Depending on which account type you choose, spreads for currency pairs are going to be different. For example, if you go for the Standard account, the minimum spread will be 0. For over 40 indices from all over the world, spreads are pretty competitive, ranging between 0. These range between 0. Lastly, there are more than 20 cryptocurrency pairs that are come with spreads of around 0.
Aside from spreads, our XTB forex broker review has shown that there are also certain commissions that apply to specific instruments. Again, the amount of commission applied to your trades depends on which account and which trading asset you choose. So, if you sign up for the Standard account, the commissions are as follows:. If you decide to keep your trades open for more than a day, XTB will also charge you rollover swap fees.
During our review of XTB forex broker, our team also found out that you can choose a swap-free account if you are a Muslim trader. Not all brokers allow this opportunity, which is an advantage of trading with XTB. When it comes to withdrawals, XTB covers all the costs charged by the sending bank that it partners with.
However, if the receiving bank has any fees, traders will have to pay for those. Customer fund safety is a paramount concern of XTB, which is why it employs top-tier security mechanisms to protect its loyal traders. As our reviewing team has discovered, the XTB broker has been licensed by four separate regulatory institutions:.
Our review methodology considers several factors to ensure that all of our recommended brokers are safe and reputable. Alongside the number and strength of licenses, we also consider:. During our XTB broker review, we found out that the broker features sophisticated fund protection mechanisms. There are also other benefits for customers trading with the FCA and CySEC regulated arms of the broker, such as negative balance protection.
It is important to stress that negative balance protection is that it can only be used by the XTB clients from Cyprus and the UK. However, international customers are still protected under the segregation of funds policy. In , it merged with XTB and became a full-fledged trading brokerage. This helped the broker to earn its reputation as one of the largest exchange-listed FX and CFD brokers in the world, with offices in 13 countries.
This, coupled with the absence of any major scandals in the media, indicates that our XTB review deals with a trustworthy brokerage. In order to sign up at XTB, you need to take a few simple steps and provide some basic documentation. The process is quite short and can be completed online on desktop or mobile. Overall, becoming an XTB is straightforward from start to finish. XTB is accessible in hundreds of countries worldwide, while its website is modified for 22 different areas.
As noted above, after a few simple steps and a couple of minutes, your live trading account is pretty much good to go. Tap the Create Account button, enter your email address and country of residence, agree to the terms of using your private information, and create a password. Enter your full name, date of birth, phone number, annual net income, trading goals and aims, source of income, and industry of employment.
Once all that is done, you can go ahead and fund your account and start trading at XTB. Here is the full list of details and documentation that you need to register at XTB:. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering. Amazingly, there is no general minimum deposit requirement at XTB.
This means that you can create any type of account you want at no cost whatsoever. The only limitation will be the minimum transaction volume and the resulting minimum margin deposit. Depending on which deposit method you choose, however, you may still need to deposit a certain amount per transaction. XTB accepts a wide range of payment methods for deposits and withdrawals. This includes traditional methods, such as debit and credit cards, as well as e-wallets. Many methods are completely free of charge, and most transactions are processed instantly.
When registering at XTB, you get the option of choosing from two different live accounts — Standard and Pro. During our XTB forex broker review, we found that the trading conditions for each account type are accessible and suited to different budgets and skill levels. XTB also offers you a demo account with a large virtual balance. At XTB, you can also choose a demo account which enables you to trade without any financial commitment.
On top of that, you get a virtual balance of , USD and this can be renewed if needed.
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During our XTB review, our team has discovered that the swap-free account is available for Muslim traders, though you might be required to prove that you live in a Muslim country. Islamic accounts give you the same benefits of regular XTB accounts, without the overnight interest fees. As such, you can trade in a Sharia-compliant way and still benefit from excellent features such as market execution, no minimum deposit requirement, and spreads from 0.
Both of these platforms have been named some of the best trading pieces of software for their flexibility available on both desktop and mobile , as well as the multitude of tools and features. XTB offers two trading platforms. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools too. When doing so, they considered a range of factors including how easy the platforms are to use, what features each trading platform offers, and how suited each platform is to different types of traders.
The first trading platform we found during our review of XTB forex broker was the proprietary xStation 5. You can trade thousands of different instruments that are available at XTB and, in the process, incorporate various tools to increase your profitability: auto-trading bots, different order types buy limit, sell limit, buy stop, sell stop , indicators and drawing tools. With its intuitive design and secure log-in process, you can be sure that your funds are stored on the right platform. Plus, it also includes an educational toolbar, insights into news and market analysis plus educational videos easily accessible from within the platform.
You can switch from mobile to desktop easily and an integrated heat map allows you to view trade history insights giving you a bigger picture. This is a great tool for beginners with an inbuilt powerful search. Whilst the mobile application is not as sleek as the desktop, the ease of trading between forex and CFDs is a huge plus point. You can never go wrong with MetaTrader 4, so our review team was happy to see that XTB offers it: MT4 offers some of the best trading indicators and other features , has an easy-to-navigate interface , and supports all of the same order types as the proprietary platform.
Entering trades, building watchlists and modifying charts all seem simple and intuitive. FAQs and educational resources can also be launched from within the trading application. Traders receive notifications directly on the platform or mobile application. That being said, there were downsides. The ability to create custom indicators was not an option. Of course, XTB does offer the standard MetaTrader4 platform, which does have this and other features for traders already familiar with the third-party application.
Additionally, the trader can choose to make the regular stop loss a trailing stop loss prior to, or after, execution of a trade. The mobile version of xStation 5 includes most of the functionality available in the desktop application, except the ability to set price alerts, which seemed like a peculiar oversight. Traders can access XTB's trading instruments, complex order types, account details, and charting from the Android or iPhone apps. A streaming news feed is also available on the mobile application. However, there were a few unique offerings that may be worth a second look by some traders.
The inclusion of "market sentiment," "top movers," "stock scanner," and "heat map" tools is impressive. However, XTB does not act as a direct member of any exchange as it executes all trades via a third-party broker. XTB provides access to a broad selection of financial instruments across a wide range of different asset classes. The product catalog includes:.
Where the range of offerings does fall short is the lack of spread betting instruments. In this day and age, an online broker that does not place a high priority on addressing the needs of its customer in an efficient and satisfactory manner may be doomed to failure. XTB is well aware of this.
Additionally, clients are assigned an account manager to assist them with relevant account-related matters. Phone support is responsive but the chat experience is a bit more erratic. It isn't uncommon, for example, for live chat requests to be redirected to an email form instead. In the end, though, functional support is rendered. A phone number is easily available on xStation 5 and chat support can be launched from the trading platform, which is very convenient.
Online customer support is available in several languages, which enhances XTB's appeal to a broader client base.
The broker also runs satellite offices to support licensed operations in several regions. XTB's educational offerings are on par with the industry standard. That said, it is apparent that the firm has identified this as a priority. The "courses" are divided into four categories—basic, intermediate, expert, and premium—though users can only access the first two through the website.
How to open XTB Forex Trading Account?
The "expert" category has yet to be populated. Each course includes both basic-level videos and articles. The material does not deviate from the industry norm of providing basic education on forex and CFD markets. Topics included: fundamental and technical analysis, risk management, and macroeconomics.
New investors will find some helpful background information, but relying solely on XTB's education to become proficient in the markets is unlikely. That said, the material covers all the major topics that a beginner should need to know. Outside experts are also used for a few advanced topics and strategy updates, mainly in the free "premium" supplemental education section. Most of the content is well organized in a familiar lesson structure with videos and quizzes. Important and frequently asked information can be accessed easily on the website.
You can even reach out to them via their social media handles on Twitter or Facebook. The XTB platform is designed to suit all types of traders. The custom platform offers the most features in an intuitive manner while MT4 is also available for traders who prefer the more standard platform.