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For nearly two decades, XTB Online Trading has been a major player in the foreign exchange brokerage business, mainly in the EU. Founded in Poland in 2002, XTB has built an impressive standing in the trading of forex and CFDs.
In addition to being named Best Broker in Europe by Global Banking & Finance Review and Best Financial Trainer by World Finance Exchange & Brokers, it has won a number of other prestigious honors.
In our XTB review, we’ll take you through this beginner-friendly trading platform, the fees attributed to opening an account, and everything you need to know about the company.
XTB Review: What Is XTB Trading Platform?
Registered in Belize, X-Trade Brokers (or "XTB" for short) offers a wide range of trading and financial services. Since its founding in 2002, the Belize International Financial Services Commission has served as the company's financial regulator (IFSC).
The National Financial Supervisory Commissions in Spain, Poland, and the United Kingdom have all approved and regulated the broker's operations. XTB is primarily interested in collaborating with European investors.
Because of its history, XTB has gained a strong reputation in trading forex. Learn more about Forex trading in our review of the topic.
According to the preliminary report for 2022, as of February 2023, XTB's market capitalization was 3.83 billion PLN (858 million USD), and its shares are listed on the Warsaw Stock Exchange (WSE: XTB.PL).
At the same time, the broker services more than 258,000 active customers across the world.
It has offices in more than a dozen countries in Europe and is licensed by many regulatory bodies, including the FCA in the UK, KNF in Poland, BaFIN in Germany, CNMV in Spain, AMF in France, CySEC in Cyprus, the DFSA in the U.A.E., FSCA in South Africa, and FSC in Belize.
This broker is insured up to $1M per individual client claim and up to $5M in total through its Belize entity. Despite the fierce competition in the industry, XTB remains one of the best choices for traders of all types due to its affordability and range of markets.
One of its most remarkable features is its trading platform, “xStation 5", which is user-friendly and provides access to research and trading tools, as well as more sophisticated features for more experienced users.
- Excellent client service
- Free and quick withdrawals and deposits
- The most affordable fees in forex trading
- Simple account opening
- Licensed in the United Kingdom and Poland
- Costs of stock CFD spreads are high
- Refuses to accept US customers
- The underlying assets, such as stocks, ETFs, and commodities, cannot be traded
XTB Review: Platform & Features
Traders can easily access the xStation 5 trading platform from XTB through any browser on Android, Windows, and iOs devices, such as desktops, tablets, and smartphones. The platform is not as feature-rich as others, making it user-friendly for those who are non-professionals.
This lack of “clutter" can help traders begin trading quickly with minimal instruction. Our XTB review revealed that they offer the following features for those placing orders:
- Stop Order. A Stop or Stop-Loss order is a type of order which will close off your position should the price of the asset decrease below a value that you pre-determine.
- Trailing stop. The trailing stop order is similar to the stop order in the sense that it allows you to limit the potential losses you could take; however, if the market price moves in your favor, the stop price is modified to be nearer to the market price in order to secure some of the gains.
- Market Order. A request to acquire or dispose of an asset at the current market rate is the most fundamental type of order.
- Limit Order. To execute a trade of an asset at a pre-determined price, you can place an order which you are able to set a duration for, and if the broker is not able to complete the transaction, it will close after the set time.
You have the option to be notified through email, SMS, and push notifications regarding margin calls, changes in trading positions, deposits, and withdrawals. XTB further provides a comprehensive learning center to assist traders and investors in becoming more proficient.
Moreover, XTB gives the opportunity to engage in weekly market analysis and a subsequent Q&A session with experts every Wednesday. You may even be able to learn more about impact investing and microfinance’s effects.
XTB Review: Commissions and Fees
Our XTB review about the fees and commissions shows that UK customers and other European countries can receive two account types: the free Basic account and the Professional account, which is based on commissions.
The cost of XTB is similar to the average of the industry yet slightly lower than the fees charged by the most competitive brokers.
Average spreads: At the end of the third quarter of 2021, XTB had an average spread of 0.91 for EUR/USD. It is important to be aware that the commission-based pro account has not been available for a while; this should be taken into consideration.
Standard vs. Pro accounts: For trading in bulk, XTB's Standard vs. Professional accounts share almost identical pricing schemes, requiring just a minimum deposit of 250 transaction currency (£250, €250, or $250) to open an account. The Basic account, however, does offer a slight discount for lower funds, as the Pro account is no longer present in most places (with the exception of chosen existing traders). In our opinion, after researching for this XTB review, the Standard account is the best fit for retail traders.
Active trader discounts: For professional traders and active investors in the European Union, XTB offers a Reduced Spread Group, which is competitive with other services from FOREX.com, FXCM, and CMC Markets.
If users trade between 20 and 1000 lots per month, they can receive a rebate of 5% to 30% of the spread. The deals and discounts make XTB one of the best Forex trading platforms.
Who Is XTB Best For?
Our XTB review revealed that the company is safe. However, some retail investor accounts can suffer losses when trading CFDs and the rate of loss may vary between brokers.
XTB Review: Is It Safe?
Our XTB review revealed that XTB is a publicly listed company that has been granted authorization by a Tier 1 regulator (major trust), three Tier 2 regulators (average trust), and one Tier 3 regulator. It has a very high Trust Score of 95 out of 99.
The Financial Conduct Authority is XTB's Tier 1 regulator, and it is responsible for the company's authorization (FCA).
XTB Review: Affiliate Program
Clients of XTB can benefit from two affiliate programs: one that allows them to gain extra income by referring new customers and one that offers rebates to active traders.
The former program pays up to 20% of the spread of the referred client, while the latter provides traders with partial compensation for the spread, depending on the monthly trading volume they reach.
Thus, clients can earn a part of the broker's commission and build up their own referral network. Additionally, those who are active traders can even convert a certain number of trading lots into a partial return of the spread.
XTB Review: Education Options
In order to reach an informed opinion in this XTB review, it is essential to consider the educational content provided by the broker. As the number of traders and investors registering with a brokerage continues to grow, having access to a reliable educational platform is a must.
XTB, fortunately, fits the bill with its all-encompassing educational section. It covers topics ranging from XTB platform use to more complex concepts such as short-selling, hedging, and trading psychology.
XTB Knowledge Base
According to our XTB review, the educational area can be quickly located in the main menu, so you won't have to spend a lot of time looking for it. You can also sort through the educational material by selecting the various categories at the top of the page. These categories are:
- XTB Services
- Fundamental analysis
XTB Live Webinars
Our XTB review has revealed that customers have the chance to take part in a webinar that happens every Wednesday at 5:45 pm GMT. These webinars cover a range of topics, such as the xStation 5 trading platform and market insights from XTB professionals. Along with the articles, this is a great way to supplement your knowledge.
XTB Trading Course
As a customer of XTB, you gain access to an in-depth trading course that will take you from a novice to a pro. It encompasses several hours of video tutorials plus some extra material. Moreover, you are also a part of an exclusive WhatsApp group managed by the market analysts at XTB.
XTB Review: Market Research
XTB's high-quality research resources are the result of teamwork between in-house experts and outside vendors. It has a strong worldwide presence in other languages, but the quantity of daily English content is not as plentiful as that of most of the biggest brokers in the sector.
Research overview: XTB's Premium Research service, which competes with Trading Central and Authochartist, provides access to unique trading methods. Top news sources are streamed live on XTB, and the portal also includes a market mood analyzer, economic calendar, and other research tools. The company's YouTube channel has weekly video seminars and written pieces in Italian, German, and Polish, among others.
Market news and analysis: XTB's xStation 5 interface displays items from their excellent Market News segment. Trading signals from top suppliers, including Thomson Reuters, Barclays, and Citi Group, are included in addition to fundamental and technical research like the "Chart of the Day" series.
News filtering: Unfortunately, the online platform used by XTB makes it difficult to sort news articles by publisher.
XTB Review: Trading Platforms
We found in our XTB review that the platform offers its own award-winning trading platform, xStation. You can access the software from your web browser (xStation 5) and from your smartphone (xStation Mobile). For your convenience, you can employ both versions to carry out trades and investments.
xStation 5 Trading Platform
The main platform of XTB is xStation 5, which can be accessed on the web through browsers like Firefox, Chrome, Opera, and Safari, as well as a desktop app that works on both Windows and Mac.
It is designed with both newcomers and experienced traders in mind and has a user-friendly interface.
Additionally, xStation 5 has a powerful stock screener that enables sorting through a range of 2100 instruments from different markets, such as forex, indices, commodities, stock CFDs, and ETF CFDs.
xStation Mobile Trading Platform
While the MetaTrader 4 mobile software could be used in certain locations, XTB's xStation 5 mobile app is superior and can be utilized in all locations.
It is, without a doubt, capable of competing with the most successful foreign exchange brokers. It ranks as one of the best mobile forex trading platforms.
xStation mobile features: Streaming news, predefined watchlists, a financial calendar, top movers, and client sentiment data are just some of the features shared across the online and mobile versions of the xStation 5 app. Some of the videos included in the app are so extensive that they amount to a whole hour.
xStation charting: Although the graphs in xStation 5 are fine, some customer reviews stated they were disappointed to find that they couldn't synchronize my watchlists with the platform's online interface. xStation 5's mobile charts included several nice features, such as the ability to automatically preserve your trend lines and drawings and the simplicity with which indicators could be added to charts at different levels of magnification.
XTB customers are given access to MetaTrader 4, one of the most popular trading platforms used by many brokerage firms, in addition to the xStation platform.
What Can You Trade On XTB?
In our XTB review, we found that XTB grants traders the ability to engage in the following types of investments:
- Stock CFDs. It's not possible to purchase stocks from the broker, but they do give you a chance to speculate on the short-term movement of stock prices through Contracts for Difference (CFDs).
- ETF CFDs. It is not possible to trade ETFs, but one can speculate on the shorter-term ETF price changes through Contracts for Difference (CFDs).
- Forex CFDs. Trading in foreign exchange, otherwise known as forex trading, involves the purchase and sale of currencies. To do this, a broker makes it possible to speculate on forex without having to convert currency. This is done by providing financial contracts, known as CFDs, which are based on the value of the underlying currencies.
- Cryptocurrency CFDs
- Commodity CFDs
How to Open an Account with XTB
The following is an outline of the process of opening an account with XTB Online Trading:
- Get started with this broker by visiting their homepage and providing your email address and country of residence.
- Add your own details (address, date of birth, etc.).
- Choose the trading platform you like to use.
- Choose the sort of account you'll need (Standard or Pro).
- Choose your account's base currency.
- Answer a few questions about your employment/financial situation, as well as your experience trading.
- Provide the necessary papers to prove your identity and residence to activate your account.
When XTB handles identity verification, there are two methods. They can be done through video or a scanned image of an ID, passport, or driver's license.
As for depositing funds, there is a variety of options available. Here is a list of what they offer:
- Bank transfer
- Credit/debit card
XTB Review: How to Trade Crypto on XTB
Here is a concise overview of the steps required to commence trading on this broker's platform:
- Sign in to your account.
- Via the platform, choose a market.
- Use the wealth of technical and fundamental analysis tools that this broker offers on the site to do your study.
- Using the asset's chart, access the click & trade panel that displays when you click on the chosen asset, or right-click the chart to access the order window.
- Make a decision on the amount and volume of trades you wish to make.
- Decide how much margin you want to use for trading.
- If you wish to lower your risk and cap your profits, choose one of the two stop loss or take profit choices, or both.
- By selecting the Buy or Sell option, decide which direction you believe the item will trade in.
Trading cryptocurrency has its own risks and complexities. For example, calculating taxes on cryptocurrency has specific laws. There are also several types, including inflationary and deflationary cryptocurrencies.
XTB Review: Customer Support
XTB offers a variety of contact options, including a live chat, 24/5 local phone assistance, and email for both new and already existing customers. Moreover, they even provide an account manager to each client to support them in account-related issues.
FAQs: XTB Review
While researching for this XTB review, we’ve compiled the most commonly asked questions with their answers.
Do Reviews by Traders Influence the XTB Rating?
The evaluation of XTB can be impacted by any feedback left by customers. To view reviews regarding this broker, you should check out its profile page.
How To Leave a Review About XTB on the Traders Union Website?
In order to provide feedback concerning XTB, one must sign up on the Traders Union site, or alternatively, they can post a review on Facebook.
Is It Possible To Leave a Comment About XTB on a Non-traders Union Client?
Clients of XTB can provide feedback on various platforms. Additionally, Traders Union customers are rewarded for doing business with any of the brokers listed in the forex market.
XTB Review: Conclusion
When it comes to foreign exchange (FX) trading, XTB Online Trading is among the top platforms available, and its beginner-friendly trading platform is well-praised.
CFD trading on cryptocurrencies, equities, and commodities is also available on the platform. They provide access to a wide range of marketplaces, making them useful even if you're not specifically seeking a forex broker.
They provide extremely reasonable spreads in comparison to other forex brokers. In addition, there are no charges associated with making deposits or withdrawals, which is convenient if you plan to replenish your account often.
Overall, our XTB review has revealed that the platform is a dependable, low-cost, and well-known forex trading platform (in part thanks to its Financial Conduct Authority certification). No matter what markets you're interested in trading, this broker is a safe bet.