XE Review 2024
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| XE can be a valuable tool for traders, especially in forex, offering real-time currency conversion, live mid-market exchange rates, historical data, and global market updates to inform decision-making. | ||
XE offers real-time exchange rates, currency conversion, and international money transfers, enabling users to send money in 170+ currencies to 200+ countries.
In this XE.com review, we’ll share our firsthand experience evaluating the platform, highlighting its key features, strengths, and shortcomings for active traders.
Our Take
- Traders may find XE useful as a reference point for live, mid-market exchange rates, making quick currency conversions, and as a database to evaluate trends in historical exchange rate data.
- However, XE is best thought of as a secondary tool for traders, lacking the full market coverage and trading features needed for in-depth market analysis and trade execution.
- The XE app features a user-friendly interface, offline access to previously viewed rates, and customizable rate alerts. Yet while the app is secure and reliable, the design is slightly dated.
Pros
- XE offers many tools, including real-time exchange rates, historical data, rate alerts, and currency charts. These features, which are free to use, provide a more comprehensive user experience compared to platforms solely on transfers.
- XE supports a vast range of currencies, including majors, minors, and exotics, giving it an edge over peers with more limited coverage. This makes XE ideal if you need to send money or track exchange rates across various countries.
- XE’s platform, whether on desktop or mobile, is straightforward to navigate. The mobile app, available for iOS and Android, offers all the essential features, such as currency conversion, rate alerts, and money transfers.
Cons
- XE only supports one-off currency conversions and transfers in a single account. If you’re a trader needing to transact in different currencies regularly, you must create separate accounts for each currency, which is cumbersome.
- XE’s transfer fees are competitive, but they could be improved. Also, XE applies an exchange rate margin, meaning the rate you get when you transfer money is slightly less favorable than the mid-market (real) rate.
- XE is focused solely on currency conversion and international transfers. In contrast, competitors like Revolut and PayPal offer additional features like debit cards and banking services, providing a more comprehensive financial platform.
XE Ratings
We tested XE.com in eight areas and awarded them a rating from 0 to 5 (high is best). Then we averaged these figures to assign XE a strong overall rating of 3.85/5.
| Category | Rating |
|---|---|
| User Interface & Navigation | 3.75/5 |
| Currency Conversion | 4.0/5 |
| Currency Analysis Tools | 4.0/5 |
| International Money Transfer Service | 3.75/5 |
| Cost & Subscription Plans | 3.75/5 |
| Customer Support & Resources | 4.0/5 |
| Mobile App Experience | 3.75/5 |
Read our in-depth findings across each area in the remainder of this review.
User Interface & Navigation
3.75/5
When you first land on the website, the clean, professional design is immediately noticeable.
The interface has a straightforward layout, and the color scheme – a mix of blue, white, and soft grey – feels calm and businesslike, which is essential when spending long hours staring at your screen – something active traders will be familiar with.
I was immediately impressed by the ease of navigation. The main tools, such as the currency converter, currency charts, and rate alerts, are easily accessible from the homepage.
You don’t have to dig for features; everything is logically placed. The site’s menu and icons are intuitive, so you can quickly switch between tasks without losing your bearings.
I often monitor currency rates on the go, and XE’s mobile site performs admirably. It’s just as responsive as the desktop version, with little to no lag.Charts, live data, and conversion tools are well-optimized for smaller screens, so I never feel like I’m missing out when away from my primary setup.
Yet while the platform’s design is user-friendly, it lacks deeper customization. I’d love more control over dashboard settings to prioritize specific currency pairs or data at a glance. However, the basic setup is functional, and its simplicity keeps the clutter away.
Currency Conversion
4.0/5
XE’s currency conversion tool is arguably one of the platform’s most prominent features, especially for traders dealing in the forex market.
The interface is clean and user-friendly. There is a simple box for entering the currency amounts. I selected USD to EUR as a test case, and the conversion was near instantaneous.
One feature that stands out is the availability of a wide range of currencies – everything from major ones like the euro (EUR) and the British pound (GBP) to more exotic ones like the Indian rupee (INR) and South African rand (ZAR).
Something I really appreciate is the ability to see live currency rates, which are continuously updated. This real-time feature gives me confidence that I am getting accurate information.
XE also seems more focused and precise than other platforms like Google’s built-in currency converter.
Additionally, XE has a currency chart feature, which shows the exchange rate over different periods, ranging from 12 hours to 10 years. I’ve found this particularly helpful when trying to visualize historical trends to inform trading decisions.
Although I’ve had a similar experience using the charting tool at TradingView, XE’s charts are more intuitive, and the visuals are more accessible to interpret.However, I’ve noticed that XE’s graph customization options are somewhat limited, and there are no tools for in-depth analysis.
Currency Analysis Tools
4.0/5
XE Insights is a subscription-based data platform that offers in-depth analysis and market news related to currency trends and economic factors affecting global currencies.
It provides a wealth of information through various sections such as currency news and a currency heatmap, in addition to an economic calendar and conversion table.
This service is particularly beneficial for traders looking to understand the reasons behind currency fluctuations, making it suitable for investors interested in a more analytical perspective.
XE Insights feels more straightforward and user-friendly than trading platforms like TradingView or proprietary brokerage platforms, avoiding the overwhelming data overload typical of more specialized sites.
While TradingView offers advanced charting tools and broader financial market coverage, XE Insights focuses on timely, digestible currency commentary that should appeal more to aspiring traders without extensive financial knowledge.
However, XE Insights does have limitations depending on which plan you subscribe to:
- Currency pairs available for analysis are limited to 56 pairs on the ‘Free’ plan compared to 11,000+ on the top-end ‘Professional’ plan ($59.95/month)
- The heat map is limited to just eight currencies on the Free plan compared to 38 on the top-tier package
- The mid-priced ‘Essential’ ($14.95/month) package offers a compromise between the two
Overall, XE Insights is a valuable resource for regular XE users seeking to stay informed about currency markets. It complements the practical tools already offered on the main site, but similar data can be found for free on sites such as Barchart.com.
International Money Transfer Service
3.75/5
The second part of my exploration has been XE’s international money transfer service. I needed to send a small amount of money to a friend in Canada, which provided the perfect opportunity to test XE’s functionality.
Setting up an account was straightforward. The platform required basic information, such as personal details and banking information, but the whole process took less than 15 minutes.
Once set up, I input the amount I wanted to send and select my recipient. XE clearly breaks down the exchange rate, the amount they would receive in Canadian dollars (CAD), and any potential fees.
I had several funding options: bank wire, debit cards and credit cards, and ACH transfer (US only). I also noticed that each funding option comes with processing times and potential fees, so reviewing these details on XE before initiating a transfer to choose the best method that suits your needs is advisable.
It’s worth noting that XE restricts debit card payments, limiting you to a maximum of five daily transactions and setting a daily cap on the total amount of cash that can be sent. I’m based in the UK, so I am allowed up to five daily transactions up to a total daily maximum of £30,000.
By comparison, users in the US are limited to five transactions per day up to a total daily maximum of $3,000, and those in Europe can initiate up to five transactions per day up to a total daily maximum of €30,000.
While XE doesn’t impose a minimum limit on bank transfers, your bank may have daily, weekly, or monthly caps on the amount you can send.
When I compared XE’s exchange rate to Wise, I noticed that Wise offered slightly better rates. For example, sending £100 to CAD incurred a £3 send fee with XE, compared to £1.19 with Wise.Thankfully, there were no further bank charges when using either service.
The transfer time is reasonable. XE estimated my money would arrive within 24 hours, and in my case, it took only a few hours to use my debit card for funding, which matched the performance I’ve experienced with Wise and Revolut.
I also appreciated the email and text notification informing me that my transfer was complete.
Cost & Subscription Plans
3.75/5
While XE doesn’t have a subscription plan or paid membership tier, businesses or traders handling large-volume transfers may receive customized solutions with better rates.
However, for regular users, all of XE’s tools and features – such as real-time currency conversion tools, historical exchange rate data, and rate alerts – are available without additional subscription fees.
When comparing XE.com’s costs to other money transfer services, it offers some competitive advantages, but there are also crucial differences based on how they charge for transfers and exchange rates.
While XE offers relatively competitive rates, some services, like Wise, provide better transparency by charging a small flat fee and offering the actual mid-market exchange rate with no hidden markup.
This often results in lower overall costs, especially for larger transfers. On the other hand, OFX also uses a margin on the exchange rate but tends to waive fees on larger transfers, making it more suitable for high-value transactions.
XE does not charge upfront fees for personal international transfers, a significant selling point compared to competitors like PayPal or Western Union, which often impose fees that vary based on the destination and amount.
However, XE makes money through an exchange rate margin, which means your rate will be slightly less favorable than the mid-market rate.
Customer Support & Resources
4.0/5
XE provides a range of customer support options and resources to assist with currency conversion and international money transfer needs. However, its customer service experience can vary depending on how you prefer to get assistance.
During my experience, I had a minor issue verifying my account for money transfer. I decided to contact XE’s customer support and had a choice of phone (English only) and live chat (100 languages).
I opted for live chat because it is the fastest way to resolve issues. The agent was courteous and helped to sort out my problem, but I would have appreciated an email option for less pressing support matters.
There’s also a comprehensive Help Center on the main website and mobile app, which is basically an FAQ section. These resources cover many topics, from how to send money internationally to understanding exchange rates and dealing with account-related issues.
This self-service approach is helpful when you want to seek quick answers without needing direct assistance.
Mobile App Experience
3.75/5
XE’s mobile app is available for Android and iOS. The app’s functionality mirrors that of the website, offering currency conversion, rate alerts, and money transfer services.
I like that you can set rate alerts on the app, which notified me when the currency I was tracking (EUR to USD) hit my desired exchange rate. I’ve used this feature on Revolut, and it’s nice to see that XE offers something similar.
The app is responsive and easy to navigate. I particularly like the currency converter’s offline mode, which allows me to access previously viewed exchange rates even without an internet connection. This feature is handy for travelers.
However, compared to Revolut’s mobile app, I’ve found XE’s interface slightly dated. Revolut’s app has a more modern feel, smoother animations, and faster performance, especially when switching between different features.
Bottom Line
XE is an excellent platform for viewing real-time exchange rates, and the additional features, such as rate alerts and currency charts, are beneficial.
That being said, for larger international transfers or the absolute best exchange rate, you might find better alternatives in Revolut, Wise and OFX.
XE’s strengths lie in its simplicity and trustworthiness. While it might not have the best rates or the most modern app experience, it is a reliable, fee-free option for smaller transfers and day-to-day currency conversion.
Overall, XE remains a solid choice for users prioritizing simplicity, reliability, and no hidden fees.
FAQ
Is XE Legit Or A Scam?
XE has been a prominent currency exchange and money transfer player for decades. Established in 1993, XE is part of the multibillion-dollar company Euronet Worldwide, a global leader in electronic payment services.
One of the primary indicators of a legitimate financial service is its adherence to regulatory standards and commitment to security. XE complies with various financial regulations in its operating countries, including the US, Canada, the UK, Europe, Australia, and New Zealand.
Article Sources
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
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| XE can be a valuable tool for traders, especially in forex, offering real-time currency conversion, live mid-market exchange rates, historical data, and global market updates to inform decision-making. | ||