XTB, founded in 2002, is a Forex and CFD broker domiciled in London, UK. XTB Limited is regulated and authorized by UK Financial Conduct Authority; funds are protected by Financial Services Compensation Scheme (FSCS). XTB Group is one of the top 10 Forex and CFD brokers in the EU according to Forex Magnates Industry Quarterly Report and is the recipient of a number of other prestigious European awards.
The accounts at XTB are divided into three types. The PRO (STP) has market execution and a market spread. There is no minimum deposit of minimum lot size and a commission is charged on each trade. The Standard (Float) account has instant execution and a floating spread. There is a micro lot requirement of 0.01 and no commission is charged. The Basic (Fixed) account has instant execution and a fixed spread. Here too there is a micro lot minimum and no commission. European citizens trading with XTB will be offered 1:30 leverage for the major currency pairs, in accordance with ESMA regulation. Leverage for EU citizens for exotic pairs, gold and major indices will be 1:20, and EU citizens trading commodities (besides gold) will be afforded 1:10 leverage. Leverage non-EU accounts is 1:200 and a clear listing of target spreads is posted alongside each category of asset.
XTB is one of only 3 brokers in France that offers a Limited Risk Account which conforms to local regulations.
XTB Trading Instruments
Traders can trade a wide range of assets including 50 major, minor and exotic currency pairs, over 20 Asian, American, and European stock indices, more than 20 precious and base Metals, energy and agriculture commodities, 200 American, English, Czech, French, German, Italian, Portuguese and Spanish equities, and a wide range of ETFs.
It was nice to see that a demo account is offered although not much detail was given about it.
Some instruments offered by XTB are based on futures contracts and do not have a specific maturity so they must be periodically rolled over. The advantage of this operation is that the client can keep open positions for much longer than the life of the underlying contract. A rollover allows the client to keep a position on given instrument and remain open when switching to another contract. There are some fees attached to this process.
Unlike many other Forex brokers, XTB offers a choice of three different trading platforms in addition to their mobile platform. The popular MT4 platform is one of the main choices but the other two, the xStation and the xAPI offer some interesting features not available on the MetaTrader4 platform.
All of the platforms can be downloaded to Mac and Windows and are available on most mobile devices.
Each platform is accompanied by an instructional video tutorial on how to maximize the use of the platform features.
The XTB website is available in over 10 languages but when doing this XTB review, I clicked on a language other than English and noticed that the site is not exactly the same. This is due to the fact that the list, which appears as a dropdown, actually designates a location rather than a language.
At the time of this review of XTB, there were some great bonuses being offered. Just for opening an account, and depending on how many lots traded within the first 30 days, traders receive some handsome gifts including the book, "Trade Your Way To Financial Freedom" By Van K. Tharp for 5 traded lots , the Moto 360 watch by Samsung which enables wearers to take pictures, use apps and get all of their notifications with a flick of a wrist, the Sony Xperia Z3, the iPhone 6 and the iPad Air for 100 lots traded.
Anyone opening an account has the opportunity to earn extra cash on their first 3 months of trading amounting to 10% on all deposits depending on the amount deposited.
There is also a loyalty scheme where traders can earn a cashback for each trade completed.
XTB Cashback Terms
In addition, the Refer-a-Friend promotion offers $40 for the referrer and $40 for his/her friend. The bonus is deposited directly into the trading account once the friend opens his/her account and places a trade.
When it comes to educating their clients, XTB offers quite a lot. with a focus on helping with live trading and their Good Morning Market . Under the technical and fundamental analysis section, there are lessons on Candlestick patterns, Price patterns, Elliot Wave Theory, Trading Breakouts and more.
Another section offers more advanced articles on Money Management and Market Psychology which cover topics such as How to Develop Confidence in the Markets, How to trade through a drawdown, How to overcome fear, Key lessons from reading Market Wizards and other interesting titles.
There are tutorials on the XTB platforms and live webinars on both basic and advanced subjects on an almost daily basis. Surprisingly, there is no FAQ or Q&A section which is always quite useful for traders. Nor is there a glossary or economic calendar.
XTB Webinars Schedule
Accounts can be funded at XTB via credit and debit cards, e-wallets such as Skrill, Neteller and PayPal, and bank wires. There are no commissions charged when using any of these payment methods.
Withdrawals are made by first contacting the office and money can be received by bank wire. There are fees attached depending on the amount transferred.
Traders can contact a XTB representative by telephone to their London, UK office as well as to local numbers in 11 other countries. Chat is available 24/5 and email addresses are provided.
Overall, the quality of services offered by XTB is above par. Trade executions are efficiently carried out and customer support is prompt. The main complaint is the fact their leverage ratio could be higher than the 200 that they presently offer. Nevertheless, XTB is highly recommended for serious traders who demand the best from their in terms of trading services offered.
Review info: XTB Forex
Review Date: 2018-07-31
Rating : 4.5
Reviewed By : Sara Patterson (Google+)