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XTB Review Review 2020

XTB is a CFD and Forex broker that’s available in multiple jurisdictions across the world, who are trusted and well regulated by multiple different regulatory bodies, including the FCA in the UK and the CNMV in Spain. Generally speaking XTB trading reviews rate them quite highly as a safe platform that’s suitable for beginners and experienced traders.

We took the time to create our very own XTB review, testing and rating multiple aspects of the broker, with a particular focus on XTB crypto trading possibilities, to create a transparent and honest review that we’re pleased to pass onto you.

XTB: Pros & Cons
  • Over 1500 global markets available
  • No fees for wire & debit card deposits
  • xStation 5 trading platform works on web and as a mobile app
  • Good customer service
  • Well trusted and regulated
  • Good range of resources and educational material
  • Deposit fees for using e-Wallets
  • Withdrawls via transfer only
  • Crypto’s can’t be traded as actual

Usability, Look & Feel

Like many other XTB trading reviews, we were impressed by their flagship xStation 5 platform that works both as a site and as a mobile app on phones, tables and even smartwatches. xStation 5 was voted Best Trading Platform back in 2016 and we feel it’s still among the best out there today.

For beginners, it has an excellent video tutorial section, while mid-level to professional traders can enjoy a range of tools, such as a stocks screener, impressive chart options and an advanced trading calculator. Traders of all experience levels will benefit from the platform’s real time performance stats, which analyses and breaks down your trading behavior to help you better see where your strengths and weaknesses lie. In terms of aesthetics, xStation5 is slick, clean and modern, making it easy on the eye and equally easy to navigate.

xStation 5 is undoubtedly the highlight of this section of our XTB review, they do also have a Meta Trader 4 (MT4) platform, which may be better known to some of you as it’s a popular platform that’s used by multiple brokers throughout the world. XTB only uses MT4 as their xStation 5 platform doesn’t support automated trading. If you’d like to find out more about trading apps, it’d be a wise idea!

Payments

XTB deposit payments can be made using a credit or debit card, wire transfer, an eWallet, PayPal or Skrill, however withdrawals can only be made into a nominated bank account that you must provide the details of when registering your account.

We recommend using a credit or debit card to make your deposit, and have found that most other XTB trading reviews agree. While deposits with PayPal, Skrill and eWallets are charged at a flat rate of 2%, all deposits made with a credit or debit card are completely free with no hidden fees. The minimum despite aunt for all payment methods and account types is £/€/$250.

The fact that withdrawals can only be made via bank transfer is a bit of a set back in the eyes of our XTB review. However, the good news is that withdrawals can be processed the same day if the request is made before 1pm GMT.

Customer Service

In our XTB review, we found the customer service to be of a fairly high standard overall, with their phone line and live chat both having quick response times. A particularly nice and transparent feature with the live chat, is that the pictures and names of the team are displayed when you open the window before you send your message. We found this to be a nice trust building feature that was overlooked in other XTB trading reviews.

All of XTB’s customer service channels are available in 13 different languages, mainly catering for European markets, but Chinese is also available. In the 13 countries where XTB has an office, such as the UK, France and Germany, they have dedicated customer service lines that are run out of the offices that are available from 9am-6pm in the country they’re situated in. XTB also has a 24/5 helpline for out of hours enquiries.

License & Security

XTB is listed on the Warsaw stock exchange as a publicly listed company (PLC) and is authorised by multiple regulatory bodies in the top 3 tiers, including tier 1 British regulator body, the Financial Conduct Authority (FCA).

In terms of security, XTB keeps their client funds separate from their own, which is written into the company’s rules. This helps ensure that clients’ assets are protected in the event of the company entering financial problems. On top of this, clients’ funds are protected upto the value of £50,000GBP via the financial services compensation scheme (FSCS) in the event of XTB’s insolvency.

Other XTB trading reviews from both users and professional experts all rate XTB’s security very highly, and we’re no different. XTB is a completely, legit, safe and transparent broker with a good track record. In the rare cases they get negative user reviews, they are always quick to respond to try and resolve the issue.

XTB Crypto

Trade Offer

Where our review differs from most other XTB trading reviews that you’ll find out there, is that we’re focussing particularly on their crypto trading. With XTB there’s a choice of 9 different cryptocurrencies to be traded, including Bitcoin, Dash, Litecoin, Ethereum, Ripple. As well as 9 individual currencies, XTB offers 16 different pairs.

Trading crypto in this way is different from buying from an exchange and comes with a much higher risk, but the good news is that XTB offers negative balance protection. When trading crypto with XTB, Bitcoin and other currencies are not bought and owned in the traditional way, and you never actually own currencies as an actual asset. How it works with the pairs is that you buy one currency and sell another at the exact same time. If it works out well, you can make a good profit however it is extremely risky and easy to lose money. Trading in this way requires reading and predicting markets, so it’s not something to dive into lightly. If you are new to crypto trading and are aware of the risks, most XTB trading reviews would point you in their direction thanks to their transparency, research and education materials they have on hand to help you out.

Other trading

We mentioned above that our XTB review is focussing principally on cryptocurrencies, however their other trading possibilities are not worth ignoring, and certainly deserve a mention here. Traders on XTB have the choice of over 1500 global stock CFDs including giants such as Facebook and Apple. There are also over 80 Exchange Traded Funds to be selected, with commission starting as low as 0.08%. When it comes to global currencies, XTB has over 48 currency pairs on offer. All of XTB’s trading services can be traded 25 hours a day, 5 days a week from 3am on Monday morning until 5pm on Friday.

The reason that XTB trading reviews have traditionally rated them so high is thanks in no small part to the educational tools and information they have on offer. XTB offers courses on all their trading services in order to help new investors be as best prepared as they can be for trading in markets that are notoriously volatile and risky. What we liked when conducting our XTB review was their real time market commentary and live performance statistics. The fact they have negative balance protection available for all trading services is also a massive plus for new and novice traders.

Trading Costs

Like most other XTB trading reviews, we’ll start off here with a summary of the good news; there are no withdrawal fees and the fees elsewhere are generally pretty low. UK and Irish residents have the choice of the standard account and the commission based pro account, each of which have their own spread models for commissions and fees.

If you use a credit card to make your deposits, then there are no fees for deposits made in £GBP, €EUR and $USD. When making deposits with other currencies, the exchange fees depend on those of the bank being used. Deposits made using eWallets, PayPal or Skrill will be charged at a flat rate fee of 2% per transaction. Active traders, and those who qualify as professionals, can benefit from a rebate between 10-30% when a certain trading volume is reached. There is no inactivity fee for dormant accounts.

Trading Conditions

XTB was founded in 2002 and has it’s main headquarters in Warsaw, Poland, where it’s listed on the stock exchange but has offices in a total of 13 countries, including the UK, France and Belize. XTB is regulated by bodies from the UK, Poland, Germany, Spain, France, Cyprus and Belize.

Although they have their biggest base in Europe, our XTB review found that they accept traders from most countries in the world, including Vietnam, Saudia Arabia and most Latin American countries, however some countries may have restricted functions depending on trading laws in their jurisdiction. XTB’s website and customer service platforms are available in multiple languages including, English, Spanish, Arabic, Chinese and Polish to name but a few. Perhaps the most  notable absence from XTB’s country list is the USA, as regulations in America don’t permit XTB to offer its trading services to US citizens unfortunately.

Product Conclusion

  • Try the demo account

Before we go into our XTB review step-by-step “How to Trade Guide”, we have to mention that XTB offer users a free demo account, which is an excellent option for beginners. The free demo account gives novice users 100k worth of virtual funds to use over a 4 week period. This is a fantastic feature for beginners as crypto trading is notoriously volatile and around 70% of first time investors lose money.

  • Create your live account

Once you’ve practiced using the demo account, it’s time to make your real one. XTB traders can apply for an account by filling out their quick, easy and secure online form. As well as the usual things, such as name address, ID and tax details, XTB are also required to go through the Know Your Customer (KYC) process, which is required by all FCA regulated brokers. This process consists of a series of questions to test each new account holder’s experience level.

  • Download the desktop and/or app

Next, you can either start straight away on the web browser version, or you can download the app or desktop trading platform. The desktop is available as either 32b or 64b version, there’s also one for Mac and i0S users.

  • Start trading!

Once you’ve created your account and downloaded the software, you can start trading crypto, stocks and other currencies on one of two top class platforms; xStation 5 and MT4. XTB provide plenty of tools and materials to help you along the way.

Overall Conclusion

XTB trading reviews from other customers are almost always highly rated, with their award winning platforms, customer service and ease of use getting particular attention. In the rare cases that they receive a 1-star review on websites such as Trustpilot, they are quick to respond to try and resolve the issue.

Going beyond the realms of traditional enquiry customer service, XTB traders have noted in their reviews that the team and account managers have helped them through their early days to make their trades more successful. It’s no fluke that XTB are one of the top rated brokers out there.

To summarise our XTB review, this is the broker to use if you’re completely new to the world of crypto trading, or even international currency trading. The customer service truly does go the extra mile when it comes to guiding new traders through the minefield of CFD and crypto trading, as do the research materials and educational videos.

Experienced traders aren’t left out either, with 9 individual cryptocurrencies and 16 pairs, there’s plenty on offer from this trading platform. The benefits of the pro account rebates for active users should also help to attract even the most professional traders as well as the newbies.

With their industry reputation, regulation and extra insurance, you can sleep well knowing your money is as safe as it can be with XTB. We do recommend complete beginners do plenty of research and use the demo version before investing though!

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