Home XTB Review XTB Review

XTB Review

12
0
Regal Wallet Banner

XTB Review and Insights

EXB is first and foremost a CFDand Forex broker. Certaincountries will have the option to trade with real stocks, and with global offices worldwide, there are plenty of opportunities to get involved. For instance, in Europe, the Polish entity services clients.

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.

xtb-trading-fees

XTB Basics

XTB is recommendedfor CFD and forex traders looking for fast withdrawal and deposit tools, along with advanced research features. XFD comes with multiple ways to use and deposit your money, including debit and credit cards. However, there is only a limited portfolio available through XTB. What’s more, the sales team can be pushier than some buyers like. With a lack of 24/7 support, you may need more guidance.

Trading Fees on XTB

xtb-fees

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. Take a look at the grid below for an insight into the kind of fees you might expect:

In a typical trade, you’ll be required to purchase your desired position and hold it for about a week before selling it. The volume in the trade position above is basedon a $2,000 locationfor the stocks, and $20,000 for the EURUSD. The benchmark here includes commissions, financing costs and spreads associated with all brokers.

cfd-and-forex-benchmark

Account Opening on XTB

account-opening-pros-and-cons

Opening an account on XTB is quick and simple – however, you might find that the sales team is quite pushy. They’re keen to get you started – which is admirable, but it’s also a lot for some beginner traders to take. XTB accepts users into its ranks from around Europe, and there are also options to get involved for multiple other countries across the globe.

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.

Minimum Deposit & Account Types

deposit-and-withdrawal

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 instance, in Spain, you’ll need to deposit at least 1000 euros. On the other hand, for UK citizens, the entry deposit is only £250.

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. Again, remember that the sales team are likely to be pushy here, so don’t be afraid to stand up for yourself if you need a little extra time. Additionally, remember that once you’ve given your personal account information, you’ll need to choose between MetaTrader or xStationand whether you want a proor standard account. You can also selectyour base currency and the languageyou wish tothe platform to be in.

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. Although this may seem strange at first, it’s a pretty standard process with CFD brokerages.

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.

Withdrawal and Deposits

One of the most crucialfeaturesto analyze when using a CFD brokerageis how easy it is to use and withdraw your money. The good news is that the XTB withdrawal and deposit function is incredibly easy to use. 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. Thisis a huge bonus when you compare XTB to siteslike eToro, where you’ll only have access to dollars. 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.

Withdrawal Fees

The XTB deposit fees are entirely free to, 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. Note that the bank transfer process can take as many as 3business days to complete, whereas transfers from credit and debit cards are more likely to arrive instantly.

Deposit Fees

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.

It’s best to wait until you’ve got $100 in your account before you make a withdrawal. Otherwise, you’ll be paying a pretty significant fee justto get your hands on the money that you’ve earned.

Web Trading Platform

xtb-web-trading-platform

Even the best trading solution in the world isn’t much good if you don’t feel comfortable using the platform. Fortunately, XTB’s platform is highly user-friendlyand very customizable. You’llhave access to a fantastic search function, though there is no two-step log-in available. The most commonly used platform is xStation 5, but you can also choose to use Metatrader 4 if you prefer.

Overall, the look and feelof the xStationplatformarea little daunting at first. The graphs and charts make the whole experience feel very professional. However, when you get into it, you’ll discover that it’s a lot easier to use than you might have thought. Another great thing to note is how customizablethe service is, although there currently isn’t a way for you to save your custom layout for the next time you want to use it.

When it comes to log inand security features, getting into the platformis easy enough. All you need is your emailaddress and your password. On the one hand, this means that you spend less time getting into your account. On the other hand, some people might feel as though one-step verification isn’t quite enoughto keep their accountssecure.

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.

Using the Platform

desktop-trading

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.

The Desktop Trading Platform

If you’re looking for a trading solution that you can download straight to your desktop, then XTB has you covered here as well. The xStation5platform comes with a simple desktop version which provides exceptional functionality and design features. It’s essentially the sameas the web trading platform.

Products and Markets

Unfortunately, this is the area where the XTB product falls a little short. Non-Europeans and people within the UK will only have the option to trade with Forex and CFDs. However, depending on where you are in the world, you can also access ETFs and real shares too. XTB is primarily for forex and CFD overall.

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, but it still holds up. XTB is also the best place to go right now for cryptocurrencies.

Remember, when you’re trading FX leverage and CFDs, it’s crucial to have as much control over your advantageas possible. 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. Ultimately, you can’t access a lot of stock markets and ETF options through XTB.

Research

reserach-tools

The XTB platform begins to earn some respect back with its research tools. The solutions are highly user-friendly, and there are a lot of ways to select instruments that you want to trade too. Unfortunately, if you’re looking for highly detailed fundamental data, then you aren’t going to get it here.

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. Most of the flash news comes in English, regardless of what your set language is. On the other hand, other reports will be available in your language. Unfortunately, this makes it a little difficult to take full advantage of the reportsthat you’re getting.

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.

News Feed and Helpful Tools

The overall newsfeed is writtenby XTB’s teamand voted top forecaster by Bloomberg for quarter 2 and 3 of 2018. The news mixes data releases from the economic calendar, tradetalks, and brief messages about what’s happening in the market.

By using the economic calendar, you can check out forthcoming events and trends, read a summaryabout the information, and check the performance of related assets. For instance, you can reviewthe price change of different currencies in the economic data releases. 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

Customer Service

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 other hand, 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.

Education

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.

Finishing Thoughts

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.

What Is Next?