With some 14 years’ worth of experience under its belt, XTB is also one of the more reputable international online forex brokers out there. Usually, being ancient in this industry means that one attracts scores of negative comments and feedback from disgruntled users (of whom there will always be plenty) but in XTB’s case, that is not entirely true.
Certainly, there are discontent voices out there, but the majority of the feedback seems to be good and excellent.
What do the complainers allege though? Regardless of how relevant such feedback truly is, it is always worth taking a closer look at it…
Some people allege that the STP execution claimed by the broker does not exist and that the broker may in fact be a market maker. Obviously, there’s no solid proof backing up these claims.
Other people hate the customer service (even as still others claim that it is indeed the best in the industry), while some complain about the lengthy withdrawal procedure.
The corporate side of the XTB brand is called XTB Limited, and it is based in London, at Level 34, One Canada Square, Canary Wharf, E14 5AA. The company is registered in England, under reg. number: 07227848. In addition to its main headquarters though, the brokerage maintains offices in no fewer than 13 European countries.
Obviously, the primary regulator of the operation is the UK’s FCA. XTB’s FCA license number is FRN522157.
To legally operate in so many countries, the broker needs additional regulation though. Besides the FCA, it is also licensed by CMB and KNF.
As of August 1st 2018 new ESMA regulations will affect leverage:
- 1:30 for major currency pairs
- 1:20 for non-major currency pairs, gold and major indices
- 1:10 for commodities other than gold and non-major equity indices
- 1:5 for individual equities and other reference values
- 1:2 for cryptocurrencies
- Read more here.
Why should you choose XTB as your broker? What kind of unique selling points does it dangle?
The trading platform selection of the operation is outstanding. As already said above, XTB’s services are rated high by its traders, and – as an FCA-regulated entity- it is a member of the Financial Services Compensation Scheme, which offers traders yet another safety net.
The broker keeps its clients’ monies in fully segregated accounts – as called for by the regulatory requirements.
Trader education is apparently a real focus for the operation. In addition to the usual selection of webinars and video tutorials, dedicated account managers are also available, not to mention one-on-one mentoring. What’s more still: the broker welcomes all visitors to its offices, as it observes an open-door policy in this regard.
Trade management is taken to an entirely new level at XTB: users have several tools at their disposal in this regard, including a calculator, which fills them in on the expected risk and reward on every trade they make. Performance statistics are also available, with suggestions in regards to how traders can improve.
These tools are available on all the devices on which the XTB trading platforms run.
Good trading conditions are part of the XTB package.
The broker boasts an impressive number of industry awards as proof of its commitment and success in the online trading arena.
XTB Account Types
In this regard, things have been kept extremely simple at XTB: only two account types are available: Standard and Pro.
Of these, the Standard option is obviously the more accessible, although there is not much difference between the two accounts features-wise.
The Standard Account features market execution – just like the Pro version. It offers access to more than 1,500 trading instruments, and its maximum available leverage is 1:30.
Spreads start from 0.35, and negative balance protection is available, together with automated trading.
No commissions are charged on any of the trading instruments, and that includes cryptocurrencies.
The Pro account features slightly lower minimum spreads, but the same leverage and basic features.
Unlike the Standard account though, the Pro does charge commissions. The commission on cryptos for instance, starts from 2.5 GBP. The same goes for Forex, Indices and commodities, on a per-lot basis.
In addition to these real-money account options, Demo accounts are also available.
XTB Trading Platforms
XTB uses two trading platforms: the proprietary xStation5, which comes in several different versions, as well as MT4.
xStation5 is a state of the art trading solution/environment, which lets users trade directly from the charts and which supports advanced orders as well as take profits and stop losses. Trader statistics and a trading calculator are also available, together with advanced technical analysis. Several technical indicators are included, like the Fibonacci retracement tool, RS and various moving averages.
The Equity screener is an excellent way of identifying new trading opportunities, which, coupled with the market sentiment indicator, can indeed be extremely useful.
xStation5 is available in a Desktop version too, in addition to the Web-based variant.
MetaTrader’s MT4 is a proven and well-liked solution within the online trading community. It offers superb charting options and unparalleled technical analysis support. The platform – which can be grabbed for free right off the official XTB website – comes with scores of preinstalled technical indicators.
Additional indicators can be bought and installed from the MQL4 community.
The same goes for Expert Advisors, an option which XTB do indeed support.
Those who choose to create their own EAs based on their own custom strategies, can put them to the test, risk-free, with the Strategy Tester.
The deposit options available at XTB are very straightforward: Credit Cards, like VISA, Maestro and MasterCard are accepted, together with bank wire and the two best-known and most practical eWallets: Skrill and PayPal.
Accounts can be funded in a number of different currencies, such as USD, EUR, GBP and HUF.
Through credit cards, USD, EUR and GBP are accepted, and there are no fees charged on deposits in any of those currencies.
XTB Market Coverage
Some 50 FX pairs can be traded through XTB, with spreads starting from 0.28 pips.
Indices-wise, there are 20 tradable assets available, with spreads ranging from 0.3 pips to 1 pip.
As far as commodities go, Gold, Oil and Silver can be traded, among others. The spreads here can be as low as 0.01pips.
Equities can be traded through CFDs and obviously, the same goes for cryptocurrencies. In this regard, BTC, ETH, DASH, Ripple and Litecoin can be traded, though it has to be noted that traders cannot purchase actual cryptos through the brokerage.
The XTB Trading Academy
Trader education is taken very seriously by the broker. The Trading Academy features a whole range of courses, from the Beginner level all the way to Expert and Premium. An exhaustive FAQ section is also part of the package and traders can always make use of the Demo account to put their knowledge to the test, without having to risk any real money.
According to some, the XTB support is the best in the business. Others consider it weak.
Support staff can be contacted through live chat, as well as through a range of local phone numbers and email addresses. The broker can be contacted through Twitter and Facebook too.
The Bottom Line
Everything considered, XTB is a rather attractive trading destination for Europeans. The operator does not seem to be licensed to provide any trading-related services outside Europe though.
Its platform selection is decent, to say the least, and some of its trading conditions are downright attractive.
The regulatory profile of the broker is solid as well.