The XTrend brand is owned and operated by Rynat Trading Ltd. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 303/16. Client’s funds are held in a segregated account at reputable EU banking institutions.
Customers can trade currency pairs, commodities (Oil, Gold, Silver, Nickel and Copper), and cryptocurrencies. The average spread for the EUR/USD is 0.2 pips, which is in the lower range of values for this pair but there is a commission of USD0.4/1000 units. The average spread for Bitcoin is 26 US dollars and the commission here is USD5 per 1 unit.
Trades are made via the company’s mobile application called Micro Trading App, which is available for iOS and Android devices. There are no desktop or web-based versions. The minimum initial funding sum is USD50 and the account currency is US dollars only. Deposit can be done via bank transfer, credit, or debit card, Skrill, and Neteller.
The legal documents show that Rynat Trading Ltd offers Negative Balance Protection to its clients as part of the Client Agreement, thereby ensuring that clients cannot lose more than their overall investment. It is also written that the company acts as principal and not as agent on the client’s behalf for all trades and, therefore, is the only execution venue of the clients’ orders. All orders and trades entered through the company’s trading platforms are NOT executed on a Trading Venue (Regulated Market, Multilateral Trading Facility or on an Organised Trading Facility) but they are executed by the Company. This means Rynat Trading is a market maker and the conflict of interest arises because the company benefits when the client loses. The Order Execution Policy documents reveal that all orders are subject to slippage. This means the company cannot guarantee the execution price of orders and they are fulfilled at the first available market price. In addition, the stop loss orders are not guaranteed, and the document shows that the filled price can either be the desired stop price, or a worse price.
We can conclude that Rynat Trading Ltd. is a CySEC regulated company that must comply with ESMA’s strict requirements, and all retail clients are covered by negative balance protection – they cannot lose more than they have invested. However, the company is a market maker and offers a trading platform that is only available for smartphones. No desktop version, no indices and shares available. Most customers would prefer the frequently used MetaTrader terminal. In addition, you only need to open an account in US dollars.