Should You Trade with XTB? Read This Broker Review First
XTB is an FCA-regulated broker that was founded in Poland in 2002 as the country’s first leveraged brokerage house. It started its existence as X-Trade and the name was later changed to XTB. In 2008, it went public and is currently traded on the Warsaw Stock Exchange.
XTB has clients in many countries, but it does not accept U.S. clients due to restrictions the U.S. government has placed on certain types of trading. It offers a wide variety of trading products, including forex, commodities, shares, and cryptocurrencies, and has several high-caliber licenses. It also provides a selection of platforms, including MetaTrader.
Broker Complaint Registry has investigated XTB and has produced this broker review which is intended as a guide to consumers. It is important to research financial services carefully before entrusting your money to them. Our team of professionals is well-versed in broker regulations and has vast experience in the financial industry. Our conclusions are intended to guide decisions and help readers choose the best brokers.
XTB has a license from the FCA or the Financial Conduct Authority located in the U,K. This regulator has among the highest standards in the world for the brokers it licenses, including tight requirements, frequent oversight and inspections. In addition to having a license from the FCA, XTB also is licensed by 5 regulators and also is insured. Its licenses include the CNMV, CySEC, IFSC, KNF and FCA.
BCR recommends that all consumers check first and foremost if their broker is licensed and what kind of license the broker holds. Never work with a broker who is not regulated. In addition, the licenses should be of a high caliber. The fact that XTB has a license from the FCA is reassuring and inspires confidence in the fact it is legitimate.
Accounts, Fees, Spreads and Commissions
XTB has been praised for its low spreads. The spreads are around 0.5 for regular accounts and as low as 0.1 for Pro accounts which include modest commission. The low cost of trading with XTB is an advantage that attracts many of its clients.
Also, XTB offers negative balance protection, which prevents clients from losing more than their initial investment. However, it does not provide stop-loss protection, which allows traders to limit their losses to a certain level.
There is a modest 10 euro inactivity fee if there is no trading in an account for a year. There is a withdrawal fee on amounts lower than a stated minimum, a fee for certain payment methods but there are no fees for closing an account. XTB does not open accounts for US traders.
XTB offers a variety of trading products, including 20 indices, commodities, more than 1,400 stock CFDs, 46 currency pairs, and 58 ETF and cryptocurrency CFDs. the leverage can be to the maximum of 500:1 for non-UK accounts, for UK accounts it is 30:1.
XTB’s selection is broad and diverse. It is important for many traders to have their choice of investment products as well as diversifying their portfolio to offset riskier assets and to try new types of trading.
Technology and Platforms
XTB, like most legitimate brokers, offers MetaTrader as well as its proprietary platform, xStation 5, which is compatible with all browsers. It doesn’t contain a large number of features, but it is simple and user-friendly, which is ideal for both novice and seasoned traders.
Research and Education
XTB offers educational and research resources designed for all levels of traders. The courses are divided into beginning, intermediate, expert, and premium. The first two levels can be accessed through the site and the other levels are included in an account or through the trading platform. There are videos, articles on all topics of trading and risk management.
Research features provide news on the market filtered through specific categories. XTB keeps traders informed on market sentiment and top movers. One disadvantage is that XTB does not have, like some of its competitors, an analytical tool for trading activity.
XTB provides multiple ways for clients to contact support, including through 24/5 live chat, phone, text and email. XTB also provides a personal account manager for clients. We discovered that support was most responsive by phone. Sometimes the chat redirected to an email. However, the emails were responded to in a timely manner.
Should You Trade with XTB?
After investigating XTB thoroughly, Broker Complaint Registry concludes that XTB is a legitimate broker with many advantages including low cost. There are some disadvantages, such as not accepting US clients and no stop loss features which may or may not matter depending on what your trading priorities are and where you are located. Its top-tier license from the FCA is a seal of approval to protect clients.
It should be noted that, although XTB is regulated, that doesn’t mean that it is the right choice for you or that something can’t go wrong if you open an account with them. It is still important to do your own due diligence to determine if it has the features you need. In addition, there is never a guarantee that you will never have a complaint with XTB or another regulated broker.
It is worth filing a complaint if, for instance, your funds are not released or you noticed an unauthorized transaction. In the case of a regulated broker like XTB, this may be a glitch or an error, but it is important to bring any of these incidents to the attention of the broker, and if the problem persists, the regulator.
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