XTB Trading Registered Office Address: Level 34, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom
Minimum Deposit: $10
Minimum Investment:250 (can be US Dollars, British Pounds or Euros)
Commission charges: None on the basic and standard accounts (see below for further details)
What You Can Trade-In: Forex, Indices, Commodities, Stock CFD’s, ETF CFD’s, Cryptocurrencies
Support Languages: English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Arabic and Turkish
Excluded Countries: United States India, Pakistan, Bangladesh, Nigeria, Indonesia,
Platforms: Two Online and Mobile platforms (see below)
Regulation: See the list below
Leverage:: 1:30 for major currency pairs;1:20 for non-major currency pairs, gold and major indices;1:10 for commodities other than gold and non-major equity indices;1:5 for individual equities and other reference values;1:2 for cryptocurrencies
XTB has been in operation since 2002 and are regarded as one of the leading regulated brokers. They are one of the largest FX & CFD brokers listed in the stock exchange, with offices in more than 13 countries around the world.In this review of XTB, we break down the salient points to help you decide if XTB is a broker you want to trade with.
When it comes to dealing with a trading company, you should never trade with one that is not regulated. XTB are globally regulated organisation. They are authorised and regulated by the UK Financial Conduct Authority (FCA) Number FRN 522157. They are also regulated by the KNF which is the Polish Financial Supervision Authority, and by the CMB which is the Capital Market Board of Turkey.
As a company, they have won a large number of awards for their trading software. The latest being named highest rated FX & CFD Broker of 2018 As voted by Wealth & Finance International Awards; Best CFD Broker in 2019 by M&A Today Awards and also Best Islamic Forex Broker by M&A Today in 2018.
XTB Trading Platform
XTB use two trading platforms. The first is the award-winning xStation 5. The xStation 5 contains 9 main features that will help you with your trading. Three of them are:
The Trading Calculator – which will instantly determine how much profit or loss you could make depending on your stop loss, lot size, and limit order.
Advanced Chart Trading – This enables you to execute all your trades directly from the charts. It offers you a one-click dealing system, which provides you with a more fluid, controlled trading experience.
Trading Statistics – You can analyse the markets with live performance statistics that inform you which markets you’re most successful in, including specific win ratios on your long and short trades. The other 6 are Advanced technical analysis; Bulk order closing; Traders talk; Market sentiment; Equity screener; and Top movers.
The xStation 5 platform is available in 4 formats:
- Desktop – You can download a 32bit or 64-bit version for your Windows PC, or they also offer a Mac version too.
- Tablet – Both Android and iOS versions are available.
- Mobile – Both Android and iOS available for mobile devices
- Smartwatch – This was launched recently in 2016 and operates on both iOS and Android smartwatches to enable you to trade where ever you are.
The second platform that XTB use is the well known MT4 trading platform. Not much needs to be said about MT4 as it is so well known, other than, XTB offer 3 versions; desktop, tablet and mobile.
With XTB they have a range of markets for you to trade in, which we will break down for you. One thing to note is that XTB offers 3 types of account. Basic, standard and pro. The first two, basic and standard do not charge commission.
XTB offer 48 Forex currency pairs. The low spreads are from 0.1 pips and there are no requotes and their guaranteed stop loss is free of charge on the basic account only. It is also worth noting that it will not be guaranteed on the market open.
XTB offers you the ability to trade within 21 commodities, in the energy metals and agricultural CFD’s. These range from Gold, aluminium and copper, to cocoa, coffee and cotton, to natural gas and oil. They also offer no requotes and just like Forex, the guaranteed stop loss is free of charge (same terms apply)
There are over 20 indices available from XTB for you to CFD trade within, with low spreads and high liquidity. Again there are no requotes,
XTB offers you the ability to trade in equities from around the world. You get direct market access, the ability to short sell, and access to 1500 global shares.
Leverage is up to 1:10 and there is a low commission of 0.08%
There are 60 ETF CFD’s available to trade in and the good thing about ETB is they offer negative balance protection. The leverage is the same as Stock CFD’s at 1:10 and so is the commission the same, from just 0.08%
With XTB you can trade in 25 different cryptocurrencies, and access the market from their mobile app as well. They offer 365-day contract expiry and high liquidity, with competitive spreads. They also provide full protection of losing capital from hacker attacks.
One feature we like from XTB is their trading academy. They offer currently 3 levels (basic, intermediate and premium. Expert will be available soon). So depending on your level of expertise, you have the ability to hone your trading knowledge and skills. Or if you have never traded before, you can start at the basic level and learn what Forex and CFD trading is, the basic terms and vocabulary, how to use the trading platforms and so on.
The screenshot is taken from the Basic training, and lesson 1, which is about using their MT4 platform, and its basic layout. This enables new users to get a feel of how to use the platform. Of course, you can practise using it, in the demo account.
While you are going through the trading academy, you can, of course, practice your trades on XTB’s free demo account, which we talk about further down.
There is also an up to date market news section which posts the latest market news throughout the day, as the news is released, enabling you to keep abreast of what is happening within the world markets.
Finally, not only do you have the trading academy, but XTB also offers one to one mentoring and 24-hour support. You will once you open an account, have your own dedicated account manager to help you with your trades. Also, and this is something we have not seen with other trading companies, XTB has an open-door policy, which means if you are in London, you can visit their office and see how they operate first hand. We would say that if you are wondering if XTB is a scam, then the fact they are heavily regulated and they are one of the few trading companies that have an open-door policy, tells you they are very much a legitimate trading company.
Demo Trading Account:
XTB do offer a demo account. You do get 100,000 in virtual money (in other words, you cannot withdraw these funds) You can download both the xStation5 and the MT4 platforms to your computer or use the demo account. The demo account has the exact same features and interactions as the live account. You cannot use the live account until you first deposit funds into your account.
Adding & Withdrawing Funds
There are three ways of depositing funds into your account with XTB.
The first is via bank transfer. They will accept euros, US dollar, British pound and Hungarian forint, and you must only transfer funds into your XTB account from an account that is in your name.
The second option is via credit card. You can deposit funds via your MasterCard, visa or maestro card and they will accept euros, US dollar or British pounds.
The third option is via e-wallet and there are two options available, Paypal or Skrill. You can deposit the same currencies as with a bank transfer, and of course, there will be charges involved of 2% of your deposited amount.
Naturally to prevent money laundering you will need to verify your identity before you can actually begin trading. You simply need to provide a scan copy of your personal ID, such as passport or driving license and proof of residency.
Concerns /Things To Consider
The main things to consider when looking to use XTB trading platform is that it is not available to every country around the world.
If you have never traded before and don’t know how to begin, then the XTB trading academy is a very good place to start. Even if you are a seasoned trader or have a good experience, you may want to consider the trading academy and the advanced sections, to help improve your skills if need be. Plus opening up a demo account will help you to practice using the platform so you get used to it before you start.
Of course, the main thing to consider is that when carrying out any type of trading, your capital is at risk. There are no guarantees concerning the success or the limiting of failure and so it is always best to consider placing as much risk management in place as possible.
Is XTB a scam? This is always the question that is asked when considering using trading companies in Forex or CFD trading, mainly and rightly because there have been a lot of companies in the past offering Forex trading that was scams, but the reason why those companies were able to often get away with implementing scams was that they were not regulated. As we mentioned at the beginning, XTB is regulated and come under some very stringent regulations and procedures.