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XTB, also known as X Trade Brokers, provides a range of financial services to traders and is based in Belize. The company was founded in 2002 and is regulated by the International Financial Services Commission in Belize.
It has offices in Spain, Poland, and the UK and is authorized and regulated by the National Financial Supervision Commissions. XTB primarily works with European investors and has received numerous awards, including the Best Broker in Europe award from Global Banking & Finance Review and the Best Financial Teacher award from World Finance Exchange & Brokers.
In this review of XTB, we offer an impartial look into the company’s history, key features, pros and cons, and pricing to see if it’s worth it.
Review of XTB Pros
- Opening an account is effortless.
- Extensive account protection is provided.
- Deposits/withdrawals are quick and free.
- Trading forex on this platform incurs minimal costs.
- Contains a trading academy with lots of educational videos and content.
- Provides a wide variety of financial features and trading tools.
Review of XTB Cons
- It is impossible to trade primary assets such as ETFs, stocks, and commodities.
- Contains fees for inactivity.
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Review of XTB: What Is XTB?
XTB Online Trading is a firm that deals in foreign exchange trading services and operates mainly in the European Union. Established in Poland in 2002, XTB has become one of the best forex trading platforms and CFDs brokers.
The company is publicly traded on the Warsaw Stock Exchange with a current market capitalization of 3.83 billion PLN (equivalent to 858 million USD as of February 23, 2023). According to XTB's preliminary report published in February 2023, the company has more than 258,000 active clients across the globe.
XTB has established its presence in more than twelve European countries and has obtained licenses from multiple regulatory bodies such as the FCA in the UK, KNF in Poland, BaFIN in Germany, CNMV in Spain, AMF in France, CySEC in Cyprus, DFSA in the UAE, FSCA in South Africa, and FSC in Belize.
Furthermore, XTB has an indemnity insurance policy that covers up to $1 million per client claim and up to $5 million in total through its Belize entity.
Despite fierce competition in the industry, this broker has managed to maintain its position as a top choice for traders due to its extensive market offerings and low costs, providing excellent value to its clients.
The xStation 5 trading platform, noted for its user-friendly design and an extensive collection of financial instruments and trading information and research, is one of the most popular components of the broker. It also provides additional functionality to meet the requirements of seasoned traders.
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Review of XTB: Platform and Features
XTB's trading platform, xStation 5, is conveniently accessible to traders via any browser on Android, Windows, or iOs devices, including tablets, phones, and desktops, making XTB one of the best forex desktop trading platforms.
While it may not offer as many features as other platforms, this simplicity makes it more user-friendly and suitable for non-professionals.
Furthermore, the absence of unnecessary elements can allow users to begin using the platform immediately with little to no assistance.
XTB provides a range of features for traders to enjoy while placing orders. These features include:
- Limit Order: When you wish to exchange an asset at a specific price, you can submit an order and choose the duration it will remain open. If the broker fails to fulfill the order, you can close it. All details of the order must be specified.
- Stop Order: If you use a Stop or Stop-Loss order, you have established a predetermined threshold for the asset's price, and your position will be liquidated if the price falls below that threshold.
- Trailing stop: The trailing stop order is similar to the stop order in that it assists in limiting potential losses. However, the trailing stop order differs in that if the market price moves in your favor, the stop price will be adjusted closer to the market price, allowing you to lock in some profit.
- Market Order: The fundamental process of requesting to purchase or sell an asset at the current market value cannot be excluded.
Finally, XTB provides the option to receive alerts via email, SMS, or push notifications regarding margin calls, adjustments in trading positions, deposits, and withdrawals.
Additionally, XTB offers a comprehensive education center where clients can improve their trading or investment skills. Moreover, XTB conducts weekly live market analysis sessions every Wednesday, followed by a chat session with experts who can address all inquiries.
Review of XTB: Commissions and Fees
XTB provides clients with two accounts: the spread-only Standard account and the commission-based Professional account. However, the Professional account is exclusively available to U.K. and European clients who meet the criteria for elected Professionals.
XTB offers two types of accounts, Standard and Professional, with a minimum deposit requirement of £250, €250, or $250 in base currency.
While both accounts have comparable pricing for high-volume trading, the Standard account seems to be less expensive for smaller amounts.
For retail traders, it is recommended to choose the Standard account as the Pro account is no longer available in most regions, except for some legacy clients.
- Average spreads: The average spread on EUR/USD for Q3 2021 was 0.91, according to the data used by XTB. It is worth noting that the commission-based pro account is being phased out and is no longer being promoted.
- Active trader discounts: XTB offers a rebate program called Lower Spread Group for active traders, which applies to those meeting the definition of elective professionals in the EU.
The rebate percentage ranges from 5% to 30% and is based on the volume thresholds achieved by the traders, which start from 20 lots per month and can go up to 1000 lots to receive the total 30% discount. This program helps XTB to compete with other companies such as FXCM, FOREX.com, and CMC Markets.
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Review of XTB: Who Is XTB Best For?
Our reviews are thorough and seek to cater to the needs of both novice and expert traders. Our review of the XTB Trading Platform follows the same pattern.
We have scrutinized all the charges, functionalities, and resources, such as forex, CFDs, etc., to give our readers all the information needed to make an informed decision.
It should be noted that some retail investor accounts may incur losses when trading CFDs and the percentage may differ from broker to broker.
Review of XTB: Is XTB Safe?
XTB has a Trust Score of 95 out of 99 and is widely regarded as trustworthy. It is publicly traded and has been authorized by one high-trust tier-1 regulator, three average-trust tier-2 regulators, and one low-trust tier-3 regulator.
The Financial Conduct Authority (FCA) is the tier-1 regulator that has authorized XTB. One can refer to it to gain more insights into the Trust Score.
Review of XTB: XTB Affiliate Program
- XTB's affiliate program offers clients a chance to earn additional income. The referral commission can go up to 20% of the spread paid by the referred client when promoting the broker and bringing in new clients.
- XTB's cashback program is designed for traders who trade frequently. The program offers traders the chance to receive partial compensation for the spread based on their monthly trading volume.
Traders can create their own referral network and earn commissions through the broker's affiliate programs. Active traders can also convert their trading lots into a partial spread refund.
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Review of XTB: XTB Education Materials
To fully review the broker, it is important to mention their educational materials. With the increasing number of traders and investors opening brokerage accounts, having a robust educational platform for financial management is essential to help them know how to navigate the platform effectively and what is the right decision to make with their finances.
XTB is a broker that offers a comprehensive educational section that ranges from basic platform usage to advanced topics such as short-selling, hedging, and trading psychology.
Review of XTB: XTB Knowledge Base
Accessing the educational section is convenient as it is readily available on the main menu, eliminating the need for an extensive search.
Additionally, sorting the educational content can be quickly done by utilizing the various categories at the top of the page. These categories comprise:
- XTB Services
- Forex
- Stocks
- Indices
- CFDs
- ETFs
- Fundamental analysis
- Commodities
Review of XTB: XTB Live Webinars
In addition to written articles, XTB customers are provided with weekly live webinars that cover a range of topics such as XTB's xStation 5 trading platform and market analysis by XTB professionals. These webinars occur every Wednesday at 5:45 pm GMT and are available to all XTB customers.
Review of XTB: XTB Trading Course
As a customer of XTB, you will have the opportunity to enroll in a comprehensive trading course that covers everything from basic to advanced techniques. The course includes numerous hours of instructional videos and supplemental materials.
Additionally, you will have access to a private WhatsApp group managed by XTB's market analysts.
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Review of XTB: Market Research
XTB has achieved a high level of research content quality comparable to that of the leading industry players. This is due to the superior analysis provided by both in-house staff and third-party providers.
However, in comparison to some of the best brokers in this category, XTB does not produce as many English articles and videos on a daily basis. Nevertheless, XTB has a robust international presence in other languages.
Research overview: XTB compensates for the lack of Trading Central and Authochartist by providing its own unique strategies through its Premium Research service.
Along with live updates from reputable news sources, XTB offers additional research tools like an economic calendar and market sentiment analysis.
They also have a team of writers who create articles and conduct weekly video webinars on their YouTube channel in multiple languages, including Polish, German, and Italian.
Market news and analysis: XTB's Market News section features high-quality articles displayed as headlines on the xStation 5 platform. These articles cover both fundamental and technical analysis and also include a popular "Chart of the day" series.
In addition, XTB's news panel provides trading signals and price analyses from top-tier providers such as Thomson Reuters, Barclays, and CitiGroup. No information is left out in XTB's comprehensive research.
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Review of XTB: XTB Trading Platforms
As previously stated, XTB provides its own trading platform called xStation, which has won awards. The platform is accessible on both web and mobile devices as XTB xStation 5 and XTB xStation Mobile, respectively.
If you are a client of XTB, you can utilize both versions of the platform to conduct trades or investments.
Review of XTB: xStation 5 Trading Platform
XTB's primary trading platform is xStation 5, which can be accessed through web browsers like Firefox, Chrome, Opera, or Safari or as a desktop app compatible with both Windows and Mac.
This platform suits novice and experienced traders, offering a user-friendly interface with a flexible stock screener. The screener enables traders to browse through over 2100 assets worldwide, including Forex, indices, commodities, stock CFDs, and ETF CFDs.
Review of XTB: xStation Mobile Trading Platform
XTB's xStation 5 mobile app is accessible globally and surpasses MetaTrader 4's mobile app, which is only accessible in specific locations. XTB's mobile app can certainly rival the Best Forex Mobile Trading Platforms. XTB's proprietary mobile app is of exceptional quality.
xStation mobile features: The mobile application of xStation 5 has a neat and organized layout that includes various functions similar to its web version.
These features consist of live news updates, predetermined lists of stocks to watch, a calendar displaying economic events, information on the top-performing stocks, and data on the clients' sentiments.
Additionally, the app contains various educational content in the form of multiple hour-long videos designed like webinars. The charts in xStation 5 are decent but not exceptional since the watchlists are not synchronized with the web version of the platform, and there are only 13 indicators available.
On the other hand, the mobile charts in xStation 5 offer some useful functions, such as the automatic saving of trend lines and drawings and the convenience of adding indicators to charts while zooming in on different time frames.
Review of XTB: MetaTrader 4
In addition to the xStation platform, XTB clients are able to use the well-known MetaTrader 4 platform for trading.
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Review of XTB: What Can You Trade on XTB?
XTB permits trading of the assets listed below:
- CFDs for cryptocurrency.
- CFDs commodity trading.
- Stock CFDs. Brokers offer the opportunity to speculate on short-term stock price movements
- ETF price movements through ETF CFDs.
- Forex CFDs. Which refer to the buying and selling of currencies without converting them, are offered by brokers through financial contracts based on underlying currencies.
Review of XTB: How To Open an Account With XTB
A detailed guide is provided below, explaining each step involved in creating an account with XTB Online Trading.
- To begin trading with this broker, you need to go to their website's homepage and type down your email and country of residence.
- Next, you must add your personal details, such as your date of birth and address.
- Then, choose the trading platform you prefer, and decide if you need a Standard or Pro account.
- Select the currency you want to use as the base for your account.
- You'll be asked a few questions about your employment and financial status, as well as your experience with trading.
- Finally, you need to verify your identity and residency by submitting the required documents to activate your account.
When it comes to the final step, it's important to remember that XTB offers the option to verify your identity through video or by sending them a scanned copy of your ID, passport, or driver's license.
Additionally, this broker provides a range of deposit methods, which include:
- BlueCash
- PayU
- Credit/debit card
- ECOMMPAY
- Paysafe
- Paydoo
- SafetyPay
- Sofort
- Blik
- Paypal
- Bank transfer
- Neteller
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Review of XTB: How To Trade Crypto on XTB
Here is a concise and straightforward manual for trading on the platform of this particular broker:
- To access your account, log in first.
- Next, select a market using the platform.
- Utilize the broker's technical and fundamental analysis tools to conduct thorough research.
- You can either view the asset's chart, access the click & trade panel, or open the order window to proceed.
- Determine the amount and volume of your trade.
- Select the margin you prefer.
- If you want to manage your risk and maximize your gains, choose Stop Loss or Take Profit options.
- Finally, decide whether to buy or sell the asset by clicking the appropriate button.
Before deciding to trade with cryptocurrencies, it's important to learn the pros and cons of cryptocurrency since they have a few unique characteristics that make them differ from traditional investments.
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Review of XTB: Customer Support
According to our review of XTB, the platform provides a wide range of contact options to their clients, including a live chat feature, local phone support available 24/5, and email for both existing and potential customers. One of their unique features is that they assign account managers to assist their clients with any account-related problems.
Review of XTB: FAQs
Do Reviews by Traders Influence the XTB Rating?
The overall rating of brokers can be influenced by any reviews, positive or negative. To access reviews regarding XTB, it is necessary to visit their specific broker profile.
How To Leave a Review About XTB on the Traders Union Website?
If you want to share your feedback about XTB, you can either sign up on the Traders Union website or use Facebook to leave a review. It's important to provide all necessary details while leaving your review.
Is It Possible To Leave a Comment About XTB on a Non-traders Union Client?
Feedback about XTB can be given by anyone to various clients, but Traders Union clients are eligible for extra payments in the future if they work with any broker listed in the Forex market.
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Review of XTB: Conclusion
According to many financial experts and satisfied customers, XTB Online Trading is one of the top forex brokers, providing an excellent trading platform that is particularly welcoming to beginners due to its easy-to-use interface, and lots of educational materials.
Moreover, you can trade CFDs on various assets, including cryptocurrencies, stocks, and commodities, making it an appealing option for those seeking variety and diversification.
As for pricing, XTB's spreads are highly competitive among forex brokers, and there are no deposit or withdrawal fees, making it a good choice for those who wish to add funds to their accounts periodically.
Overall, XTB Online Trading is a reputable and affordable forex broker that is highly regarded for its certification from the Financial Conduct Authority. Regardless of the specific markets a trader is interested in, XTB is a safe and reliable choice.
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