Is XTB safe?
The broker provides information on several safety measures that it has undertaken to protect customers.
XTB’s website listed several regions in which the broker is licensed to operate. XTB is authorized by the International Financial Services Commission in Belize, the Financial Conduct Authority in the United Kingdom, the National Securities Market Commission in Spain, the National Securities Market Commission in Germany, the Comissão do Mercado de Valores Mobiliários in Portugal and several other authorities.
As a licensed broker, XTB needs to adhere to regulations implemented by the regions where it operates. The broker’s website emphasizes internal security against money laundering and terrorist financing, which most global regulators have agreed with. XTB implements strict policies to prevent illicit transactions, offering exceptional solvency in the trading sector.
Additionally, each XTB region may implement specific regulations that only apply to its residents. You are encouraged to check the website of financial authorities licensing XTB in your region to see what kinds of services they offer consumers.
XTB partners with Lloyd’s, a London-based insurance company, to protect customers’ funds in case of bankruptcy. You are eligible for insurance protection if you maintain at least $20,000 in your XTB account. The maximum coverage value is $1 million.
The broker also conducts an annual audit by prestigious global auditors, including E&Y and PWC. According to XTB, it changes the external auditing company every two years to ensure greater transparency. The company’s audit results are publicly available and can be accessed via this link.
XTB is committed to protecting your data privacy by using advanced technological instruments. When registering at XTB, you will be asked to provide personal information like full name, address, employment details and necessary financial data.
The broker’s privacy policy ensures that your data will only be accessed by XTB’s affiliates, employees and related companies to process your orders. On its Knowledge Base page, XTB also details methods to avoid scams, especially from parties claiming to be working for the company.