Table of contents:
What is FXTB?
FXTB has been providing its services since 2015. The broker may therefore be one of the younger providers in the market.
Considering the fact that Cyprus has become one of the most important financial centers in Europe, it may not be a surprise that FXTB has also chosen the southern island as its headquarters. Even though there are some critical voices that claim that this is where the brokers and trading bot providers are located, who are subject to various laws and regulations.
This is not true, even though there are some critical voices that say that this is where brokers and trading bot providers are located that do not comply with various laws and regulations that primarily concern the rights and safety of traders and customers. Due to the fact that Cyprus is part of the European Union, the country must comply with the EU regulations.
This means that a license from the Cyprus Securities and Exchange Commission (short: CySEC) is not a gift – of course certain requirements have to be met.
If one uses the offer of FXTB, then different asset classes are available – in addition there are more than 270 different trading instruments. Among them are:
- over 60 forex/currency pairs
- more than 12 indices
- over 10 agricultural products
- over 7 metals
- more than 15 crypto currencies
- Furthermore, FXTB scores with a wide range of shares – there are over 170 public companies here.
FXTB & Meta Trader 4
From the very beginning, you will notice that FXTB has been very much concerned with possible customer interests and ideas. This is also the reason why Meta Trader 4 is available as software – Meta Trader is one of the most popular platforms for speculating on price developments.
However, in order to address those traders who do not want to work with Meta Trader 4, there is also the Patron Web FX Browser Platform and FXTB Mobile Trader. This means that FXTB also enables trading on smartphones and mobile devices.
Meta Trader 4 has become an indispensable part of the Forex world since 2005. When the market changed and suddenly was available to beginners as well as newcomers, because suddenly only an internet access was the hurdle to be able to invest your money, the clearly arranged platform not only celebrated its birth, but could convince right at the beginning.
Because the Meta Trader 4 trading tools are extremely powerful and help to develop and manage trading strategies such as charts according to personal wishes and ideas. On the part of the platform there are also integrated functions to support the personalization of the accounts.
With Patron Web FX there is a browser platform that is relatively easy to use and scores with a variety of options. An advantage is the fact that the platform can be accessed directly via the browser. This means that no download is required. Thus, the program can be accessed from any computer.
The mobile app may be particularly interesting. This allows speculation with the smartphone even when on the move.
If you are interested in FXTB, an account must be opened at the beginning. Since FXTB is regulated, a basic compliance check must be performed at the beginning. The compliance check ensures that the trader understands the risks of trading – only then can he or she be admitted to trading.
During the account opening process, the following points are asked for, so it is advisable to take a few precautions:
The trader needs a scanned color copy of his passport, national ID or driver’s license.
Furthermore, a bill from a utility company or a bank statement is required, although it is important to note that no receipt older than three months is shown here. In both cases, the trader’s address must also be visible.
The entire account opening process takes about 10 minutes.
After the registration is completed, a separate demo account is available. Access to the live account is only possible after the compliance check has been evaluated – this may well take a few days.
The account models
FXTB provides four account types. The account structure is very simple. The more money is deposited, the more attractive the conditions are.
- The minimum deposit for the basic account is 250 Euro.
- The Gold Account is available from a deposit of 25,000 Euro.
- If you deposit more than 100,00 Euro, the platinum account will be activated.
- The VIP account is available from a deposit sum of 250,000 Euro.
- FXTB is designed to appeal not only to beginners, but also to the experienced, professionals and wealthy.
The minimum deposit is 250 Euro. FXTB provides a basic lesson here, although there are no webinars. Nevertheless the trader is provided with daily news and receives 2 TC SMS alerts per day. The basic account includes a free withdrawal. The trader has access to the Trading Central.
Examples of fees:
|Currencies||Basic account||Gold account||Platinum account||VIP account|
|EUR USD||2.5 pips||2 pips||1.6 pips||1.1 pips|
|USD / JPY||2.8 pips||2.5 pips||1.9 pips||1.4 pips|
|GBP / USD||2.8 pips||2.5 pips||1.9 pips||1.4 pips|
|CRUDE OIL||0.13 US dollars||0.12 US dollars||0.11 US dollars||0.09 US dollars|
Deposit and withdrawal options
Deposits can be made through various payment providers. For example, you can use your credit card (MasterCard, VISA), but you can also use e-wallets to top up your account. Of course, the option of a classic bank transfer is also available.
Depending on the account type, there is a free payout or, in the case of the VIP account, no payout fees are charged. The disbursement fee is 30 euros for a bank transfer; with a credit card it is 3.5 percent of the disbursement amount.
The advantages at a glance
FXTB scores with a large selection of crypto currencies, which can be traded against Euro, US Dollar or Pound. Furthermore, many agricultural products such as commodities are available – even rice or milk are available.
Besides FXTB scores with a free entrance to the Trading central – all the same, which account type one uses.
The demo account is also an advantage to be mentioned. Finally, you can safely get to know the various functions and test your personal strategies in advance – you can thus get a relatively quick and safe overview of whether or not you should maintain the strategy.
Above all, FXTB scores with the fact that there are four account types. Thus the broker does not only address beginners and newcomers, but also professionals and wealthy people.
Due to the fact that it is a regulated provider, licensed by CySEC, and due to the fact that there are several account types available, FXTB may appeal to those traders who want to be sure that a) it is a serious provider, and b) it meets their individual needs.
Especially the wide range of asset classes may be convincing here. Even cryptofans get their money’s worth, since one can easily speculate with Bitcoin and Co.