Xtb review (2021) Review
The world first learned about the XTB Forex broker in 2002, the abbreviation of its brand stands for X-Trade Brokers. The corporate is registered and headquartered in Belize. Brokerage services are provided through the official web portal www.xtb.com, where one of the biggest feature is the availability of certificates from five regulatory bodies, including FCA, IFSC, CNMV, CMB, and KNF. Trading is administered consistent with the STP NDD system, which indicates access to interbank transactions.
It is known that over the 18 years of its operation, the XTB company has skilled several rebranding, during which its name and therefore the board of the founders have changed. It is currently helping traders to trade the interbank currency exchange market around the world. For this, the corporate has opened subsidiaries in Spain, Poland, Germany, France, Great Britain, and other countries. It’s believed that the company’s activities are focused exclusively on working with European investors.
Leverage reaches 1: 500. It’s given only to those, who cooperate with a broker through offshore divisions. The United Kingdom office offers no more than 1:30. It had been the large leverage that caused X-Trade Brokers to remain on the marketplace for over 18 years. It always has enough funds to disburse profits to clients. Because most trades with a leverage of 1: 500 end in losses. For this, even an insignificant movement of quotes within the direction opposite to the one that the trader chose when opening a position is enough.
XTB broker uses two trading terminals for online trading:
MetaTrader 4 -this is a classic software with wide functionality and an enormous selection of tools for effective technical analysis. When registering a professional account, trading advisors and robots for automated trading become available to the client.
xStation 5 -this is an innovative software of the broker’s own development, which is characterized by an easy interface, an outsized number of popular indicators, and tools for predicting the market situation. The program is updated automatically in real-time. Screening tools, heat maps, mood indicators, and a built-in economic calendar are helpful. However, there also are disadvantages – the inability to use algorithmic trading, back testing or custom indicators. To do this, you need to choose MT4.
Trading and knowledge terminals are often downloaded during a desktop or mobile version. To make a profit, traders can use over 1,500 financial assets, including:
- currency pairs;
- CFD and ETF contracts;
Financial transactions associated with the replenishment of the deposit and withdrawal of funds are often administered within the following ways:
- bank transaction;
- credit or debit cards Visa, MasterCard or Maestro;
- electronic payment systems PayPal or Skrill.
The broker doesn’t impose any commission on money entering his trading platform. However, when withdrawing profits, costs are possible, while their amount isn’t indicated on the location. The duration of the transaction can vary from 1 to 3 business days.
XTB provides three types of trading accounts:
Standard. A commission-free account with a selection of 0.5 pips.
Pro. An account with a commission of $ 3.5 per lot and a minimum spread of 0.1 pips.
Islamic. Swap-free Islamic account for traders who suits shariah, with a commission from $ 10 per lot and spread from 0.7 pips.
The XTB website states that the broker guarantees quick opening of orders, without slippage and delays.
Technical support and social networks
Support specialist are available 24/5 to quickly resolve important issues. You’ll contact support via mail, phone, or a form on the website, also via chat within the trading platform. As for social networks, the broker has active accounts on Twitter, Facebook and YouTube. Information on social accounts is constantly updated.
Demo account option
Traders can trade on X-Trade Brokers on a demo and real account. However, before you’ll start trading, you need to create a client profile. Next steps should be taken:
- Use the „Create Account“ button on the broker’s website.
- Specify your email address, put a tick ahead of the User Agreement, and click on „Next Step“.
- Come up with a password and enter it within the field that appears.
- In a new window, fill out the shape by entering personal data: name, surname, telephone number, country of residence, date of birth.
- After confirmation, another form will appear, where it’s proposed to point to the complete address of the client’s residence and his zip code.
- Then you need to choose a trading platform and account currency.
Unfortunately, there are only a few positive comments about the broker xtb. That’s why you should not trust the tempting conditions for trading, but carefully read the reviews on proven Internet portals. In order not to lose money, it’s better to cooperate with companies that have an impeccable reputation, confirmed by time.
Pros / Cons
- The presence of 5 financial regulators of the ECU level
- Two trading terminals
- More than 1,500 financial assets, including cryptocurrency
- Loyal affiliate programs
- Official representative branches in 12 world countries
- There is no information about the corporate and its management;
- High minimum deposit (from $ 250)
- Duration of a demo account - 30 days
- Long and troublesome registration procedure
- Uninformative analytical materials