XTB Review

Company Overview

When trading Forex, you need a trustworthy broker to handle your money. Among the other brokers, XTB increased quite a bit in popularity, with more and more people looking to use their services. Still, each broker is different, which is why you may want to do as much research as possible on the matter. Here is our XTB review so that you can make the best trading choices.  

XTB was originally founded in 2002 in Poland under the name of X-Trade. In 2004, the brand changed into X-Trade Brokers so that it complied with the new regulations in Poland. In 2009, it went through a new rebranding process, becoming XTB Online Trading (XTB).  

XTB is recognized as a safe Forex and CFD broker, with its headquarters in Warsaw and London. Due to its long track record, it gathered the trust of many professional users looking to trade Forex

Who Is XTB For? 

XTB is a great choice for Forex traders who wish to keep their costs down. Whether they don’t want to pay much on trading fees or do not wish to handle high-cost deposits and withdrawals, XTB is a budget-friendly choice.  

Things We Like 

We liked that XTB charges relatively low fees where Forex is involved. Both deposits and withdrawals are mostly free of charge and very fast, and you can use a variety of methods to make your deposit. It is an affordable option for Forex brokers on a budget all over the world. 

Accounts are also quick to open, often taking only a couple of minutes. The interface is very easy to use, making it a great choice for brokers who are just starting to learn how to trade Forex. The spreads are low and are very convenient when compared to other similar platforms. 

Things We Don’t Like 

While the broker is regulated and accepts a variety of countries from all over the world, it does not accept clients from the United States. Stock CFD fees are also high and considering the fact that they cater to professionals as well, their portfolio is very small. You can only go for FX and CFDs.  

Before trusting a broker, one needs to do quite a bit of research on the services that they provide. Reading an overview of the company will help you determine whether they are a compatible match with you or not. Here is what we found out.  

XTB was originally founded in 2002 in Poland under the name of X-Trade. In 2004, the brand changed into X-Trade Brokers so that it complied with the new regulations in Poland. In 2009, it went through a new rebranding process, becoming XTB Online Trading (XTB).  

XTB is recognized as a safe Forex and CFD broker, with its headquarters in Warsaw and London. Due to its long track record, it gathered the trust of many professional users looking to trade Forex. 

Awards 

Over the past 19 years, XTB won several awards. In 2018, it won the title of Best Islamic Broker M&A Today, and it also won the M&A Today Global Awards for two years in a row (2018 and 2019). These are only a few examples, as they won multiple other awards. 

Safety and Regulation

Depending on where XTB is used, the broker features several regulations: 

  • Financial Conduct Authority (FCA) 
  • Cyprus Securities and Exchange Commission (CySEC) 
  • Belize International Financial Services Commission 
  • Polish Securities and Exchange Commission 
  • Polish Financial Supervision Authority 
  • Comisión Nacional del Mercado de Valores 
  • Financial Conduct Authority in South Africa(FSCA)

Is XTB Safe or a Scam? 

Considering that XTB is regulated by several authorities all over the globe, it is as safe as such an app could be. It makes regular disclosure of its financial statements for the clients and is also listed on the stock exchange. While it is not a deal-breaker, users should be aware of the fact that it does not have a two-step login.  

Countries It Accepts Clients From 

XTB accepts clients from a total of 187 countries, meaning that it is spread out mostly all across the globe. There are only some exceptions to this, such as the United States or North Korea, where the laws for trading are different. 

Range of Offerings and Products 

XTB has a broad selection of offerings and products for users to enjoy. Among these categories, you can find:  

  • More than 20 global industries 
  • 48 currency pairs 
  • Over 1,500 stock CFD all over the globe 
  • Major commodities 
  • 60 cryptocurrency CFDs and ETF 

With that in mind, the default sections of the broker mostly revolve around cryptocurrency, Forex, and CFD. Users from Europe may trade with ETFs and real stock as well.  

There are no popular assets such as options, mutual funds, bonds, or futures. This is because the broker focuses mostly on Forex and CFD.  

Trading Platforms 

XTB works on an xStation 5 platform that can be accessed via the web, desktop, and mobile. The xStation 5 is a platform unique to XTB, but you may also choose to use the MT4 platform. The latter is a third-party tool, but it is very easy to use as well.  

Both trading platforms feature clear fee reports and have great search options. They are user-friendly, and if you use the xStation 5, it can be easily customized to what you want it to be.  

Account Types 

XTB offers its users two types of accounts: the Standard account and the Pro account. Standard accounts have wider spreads but do not take commissions. Pro accounts take a commission, but in return, you get tighter spreads. 

If you are outside Europe when you open your account, you also have the option for an Islamic account aside from the Standard and Pro accounts. The Islamic account complies with Islamic laws and takes no swap fees.  

Depending on your needs, you may go for corporate accounts as well.  

XTB Demo Account 

XTB also gives you the opportunity of opening up a demo account. This way, you can simulate trading strategies, without actually putting real money on the line. It is also a good opportunity to learn how to make a trade, but also to become more acquainted with the platform.  

Deposit and Withdrawal

XTB offers several deposit methods. You have the classic bank transfer, as well as credit or debit cards. Electronic wallets are also accepted when making a deposit, including methods such as:  

  1. Paysafe (ex. Skrill) 
  2. Paypal 
  3. Paydoo 
  4. Neteller 
  5. PayU 
  6. ECOMMPAY 
  7. SafetyPay 
  8. Blik 
  9. BlueCash 
  10. Sofort 

Each country will determine which deposit method is the best for you to use. For example, Sofort deposits are only available for those with German residency. It is good to know that no fees are charged by XTB when you make a deposit. 

What is XTB’s Minimum Deposit?

XTB has no minimum deposit, so you are not required to have anything in your account when you open it. At your first deposit, you are free to use as little as $1. That, however, only applies to individual accounts.  

Corporate accounts have quite a high minimum deposit. To get started, you will need to add a minimum of £15,000 (a little over $20,000). 

Withdrawals 

Withdrawals are limited when it comes to the method used, as you may only withdraw using a bank transfer. If you withdraw more than $100, it is free of charge. However, if you withdraw less than $100, you will be charged a $20 fee.  

The duration of the withdrawal depends on the method that you are using. If you use electronic wallets such as PayPal or Neteller, the money reaches your account instantly. With that in mind, if you go for a wire transfer, it may take up to 24 hours for the transfer to finalize.  

XTB Promotions 

XTB provides cashback rebates up to 30%, as well as a 50% welcome bonus for new international users. EU clients using XTB International can get up to 30% group discounts for lower spreads.  

Client Support and Education 

Like many brokers of this type, XTB also offers client support and education. In terms of research, you can find several courses that were divided into four different categories.  

Depending on your level, you can go for basic, premium, intermediate, and expert courses. That being said, only basic and intermediate courses can be accessed through the website. Premium is only available on xStation 5 platforms, but you will have to create a live or demo account first.  

As for customer support, the staff is available 24/5, meaning that you may only contact them on working days. You may either use the phone line or the live chat to place your request. Support is available in several languages, so it does not matter what your country of origin is. If you need help, you should be able to receive it very fast.  

That being said, while the phone support is fairly responsive, the live chat is more on the erratic side. Very often, a message sent on live chat is redirected through email. Responses are still given, but they may last a bit longer.  

Verdict – Overall Rating 

XTB offers a variety of tools for its potential customers. It is a great choice for beginners and professionals alike, and it is also very simple and straightforward to use. Considering the number of regulations and awards that it has, we can say that XTB is a trustworthy choice. 

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.

The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.

What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.

Risk Disclaimer

There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.

There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.

Looking for more information on brokers and trading? Have a look at our trading guides:

Review Sources

  1. https://www.xtb.com/
XTB

As a trusted multi-asset broker, XTB offers traders outstanding customer service and an excellent trading experience overall thanks to the xStation 5 trading platform.

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