Home Forex Brokers XTB Review

XTB Review

700
0
XTB

The world first learned about the XTB broker in 2002. The abbreviation of its brand stands for X-Trade Brokers. The company is registered and headquartered in Belize. Brokerage services are provided through the official web portal www.xtb.com. 

The main feature is the availability of certificates from five regulatory bodies, including FCA, IFSC, CNMV, CMB, and KNF. Trading is carried out according to the STP NDD system, which indicates access to interbank transactions.

Company details

XTB is an award-winning global CFD and FX broker, recognized for its excellent features, outstanding customer service, and a large selection of trading and research tools. It offers clients over 5200 financial instruments to trade on, mainly CFDs.

It is known that over the 16 years of its operation, it currently helps market participants trade in the interbank currency exchange market around the world. The company has opened subsidiaries in Spain, Poland, Germany, France, GB, and other countries. It is believed that the company’s activities are focused exclusively on working with European investors.

Regulations

XTB is regulated by Tier-1, Tier-2, Tier-3 institutions, making it safe for investors. Since the broker offers services to customers in different regions worldwide, the regulations are imposed per region by institutions in those regions. 

  • CySEC (license № 169/12 as of 2020).
  • Comisión Nacional del Mercado de Valores (license № 40).
  • Financial Conduct Authority (license № 522157).
  • Polish Securities & Exchange Commission (license № 4021-57-1/2005).
  • Belize International Financial Services Commission (license № IFSC/60/413/TS/19). 

Available markets

XTB offers over 5200 trading instruments that you can trade as CFDs. You can also trade cryptos and forex. Since the broker is primarily a CFD and forex trading platform, its default settings feature CFDs and FX. 

Clients residing in European countries have an opportunity to trade real stocks and ETFs as other regions trade them as CFDs. Here’s a list of the different financial instruments on XTB. 

  • Forex
XTB - Forex

Trade over 48 currency pairs, including the major pairs, some minor and exotic pairs on XTB. The forex-supported CFDs have reduced spreads of 0.1 pips and a leverage of 1:30. 

  • Indices
XTB - Indices

Trade over 40 tools of CFDs with index support on XTB with spreads of 0.24 pips and a leverage of 1:20. 

  • Commodities
XTB - Commodities

The broker offers over 20 tools of commodity-supported CFDs with no costs for any trading positions held overnight. That means traders can continue trading for 24 hours at no extra charges. The maximum leverage is 1:20. 

  • Cryptocurrencies
XTB - Cryptocurrencies

XTB offers 25 crypto assets, with 16 being pairs and nine being individual coins. Some of the coins available are BTC, ETH, LTC, XRP, etc. The maximum leverage is 1:2, and traders can trade all through the week’s seven days. 

  • Stocks
XTB - Stocks

Over 2000 shares are listed for you to choose from and invest with 0% commission. You get to invest in giant companies like Amazon, Tesla, Netflix, etc. 

  • ETFs
XTB - ETFs

Invest in over 200 ETFs globally at no commission, ranging from companies, real estate, and other commodities. 

Account overview

XTB serves its clients in two different account types: 

  • Standard account
  • Pro account

It also has an Islamic account that is Sharia-compliant to serve Muslim clients. The accounts differ in the fees and commissions charged. 

Standard account

XTB - Standard account
  • Trading platforms — xStation (desktop, web, and mobile)
  • Trading tools — forex CFDs, commodities, indices, crypto, stocks, and ETFs
  • The max. leverage — 1:30
  • The min. spread — 0.9 pips
  • The min. deposit — $0
  • The commission per lot — $0

Pro account

  • Trading platforms — xStation (desktop, web, and mobile)
  • Trading tools — forex CFDs, commodities, indices, crypto, stocks, and ETFs
  • The max. leverage — 1:500
  • The min. spread — 0 pips
  • The min. deposit — $0 
  • The commission per lot — $3.5

Islamic account

The Islamic account is available in the XTB International subsidiary for clients in select countries such as Saudi Arabia, Lebanon, Jordan, Oman, UAE, Qatar, Malaysia, Kuwait, Bahrain, and Egypt. Clients in the EU and the UK can not open an Islamic account. 

  • Trading platforms — xStation (desktop, web, mobile)
  • Trading tools — forex CFDs, commodities, indices, crypto, stocks, and ETFs
  • Max. leverage — 1:500
  • Min. spread — 0.7 pips
  • Min. deposit — $0
  • The commission per lot — $0

How to open an XTB account?

How to open an XTB account?

Step 1. Go to the broker’s website and select the Create Account button.

Step 2. Specify your e-mail address, put a tick in front of the user agreement, and click Next Step.

Step 3. Come up with a password and enter it in the field that appears.

Step 4. In a new window, fill out the form by entering personal data: name, surname, phone number, country of residence, date of birth.

Step 5. After confirmation, another form will appear, where it is proposed to indicate the full address of the client’s residence and his postal code.

Step 6. Then you need to choose a trading platform and account currency.

It should be understood that registration will take a long time. In addition, the user must submit a declaration of income and other financial data that discloses the source of the origin of the material. Start trading in your personal account will be available after passing the trader’s data verification.

Deposit and withdrawals

Deposit methods

Payment methods:

  • PayPal (or other e-wallets, like Paysafe, Sofort, Bilk, etc.)
  • Bank wire
  • Credit cards
  • Electronic payment systems
  • Payment within a maximum of three days 

XTB accepts deposits through bank transfers, electronic wallets, and credit/debit cards. There’s no deposit fee charged when you deposit through your credit/debit card and bank transfer. However, a 2% fee will apply to all deposits done through electronic wallets. 

The choice of the e-wallet depends on your country of residence and its availability there. Deposits via e-wallets and credit/debit cards are instant, but bank transfers delay for about two days. If you want a faster deposit through bank transfer, you can contact XTB support so that they can speed up the process. 

Withdrawal methods

XTB allows withdrawals through bank transfer only. A withdrawal fee of $20 applies for amounts below $100. The company is aware that clients may want to withdraw small amounts depending on their account balances, so it has set different thresholds for such withdrawals. 

Once you initiate a withdrawal, it is processed within one business day. If the withdrawal is made before 1 pm, the amount reflects in the bank within the same day. Otherwise, your money will reflect in your bank the next day. 

Trading fees

XTB charges both trading and non-trading fees, and these fees vary for both account types. For example, standard accounts only charge spreads, while pro accounts pay both spreads (market range) and commissions. 

Spreads for a standard account range from 1.2 to 0.9 pips, while on a pro account, they can go as low as 0 pips. Trading CFD ETFs and CFD stock commissions attract a commission of 0.08% for every open and close position of every transaction. 

Compared to other brokers, XTB charges low forex fees and considerably high stock CFD fees. 

Non-trading fees

  • Inactivity fee — €10/month after one year of account inactivity. 
  • Withdrawal fee — $20 for all withdrawals less than $100. Withdrawals above $100 are free. 
  • Deposit fee — a 2% charge on deposits via e-wallets. Deposits through bank transfer, credit and debit cards are free. 

Platform and features

Platforms

XTB runs on the excellent xStation 5 trading platform. It stands out for its superfast execution, ease of use, and reliability. It’s available on the web, desktop, and mobile applications. 

XTB - Platforms

For online trading, the broker uses two trading terminals:

  • MetaTrader 4

This is a classic software with wide functionality and a vast selection of tools for practical technical analysis. When registering a Pro account, trading advisors and robots for automated trading become available to the client.

  • xStation

This is an innovative software of the broker’s development, characterized by a simple interface, many popular indicators, and tools for predicting the market situation. The program is updated automatically in real-time.

Features

XTB has impressive features that ease trading for investors. They include:

  • Charts

XTB has over 35 technical indicators and charting tools for easy chart editing and saving. 

  • News

The news flow segment provides short-term trading ideas to clients based on technical analysis.

  • Negative balance protection

This feature protects clients from incurring charges below their zero account balance. 

  • Fundamental data

You can only access limited fundamental data like the debt-to-equity ratio. Also, there’s no way to access financial statements. 

  • Economic calendar

It’s a feature that shows upcoming events and their historical data. This helps you prepare on time to take advantage of the market conditions at that time. 

Pros and cons of PrimeXBT

ProsCons
The presence of five financial regulators of the European level

Two trading terminals to choose from

More than 1,500 financial assets, including crypto

Loyal affiliate programs

Low spreads

High-quality teaching material

Official branches in 12 countries of the world
There is no information about the company and its management

A demo account is available just for 30 days

Complicated registration procedure

Uninformative analytical materials

Hidden commission costs

There are no popular electronic wallets (WebMoney, PerfectMoney)

There are no PAMM accounts
REVIEW OVERVIEW
Overall rating
Previous articleHow to Set Up and Use VPS for Forex Trading
Next articleIG Brokers Review

LEAVE A REPLY

Please enter your comment!
Please enter your name here

77  +    =  86