In this video we will review XTB Broker.
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Broker Details
XTB, a member of the Polish-based XTB Group, in 2002 became the first CFD and Forex broker to be established in Poland, trading initially under the name X-Trade. In 2004, it rebranded into XTB in order to comply with new regulations allowing it to be authorized by the Polish Financial Supervision Authority, (KNF).
Besides KNF, XTB is regulated under the UK Financial Conduct Authority (FCA), the Turkish Sermaye Piyasası Kurulu (Capital Markets Board of Turkey or CMB), the Cyprus Securities and Exchange Commission (CySEC), and the Belize International Financial Services Commission (IFSC).
Currently, it offers over 2,100 assets and is home to over 350,000 traders.
Assets and Markets
Users who hold accounts or thinking to open an account in XTB will have the following assets to trade from:
48 Currency pairs with low spreads starting from 0.1 pips and max leverage of 500:1
Over 30 indices from all over the world
22 Commodities, with no overnight cost for holding an open position
More 2100 Stock CFDs, with leverage up to 10:1 and commission starting as low as 0.08%
60 ETF CFDs, again with leverage up to 10:1 and commission starting as low as 0.08%
And 5 Cryptocurrencies, Bitcoin CASH, Bitcoin CFD, Ripple CFD, Litecoin CFD, Ethereum CFD, as you probably know the crypto market is open 24/7.
Definitely, XTB has raised the bar for the competition.
Account Types
XTB currently supports 2 types of accounts, standard and Swap Free.
Comparing the two we will find both similarities and differences as expected.
The Available instruments for the standard account are Forex, Commodities, Indices, Cryptos, Stock CFDs, ETF CFDs, while the swap-free account does not support Cryptos.
Both have a similar number of instruments available and maximum leverage is set at 500:1. The minimum spread however is lower for a standard account and is set at 0.5 pips while the swap-free has a minimum spread of 0.7 pips.
Minimal order, Automated trading, account setup, and trading platform are the same for both accounts.
The standard account has no commissions for Forex, Indices, and Commodities, however, for the swap-free account the commissions start from $10 per lot.
The same goes for Stocks and CFDS, with the difference that here standard account implements commissions but from 0.08% per lot. , while once more the commission on the swap-free account starts at $10 per lot.
Traders can also open an Islamic account if they wish, along with risk-free demo accounts on all available platforms, allowing traders to practice strategies.
To open an account either click the link below or head to our dedicated video on how to create, verify and use an account on XTB, you can find a link on this video or on the description below.
Trading Platform
XTB offers its own custom-made platform Xstation, which is been pretty popular. On our dedicated video we just mentioned we include a walk through the platform, how to place an order, how to navigate around it, and in general how to use the platform.
To note here that the application is available from the web, mobile, and desktop. Having tried all three options we can say with confidence that it provides all the tools a trader will even need to properly trade.
Funding Options
XTB accepts the following payment methods:
Bank transfer, which has no fee implemented by them, however, the bank could charge such a fee.
Credit cards such as Mastercard, Maestro, and Visa, again no fees will be charged for deposit funds this way ann last they accept 4 e-wallets, Skrill, Paysafe, safety pay, and Neteller.
Keep in mind that while they are not charging fees Skrill charges 2%, SaFetypay 1.5%, and Neteller 1%.
Withdrawal charges also apply, both from XTB and payment providers and are processed within 24 hours
Currently, XTB runs a special offer, which allows traders to earn cashback. To receive the offer you need to register it after you create your account. According to the info they provide the program is flexible and tailored to maximize clients’ cash rewards based on their trading activity. The amount of cashback clients stands to make each month will be agreed upon between them and their dedicated account manager.
Additionally, some non-European and Uk clients are eligible for a 50% deposit bonus on their first deposit which can be added to their account if they trade a minimum amount of lots within 60 days of their account opening.
To apply their first deposit has to be at least equivalent to $100.
Customer Support
Users can contact customer service via email and live chat,
The services are available 24 hours a day for all 7 days of the week.
Currently, they provide customer support in 21 different languages.
Summary
So let’s have a look at the pros and cons of XTB Broker.
Starting with the pros:
It is regulated by 5 Regulators
Been around for about 20 years
More than 2100 assets to trade from
Offers its own platform, Xstation which is a great platform
Mobile applications offered as well
No minimum deposit is required
50% deposit bonus to certain locations
On the cons now:
US Clients not allowed
Only two types of accounts
Limited funding options compared to the competition
No MT4 or MT5 offered
Deposit bonus not available for European and United Kigndom Clients
Overall, XTB is highly regulated, well-known, safe, and among the most popular forex brokers in the market.
Thank you for watching our XTB Broker review, we really hope that helped you decide if this is the right broker for you.
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