XTB is a global online broker, headquartered in London.
It’s widely regarded as being one of the world’s top-rated online brokers, and they offer a substantial selection of forex currency pairs and CFDs, spanning a wide variety of assets and classes.
- About XTB
- Opening an Account
- How Long Does the Account Creation Process Take?
- What’s the Minimum Deposit?
- Identity and Verification
- Can XTB Be Trusted?
- Research and Assistance
- Demo Accounts
- Desktop Experience
- XTB Trading Platform
- Mobile Experience
- Investment Options
- Commissions and Fees
- Deposits & Withdrawals
- Customer Support
The broker is regulated in some top-tier jurisdictions, making them perfectly safe to trade with, and I think they’re among the top online brokers I’ve reviewed for 2020.
In this XTB review, I’m going to be giving you an in-depth look at what the online broker has to offer.
I’ll be covering absolutely everything, from the investment options on offer to the payment methods.
I’ll also be looking at the overall trustworthiness of the site, plus providing you with information about the ID verification process.
XTB review was last updated in May 2020. Author – Jonathan Mann.
XTB was founded back in 2002, and, as I mentioned earlier, is based in London.
This is hugely beneficial, as it means the site is regulated by the UK’s Financial Conduct Authority, ensuring client funds are safe and protected.
XTB offers a vast selection of trading products, and you’ll find investment options that many other brokers simply don’t offer today.
XTB’s trading platform is also state-of-the-art, allowing for smooth, instant and hassle-free trading. Their customer support portal is also top-notch, and they have operatives in a number of countries, allowing for multilingual customer support.back to menu ↑
Opening an Account
In the past, XTB offered three types of accounts: the Basic, Standard, and Pro. However, the Basic account is now a legacy account, meaning that it’s no longer available to open.
However, clients with an existing Basic account can continue to trade using it.
Both the Pro and the Standard accounts are relatively similar, although the Pro account is geared more towards professional traders looking to execute large volumes.
Each account gives you instant access to over 1,500 CFD markets, including Forex, indices, commodities, shares and cryptocurrencies.
Both accounts also benefit from a range of additional services, including mobile trading alerts and educational packages.
I’m going to be looking at XTB’s educational resources later on in this XTB review, however it’s worth mentioning now that both the Standard and Pro accounts offer trade recommendations directly from major banks, including the likes of Goldman Sachs.
The main differences between the two accounts are that the Standard account has wider spreads but no commissions, while the Pro account has tighter spreads with commissions.
For those located outside of Europe, it’s also possible to create an Islamic trading account.
This is more like a “mini feature” of the Standard or Pro account, ensuring the account complies with Sharia law. This means it doesn’t charge any swap fees.
How To Open An Account At XTB?
Setting up an account at XTB is fast and takes no more than a few minutes. Actually creating the account is the fast part, however you might need to wait a day or two for the ID verification process to be completed. I’ll cover this in just a moment.back to menu ↑
How Long Does the Account Creation Process Take?
Setting up an account at XTB is fast and takes no more than a few minutes.
Actually creating the account is the fast part, however you might need to wait a day or two for the ID verification process to be completed.
I’ll cover this in just a moment.back to menu ↑
What’s the Minimum Deposit?
I found the minimum deposit at XTB to be quite high.
Both the Standard and Pro accounts come with a minimum deposit of $250 or currency equivalent.
There is no upper limit on the amount of money you can deposit into the Pro account, although be aware that larger sums of money may require additional stages of verification.back to menu ↑
Identity and Verification
While XTB does operate an automated verification system, many traders will likely need to manually verify their ID.
The online broker requires you to submit proof of name and address, and for proof of name you can upload a scanned copy or photograph of your passport of driving license.
For proof of address, you can upload a scanned copy of a recent bill or a tax return.
Once XTB receives your verification documents they aim to process them within 24 hours, although if you create an account over the weekend, this timeframe will probably be a little longer.back to menu ↑
Can XTB Be Trusted?
Regulated by the UK’s Financial Conduct Authority (FCA) I would say that XTB is an incredibly safe online broker to trade with.
The FCA are widely regarded as being a top-tier regulator, meaning they’re incredibly strict on their licensees, essentially meaning they hold XTB to very high standards.
All UK clients also benefit from having their funds protected under the UK government’s financial protection scheme, covering your funds by up to £50,000.
I was also really happy to see that XTB segregates client funds. This is beneficial in two ways. Firstly, it means that in case XTB went into insolvency, they’d be protected. Secondly, it prevents XTB from using client funds for running their day-to-day business operations.
Their website is also safe and secure.
You’re able to set up two-factor authentication, and the site uses the latest state-of-the-art encryption technology to ensure your personal details and sensitive pieces of information are secure at all times.
This is especially important when making payments on the site, as it means third parties can’t get access to your information.back to menu ↑
Research and Assistance
XTB offers an exceptional education section, and it’s mostly provided under a portal they’ve called their Trading Academy.
There are four stages to this academy, namely Basic, Intermediate, Expert, and Premium.
You can access the first three areas free of charge, although the Premium portal operates under a paid model.
As you can imagine, the Basic part of the trading academy aims to help beginner traders understand the basics of forex and CFD trading.
It gives you an introductory insight into the workings of how trading works, and you’ll be learning about some of the different types of instruments you can trade.
You’ll also receive an introduction to the trading platforms offered at XTB.
It also showcases some basic trading techniques.
Overall, it’s fantastic for those brand-new to trading and who want to learn more about how it all works.
The Intermediate part of the Trading Academy is a place designed for you to deepen your knowledge of trading.
Here, things start to get a bit more technical. For example, you’ll start to learn about technical and fundamental analysis, which are two key parts to trading.
You’ll also start to learnmore risk management, as well as information on how to control your emotions, especially when trades aren’t going well.
In the Expert section of the Trading Academy you’ll transition from learning basic and intermediate techniques to more advanced ones.
Here, you’ll start to learn about some of the main tools that can be used to help you trade, including automation tools and bots.
You’ll also learn how to master some of the more advanced functions of the trading platforms offered by XTB.
If you choose to pay for the Premium part of the Trading Academy, you’ll get access to XTB’s full range of premium materials.
You’ll also get dedicated advice from some of the world’s best traders.
I wouldn’t recommend this for beginners, but if you are already a competent trade it can be a great resource for taking your knowledge to the next level.back to menu ↑
XTB offers all new clients a demo account. Existing clients can choose to open a demo account too.
Opening a demo account takes around 3 minutes, and you still need to fill out a few bits of personal information, but you don’t need to worry about going through any ID verification.
You can trade with your demo account for as long as you like, and there’s zero risk attached, so it’s a great way to start trading and get a feel for everything.back to menu ↑
Like many of the world’s biggest online brokers, XTB has developed its own trading platform.
This can be used by both Standard and Pro account holders, and is an award-winning platform, designed to facilitate hassle-free, smooth trading.
They also offer access to MetaTrader4, and I’ll be giving you an in-depth look at both of these platforms next in this XTB review.back to menu ↑
MetaTrader4 has long been regarded as an industry-leader in the online trading world, and every single day it’s used by millions of traders.
It’s developed by an American company called MetaQuotes and it’s well-suited to all types of traders, from complete beginners to professional traders.
The cutting-edge server technology used in MetaTrader4 means that placing trades is instant.
The platform is famed for its low-latency, and you will very rarely encounter any lag or delay while using it.
This, I feel, is hugely important for those looking to trade regularly, as the last thing you need is lag/freezing while placing trades in real-time.
I also really like how MetaTrader4 offers a high degree of customization.
For example, you can drag and drop the various tabs around, and there’s also the ability to customize some of the charts available.
This lends itself well to being used by more advanced traders.
I also like how MetaTrader4 comes packed with a huge number of trading tools.
One of the best examples of these trading tools is the technical analysis indicators, designed to give you an idea of how markets are performing and where they can be expected to head in the near future.
There is also the ability to program your own bots, however, the levels of automation available in MetaTrader4 aren’t as great as those found in MetaTrader5, which unfortunately isn’t offered at XTB.back to menu ↑
XTB Trading Platform
XTB’s proprietary trading platform is one of the best in the world and is designed for both new and advanced traders.
I found it incredibly easy to use and easy to navigate, and it’s actually won a number of awards, including the award for Best Trading Platform 2016 at the Online Personal Wealth Awards.
One of the biggest benefits of using this proprietary software is the incredibly fast execution speeds.
XTB’s trading platform also gives you access to a huge range of instruments.
You’ll find yourself able to access more than 1,500, including CFDs, Forex currency pairs, cryptocurrencies, stocks, and ETFs.
The simple and intuitive design of the trading platform means that trading all these instruments is straightforward, and there’s a detailed help guide available should you need assistance in understanding how it all works.back to menu ↑
If you’re looking to trade from your mobile devices, you’ll be pleased to know you have two options when it comes to mobile trading.
Firstly, you can choose to download XTB’s mobile app.
This offers access to the world’s financial markets and is called xStation.
It is available free of charge on all iOS and Android devices.
You can also choose to download the MetaTrader4 app, and once downloaded you simply need to log in using your XTB details, and in just a couple of minutes everything will be synced up.back to menu ↑
The biggest appeal of XTB is the huge selection of investment options on offer.
They offer an extensive forex trading portal, which gives you direct access to 48 different currency pairs, including minor and major pairs.
The spreads for currency pairs are low, starting from 0.1 pips, and there’s also micro-lot trading available.
You’ll also find a huge range of indices at XTB – there are more than 20 different ones from all over the world including the USA, Germany, and China.
The spreads at XTB are incredibly competitive, and you have the ability to go short or long.
The leverage with indices is up to 20:1 and there are no overnight costs or holding open positions for the following day.
When it comes to commodities, you’ll find a decent selection available at XTB. This includes popular commodities like gold, silver, and oil.
Again, the spreads are really competitive at XTB, and you’ll benefit from leverage of up to 20:1.
There are no overnight costs for holding open positions, and trading is available 24 hours a day, 7 days a week.
XTB also offers stock CFDs, ETF CFDs, and cryptocurrencies – all of which offer competitive spreads too.
You’ll find a full breakdown of the investment options from the “Trading Options” tab on XTB’s website.
I should also point out that all their investment options can be traded from the broker’s mobile apps.back to menu ↑
Commissions and Fees
You’ll generally find that XTB offers incredibly low trading fees.
Even their non-trading fees are very low, and competitive spreads mean there’s plenty of good reasons for new and experienced traders to choose XTB.
Below, you can view our chart showing some of the various fees associated with different accounts at XTB.
Fees vary quite a bit depending on whether you have a Standard or Pro account, so you should always check this in advance.
I was happy to find that XTB does not charge any inactivity fees like many online brokers do.
This means you won’t be charged if you don’t log into/trade from your account for a long period of time.back to menu ↑
Deposits & Withdrawals
XTB doesn’t offer the largest selection of deposit and withdrawal options on the planet, however, they do offer enough to accommodate the needs of most clients.
All major debit and credit cards are accepted, including VISA, MasterCard and Maestro.
If you choose to make a deposit in GBP, USD, or EUR you will not be charged any deposit fees.
XTB also offers a number of EWallets as payment options, although I’m afraid to say that these methods incur fees.
If you choose to use PayPal, Skrill and all other EWallets incur a 2% charge.
I think it’s pretty disappointing that a broker of XTB’s size is still charging fees on deposits, and I actually really dislike this practice;
I don’t believe it’s fair that you should have to pay a fee simply to add funds to your trading account.
When it comes to withdrawals, however, XTB has things pretty well configured. If you make a withdrawal request before 1 pm, it’s usually processed on a same-day basis.
This is dependent on your account being fully verified though.
If you make a withdrawal after 1 pm, it will be processed on the next business day.
However, I should also point out that this timeframe only applies to withdrawals made in GBP, EUR, and HUF currencies.
Withdrawals must be made back to the same payment method you used to deposit funds into your account with.
An exception can be made if you deposited using a credit card and can’t withdraw back to the same payment method.
There are no fees charged for withdrawals.back to menu ↑
I was happy to find that XTB offers customer support in a number of different languages and you’ll be able to communicate with the customer support team in English, Spanish, Arabic, French, Italian, Portuguese, Russian, Chinese, German, Polish, Czech, Slovak, Hungarian and Romanian.
The easiest way of getting in touch with the customer support team is to use the live chat facility.
This is open 24 hours a day, 7 days a week, and allows you to speak directly with a member of the customer support team.
To get started, simply click the chat bubble icon you see in the bottom right-hand corner of the screen, and you’ll then be prompted to enter your name/username and a brief description of your problem.
Once you click the submit button, you’ll be connected to a trained customer support team agent within a couple of minutes.
You can also choose to get in touch with the customer support team via phone, and they provide a toll-free number to all UK clients.
However, I found that the waiting times for phone conversations were a little slow, as you may find yourself waiting up to 10 minutes to receive a response.
Email support is also offered at XTB, although again, you’ll likely find yourself waiting quite a while for a reply – waiting over 24 hours is not unusual.back to menu ↑
I really like that XTB offers such a vast array of investment options.
This means that all types of traders will be able to find tradable instruments that suit their personal preferences.
I do find the minimum account opening balance to be quite high at $250, but given the quality platform they’re providing, I don’t see it as a major concern.
My biggest issue is the fact that they’re still charging a 2% deposit fee on all non-credit/debit card transactions.
I really don’t like this, and strongly feel you should be able to deposit funds into your account without any fees.
On the whole, however, I have no qualms in recommending XTB, and if you’re looking for a new online broker to trade with, they’re an excellent choice.
- Ver low spreads
- Diversity of trading tools
- Great educational tools
- Diversity of forex and CFD instruments
- Reliable forex broker
- Fast account opening
- Good for beginners
- Customer Support could be improved
- Offer of tradable instruments could be better
- MT5 is missing
Details: XTB Review
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