An XTB Review To Find Out Whether Their Platforms Stand Up To The Global Standards
XTB has received multiple awards and recognitions from numerous institutions from around the world for their exemplary conduct in the market. XTB is one of the leading financial brokers in the UK with representative offices in other major parts of the European Union, including Italy, France, Spain, and Germany. The broker has also set up its branches in China and Latin American to increase their presence among both retail, as well as institutional traders in the market.
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- Website: www.xtb.com
- Support: +44 2036953086
- Level 34
- One Canada Square
- Canary Wharf
- E14 5AA
XTB is a UK-based Forex broker that has its primary offices in London. XTB is regulated by several regulatory agencies in Europe that include the Financial Conduct Authority (FCA-UK), KNF (Poland), BaFin (Germany), and the CMB (Turkey). FCA’s regulatory guidelines ensure that the brokers under the FCA framework follow all ethical practices of financial brokerages, in order to protect a trader from financial scams and consumer abuse. According to the FCA guidelines, XTB holds all clients’ funds in a segregated account, which cannot be mixed with XTB’s own account for any purpose. Protection under the Financial Services Compensation Scheme also guarantees that traders are eligible for compensation of up to £50,000 if a broker is rendered insolvent. XTB is committed to the best in customer service, which is apparent in its highly efficient and knowledgeable team of customer support representatives that are available on call around the clock. Clients can approach the company’s official support staff for any issues related to their account or for any expert assistance on trading the financial markets. XTB was introduced in 2002 and has slowly climbed the ranks to be among the top 10 financial brokers in Europe.
XTB Trading Platforms – The Winner Of Numerous Accolades
XTB is the proud recipient of numerous awards from several financial magazines and investor choice awards, primarily due to their platform offering in the form of the XStation. XStation is one of the two XTB platforms on offer, which provides one of the most excellent graphical interfaces available in the market. XStation is designed with form and function in mind, which provides a soothing and efficient platform for traders to create a functional workplace. Compared to the utilitarian graphics of other competing platforms, including MT4, the XStation is considered to be leagues ahead of its competitors regarding execution speeds, ease of use, charting functionalities, and of course, reliability. The XStation platform is designed for all types of devices and is one of the very few platforms that are developed for desktops, smartphones, tablets, and smartwatches. The unique advantage of a smartphone app is that traders can open, manage, and close trades through their smartwatch interface. The availability of a smartwatch version of the platform is certainly one of the key reasons why XTB platforms have been awarded as the most innovative and advanced trading platforms that are currently available in the Forex market. XTB also provides the standard MT4 terminal for traders that are looking for continuity in the market. MT4 is still the most popular trading platform, and it makes sense from the company’s viewpoint to accommodate all traders that might want to use the tried and tested formula. XTB mobile traders can also take advantage of the different MT4 mobile versions available from the broker to trade the markets on the go; however, users will sorely miss the sheer power and utility offered by the XStation. Once you use the XStation, it will be difficult to replace it with any other platform option, regardless of their popularity.
What Are The Minimum XTB Account Requirements?
XTB has divided its account packages into three types of accounts, namely Basic, Standard, and Pro. The first type of account is a Basic market maker account and is available with fixed spreads starting from 2 pips. The Basic account is suitable for traders that are looking for fixed costs, instant execution, and overall stable trading conditions. Basic accounts are appropriate for new and amateur traders that lack the experience in positioning their trades and orders according to ECN market conditions. There are no commissions, but the Basic account does not allow EA trading. The next type of account is seen as a compromise between the Basic and the Pro accounts, which offer ECN conditions without the related costs. Orders are executed at market conditions and may be rejected or filled according to the market liquidity. The minimum XTB spreads start from 0.35 pips and includes the commission as well. The Standard account is suitable for intermediate traders that seek a fixed cost per trade but want to enjoy ECN conditions. The Pro account is a real ECN account that has spreads starting from 0.25 pips, and every order includes a commission of $4 per lot, which is a bit expensive than the fees charged by other ECN brokers. Nevertheless, the Pro account is mostly similar to the Standard account in terms of order execution and other account features. Both the Standard and the Pro accounts allow automated trading EA. All three types of accounts offer assets from the Forex, Commodities, indices, shares, and ETF markets, made available through both the XStation and the MT4. The maximum XTB leverage is 1:200 across all accounts, which is decreased as the equity in the account builds up. XTB has a dedicated page that provides information on spreads, commissions, fees, leverages, and changes in margin requirements according to the different trading conditions and account equity. The minimum deposit amount is $100, or its equivalent in Euros or GBP, which is a small sum of money considering the leverage on offer. Nevertheless, we do feel that the comparatively lower leverage and higher margin requirements should help in controlling the risks in the markets during massive volatility.
Funding An Account & XTB Bonus
XTB allows funding through credit cards, bank wires, and e-wallets, but traders must be careful about funding fees, taxes, and other costs associated with monetary transactions. Traders are encouraged to read through all the fees associated with an XTB trading account and make sure that you understand all trading conditions before making a deposit. You can always get in touch with the broker’s customer service representatives if you are not sure about any trading condition. XTB promotions are restricted to refer-a-friend bonus and a cash-back promotion according to the lots accumulated while traders. Traders do not receive any deposit bonus, but the minimum deposit is too small for the bonuses to add any significant equity to the trading account. Apart from the lack of any rewards or bonuses, XTB is certainly a great Forex broker that deserves its awards and recognitions for their top-notch services and trading platforms.