Xe review

Deposits and withdrawals carry No fee above GBP 250 / EUR 250, so anything above that amount moves at no cost. The account opens at a minimum deposit of $1. Those two figures decide what it costs to get money in and start trading forex.

Xe is regulated by FCA, FinCEN and FINTRAC, which puts UK clients under the FCA. UK balances also carry protection of FSCS up to GBP 85,000. Outside the UK the position differs, and the ASIC and FINTRAC entries cover Australian and Canadian business rather than UK customers.

The market list is forex, so this is a currency account rather than a multi-asset platform. Shares, ETFs, CFDs and crypto sit elsewhere: eToro, for instance, lists stocks, etfs and forex. Pick Xe when forex and money transfer are the whole job.

The minimum deposit is $1, low but not the lowest on the site. CFI asks $0 and Vantage asks $5, and the site median is €4.64. Anyone starting with a small sum can open Xe and hold a forex position.

Access runs on Web and Mobile app, and its listed features include mobile app. The account can be opened and managed in a browser or on a phone, which suits readers who check rates and positions between other tasks rather than sitting at a desk.

Support runs through help centre, the only channel listed. That suits readers comfortable finding answers themselves, and suits anyone less well who would pick up the phone about a failed transfer. Keep your references to hand until the money arrives.

Xe has operated since 1993 and is headquartered in Canada, with the legal entity given as XE CORPORATION INC.. The FCA, FinCEN and FINTRAC licences stretch from the FCA in the UK to ASIC in Australia and FINTRAC in Canada, so the brand is not UK-only.

Losing money is the normal outcome in this market. Across the forex brands ranked here, 72.13% of retail accounts lose money at the median, and the middle band runs 66% to 75.75%. Xe trades in that market, so size positions for a losing majority.