XTB: An Interesting Global Reach and Regulated Broker

As the trading world continues to evolve, selecting the right broker is crucial. For those looking to keep their trading expenses to a minimum, XTB emerges as a compelling option. Whether you’re concerned about the bid/ask spread or avoiding extra wire fees.

This forex trading broker review aims to cover aspects like XTB product offerings, fee structures, and quality of customer service, along with the advantages and disadvantages to help you evaluate if it aligns with your trading needs.

XTB: Overview

Established: 2002
Headquarters: Poland
Trading Platforms: MetaTrader 4, xStation 5
Mobile Trading: Yes
Account Minimum: $0
Account Types: Standard, swap free

XTB was initially founded as Poland’s first forex broker under the name X-Trade in 2002. The company transitioned to X-Trade brokers in 2004 due to regulatory changes in Poland. By 2009, it had rebranded itself as XTB Online Trading or simply XTB. In 2016, the company went public and was listed on the Warsaw Stock Exchange under the ticker symbol XTB.

Today, XTB offers a broad spectrum of trading options that encompass forex, stocks, indices, metals, commodities, and even digital currencies.

Regulation and Registration

XTB is registered and regulated by both the Polish Financial Supervision Authority and the UK’s Financial Conduct Authority, with FCA registration number #522157. Like most brokers, XTB does not permit traders from the United States to use their platform.

Account Types of XTB

XTP offers a range of account types tailored to the needs of different traders, including the standard account and the swap free account. Each account type comes with its own set of conditions to accommodate individual trading strategies and preferences. Here’s a brief overview:

Standard Account

• Minimum Deposit: Free account setup
• Spread: From 0.5 pips
• Commission: No commission
• Maximum Leverage: 1:500
• Instruments: Forex, commodities, indices, cryptos, stock CFDs, ETF CFDs

Swap Free Account

• Minimum Deposit: Free account setup
• Spread: From 0.7 pips
• Commission: No commission
• Maximum Leverage: 1:500
• Instruments: Forex, commodities, indices, cryptos, stock CFDs, ETF CFDs

Deposit and Withdrawal

XTB offers a variety of convenient options without any hidden fees. Bank transfers in USD are accepted, and the broker doesn’t charge any fees. However, your bank might charge you for these fees. It’s crucial that any bank transfers are conducted through an account registered in the client’s full name; otherwise, the funds could be returned.

Credit card payments are also accepted in USD and are free of any additional charges from XTB’s end. If you prefer using e-wallets, the broker accepts payments in USD. Fees for Paysafe (formerly Skrill) charge 2% of the deposited amount, SafetyPay charges 1.5%, and Neteller takes a 1% fee.

Products in XTB

XTB gives you access to a wide range of financial instruments in a variety of asset classes. The list of products includes:

• 48 currency pairs
• Over 20 global indexes
• Major commodities
• More than 1,500 global stock CFDs
• 60 ETF and cryptocurrency CFDs

Trading Platform of XTB

Despite its extensive range of financial products and services, the broker has opted to focus on offering just two primary trading platforms.

• MetaTrader 4
• xStation 5 ( XTB’s proprietary software)

Fees of XTB

For a standard account, there are no execution commissions for most trades, except when dealing with equity CFDs and ETFs. However, the trade-off is that you will encounter slightly wider spreads.

If you have a Pro account, you’ll be charged a commission for each trade, but you’ll benefit from trading on market spreads.

XTB Promotions

XTB doesn’t offer a deposit bonus or welcome bonus.

Customer Support

• Email: [email protected]
• Account Opening: +357 257 25356
• Phone: +48 222 739 976 (24/5 Chat Support)

Pros & Cons

Pros Explained

• XTB offers minimum forex spreads as low as 0.5 without commission and 0.1 with commission on its “Standard” accounts. This makes it a premier option among retail forex brokerage services.
• The Financial Conduct Authority (FCA), a leading UK regulator, regulated XTB. This regulatory body is globally recognized for maintaining fair market practices for both individual traders and enterprises.
• XTB’s extensive global reach enables the firm to blend international expertise with local knowledge, delivering a trading experience that’s both globally informed and locally relevant.

Cons Explained

• The broker does not accept clients from the United States, which could be a significant drawback for traders residing there.
• Real-time quotes are often crucial for traders who rely on timely information for quick decision-making. By having to subscribe, the broker limits access to this valuable resource for those unwilling or unable to pay extra.

Is XTB Worth Considering?

XTB presents a solid choice for traders primarily interested in forex markets. The brokerage is regulated by a Financial Conduct Authority (FCA), providing a layer of safety. Moreover, their forex spreads are competitive, making them affordable. Their xStation 5 platform is also user-friendly, making it easier for traders.

However, the firm has its limitations, notably a strong focus on CFD products and an inactivity fee. Additionally, the lack of live chat support could be a problem for traders who prioritize real-time troubleshooting.

Overall, XTB is worth considering, particularly for those focused on forex trading and who find the platform’s features align with their trading strategy. However, you can look up more reviews of forex trading broker reviews from professional traders before making a decision.

FAQs

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