Introduction
XTB is a broker that offers trading in a variety of markets including forex, CFDs, and cryptocurrencies. In this review, we will take a look at the pros and cons of XTB as well as what other traders have said about their experience with the broker.
Company Background
XTB is a leading international forex & CFD broker. Founded in 2002, XTB has grown to become one of the largest brokers in the world with over 1,500 employees in 14 countries.
XTB offers its clients a wide range of markets to trade including forex, indices, commodities, ETFs, and cryptoassets. XTB also provides negative balance protection and is a member of the Financial Industry Regulatory Authority (FINRA).
XTB has won numerous awards over the years including:
-Best FX & CFD Broker 2020 (Admiral Markets)
-Best Trading Platform 2020 (Admiral Markets)
-Best Customer Service 2020 (Investors Chronicle & Financial Times)
Trading Platforms
When you are ready to start trading with XTB, you will need to choose which platform you would like to use. The three platforms offered by XTB are the MetaTrader 4 (MT4), xStation 5, and WebTrader platforms.
The MT4 platform is a popular choice for many traders as it is user-friendly and offers a wide range of features and tools. xStation 5 is XTB’s own platform that has been designed specifically for online trading. It is user-friendly and includes all the features and tools that a trader needs. WebTrader is an online platform that can be accessed from any web browser.
XTB offer a demo account for each of their platforms so that traders can try them out before committing to trading with real money.
Account Types
There are three types of accounts at XTB – Basic, Standard and Pro. The main differences between the account types are leverage and commissions.
Basic: This is the smallest account type with a minimum deposit of $500. You get a 1:200 leverage and pay a commission of $5 per lot traded.
Standard: The standard account requires a minimum deposit of $2,000. You get a 1:100 leverage and pay a commission of $3.50 per lot traded.
Pro: The pro account is XTB’s largest account type with a minimum deposit of $25,000. You get a 1:100 leverage and pay no commissions.
Commission and Fees
XTB is a CFD and forex broker that offers low commissions and fees. The company is headquartered in Poland and was founded in 2002. XTB is regulated by the Polish Financial Supervision Authority (KNF) and the UK’s Financial Conduct Authority (FCA).
XTB offers three account types: Standard, Pro, and VIP. Standard accounts have a minimum deposit of $250 and leverage up to 1:30. Pro accounts have a minimum deposit of $1,000 and leverage up to 1:200. VIP accounts have a minimum deposit of $20,000 and leverage up to 1:500.
Commissions on forex pairs start at 0.01% per side for Standard accounts and are as low as 0 for Pro accounts. Spreads on major pairs start at 0.1 pips for Standard accounts and 0 pips for Pro accounts. XTB also charges a commission on CFDs starting at 0.08%, with discounts available for high-volume traders.
Overall, XTB’s commissions and fees are very competitive when compared to other brokers in the industry.
Customer Service
Customer service is one of the most important aspects of any business, and XTB is no exception. The company has a dedicated customer service team that is available 24/7 to help traders with any issues or questions they may have. The customer service team can be reached via live chat, phone, or email, and they are always happy to help.
XTB also has an extensive FAQ section on their website that covers a wide range of topics, from account opening to trading platform features. This is a great resource for traders who want to learn more about the company and its services. Overall, XTB’s customer service is excellent, and they are always available to help traders with whatever they need.
Education and Research
As a trading platform, XTB is known for offering a variety of tools and features that can be helpful for both beginner and experienced traders. One area where XTB really stands out is in its education and research offerings.
XTB offers a wide range of educational resources, including video tutorials, webinars, and an extensive FAQ section. These resources can be extremely helpful for those who are just starting out with trading, as they can learn the basics and get up to speed quickly. For more experienced traders, the educational resources can be a great way to brush up on strategies and improve their skills.
In addition to its educational offerings, XTB also provides access to a number of research tools. These tools can help traders stay up-to-date on market developments and make informed decisions about their trades. Overall, the education and research offerings from XTB are top-notch and sure to be helpful for all levels of traders.
Final Thoughts
The online trading platform XTB is a great option for those looking for a reliable and user-friendly platform. The company offers a wide range of assets to trade, including forex, CFDs, cryptocurrencies, and more. XTB is also one of the few brokers that offer negative balance protection.
That said, there are a few downsides to consider before signing up with XTB. First, the broker charges inactivity fees after just three months of inactivity. Second, XTB doesn’t provide any investment advice or research, which can be helpful for beginners.
Overall, we believe that XTB is a great choice for experienced traders who are looking for a comprehensive and user-friendly trading platform.