure not only trading fees like Spread or Commission should be counted. We also review funding fees, inactivity fees and overnight charges applied to trading account.

• XLibre Fees are ranked average with an overall rating of 7.5 out of 10 with our test on fees and commissions, being compared to over 500 other brokers. Overall, fees are within the industry average.

Spreads

Here we review XLibre Spreads in detail, since Broker offers various account types spreads and commission diverse.

Standard account is a typical choice of most traders making it an ideal choice for beginners alike looking for a simple, hassle-free trading experience. Standard account spreads start from 1.5 pips which is slightly higher than the industry average of around 1.2 for EURUSD based on our experience and tests. But, Pro account spreads are much better starting from 0.8 pips and average around 1 pip for major pairs, yet Pro account is a choice of experienced traders also require a minimum deposit of 2k$

Raw Account fees are based on commission while some instruments might be offered with 0$ commission as part of Broker offer, all togherther we find in line with industry average providing good execution with interbank spreads from 0 pips.

• XLibre Spreads are ranked average with an overall rating of 7.5 out of 10 with our tests and compare to other brokers. Forex spread on Standard account is slightly higher than most Brokers offer, as we had 1.5 pips at most for EURUSD pair alike on Commodities, but Crypto Spreads were attractive. Yet, spreads on PRO account or Raw account with commission basis are quite low and favorable.

Deposits and Withdrawals

Deposits to your live trading account can be made through various convenient and widely used methods as we notice with our Review. A good point, XLibre does not incur processing fees for deposits or withdrawals, however some fees may apply based on your payment provides, which will be your responsibility. It’s important to check these potential charges beforehand. Overall, we find XLibre trading account funding well established as Deposits and withdrawals are available around the clock, yet consider differences on payment methods and processing based on your residency.

• XLibre Funding Methods we ranked great with overall rating of 8 out of 10. Fees are not imposed by the Broker either for deposits or withdrawals, various payment options supported.

Here we gather positive and negative points on XLibre Funding conditions:

Funding options

So as for the methods by which you can deposit funds into your trading account we find very diverse range supported, these are the common options supported as payment methods, which is a benefit among offering indeed:

• Deposit with credit/debit account
• Deposit with Cryptocurrencies
• Deposit with Bank Wire
• Deposit with Neteller
• Deposit with Skrill
• Deposit with Electronic Wallet
• Deposit with Paypal
• Cryptopayments

Minimum deposit Conditions

The requirement of minimum deposit for XLibre is $0 for Standard and Raw accounts, so is an attractive proposal as you may start with any amount you wish. Cent and Pro account future minimum requirement of 10$ and 2k$ respectively, while all together Broker recommends starting with 200$ minimum as to assess all instruments offered and cover the margins.

XLibre minimum deposit vs other brokers

Trading Platforms

XLibre mainstays on popular MT5 platform, a powerful software packed with multiple tools and regarded by most traders for its great trading environment and simple, yet sophisticated capabilities available. The Platform is available on Desktop, Web and Mobile versions, so is suitable for multiple devices.

XLibre MetaTrader5

MT5 platform known for its advanced charting and fast access to trade numerous markets is indeed a good choice from XLibre as its main trading software. Nevertheless, each Broker platform is indeed slightly different since Broker decides which tools to include in offering or not. So for XLibre MT5 we find it quite well-packed and with some additional research included like expert insights, and numerous available features good for various strategies like pattern trading, robot trading, expert advisors etc.

Social Trading

Another good note is the availability of Social Trading where you can either follow trading account where all trades auto replicated to your account, which is an amazing opportunity for beginning traders or passive trading. Or may become a Master trader to be able to gain followers and greater exposure to the market. We find XLibre Social Trading quite diverse and well-established together with MetaTrader 5 platform and overall trading performance.

• XLibre platform is marked good by us with an overall rating of 8 out of 10 compared to over 500 other brokers in the industry. Even though, XLibre doesn’t not provide MT4 or any other platform than MT5, due to MetaTrader’s sophisticated features it is considered a one-stop place for great trading performance. Besides, we mark good tools included and its social trading capabilities.

Customer Support

Our last point to review is XLibre Customer Support and Service, as it is essential to check quality of customer support for effective communication and resolve of any issues you may face. We see XLibre supports various languages, and Broker Support is accessible via email, phone lines and contact form, also runs various social media accounts like on Facebook, Instagram, Twitter (see XLibre Twitter Account).

As for the Live Chat it is available in Your Account Client Area along with opening a Helpdesk Ticket, but Live Chat is not available via the main website for general inquiries at least at the time of our tests.

• Customer Service in XLibre is ranked Good with an overall rating of 7.5 out of 10 with our testing. The support team provides with fast answers but via the Contact Form and by email accessible but site. Existing Clients may directly contact Support via Helpdesk ticket.

See our Ranking on Customer Service quality:

XLibre Education

Lastly concerning about Forex Education and an important note for beginning traders on how to get started, we didn’t find XLibre provides comprehensive Education, Courses, Trading Webinars or Trading Academy.

Broker has only FAQ section with common questions provided also Economic Calendars and research built into platform, with Market expert insights. Yet, overall we can not categorize it as proper education compared to industry competitors, therefore complete beginning traders might better check on other Brokers, yet overall XLibre conditions are suitable for beginning traders as Platform provided is MT5 and there are numerous great tools included, along with free available education and Trading Videos for MT5 platform on web.

• XLibre Education ranked with an overall rating 6 out of 10 based on our check. The broker provides tools and good research mainly included in MT5 platform, yet there is no good Education with guidelines or courses available, so complete beginners may check for education elsewhere.

XLibre Review Conclusion

Overall, we conclude XLibre as customer-oriented broker with a secure trading environment, good selection between account types, fee models all accompanied with powerful MT5 platform, XLibre might be suitable for various types of traders and different styles, even so we find spread slightly higher or average on Standard account, higher grades of Accounts offer good fees.

Broker services and trading conditions are overall favorable, we didn’t find serious issues with its services offered, while some notes to consider is lack of comprehensive education, yet since Broker is fresh established firm we may see good development in coming years in that sections too. Overall, we rank XLibre a good quality Broker and an option to consider.

With our Analysis XLibre stands Suitable for the following Features:

• International Trading
• Traders From South Africa with SA site and entity
• Good Execution
• Professional Trading
• Currency Trading and CFD Trading
• MT5 platform
• Hedging Strategy
• High leverage
• EA Trading
• Suitable for a Different Strategies

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