XTB: Review of the online broker with honest user-ratings

XTB user-ratings $0
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Forex, CFD, and Stocks broker
  • Regulation: IFSC (BZ), BaFin (DE), KNF (PL)
  • Minimum deposit: $0
  • Demo account: Free
  • Markets: 1500+ Forex, CFDs, Stocks, Indices, Commodities, ETFs, Cryptocurrencies
10/10
Comments Rating 10/10 (1 review)

Pros

  • No minimum deposit
  • Free demo account
  • Wide variety of tradable assets across a large number or markets
  • Additional educational material available
  • Regulated by various official authorities

Cons

  • Demo account limited to 30 days
  • KNF initiated legal proceedings against the broker in 2018

About XTB

The online broker with the name XTB is currently represented in over 12 countries around the world, including England, Germany, and France. XTB is currently the fourth largest listed Forex and CFD broker.

The company is committed to providing its clients with the most efficient and easy-to-use platforms and offering investors both fast latency and optimized customer service. The implementation of these efforts, combined with state-of-the-art technologies, are the reasons why the online broker is a leader in the trading sector in Europe.

The history of XTB

Originally, XTB was established in 2002 as the first domestic broker in Poland under the name X-Trade. Since then the head office is located in Warsaw. Only two years later the broker changed its name to the current version. From 2005, thanks to the authorization by the Polish financial services institution KNF, XTB was finally allowed to offer its service for all trading instruments on the financial market.

And in the same year, XTB was awarded the title of “Best Broker in Europe” by the “Money Markets Journal”. Two years later, the online broker was admitted to the Warsaw Stock Exchange.

Since 2008, the company has steadily opened further branches in numerous European countries.

In 2016, the company also started a cooperation with Hollywood actor Mads Mikkelsen as a brand ambassador. Also in 2016, XTB was successfully listed on the Warsaw Stock Exchange.

Previous awards of XTB

XTB can now present itself as a competent financial services provider with 14 years of experience. For this reason, the online broker also has a large number of awards to show.

  • Forbes 2010: CFD Broker of the Year and Forex Broker of the Year
  • Börse am Sonntag 2013: Reader Award 2013 as “Best Forex Broker
  • Good Money Guide 2018: Best Crypto Broker
  • M&A Today Award 2019: Best CFD Broker in 2019

The company also has numerous other awards to its credit. If you are interested, these can be viewed on the website.

Regulation and deposit insurance

According to their own statements, a high level of transparency is one of the top priorities of XTB. Depending on the place of establishment, the online broker is controlled and regulated by the respective financial authority. In Germany for example, the company is subject to supervision by the German Federal Financial Supervisory Authority (BaFin) and the Polish Financial Supervisory Authority KNF.

And how is the protection of customer deposits now regulated?

Customer capital is generally kept separate from the company’s capital. Customers’ money is kept separately in a Commerzbank account. This would protect the deposits from potential creditors in the event of company insolvency. In addition, XTB cooperates with the Deposit Protection Fund of the state securities depository KDPW in Poland. This fund secures cash payments and the compensation of losses in value through financial transactions up to a legally determined amount. At present, losses up to USD 3,554 are fully hedged. Sums of up to USD 26,064 are hedged to 90%.

Which markets can be traded on XTB?

The selection of tradable markets at XTB is extensive and clearly arranged. Interested investors can choose from a broad product portfolio.

  • CFDs on foreign exchange
    At XTB it is possible to trade with almost 50 different currency pairs and even with micro-lots. Spreads are offered from as little as 0.1 pips.
  • CFDs on Indices
    The transaction costs for the more than 20 indices available are low and can be traded both long and short. In addition, there are no overnight financing costs to pay on open positions.
  • CFDs on commodities
    Again, no overnight fee is required. At XTB the most popular commodities and precious metals can be traded 24 hours a day.
  • Stocks
    Of course, trading in German and other stocks is also possible with the Online Broker XTB.
  • ETFs
    ETFs can also be traded on XTB as an alternative to traditional investment funds. Commissions start at 0.10 percent (but at least 4.70 Dollars).
  • Cryptocurrencies
    And last but not least, trading with cryptocurrencies is also possible. Besides the popular currencies Bitcoin, Ethereum, Ripple, and Iota, twenty other crypto-currency pairs can be traded.

Which trading platforms are available at XTB?

In this section we will discuss in more detail which online trading platforms XTB offers to choose from. In principle, the online broker offers two different platforms that the client can choose between. Let’s take a closer look at these in the following.

XStation 5Available
MetaTrader4Available
Mobile versionYes
SmartWatch AppYes

XStation 5

The XStation 5 trading platform was developed for both beginners and advanced investors. With XStation 5, the online broker has created a state-of-the-art platform that can be used effectively. It is also easy to use and allows orders to be executed quickly so that traders do not waste valuable time.

Furthermore, the trading platform integrates numerous helpful tools that investors can make use of. These include the following trading tools:

  • The trading calculator
    With this tool, potential gains or losses can be calculated directly. In this way, individual decisions on the financial market can be improved with the help of stop-loss orders, limit orders, etc.
  • Chart Trading
    The XStation 5 platform also enables OCT (One Click Trading). All transactions can therefore be made directly from the charts.
  • Trading statistics
    With “performance live statistics”, the strategies applied in the market can be analyzed and subsequently optimized.
  • Technical Analysis
    The technical analysis with over twenty indicators in the XStation 5 is also designed to support investors in the best possible way to trade optimally.
  • Order opening
    In addition to the normal transactions, certain open orders or all open orders can be closed directly with just one click. This allows profits to be made and losses to be limited.
  • Trader’s Talk
    With the “Trader’s Talk” tool, investors can follow current events in the market live and use this information for their own trading.
  • Market sentiment The Market Sentiment tool gives traders insight into the percentage allocation of XTB clients by long or short positions.
  • Stock Scanner
    With the help of the share scanner, customers can open up new trading opportunities in the field of shares.
  • Top Movers
    The “Top Movers Tab” provides traders with a clear overview of the markets with the highest volatility.

MetaTrader 4

The intention behind the MetaTrader 4 trading platform is basically to make trading as easy and straightforward as possible for investors. Important market instruments can be easily checked and even the trading process itself can be automated. And also here some essential tools are integrated.

  • Technical Analysis
    The MetaTrader 4 platform also provides helpful indicators for technical analysis of charts and price developments, so that tendentious patterns and trends can be identified more easily. And again, opening or closing an order can be done with just one click.
  • Strategy Tester
    The “Strategy Tester” allows you to try out your own automatic trading strategies and make them better.
  • Automated trading
    As mentioned before, MetaTrader 4 allows the use of “Automated Trading Systems” (EAs).

The mobile version

Furthermore, the trading platforms at XTB can also be used as mobile versions. With the XStation App, more than 4,000 CFD markets can be traded worldwide. This app is available in the App Store as well as on Android. It is characterized by the following advantageous features:

  • Easy to use
    The trading accounts can be managed efficiently and easily in the app.
  • Permanent market proximity
    Through the push news coming from the app, the investor remains up to date at all times and no longer misses any important information.
  • Clear risk management
    Stop-loss and take-profit levels can be set easily and can be controlled directly from the respective charts.

More than half of all XTB clients already use the XStation app to trade flexibly from anywhere. In 2016, a trading platform application was even developed for SmartWatch.

And MetaTrader 4 also offers a mobile version for all investors for whom it is important to be able to trade from anywhere.

Account types and conditions at XTB

Interested investors can basically choose between two different account models with XTB. Between the “Standard” variant and the “Pro” variant. In the following, let us take a closer look at the extent to which the models differ from each other and how the trading conditions are structured in each case.

Standard

What the two variants initially have in common is the different tradable markets. Both account models allow trading CFDs on foreign exchange, commodities, indices, stocks, cryptocurrencies, and ETFs. And the selectable leverage is also identical for both: the maximum leverage is set at 1:30 for private investors and 1:200 for professional clients.

AssetsStandardPro
ForexYesYes
CommoditiesYesYes
IndicesYesYes
StocksYesYes
Crypto currenciesYesYes
ETFsYesYes

Furthermore, account management as such is not subject to any fees for both variants (except the inactivity fee for 365 days of inactivity). In addition, a commission fee of 0.10%, but at least USD 4.70 (for non-German securities: USD 5.90), is charged for equities in both the standard and the pro variant. For stock CFDs, the commission starts at 0.08% for both account models (but at least 9.50 Dollars).

Afterwards now the conditions of the standard account, which differ from those of the pro account.

  • Order execution: Instant, Market execution
  • Minimum spread from 0.00008
  • Minimum order size: 0.01 lots
  • Fees for indices, foreign exchange, commodities: None
  • Crypto currency fees: None

Pro

After the similarities between the two models have already been explained in detail, the different conditions in the “Pro” package are briefly described below.

  • Order execution: market execution
  • Minimum spread from 0.00001
  • Minimum order size: 0.1 lots
  • Fees for indices, foreign exchange, commodities: 4.20 Dollars per lot
  • Fees for crypto currencies: 4.20 Dollars per transaction

For detailed information on all fees a detailed list can be downloaded from the XTB website.

Deposits and withdrawals at XTB

XTB also offers various options for depositing and withdrawing money to and from the trading account. While some of these options are subject to additional fees, others are completely free of charge.

For foreign currencies, the online broker does not charge any conversion fees. Deposits are generally made in either EUR or USD. Basically, XTB clients can choose between the following payment methods for deposits.

  • Bank transfer There are no fees for using bank transfer as a deposit method, but your own bank may charge fees for a normal transfer. It is also important to note that the name of the bank account holder must be the same as the name of the trading account into which the money is to be deposited.
  • Credit Card Again, there are no fees for the deposit.
  • PayPal, immediate bank transfer The payment via Paypal can be made in EUR or USD, for immediate bank transfer only EUR is available.

And what about the conditions for Withdrawals?

Withdrawals can generally be easily ordered directly from the customer area of XTB. However, for payouts that are below the amount of 200 Euro or US dollars, a fee will be charged. This fee is generally 10 Euro or 10 US-Dollar. In addition, the customer should always keep in mind that deposits and withdrawals can only be made from or to an account that is also in the customer’s name.

Demo account with XTB

For beginners and curious investors there is also the option of opening a demo trading account. This can be used completely free of charge for a period of 30 days. During this time you will have the opportunity to learn more about trading tools and various trading strategies in order to prepare yourself for proper trading in live mode. And all this without any financial risk.

The user of a demo account can choose from over 3,000 global CFDs as well as over 1,500 shares and 50 ETFs. Furthermore, all tools and functions in the trading platform can be accessed. Registration itself is relatively simple: all that is required is a few details such as e-mail address, telephone number, name and password of your choice.

CFDsSharesETFs
Over 3,000More than 1,50050

The demo account is clearly structured and scores points for its user-friendly operation.

Further education opportunities with XTB

The XTB website also offers several different possibilities for further education. In the repertoire of the Online Broker, both beginners and advanced traders can get helpful information and train themselves accordingly. Now let us have a look at the further education opportunities XTB offers its clients.

Trading Academy

One of these opportunities for further training is the “Trading Academy”. This academy serves as a training area that provides users with a wide range of different teaching content on the subject of trading. The teaching content consists of articles, eBooks, and video material and is constantly updated and kept up-to-date.

The teaching units are also divided into different subgroups. Depending on the level of progress (beginner, advanced, expert, premium) as well as on the topic (advanced, expert, basic knowledge), the corresponding teaching unit can be selected.

Live webinars

In addition to the Trading Academy there are also live webinars at XTB for interested users. These are offered with the intention of improving the knowledge and skills of the online broker’s clients. Irrespective of the advanced level, both beginners and experienced investors are catered for. With the help of the live seminars, clients are especially supported in developing an individually optimal strategy.

The seminars are usually scheduled between 30 minutes and one hour. The dates and the respective topics can be checked at any time on the XTB website. In principle, however, the live seminars take place several times a week.

Become a professional customer

Since the intervention measures of ESMA, private investors have been protected to a certain extent from trading risks. However, this also means that they can no longer trade completely freely and are restricted in some areas. For example, for private clients, only a leverage of 1:30 maximum is possible.

The situation is different for professional clients, however. These benefit from more freedom in their trading activities and can therefore trade with the following levers:

AssetMaximum leverage
CFDs on Majors (EUR/USD)1:200
CFDs on indices, gold etc.1:200
CFDs commodities other than gold1:67
CFDs on crypto currencies1:5

To become a professional customer, you must meet at least two of three criteria that are officially set. These include, for example, a portfolio with a value of over 592,375 Dollars.

The customer service at XTB

Customer service is available around the clock from Monday to Friday. The support team is available in many languages, including German, Italian, French, etc., to answer questions and address specific issues. In addition to the option of telephone support or e-mail support, there is also a live chat integrated into the website, which can be used at any time. Experience has shown that the service staff can respond relatively quickly.

Support available:24/5
Telephone:+48 222 739 976
Address:sales_int@xtb.com
Languages:22+ languages

Conclusion

If you look at the experience reports on the Internet, you will sometimes come across ambivalent opinions. Positive points to be emphasized are, for example, the extensive range of different trading instruments and the generally clear fee structure. And the customer service department also usually answers quickly and competently if there are any questions. In addition, XTB offers useful opportunities for further training, which can also be evaluated as very positive.

On the other hand, however, there are also some negative empirical values. In September 2018, for example, the Polish Financial Supervisory Authority initiated legal proceedings against the online broker. These relate to fines in the millions due to the application of the so-called “asymmetric deviation mechanism”, i.e. an intended slippage and delay in order execution. XTB’s appeal was recently rejected by the Polish Provincial Administrative Court, but there is no final ruling as the case has now been referred to the Supreme Administrative Court.


Most asked questions:

Does XTB offer a demo account?

Yes, it is possible to test the services of this online broker free of charge. Unfortunately the usage of the demo account is limited to 30 days.

What assets can I trade at XTB?

You can choose between Commodities, Forex, CFDs, ETFs, Crypto currencies, indices and stocks from over 1500 markets.

Which platforms for trading are available at XTB?

There is either the platform XStation 5 or you can use the MetaTrader4 for your trading experience. Apart from an App for Android and iOS systems allowing a high flexibility while trading, there is also an application available for SmartWatches.

Is XTB trustworthy?

Although the online broker has over 10 years of experience in the financial sector and is regulated by a variety of institutions such as the IFSC in Belize, the German BaFin or the Polish KNF some traders are more careful because the latter initiated legal proceedings against the company in 2018.

One Response

  1. Andre Witzel September 20, 2020

Leave a Reply

User Review
  • Sending
    Asset varierity
  • Sending
    Trading platform
  • Sending
    Support
  • Sending
    Fees
  • Sending
    Deposit/Withdrawal