XTB Online Trading Broker Review
XTB, short for X-Trade Brokers, is a full service online brokerage that deals in FX and CFDs. Originally founded as X-Trade in Poland in 2002, the brokerage became XTB in 2004. It has since then become one of the largest stock exchange-listed FX & CFD brokers in the world. The brokerage has expanded opening offices in more than 10 countries to include Belize, UK, Poland, Germany, Spain and France to names a few, and is now headquartered in London. XTB is regulated by multiple supervision authorities including the International Financial Services Commission (IFSC), Financial Conduct Authority (FCA), Polish Financial Supervision Authority (KNF), and Cyprus Securities and Exchange Commission (CySec).
XTB is also a member of the Investors Compensation Scheme (ICS). ICS provides insurance to XTB’s clients in case the brokerage becomes insolvent. UK and European clients are entitled to £50,000 and 20000 in benefits receptively courtesy of the Financial Services Compensation Scheme(FSCS) and Investor Compensation Fund.
XTB offers a wide array of tradable instruments totaling over 1500. Markets include Forex, Indices, Commodities, Stock CFD’s, ETF CFD’s and cryptocurrencies. Below is a list of instruments available for trading at XTB.
|Asset class||Number of instruments||Spreads from||Margins from||Leverage Upto|
|Stock CFDs||1500+||.08% Commission||20%||100:1|
|ETF CFDs||95+||.08% Commission||20%||5:1|
|Cryptocurrencies||5||1% mkt. price||50%||2:1|
XTB offers two types of accounts, a standard and pro account. The difference between the two is the lot sizes available to trade and the spreads. Below is a list of details and features for the two types of accounts.
|Zero spread account||No||No|
|Min trade||0.01 lot||0.1|
|Max trade||100 lots||100 lots|
|Neg. Balance Protection||Yes||Yes|
|Trading Platforms||xStation & MT4||xStation & MT4|
|Forex, Indices, Commodities||No Commission||Commission from $4 per lot|
|Stock CFDs and ETF CFDs||Commission from 0.08% per lot||Commission from 0.08% per lot|
|Cryptocurrencies||No Commission||Commission from $4 per lot|
XTB charges its client for holding trades beyond the close of a trading day into the next day. These costs vary depending on the instrument and the type of position (i.e. long or short) being held overnight, and in some cases may result in a credit instead of a charge. There are no inactivity fees, and account withdrawals above $100 are free. All retail Client Money is held in segregated client bank accounts, and Islamic accounts are available. For UK citizens there is a required minimum account balance of $250/€250/£250.
Funding an XTB account can be accomplished via bank transfer, e-wallets, or credit card including MasterCard, Visa, PayPal, Paysafecard, Maestro, Neteller, and Skrill. Cards and bank transfer payments are free of charge. E-Wallets like Paypal and Skrill charge a transaction charge of 2% of the deposited amount. XTB processes deposits instantly for e-wallets and card payments, and same day processing for withdrawals for requests made before 1 pm UK time. Bank transfer transactions take up to 3 business days.
Opening an account with XTB is usually completed within 1 to 2-business days. Documents required are a valid ID (i.e. passport, driver’s license, or national ID), and proof of address (i.e. bank statement, utility bill, or tax invoice dated within the last three months and issued to your name and address).
XTB does not accept clients from the following countries: USA, Canada, India, Pakistan, Singapore, Japan, South-Korea, North-Korea, Bosnia and Herzegovina, Afghanistan, Libya, Iran, Iraq, Syria
Web & Desktop Trading Platforms
XTB offers its clients two trading platforms, the popular MetaTrader4 (MT4) and XTB’s proprietary trading platform xStation5. MT4 is a very widely used platform by the forex trading community. It has features and trading tools that accommodate every level of traders from a beginner that is learning the basics, to advanced traders that programs, backtests, and implements sophisticated algorithmic trading systems. MT4 includes 80+ indicators, nine timeframes, 3 chart layouts, mobile trading, and 37 language options. It also allows for the use of expert advisors for automated strategies, and its MQL4 programming language allow advanced traders to program their own custom strategies.
The award-winning xStation5 has an embedded equity screener and calculator, advanced technical analysis tools. The simple layout allows trader quickly screen and compare charts and statistics.
xStation5 Screen Shot
xStation5 also has a newsfeed on the top section, a calendar, a market analysis section, and free education videos arranged from beginner to expert, all embedded directly into the platform. It also provides 16 different language options, account management tools, price alerts, and allows for bulk order closing. The platform is available as a desktop-client and/or a web version. A mobile trading application is available. Below is a table that summarizes the important trading features included in the platforms.
|Stop loss Orders||Yes||Yes|
|Expert advisors (EAs)||Yes||No|
|Virtual private server||No||No|
|Direct market access||Yes||Yes|
XBT provides different levels of customer service according to the volume traded and the amount of trading capital deposited by traders. Higher levels gain access to email/push alerts, premium educational and market research materials, and invitation to trading clubs/events. The highest levels grant access to market analyst, and one-to-one coaching sessions. All levels have access to a 24/7 customer support desk, live chat, and phone support. The customer support online is available in several international languages including English, Spanish, Arabic, French, Italian, Portuguese, Russian, Chinese, German, Polish, Czech, Slovak.
XTB has an extensive educational section on its website that is available to the public. More extensive educational materials are available for clients. Education materials include tutorials, webinars, a glossary, and instructional videos. The News section includes a daily news feed and a current economic and financial calendar.
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