XTB Review 2020 : Analysis of Forex Broker Services under the Magnifying Glass of our Experts

4.6

Our review about XTB

XTB has been around for quite a long time compared to the other main forex brokers on the market. XTB now has more than 16 years of experience and is present in 13 countries. With a very solid reputation due in large part to the quality of its services and its ability to meet the requirements of both novice and expert traders, the XTB broker deserves special attention.

What exactly is XTB worth and how does this online broker position itself compared to the competition, whether it is for its XTB client area, its services in XTB forex or for its XTB training tools? Our experts reveal on this page their conclusions and give their XTB opinion in details

Presentation of the broker XTB

Before getting to the heart of the matter and detailing our XTB opinion, it is advisable to draw up a brief history of the online broker.

The XTB broker (initials of its full name: X Trade Broker) is undoubtedly one of the forerunners in the field of online trading. Indeed, XTB was founded in 2002, in Poland, and its objective at the time was to offer its know-how in trading financial assets to professionals and individuals alike.

After being accredited by the AMF (Autorité des Marchés Financiers), one of whose missions is to regulate trading in UK, XTB was able to establish itself in the country in 2010, notably through a partnership with the BNP Paribas Group.

XTB was floated on the Warsaw Stock Exchange in 2016.

The XTB broker has also continued to expand in the vast majority of European countries after being certified by CySEC and enjoys a high degree of credibility and confidence in the market.

Further proof of the reliability and excellent image that XTB has, the broker XTB has been awarded several prestigious distinctions including the title of “Best Broker 2019” and the prize for “Best Execution 2019” at the Technical Analysis Exhibition.

Today, the XTB broker has more than 150,000 XTB traders (including 12,000 in UK) and is established in 13 European countries.

xtb broker

Advantages and Disadvantages of XTB

XTB online trading is not lacking in assets that have enabled it to establish itself without difficulty in the highly competitive online trading sector. Here are the main advantages of this XTB broker and the points that can still be improved.

Advantages of XTB :

  • XStation 5 and MetaTrader 4 platforms available to XTB traders
  • Market data transmitted in real time and free of charge
  • A reactive and efficient team of specialists
  • High quality trading training

Disadvantages of XTB :

  • Too few indicators available
  • Xstation 5 does not have algorithmic trading features and custom indicators.

How to trade on XTB: presentation of the platform

The XTB broker owes much of its reputation to the qualities of its trading platform. In order to allow each XTB trader to live a trading experience adapted to his investor profile, XTB offers 3 different accounts:

  • The demo account
  • The Standard Account
  • The Pro Account

The XTB demo account is aimed at novice XTB traders who do not yet have the necessary knowledge to trade with real money.

The Standard XTB account will give access to all the financial assets and all the trainings present on the platform. The support of the XTB trader will start as soon as he has invested his first funds on a position.

The Pro XTB account is reserved for investors with a perfect knowledge of the financial markets and wishing to trade large volumes. This XTB account offers various financial advantages, notably on brokerage fees and commissions.

In terms of platform, the broker XTB offers not one but two trading platforms with unique performance and appreciated as much for their intuitiveness as for their responsiveness: Xstation 5 and MetaTrader 4.

How to open an account at XTB ?

Whether it concerns access to the demo, standard and pro XTB accounts, the procedure for opening an account with the XTB broker is absolutely identical for each of them and is characterized by its great simplicity and speed. The entire subscription of an XTB account is done online.

Here are the different steps to follow to open an account at XTB :

  • Fill in the online form with the personal data requested: surname, first name, phone, email
  • Account Validation
  • Access to the XTB trading platform

Special point: For the accounts with which the XTB trader will be able to trade with real money (Standard and Pro accounts), an additional verification step will have to be carried out on the part of the Subscriber to enable him/her to make deposits as well as withdrawals.

In this specific case, the XTB trading subscriber will have to provide several supporting documents including a valid identity document and a proof of residence dated less than three months ago.

It is only once these documents have been transmitted and validated that the new XTB trader will be able to fund his XTB account, taking care to clearly specify his level of trading experience, so that he can be oriented towards the XTB training courses best suited to his investor profile.

Assets available on XTB

XTB UK is one of the brokers with the most complete offer in terms of assets and offers to its traders to invest in many financial products which are detailed below:

  • Actions

At XTB broker, it will be possible to access more than 1900 shares on no less than 16 different stock exchanges in UK and abroad. XTB also counts 1600 CFD shares among its assets.

  • Forex

With XTB, every XTB trader will also have the opportunity to access more than 50 of the most popular currency pairs including EUR/USD and GBP/EUR.

  • Clues

34 indices of the largest European, American and Chinese markets are available from the broker XTB.

  • Cryptomoney

XTB also counts the main cryptosystems within its range of available assets such as Bitcoin, Ethereum or Litecoin.

  • Raw materials

The XTB trader will be able to trade the main commodities such as gold, silver or oil. A total of 21 commodities are available to XTB traders.

  • Complex products

To finish on the assets available on XTB, it is impossible not to mention the 80 ETFs on many sectors and on which the XTB trader will be able to trade: Private Equity funds, bonds, emerging markets.

Bonuses at XTB

As far as bonuses are concerned, XTB trading offers its traders many advantages, notably through rewarded sponsorships. Each XTB customer will be able to earn money by sponsoring his relatives.

To top it all off, the XTB broker does not impose any limit on the number of godchildren.

Thus, for a godchild, the XTB godfather will receive a 50 € bonus. For 5 godchildren, the latter will receive 250 €, for 10 godchildren, 500 € and finally for 20 or more godchildren, the XTB trader will receive 1000 € bonus. This is a financial windfall that it would be a shame not to take advantage of by being an XTB client.

Please note that in order for the referral bonus to be granted to the XTB referrer, the referred friend must have an XTB trading account and have made a minimum deposit of €500 for a CFD account or €200 for an XTB option account.

Payment of this XTB bonus will be made by way of a credit to the sponsor’s XTB trading account, will be used as a refund of brokerage fees and cannot be withdrawn by the trader.

Security at XTB

When it comes to security and reliability, XTB UK is without the slightest doubt one of the safest online brokers and is known for scrupulously complying with the regulations of each country in which it is established.

XTB trading has the authorisation of the AMF (under no. LS 11533) and the ACP (Banque de UK) to carry out its activities on national soil.

In addition, each XTB trader should be aware that his funds will be systematically deposited in a segregated account and within the BNP Paribas Group. As a result, XTB traders will benefit from an optimal guarantee on the security of the funds placed.

Always in this logic of transparency and security, XTB imposes to its customers that their XTB trading accounts be funded only by means of payment of which they are the holders. In the same way, withdrawals will only be possible to a bank account belonging to the holder of the XTB trading account.

In summary, security at XTB is:

  • XTB traders’ funds held in segregated bank accounts
  • Obligations and regulations to be respected by the XTB client
  • Securing of funds guaranteed by the National Depository for Securities compensation scheme in the event of XTB insolvency

Deposit and withdrawal on XTB

One of the specificities of the XTB platform is that it does not impose any minimum deposit or withdrawal threshold. Here are the terms and conditions for deposits and withdrawals at XTB trading.

How do I make a deposit on XTB?

Deposits on XTB are totally free and can be made from the XTB client area in just a few clicks.

There is no minimum deposit on XTB. Simply access your XTB customer area, go to the “Deposits” section and select the XTB trading account and the desired payment method.

The XTB trading account can be funded either by bank transfer or by credit card. With XTB UK, it is even possible to make a deposit by check and by sending it by post to the following address: XTB – 32 rue de la Bienfaisance 75008 Paris.

No cash deposits will, however, be accepted at XTB UK.

For bank transfers, funds will be credited to the trading account within 24-72 hours depending on the XTB trader’s bank.

Note that fund deposits are now possible on XTB trading via an electronic wallet (Paypal for example).

How do I make withdrawals on XTB?

Just like deposits, withdrawals on the XTB UK platform are made directly from the XTB client area by going to the “Withdrawals” tab.

There is no minimum withdrawal amount on XTB and no applicable fees.

In the event that the XTB trader’s bank operates with a foreign currency that is different from the one used on the client’s trading account, BNP Paribas will be responsible for converting the desired amount.

Fees on XTB

The XTB broker owes a large part of its reputation to its particularly low brokerage fees. XTB UK’s fee schedule is highly transparent and will be applied according to the type of product traded, the type of account of the XTB trader or the market trend.

In terms of pricing, holding a Pro XTB account is clearly a major advantage given the very advantageous conditions associated with it.

The majority of XTB fees relate to commissions charged on each trading transaction. Whether opening an XTB account or managing an XTB account, no fees will be applied regardless of the type of account selected by the XTB trader.

Here is a summary of what you need to know in terms of rates at XTB:

  • A free XTB account opening
  • Commissions starting at 0.08% for equities
  • Commissions of 0.10% for securities accounts
  • 10 € monthly for any inactivity on an XTB account beyond 12 months
  • Conversely, no fee is charged as soon as a single order is executed in the year.

XTB mobile application

One of the concerns of XTB broker is to offer its traders an absolutely unique trading experience. To achieve this, XTB trading has developed a mobile application that includes all the features of its web version.

In fact, the XTB mobile application allows each XTB trader to have a privileged access to all the broker’s trading instruments but also to execute from his smartphone or tablet all the orders he wants.

The XTB mobile application is compatible with Android and iOS operating systems. Through this ergonomic and powerful application, the XTB trader, whatever his profile, will not only be able to continue his market analysis but also to seize all market opportunities wherever he is and whenever he wants.

Training at XTB

The most popular online brokers are often those who place a high value on the training of their traders and on this point, XTB is no exception to the rule. In this respect, the XTB broker makes the XTB Academy available to its customers.

Unique, the XTB Academy is a continuous training program offered by XTB and will be adapted according to the user profile and experience that the trader will have declared when opening his XTB account.

XTB Academy offers 4 levels of learning according to the level of practice and technical knowledge of the XTB trader:

  • Beginner level
  • Intermediate Level
  • Expert Level
  • Premium Level

Of course, as the XTB trader is being trained, he will have access to the next level up on his own initiative.

At the same time, always with the aim of supporting each of its traders, XTB offers them all the financial news essential to the development of their trading strategies as well as relevant and essential analyses for their decision-making.

Ultimately, the training at XTB is:

  • Numerous training articles for all XTB trader profiles
  • Training videos
  • Quality technical ebooks
  • Tailored webinars
  • Technical analyses from experts in the field
  • Daily live trading
  • Real-time information on the Whatsapp application

XTB customer service

While XTB UK’s services are well above average, customer service is also proving to be an excellent surprise. Unlike some other online brokers, XTB UK has an office in the country and it will be possible to contact this office from 8.30am to 8pm on weekdays.

XTB’s customer service even offers XTB traders the opportunity to meet directly with an advisor at its Paris office (32 rue de la Bienfaisance) and only by appointment.

In addition to these two ways to reach XTB’s customer service, the XTB trader will also be able to get all the answers to his questions through :

  • Live chat directly from your XTB client area
  • From an email
  • From a phone call.

Our complete and objective XTB opinion

At the end, what is our XTB opinion at the end of this complete test on the online broker? With its very wide range of available financial products, its very competitive rates and its two high quality platforms adapted to each trader profile, XTB easily establishes itself as one of the best online brokers.

Whether trading on Forex, CFDs or even shares, XTB UK offers top-of-the-range services to which is added a place of choice left to the learning and support of its customers.

For beginner traders and seasoned investors alike, XTB is without a doubt a highly recommendable broker with a proven track record of reliability since its inception.

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