XTB review: Should you sign up or not? – Broker test for Traders
- Regulated broker
- 4,000+ assets
- Professional platforms
- Free demo account
- Low fees & Raw spreads
- CFDs and real stocks assets
What makes a good broker? The question is not easy to answer. It is often assumed that the number of ratings is enough to judge the overall performance of a broker. However, this is only half the truth.
Besides, it is essential to look closely at the trading conditions. Most people know that XTB is rated well by many users and has an excellent reputation. But what about the trading conditions, spreads, and fees at XTB?
In short: The trading conditions on XTB are excellent, and the online broker offers competitive spreads. In this review, you will find out the exact numbers and why XTB is among the most popular brokers in the world.
XTB has over 400,000 customers trading on its platform. This might also be because the broker is a very old one. XTB has various trading tools that its clients can use to earn profit trading on the platform. However, besides the fact that the broker is old, it is also reliable with a well-developed trading platform.
What you will read in this Post
What is XTB?
XTB is an online brokerage company that offers digital assets to traders on its platform. The platform started operating in 2002, ensuring it provides the necessary service to those who need it. XTB has its headquarters in two regions: London and Poland. Besides these two regions, the broker has offices in some other regions.
Traders can trust the platform because it has regulatory bodies supervising its operations. XTB is under proper regulation by more than one regulatory body, unlike some with just a single one. Since the broker is under regulation, the trading traders and their funds are in a safe environment.
XTB has trading platforms that offer traders more than 4000 tradable assets. These assets range from Forex currency pairs to commodities. They offer low trading fees to traders, and their platform has a well-advanced technology that makes trading easy and fast for traders. This broker continues to expand its platform’s technology to help traders enjoy trading.
The broker does not specify its deposit amount; traders can start trading from any amount they deposit into their account. The broker provides enough payment methods for the traders to make deposits and withdrawals. Lastly, traders enjoy certain bonuses using the broker’s platform.
Is XTB regulated? – Overview about the regulation
XTB is under proper regulation. It has more than one financial regulator that controls its activities so that traders can enjoy a free and transparent trading platform. The following regulators ensure XTB protects its clients’ trading rights: FCA, CySEC, IFSC, and KNF. The main regulatory organization is the FCA, an organization in the United Kingdom.
With regulations available on the platform, it is clear that it is safe for traders. This is a sign of guarantee for the traders. There are no hidden charges on the platform because the regulators ensure that the traders have good knowledge about all the trading fees before they start trading on the broker platform. However, besides the regulators, another security for traders is that XTB has been operating for a long time.
Review of XTB’s trading offers and conditions
XTB offers traders different trading platforms. The trading platforms of XTB are available for phone traders and those who enjoy trading on their desktops. The broker has its specific trading platform, designed with advanced technology that makes it compete with other popular trading platforms like MetaTrader. Still, MetaTrader is also available on the broker.
Both the xTrader5 platform and MT4 platform have incredible tools to help traders during trading. Part of the tools available are trading indicators and analytics to help traders have a precise trading ability, creating more success for the trader. The platforms are designed in a unique way that helps the traders successfully navigate through them.
Aside from the availability of trading indicators and analytics, traders can successfully cope on the broker’s platform because it provides them with different tradable tools. The good thing about having a wide range of assets is that you have enough to select from to expand your investment portfolio.
New traders on the trading platform have the chance to perform copy trading because this broker has this feature. A trader can easily perform trade with, say, Forex assets by copying the trading style of another trader. Traders also access different educational materials on the platforms through different means.
XTB trading platform is not only available on phones and desktops; you can also monitor the market on your smartwatch. This is truly remarkable. Watching trades on your smartwatch shows how advanced the broker platforms are. Their traders also enjoy transparency while trading on the platforms.
Account types of the broker XTB
XTB forex broker offers only two main tradable account types to its traders. As a new trader, the first account type you get to operate will be the demo account. This demo account is different from the main account types. The demo account is, just like the name suggests, a demo account, but you can perform trades on it and use it to train before you start using the main account.
While registering, there are two main accounts the trader can choose, this is dependent on the region of the trader, but they both offer similar trading conditions. The account types are available for traders, no matter the platform they choose to trade on. These account types are the standard account and pro account.
The standard account is a good start for all new traders. The account type is not as competitive as the pro account, and it offers a spread that varies depending on the type of asset you are trading with. The account type offers traders high leverage up to 1:500. Also, traders have access to enough tradable instruments on the platform, which helps the traders have a wide choice when choosing the asset to trade with. Standard account owners still get the chance to use the demo account even after opening the account.
Though this broker has two main account types, traders can open a swap-free account. The swap-free account is for clients that reside in Islamic regions. The swap-free account is otherwise known as an Islamic account. Since the Islamic region’s trading conditions differ from other regions, this account is just for them. It offers them a demo account and the same number of assets as the standard account. Traders also enjoy high leverage up to 1:500 with this account type.
Financial assets available for trading on XTB
XTB offers its traders enough trading instruments to choose from. The broker platform has assets with high liquidity and leverages them. Traders have access to the following assets on the broker: stocks, forex, indices, commodities, and cryptocurrencies. Let’s have a good look at these instruments.
Clients can access stocks on the broker. The company has stock shares from companies. Stocks that are offered on XTB are not physical ones but CFDs. Stock CFDs are short-term stock prices that traders can invest in. The leverage available on the asset is about 1:10. Stock CFDs are good investments that traders should add to their portfolios. The broker has over a thousand stocks to choose from.
Forex involves the exchange of one currency with another hence the name foreign exchange. This asset includes currency pairs that one can use to place trades. The broker offers only CFDs in forex that traders can only trade during weekdays – 24/5. Traders can trade and hold overnight positions, but a fee is charged for this action. There are about 50 currency pairs available on the broker’s platform.
Besides having individual stocks, traders have access to expand their portfolios with stock indices. The broker has major companies from which its clients can choose. Just like the Forex and stock markets, the indices are CFDs. XTB has over 20 indices available on its platform.
Commodities are good assets to expand your investment portfolio because they offer high liquidity value. Traders can open markets with any commodity of their choice, ranging from agriculture to energy and from energy to metals. Traders have a wide range of choices to make when it comes to choosing the best commodity.
At present, XTB only offers five cryptocurrencies on its platform. These cryptocurrencies include Bitcoin (its major cryptocurrency) and altcoins such as Litecoin, Ripple, and Ethereum. The cryptocurrencies are CFDs, and traders can hold positions overnight, trading this asset on the broker’s platform.
Trading fees on the XTB forex platform
The trading fees on XTB are low. With spreads tight with the standard and pro account, the fees charged in trading any asset on the broker are not high. However, aside from fees charged per spread lot, the broker has other fees, such as the overnight trading fee for users of both standard and pro accounts. The pro account owners are charged a particular commission on their accounts after each trade.
The broker does not charge traders for deposits and withdrawals that they make. When traders want to deposit money into the account, it is free; the same goes for the withdrawal process. XTB traders are changed for inactivity, which means that if you fail to use your account for a while, there will be a deduction amount by the broker.
|Swap fees for overnight open trades:||Yes, can be calculated by the formula:|
Swap point rate x Pip value
|Trading costs:||The broker charges its fees by having a spread for each trade. The average spread cost is around 0.6 and 2 pips during peak trading hours.|
|Inactivity fee:||After 12 months of inactivity, there are $10 charged monthly|
|Deposit fee:||No deposit fees.|
|Withdrawal fee:||No withdrawal fees.|
|Market data fee:||No market data fees.|
Test of XTB’s trading platforms
As seen above, this broker has different platforms that allow traders to access financial assets and place trades with them. This broker has not have just one user-friendly platform through which their clients can perform trades. Existing platforms on this broker are the xStation 5 for the web, xStation 5 for mobile, and the MetaTrader 4 platform. Below is an accurate description of each of the platforms available on the platform.
xStation 5 for web
The xStation five platforms are designed by XTB to provide forex-based services to its clients. The platform is user-friendly as it is easy to navigate through the platform. Traders can, with ease, place trade using the platform. The xStation 5 for the web is only available for desktop web browsers. Traders can set the platform to be checked on their smartwatches. The xStation 5 for the web has incredible modern tools to help traders place better and safer trades in the market. Another feature of this platform is that traders can easily perform copy trading.
xStation 5 for mobile phones
This particular platform is only available on mobile application for both Android and iOS. The platform also has incredible features, like the web version, and is incredibly easy to use. The user-friendly space and easy identification of buttons make it easy to use. The chart has indicators that help traders place more precise and safer trading positions. The xStation for mobile devices can also be linked to a trader’s smartwatch, particularly those using Apple devices.
Besides its self-designed platforms, XTB also features the MetaTrader 4 platform for traders. Traders already acquainted with the MetaTrader platform can use this instead of the xStation. The MT4 is well-equipped with different trading tools that help traders have a better trading experience. Traders can also perform copy trading using it.
MT4 is also user-friendly and offers a wide range of assets for the traders to perform trade with. Being the MetaTrader 4 platform, traders can access it on the mobile application for both devices, and it can also be used on the web browser. This makes trading flexible for every one of its traders.
How to trade on the XTB trading platform
Have you decided to start trading using XTB’s trading platform? Then one of the necessary things you need to do before you can trade on the platform is to create an account with the broker. This action can be done on your phone or your browser on the computer. After providing the broker with some necessary details about yourself, you can access the platform.
Once you can access the platform, it is necessary for you to first practice with the demo account. When you open an account with XTB, you will have access to a demo account that already has fake money. You can use this money to place trades on the different assets available on the broker’s platform.
If you think you are good enough, however, you can go ahead to the live account you have selected. During your registration process, you can choose an account type – whether standard or pro account. Choose the asset you wish to trade with on the platform. But before you can place a trade, you must make sure you’ve deposited it into your trading account. Unlike most trading platforms, there is no minimum deposit that the trader can make on XTB; this means that traders can deposit as little as $1 into their trading account.
After funding your XTB trading account, you can proceed to select the assets you want in your portfolio. XTB offers a variety of tradable instruments, giving you the ability to diversify your investment portfolio as a trader. However, it is best to choose assets that you pick an interest in. This way, you can take care of the asset properly.
To place a trade, you must select an asset and open the market with it. Enter the figure you wish to place the trade and the duration. You will also need to select a position on the chart, and then you can confirm the process if you are okay with all that you have done.
On either of the platforms, whether xStation or MetaTrader, traders can copy trading techniques from other traders. To do this, make sure you are choosing a trader with a low-risk count. This way, you are sure that the trader is good enough to copy. Once you enter the amount you wish to trade with, confirm the process. Within a short time, the copying process must have been completed and your trade underway.
How to trade forex on XTB
As already mentioned, XTB offers just Forex CFDs, and to start trading them, the client must have an account already with the broker. Once you’ve opened an account with them, you will have access to trade forex currency pairs both day and night. Once you have opened your account, you should credit your trading account with some money; gracefully, XTB does not have a set minimum deposit for its clients. This means you can start trading with any amount on the broker.
Once you find the account, select the same currency you want to trade, whether USD to JPN or USD to EUR. After choosing the currency pair, you need to put the amount you want to use to open the trade. Confirm that you are ready to trade. XTB has several trading indicators that will help you as a trader take more precise and careful positions on the forex market chart.
If you are new, there are two ways to make trading forex on XTB’s platforms easy. These two ways include using copy trade and your demo account. You can use your demo account to train yourself till you think you are ready to use your live account. With copy trading, you can copy other traders’ forex trading positions. Just make sure the trader is a good one.
|Leverage:||Up to 1:50|
|Trading costs:||Low spreads from 0.1 pips|
|Availability:||During trading hours|
How to trade binary options on XTB
Traders cannot access binary options on XTB because the broker does not offer these. Binary options are trades that simply require a ‘yes’ or ‘no’ process by the trader. It is one of the easiest and yet very risky assets to trade. XTB, however, offers some other assets to its traders with transparent trading conditions on them. We have assets traded on XTB in this blog or the website for more information about tradable assets.
How to trade cryptocurrencies on XTB
Traders that have an interest in cryptocurrencies can trade them on XTB. Although before one can trade cryptocurrencies on the XTB trading platform, one must have a trading account with the company. After opening your trading account, you can select the available coins on the trading platform.
When you open the trading account and have verified the account, you can deposit it into your trading account so that you will begin to trade as soon as possible. Once the money reflects in your account, should any of the cryptocurrencies you are interested in. The broker has five coins from which traders can pick. Take your trading position on the crypto market chart, set the amount for trading, and how long you want the position to last.
It is also possible to use copy trading for cryptocurrencies. Make trading easier for yourself by simply copying the trading style of a good trader you spot on the broker. Traders can learn how to trade crypto with their demo account available on the broker. Keep in mind that cryptocurrencies are CFDs.
|Leverage:||Usually up to 2:1, up to 5:1 for some cryptocurrency assets|
|Trading costs:||No commission|
|Availability:||During trading hours|
How to trade stock CFDs on XTB
Trading stocks on XTB is simple. Also, the stocks are not physical stocks but CFDs. Trading stock with this broker means that you have to open an account with the broker. Besides the single stock CFDs, there are stock indices on the broker. There are enough stock options from which traders to choose.
Fund your account with some money and start trading with the broker. Select the company stock you wish to trade, enter the amount you want to use, and the trade duration. After this, you can press continue. You will notice that your trade has been placed. Use the indicators on the broker to help make trading easier for yourself.
It is possible to perform copy trading for stocks on XTB. Also, use the demo account to familiarize yourself with how the market for stock works. XTB offers favorable trading conditions regarding trading stocks on the platform. Overnight trading is possible for those who want to trade using this asset.
|Leverage:||Leverage up to 10:1 on stock CFDs|
|Availability:||During trading hours|
How to open your trading account on XTB
Opening an account with XTB is one of the brokers’ easiest processes. Traders can register on the platform on their phone or desktop browser. Today, the broker has more than 300,000 active traders on its platform, which shows how safe it is to trade on the broker. Below is a step-by-step method to create your account with the broker.
Step 1 – Create your trading account
The first step to opening your account is creating your trading account with the broker. Just on the broker’s homepage, the traders will see the create account button next to the demo account button. Click on it to proceed. You will see a form you must fill out when you click on it. Fill it in with your email and the country where you reside in. After you have done this, you will see some terms you need to sign on the same page. You will not be able to proceed if you don’t tick all the terms.
Once you are through the process, click on continue to proceed to the next phase. The next step will be for you to set a strong password to protect your account from theft. Make sure that the password is something you can remember no matter what happens.
Step 2 – Fill out the KYC Form
After the first step, the next will be to fill out the KYC form. The form consists of information such as your full name. You will need to enter your last name and first name. It is advised that when entering your name, make sure that you do so the way you have it on the identity card that you will later submit. Not only will you fill in your name, but the trader will also need to input their date of birth and phone number and confirm their nationality.
After this section, the trader will need to sign a term proving they are not a US citizen and other information such as their annual income, expected investment amount, and main source of income. Once you are through with this process, you can click on the next step button. Traders can also go to the previous page if something needs to be corrected.
To complete the KYC form, the traders must properly fill in their address details, including the house number and postal code. This process will also require the traders to select their preferred language. Once you complete the KYC form, you will have to verify the information you have provided.
Step 3 – Verify your trading account
To verify their account, the XTB forex broker requires means of identification that the government approves. These means of identification include documents that the trader will need to submit. The first will be the national Identity card, voter’s card, or driver’s license. The other document is a proof of address which can come in the form of a utility bill or a bank statement. After clicking on continue, the broker will take 24 hours to validate your account for trading. You can use the trial account during the wait to know how XTB’s platform works.
Step 4 – Start trading
Once your account is ready for use, then what are you waiting for? Choose assets to add to your portfolio and start trading with them. It is possible to trade multiple assets at once on the broker thanks to the advanced technology on its platform. However, you must fund your account before trading on the platform.
How to log into XTB
Access your trading account again by clicking on the login button at the top of the screen of the browser website. The button is not quite visible since it is small but above the create account button. Upon clicking on it, you will be prompted to either log in to the Demo/xStation account or a client’s office. Click on the demo/xStation account. The next step will be to enter the email account you used to create the account and the password you created. The details you enter have to be correct before you can have your trading platform back.
However, if you cannot remember your account login details, you can simply click on the forgot password button text. Once you do, XTB will require that you enter your email, and a link will be sent to the email address. Go to your mail, and click on the link to access your trading account back. Once you have, you can start trading on the platform once more.
If you are going on a break from trading, make sure to log in more than once within a month to prevent your account from being charged inactivity fees. You don’t have to perform any trade. Logging in is good enough. You can even sign out soon as you log in.
How to deposit funds in your account
Making deposits into your trading account is simple, and the process is free. After creating your account, of course, the client will need to fund their account to trade. This is the only way through which traders can start trading with the various assets available on the platform. After creating your account, follow the steps below to fund the account.
Step 1: Click on the deposit button
Once you click the deposit button, you will be taken to a page where you can select a payment method. Since XTB is a digital forex group, the means of payment are through the electronic method.
Step 2: Choose your preferred payment method
On the payment method page, there are more than one methods through which clients can send funds to their accounts. However, the method to use works depending on the region you are in. Some payment methods do not work in some regions, while others work perfectly. The most commonly used is either the bank transfer or the card or PayPal.
Here are some of the available payment methods on the broker (some payment methods are depending on your country of residence):
- Bank transfer
- Visa Card
These and other methods are available for clients to choose from. After selecting the method that suits you best, continue the process.
Step 3 – Input the deposit amount
Enter the amount you are willing to deposit into the account. Unlike most forex platforms, XTB does not require its traders to deposit money from a particular figure. This means that the minimum deposit is absent on this broker platform. Traders can enter any amount they wish to enter and send it into their trading account. Having entered the figure, confirm the process.
Step 4 – Start trading
Once the money is shown in your trading account, you can start trading on the platform. You start making trading with any of the assets you prefer. Simply enjoy the rest of your trading experience on XTB’s platform.
Withdrawal review – How to withdraw funds on XTB
After making profits from the markets you opened, you may need to withdraw them from your trading account. This is very easy to do during the break. The following steps below will aid you in making withdrawals from your XTB trading account in a short time.
Step 1: Login to your account
To log in to your trading account, enter the password and email after selecting login on the website’s homepage. Once you do, you will see a withdraw button on the screen.
Step 2: Click on the withdrawal button
When you click on the withdraw tab, a summary overlay will show, requiring you to input the account number you want money to be sent to and the amount you wish to withdraw. On XTB, the only payment method that works for withdrawal is the bank transfer method. It is, however, fast. Traders can withdraw money from their trading accounts fast. The withdrawal process
Customer support for traders
To start, XTB has very good customer support. The call center is available for a whole week and around the clock. This means traders can communicate with the broker’s call agent anytime. This call center is also available to speak with traders in different languages. This is a good thing because traders can freely communicate better with the company. Besides the call center, XTB has other support for their traders.
Other means of support for the traders include an online customer agent. When you go to the website of XTB, there’s an icon in the bottom right corner, a green one. Click on it to chat with the online customer agent. Traders can select more than one language. The response time of the customer agent is fast.
Also, customers have an FAQ section on the website. FAQ stands for frequently asked questions; in the FAQ section, the broker has answers to some questions that traders are most likely to ask. It’s a fast means of getting inquiries from the broker. Traders can even send mail to the broker. There’s the mailing address for support for traders on the website. Below is the contact info of the XTB forex broker.
- Email address – [email protected]
- Phone number – +44 2036953085
- Website – https://www.xtb.com/en/why-xtb/contact
How to learn trading with XTB
OctaFX provides its traders with different ways to learn to trade on its platform. These ways include Educational resources, webinars, and a demo account. Let’s see how they help the traders learn.
XTB offers courses that traders can follow to improve their trading skills. The courses are explained thoroughly to enhance quick understanding of their information. Besides the courses, XTB traders have access to articles that contain various information on how to trade and what a particular asset on the broker means. The broker’s educational resources are reliable.
Webinars are video chats that the broker organizes for the traders on the platform. Traders can learn a lot from the webinars. They can even learn about market strategies on these webinars. It’s a good way to catch up as a new trader on the platform.
XTB demo account:
The demo account is available and free for traders on the broker’s platform. It’s a method through which traders can get firsthand knowledge about how to trade on the platform.
In what countries is XTB available?
XTB forex broker is available in 180 countries. And it has offices under proper regulation in 11 countries, including the headquarters.
Some of the countries where the broker is available to include the ones below:
- Czech Republic
- South Africa
The broker is however not available to traders that are in the US, Canada, and some other countries.
Advantages of using the XTB trading platform
Some advantages of using an XTB forex broker include the following:
- The broker has no limit to the deposit amount traders can make.
- The trader has platforms that are technologically advanced and stands with leading industry platforms.
- XTB permits overnight trading for its assets.
- Both deposits and withdrawals are free on XTB.
- The trading platform is not restricted to just one device. It can be used on phones, laptops, and even smartwatches.
- The broker has a wide range of assets.
- The company is under regulation by more than one financial regulator.
- XTB has customer support that communicates in multiple languages.
- The trading fees are low.
- Offers a demo account.
- The platform is user-friendly.
Disadvantages of using the XTB trading platform
Here are some of the disadvantages that come with using the XTB trading platform:
- The demo account only lasts for a month.
- The broker only offers assets in CFDs.
- The trading fees are low but not when compared to some other forex brokers.
Is XTB a reliable trading platform?
Yes, it is a reliable trading platform as it has shown that it can be trusted. The broker has international regulators that make sure the broker is stable. The funds of traders are kept in a different account from the broker. Traders get to learn a lot about forex trading through various means. XTB so far has no report of fraudulent acts committed against its traders.
Conclusion – XTB is trustworthy and offers great trading conditions
Although XTB offers only CFD assets, it is still one of the best brokers in the forex market. On TrustPilot, the broker has a 95 out of 100 score, which proves that the broker can be trusted. The forex broker which is more than 15 years old continues to grow and provides the best trading experience for its traders.
Frequently asked questions about XTB (FAQ):
Is it possible to get bonuses on XTB?
It is possible to get a bonus from XTB. However, the only bonus available is a welcome bonus to new traders. This bonus is not available to traders in EU regions and it is available only in some regions of non-EU members.
Is XTB day trading good?
If traders want to save costs, they should trade during the day. XTB offers some of the best trading fees on its assets. They also offer high leverage on them.