XS is a multi-regulated global broker established in Australia in 2010, with group entities licensed by ASIC, CySEC, the FSCA and the Seychelles FSA, among others, no minimum deposit on the Standard account, and MetaTrader 4 and 5. Unlike other locales, we don't attach our free-signals-via-deposit offer to this review for India: that offer works by remitting money to fund an offshore trading account, and RBI's FEMA rules restrict Indian residents from doing that to trade forex/CFDs with a non-SEBI broker (see the regulation section below for the specifics). This review is informational — XS is not SEBI-registered. If you want our trading calls, subscribe on Telegram instead; read our published track record either way.
Regulation and safety — the honest SEBI picture
XS operates as a group of separately licensed companies: XS Prime Ltd is regulated by ASIC (licence 374409), XS Markets Ltd by CySEC (412/22), XS ZA (Pty) Ltd by South Africa's FSCA (53199) and XS Ltd by the Seychelles FSA (SD089), with further licences from the Labuan FSA, the Mauritius FSC and the UAE Capital Market Authority. None of these is a SEBI registration, and no offshore forex/CFD broker is SEBI-registered — that is the honest baseline for every Indian trader comparing platforms like this.
There's a stronger point than investor protection, though: under FEMA, Indian residents may legally trade forex/currency derivatives only through SEBI-registered brokers on Indian exchanges (NSE/BSE), in INR-based pairs. Remitting money to fund an account with an offshore, non-SEBI broker like this one falls outside that framework and can be treated as a FEMA violation — fines up to three times the amount involved, and potential enforcement action. That's why we don't attach our usual free-signals-via-deposit offer to this review for Indian readers. Our trading calls themselves are analysis and education — opinions with a defined entry, TP and SL — never guaranteed profit, and available by Telegram subscription without needing this or any broker account.
As with any leveraged trading, regulation reduces operational risk but does not remove market risk. Start with a demo account and an amount you can genuinely afford to lose.
Accounts and costs
The Standard account is the simple choice: no minimum deposit, no commission, and an average EUR/USD spread of 1.1 pips, on MT4 or MT5. The Pro account lowers the average spread to 0.7 pips without commission for a $500 minimum. The Elite account offers raw spreads — 0.1 pips on average for EUR/USD — plus $6 per lot round turn, also from $500. For a trader used to comparing brokerage in rupees, spreads matter more than any flat fee — on intraday calls, the spread is effectively your brokerage on every trade.
Card deposits start at $20, Skrill and Neteller at $15, and bank transfers at $300. Accounts are funded in US dollars, so plan any deposit with the exchange rate in mind.
Platforms and execution
XS runs MetaTrader 4 and MetaTrader 5 on web, desktop and mobile. Both handle every order type our calls use, so you could place each entry, TP and SL exactly as published — relevant in India because most of our calls land during the London and New York sessions, roughly 1:30 PM to 11:30 PM IST. Minimum trade size is 0.01 lot.
Leverage is dynamic and can reach 1:2000 on Standard and Elite accounts. That figure is a ceiling, not a recommendation — high leverage magnifies losses as fast as gains.
Why there's no free-calls-via-deposit offer here for India
In some other locales we offer free access to our trading calls through a broker partnership. We don't extend that offer to India: it involves remitting money to fund an offshore trading account, and RBI's FEMA rules restrict Indian residents from doing that to trade forex/CFDs with a non-SEBI broker — real consequences apply (fines up to three times the amount, potential enforcement action).
Our trading calls — gold (XAUUSD), forex majors, oil, indices and crypto, each with an entry, take-profit and stop-loss — are available to Indian readers as a straight Telegram subscription instead, with a published record behind it: 93% average weekly accuracy by points and +203,676 net points over 38 published weeks, documented on the performance page. See the signals page to subscribe.
Swap-free (Islamic) option
XS lists a swap-free option on its Standard and Elite accounts. Terms and eligibility can depend on your country and the XS entity, so confirm them with XS before relying on it. Our Islamic trading accounts guide compares the swap-free options across the brokers we rank.
