XTB Review and Insights
XTB is primarily a Forex and CFD broker.
Although some countries will be able to trade with other stocks, your options are based on where you start your account. The good news is that there are global offices worldwide and plenty of opportunities to get involved.
The XTB brand is listedin the Warsaw Stock exchange, showing the transparency of the company. Any business that discloses it’s financialinformation regularly is easierto trustand inherentlysafer for trading experts. Remember, before you make any investments into CFDs, it’s important to understand that CFDs are complicated financial products. A largerpercentage of accounts in Europe and the UK can lose money through a CFD.
Is XTB Right for you?
If you’re looking for a forex and CFD trading solution with simple solutions for quick withdrawals – this could be the ideal tool. XFD also features advanced research solutions, and easy ways to deposit your money too! Unfortunatley, your trading options are limited, and the customer service is somewhat spotty.
Trading Fees on XTB
There are various things that you’ll need to consider when you’re deciding whether to use XTB for trading. For instance, trading and non-trading fees are a common concern. Trading fees are the costs you pay to trade, such as commission or financing rates. Non-trading chargesinclude inactivity fees and withdrawal fees. To give an insight into the prices associated with XTB, we compared it with alternatives like eToro and IG.
Overall, the trading fees on XTB are minimal. The amount you’ll pay will vary according to the kind of account you have. For instance, PRO accounts pay commissions above the market spreads, while standardreportspay exclusively for ranges.
Withdrawal and Deposits
One of the most crucialfeaturesto analyze when using a CFD brokerageis how easy it is to use and withdraw your money. With XTB, you can grab your paymentvia credit and debit withdrawals, speedy funding and more.
You’ll also be able to find a range of base currencies available on the site. The account base currency is essential, because if you can choose the same moneythat you have in your bank account, then you won’t need to pay extra conversion fees.
The XTB deposit fees are entirely free too, except for if you want to use an electronic wallet. With eWallets, you’ll pay 2% of the amount you deposit. Aside from that, there are various transfer options available, including Paypal, Credit and debit card, bank transfer and more.
XTB withdrawal fees are free if you withdraw more than $100. However, you can only obtain your money via bank transfer. Thismeans waiting up to 2 working days for your paymentto arrive. Usually, if you can withdraw your cash before 1 pm, then it may comethe same day.
Minimum Deposit & Account Types
There is a minimum deposit that you’ll need to pay to get involved with an account on XTB, but the amount varies from one country to the next. For UK citizens, the entry deposit is only £250.
Account Opening on XTB
Opening an account on XTB is quick and simple.
The sales team are very eager to get you started. For some people, this won’t be a problem – for others, it will feel a little overwhelming.
There are two primary types of account available too, the “Pro” and the “Standard.”These two options differ in terms ofthe fees that you’ll need to pay.
Opening either account is easy enough. Everything’s setup digitally, and you have to fill out the forms provided and submit the required documents to get started. The biggest issue is how quickly the sales team tries to rush you through the process. However, if you can get past that you won’t have any trouble.
Although the sign-up experience is designed to be very straightforward, you will have a few questions to answer, including some about your trading experience. When the account opening process comes to an end, you’ll be asked to verify your identity – which most European account holders can do using Experian. However, some individualswill be required to submit a picture copy of a passport or ID instead.
Unfortunately, there arecurrently no accounts available for peoplefrom the USA, Canada, India, Japan, Pakistan, Singapore, and many other critical countries. It’s best to double check if you can open an account before you pin your hopes on XTB.
Products and Markets
The products and markets available from XTB are limited.
Non-Europeans and people within the UK will only have the option to trade with Forex and CFDs. Some countrires can also access ETFs and real shares too.
On the XTB platform, you can trade with a variety of products in a multitude of markets. There aren’t quite as many options as some of the other competitors in the market.The biggestproblem with the XTB platform is that you can’t set your level of leverage control at all.
Additionally, although you can trade stocks and ETFs on the platform if you’re from certain parts of Europe, your options will be limited.
Desktop & Web Trading Platform
It’s completely up to you whether you want to trade on XTB from your desktop or browser.
With your desktop, there’s an xStation 5 platform download which offers state-of-the-art functionality and speedy processing.
On the Web, you’ll be able to enjoy either Metatrader 4 or xStation 5. Though the platforms can feel a bit overwhelming at first, you’ll soon get used to them – particularly with all the customization options available for your account. There’s also a wonderful search function that makes it easier to track down the tools that you need.
When you’re searching for solutions through the XTB platform, you shouldn’t have much trouble finding the information you want. There are two ways to search for assets under Market Watch, including typing the name of the product you’re interested inand browsing through the asset type category.
From a security perspective, things are relatively good – but not perfect. XTB is a very transparent and credible platform, but it doesn’t offer 2-step verification. Obviously, this means that you can log into the service faster and start trading, but it’s up to you to determine whether that’s worth compromising on safety.
Using the Platform
Using the XTB platform to place orders is simple enough. You can do things like set up stop-losses and take note of your profits. There’s also the option to set-up a trailing stop too. One particularly useful feature is the trading calculator, which you can use to get an idea of the commission, margin and other importantparameters of your trade.
There’s also a handy alert and notification function built-in. You can use this service to set up everything from SMS and email, to push notifications for things like deposits, margin calls, withdrawals, closed and open positions and more.
Additionally, you’ll be able to see all the information you could want about your trading performance on the “history” tab. Thisis where you go to check out the profit and loss in your positionsand get daily email reports sent to your account if necessary.
News Feed and Helpful Tools
The overall newsfeed is writtenby XTB’s teamand it’s an award-winning tool according to Bloomberg. Here, you’ll find market updates, analytics and even commentry from other industry experts. The news feed is part of the overall “economic calendar” which tells you how to get the most out of your trades.
Other research tools provided by XTB that you might enjoy include:
- Market sentiment – the percentage of clients with short and long positions in the marketplace.
- Heatmaps that visualize winners and losers in the system
- Stock screeners that use 14 factors to filter the stocks you want to consider trading with.
- ETF scanner – similar to the stock screener
The XTB platform offers one of the most respectable research tool selections on the market. The featuress are highly user-friendly, and there are a lot of ways to select instruments that you want to trade too.
You can access the research tools that you need to find out more about your trades as quickly as possible, and the languageon the research is a bit mixed. The flash news is only available in English – it’s not obvious how you can change that content. On the other hand, other reports will be available in your language.
As part of the overall research experience, you can expect a handful of recommendations included as part of your news flow. Usually, these are quoted proposalsfrom big institutions like Reuters and Morgan Stanley. These insights give you an overview of technical and short-term information. Unfortunately, as part of the news flow, it can be difficult to access the recommendations when you want to find out more about a specific asset. There are EURUSD recommendationson the news, for instance. However, you can’t access the same information when you search for it.
The fundamental data provided is very limitedon the platform too. There are some facts that you can access, such as debt to equity ratios and P/E ratios, but you won’t be able to access operational metrics and financial statements. Additionally, the charting tool is excellent, with multiple indicators that give an experience similar to most other brokers on the market. You can’t save your chart, but you can share it with other people.
When you sign up to work with a broker like XTB, you need to know that you can rely on some excellent customerservice. The service from this broker is a mixture of bad and good. On the one hand, you’ve got a greatlive chat and phone support. On the otherhand, the email support is prolonged.
You can reach the support line in a number ofdifferent ways, via email, phone, andlive chat. The customer service is available five days out of the week. However, most companies won’t provide 24/7 guidance. The good news is that if you do choose to opt for phone support, then you’ll probably get a good experience. The company answers their phone fast, and live chat is pretty speedy too. However, you can’t get live chat if you’re in the UK yet. Instead, you’ll justbe able to leave a message, which the company will reply to when they have chance.
When it comes to email, the support isn’t terrible – but it isn’t brilliant either. You will receive answers to your questions in your language of choice, and the quality of the solutionwill depend on the knowledge of the team. Sometimes, the email answers that you get will be very slow, although they’re still pretty good in terms of accuracy.
XTB has an easy-to-understand and well-organized education section in place. You’ll find a range of educational tools, from texts to platform videos. If you’re looking for a platform that teaches you a thing or two, this could be it. The structure of the educational texts are great, and they’re very easy to understand. Also, you’ll be able to watch videos about trading that have been integrated into the texts too.
All-in-all, XTB is an excellent broker. It’s regulatedby someglobal authorities, including top-tier groups like the FCA. Deposit and withdrawal experiences are fast, and account opening is a breeze too. What’s more, the research tools are broad and easy to use. However, XTB isn’t perfect. The product range is minimal- mostly sticking to CFDs and FX. Although there are stocks available in some countries, additionally, the sales team can be difficultto get by.
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- 1 XTB Review and Insights
- 2 Trading Fees on XTB
- 3 Withdrawal and Deposits
- 4 Minimum Deposit & Account Types
- 5 Account Opening on XTB
- 6 Products and Markets
- 7 Desktop & Web Trading Platform
- 8 Using the Platform
- 9 News Feed and Helpful Tools
- 10 Research
- 11 Customer Service
- 12 Finishing Thoughts