XTB is a recognized Forex and CFD (Contracts for Difference) broker with a long trajectory since 2002 that started its activity in Poland (under the brand X-Trade Brokers, from which it changed to the current XTB acronym a couple of years later) and has been extending its services to many other countries to the current point where it is one of the market leaders and also has a strong presence in Latin America.
With this broker it is possible to trade more than 1500 assets such as the following:
– More than 50 currency pairs in Forex.
– More than 20 CFDs on stock exchange indices from all over the world.
– Raw materials, energies, metals, agricultural products,…
– More than 700 CFDs on shares of major international companies.
– ETFs of European and American stock exchanges,…
The XTB broker also stands out for being regulated by the main global financial supervisory bodies such as the FCA of the United Kingdom, the Spanish CNMV, the KNF of Poland, the IFSC of Belize,…
Next we will analyze the characteristics of the online broker XTB, if it is reliable and what are its advantages and disadvantages:
Characteristics of the XTB broker
XTB offers 2 trading platforms: its own xStation platform and the popular MetaTrader 4:
It is a good choice for both novice and experienced traders. It stands out especially for its speed (average execution is 85 milliseconds), is intuitive and widely customizable. It offers everything you need to analyze the market and manage positions: a powerful system of real-time charts, technical indicators, market comments,… It also has a tool that we found quite useful: the trading calculator that allows you to easily calculate the profit or loss potential, according to your stop loss, trade volume and take profit.
These are a series of versions of the xStation platform with virtually all the main features of the previous version but specifically designed to run on mobile devices such as smartphones or tablets with Android system or even an APP for Smartwatches (with operating system IOS and Android) that allows you to control any operation from your wrist.
For users accustomed to the popular MetaTrader 4 platform, XTB also offers it to its clients. Its convenient interface and powerful technical analysis tools keep it the most used platform in the trading industry. It also allows you to use automatic trading systems (known as expert advisors) that execute your trades automatically based on a series of pre-programmed variables.
On the trading accounts available in XTB we can point out mainly 3 groups:
– BASIC account: with fixed spreads from 1.6 pipssin commission (except in stocks there is a commission from 0.08%).
– STANDARD account: with floating spreads from 0.9 pips without commission (except for stocks where there is a commission from 0.08%).
– PRO Account: with market spreads from 0.28 pips and a commission per closed lot of 3.50 EUR /4 USD.
You also have access to a free demo account without having to deposit funds beforehand which allows you to test the platforms and the broker himself without risking your money. It has a balance of 20.000 € virtual and is available for 4 weeks.
One of the main positive opinions about XTB is based on its learning material for clients and the support service it offers. Each client has an XTB executive assigned to their account to assist them and resolve any issues or doubts that may arise. In addition, the customer service team is available 24 hours a day, from Sunday to Friday, and you can contact them by phone, mail or chat.
XTB also has physical offices in 14 countries that you can visit. The company is headquartered in London. For Latin America it has headquarters in Uruguay and dedicated customer service telephones for Mexico, Colombia, Argentina and Brazil. In Spain it is headquartered in Madrid.
Minimum deposit: 0 €/$
Maximum leverage: 1:30 for retail customers in Europe / 1:200 for other non-European countries.
Platform: xStation and MetaTrader 4
Instruments More than 1500 assets (currencies, stocks, indices, commodities, energy,…)
Regulation: Yes (FCA, CNMV, IFSC,…).
XTB is a consolidated broker that executes thousands of trades daily for clients all over the world. It has a longer trajectory (since 2002) than its competitors.
XTB Limited is authorised and regulated by the FCA (Financial Conduct Authority) of the United Kingdom (Reference Number: FRN 522157). XTB’s branch in Spain operates under the supervision of the CNMV (Comisión Nacional del Mercado de Valores).
In accordance with regulatory regulations, the funds of the clients of this broker are kept independent of the company’s own funds. XTB also participates in the British Financial Services Compensation Scheme (FSCS) which guarantees up to £50,000 per investor.
On the methods of deposit and withdrawal of money there are several possibilities: bank transfer, credit card or via PayPal, Skrill or Neteller (with a commission of 2% for Paypal and Skrill and 4% for Neteller). More and more people use these electronic payment methods and it is something we consider positive that brokers offer for the agility and convenience of their customers.
Withdrawals are quite fast. Depending on the currency you use in your account the processing is done in the same day or up to a maximum of 3 working days. The reception of the money in your account will also depend if you use a more agile method such as electronic means or slower if it is by bank transfer.
On these withdrawals of funds it is necessary to point out also the point in favor that XTB does not impose a minimum amount for the withdrawal (something that other brokers can do) instead, as negative point, it applies a commission for small amounts following this scheme:
Withdraw less than 100 USD >> 20 USD commission
Withdraw more than 100 USD >> No Commission
Withdrawals less than EUR 80 >> EUR 16 Commission
Withdrawals over 80 EUR >> No Commission
Withdraw less than GBP 60 >> 12 GBP Commission
You withdraw more than 60 GBP >> No Commission
Reviews about XTB
Our opinion about the XTB broker is quite positive. Thanks to the tests we have carried out, its features, platforms and available accounts, we consider it a versatile and valid broker for beginners as well as for more experienced traders.
The main advantages and disadvantages we find are the following:
– Consolidated broker in the market with wide trajectory since 2002 and international presence.
– Broker regulated by several rigorous organisms such as the FCA, the CNMV,…
– A good number of assets available for trading (more than 1,500).
– Powerful platforms such as your own xStation or the ever-popular MT4.
– Agile payment methods such as Paypal and Skrill for deposits and withdrawals.
– Free demo account with €100,000 virtual balance but only available for 4 weeks.
– No minimum deposit to open a live account.
– Good customer service.
– This broker does not usually offer welcome incentives for new clients.
– 2% commission to deposit through Paypal or Skrill and 4% through Neteller.
How to open an account in XTB?
If you want to try XTB services you must fill in the registration form of your account. The data that you must provide are the habitual ones that any regulated online broker requests. At the end of the process, in order for your trading account to be active, you must verify your identity (by sending a photo or scanned file of your national identity document, passport or driving licence) and verify your address (by sending a photo or scanned file of a recent invoice for a landline, electricity, water, etc.). This issue of documents is also common to any broker regulated to comply with the safety regulations of regulatory bodies. Once you have completed this step, you will be able to deposit funds and start trading with the platform of your choice.