XTB Review 2024 - Is Legit or Scam | Forexing.com (2024)

XTB General Information

Our XTB Review

XBT Review 2020– A Simple Guide

XTB is one of the leading regulated European Forex (FX), Contract for Difference (CFD) and Crypto brokers. It was founded in 2002, and it currently operates in 17 countries.

XTB is a subsidiary of the XTB Group, which also owns the X-Trade Brokers DM SA in Poland, XTBA Limited and XTB Sucursal. These other entities are separately authorized and regulated.

XTB Summary

Broker name: XTB

Regulation: BaFin, CySec, CNMV, FCA, KNF, and IFSC

Headquarters: London United Kingdom

Minimum initial deposit: $250

Demo account: Yes

Tradable assets: Forex, Indices, Bonds, Stocks, Futures, Commodities and Cryptocurrencies

Max Leverage: 1:200

Trading platforms: MT4 and xStation

Trading Type: Straight-Through-Processing (STP)

Mobile Trading platforms: Yes

Fixed Spreads: Yes

Deposit methods: Credit Card, PayPal, Neteller, Skrill, and Wire Transfer

Withdrawal Methods: Wire Transfer

XTB Regulation

XTB is a regulated broker who has secured licenses with a wide range of countries, especially in Europe. In the UK, it is regulated by the Financial Conduct Authority (FCA), and its license number is 522157.

For Europe or the XTB Europe is regulated by CySEC of Cyprus and its License number is 169/12. For international services, XTB is regulated by the Belize International Financial Services Commission with a license number IFSC/60/413/TS/17.

In Spain, XTB is regulated under license number 40 by the Comision Nacional del Mercado de Valores.

Account Opening

To open an account with XTB, you require to go through three simple steps:

1. Fill in the registration form online on their official website after which a verification email containing a verification link is sent to your email address to confirm the email.
2. After verifying your email, you will have to attach some documents for identification and verification. The documents required include A proof of Identity and a Proof of Residence.
3. Once your documents are verified and accepted, you will have to deposit funds into your trading account to start trading.

Account Types

XTB Brokers offers a demo account and three types of trading accounts which traders can choose during their registration process; the Standard account, the Pro Account and the Islamic Account. The difference between these two accounts is the tradable lot size and the spreads.

The Standard Account

This account type is available for both MT4 and xStation trading platforms.

It has fixed spreads which vary depending on the type of asset being traded. The minimum spread is 0.35 pips.

Forex, Indices, commodities, and cryptocurrencies have no commission. However, Stocks and ETF CFDs have a commission of 0.8% per lot.

It has a maximum leverage of 1:500, and the minimum allowed lot size is 0.1.

Traders can use automated trading, and they are also cautioned from the negative account balance.

The Pro Account

This account type is available for both MT4 and xStation trading platforms.

This has very competitive spreads based on volume. Traders with this account are also charged a commission. The minimum spread is 0.28, and the maximum allowed leverage is 1:500.

The minimum allowed lot size is also 0.1.

Forex, Indices, commodities, and cryptocurrencies have a commission of $ per lot while Stocks and ETF CFDs have a commission of 0.8% per lot.

The Islamic Account

This account is normally set to allow Muslims to trade.

This account type is available for both MT4 and xStation trading platforms.

It has fixed spreads which vary depending on the type of asset being traded. The minimum spread is 0.35 pips.

It has a maximum leverage of 1:200, and the minimum allowed lot size is 0.1.

Traders can use automated trading, and they are also cautioned from the negative account balance.

The account, however, does not allow trading of cryptocurrencies and it is also Swap Free.

All tradable assets including Forex, Indices, commodities, cryptocurrencies, Stocks and ETF CFDs have a commission of $10 per lot.

Trading Platforms

XTB has two types of trading platforms; the MetaTrader 4 Trading platform and the xStation 5 Trading Platform.

The xStation 5 Trading Platform is a tailor-made platform of XTB. It allows traders to check what their counterparts are doing. Traders using the xStation 5 Trading Platform can check other traders’ statics and also compare charts as well as look at the type of trades that successful traders have placed.

Both the MT4 and xStation 5 Trading Platforms are available as a desktop version, mobile version as well as web version.

Conclusion

XTB is a regulated broker which offers user-friendly Forex, Indices, Bonds, Stocks, Futures, Commodities and Cryptocurrencies trading services.

Owing to the user-friendly trading platforms and customer services, the broker could be a great choice for traders in Europe, especially for the novice traders.

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