Read our comprehensive XTB review and check out whether it falls under scam or not . The XTB Forex broker is an award-winning trading platform and company that is headquartered in Canary Wharf since 2002. They offer a wide range of FX and CDFs in over 1,500 global markets. This Forex broker is licensed and regulated by the FCA, and was voted the best FX broker and trading platform in 2016, thanks to Online Personal Wealth Awards that was organized for this very purpose. This gives us hope that it can never be classified as a scam . Lets see more from this review .
Over the years, XTB broker has expanded its offices to many different parts of the UK. Today, this broker has at least one office in France, Germany, Czech Republic, Turkey, Poland, among others. Other regulators working with this broker are CMB, BaFin, and KNF. This is usually the first indicator from our XTB review that a Forex broker has met the minimum requirement needed for them to operate as a broker. We should therefore look at the features offered by this broker in our review to determine how they currently stand in relation with other competitors.
Features offered by XTB Broker . Ultimate Review Facts !
The XTB Forex broker offers Basic, Standard, and Pro account types to cater for the needs of traders based on their skill level. Every account has unique features which can either work to your advantage or disadvantage based on your skill level.
First of all, basic account allows trading with micro-lot while a pro account doesn’t have support for micro lot. Secondly, Pro account holders are charged a certain amount of commission since this type of account is connected to the real Forex market with real-time price feed (STP account).
On the other hand, basic account is for those who are trying it for the first time. Sadly, this account doesn’t offer the benefits of an STP account, meaning you won’t get the same advantages as someone who is using a Pro account. Our review observed this as a major setback for a professional trader who wants to consistently make profits in the long run. The basic account doesn’t have commissions though.
The broker publishes real-time spreads for every currency pair available for trading on their electronic platform. But again, the spreads which you get will depend on the type of account you hold. If you want raw spreads (which is advantageous to your trading by the way), you should perhaps consider a Standard or Pro account since these accounts have the lowest spreads (Pro account being the best in terms of spreads).
Finally, XTB broker offers leverage up to 200:1 in all account types. There are at least 50 different currency pairs to trade. According to XTB Forex Broker website, the speed of execution is 85 millisecond on average. In addition to this, there are no re quotes whatsoever. Generally, slippage is kept to the minimum especially when you use Standard and Pro account types. Dealing spreads generally depend on the account which you hold. Finally, XTB offers online and mobile trading beside their MT4 trading platform which must be downloaded before use. They also run a new trading platform called xStation v5. Moreover our XTB review observed that this is a professional trading platform that is equipped with tools and facilities for professional trading. This also includes comprehensive charting, tools for analysis, calculators, performance stats, sentiments, and such like features.
Platform used XTB Account Trading
Like our XTB review mentioned in the above paragraph, they uses the popular MT4 platform and apps for mobile trading. If you like the industry standard which is the MT4 platform, you can go ahead and take advantage of it. If you like trading on the go, mobile apps can be downloaded for this purpose.
Besides trading currency pairs, XTB Forex broker also offers stocks, ETFs, and indices across all trading platforms. All platforms are equipped with comprehensive real-time charts and other tools of analysis. XTB broker also offers web-based trading platform for users who don’t want to download apps on their PCs or mobile devices.
Moreover, traders who don’t want to use MT4 or mobile apps for trading can use the new xStation v5 platform. The advantage our review observed of trading with xStation is that it is fully customizable, plus it comes with a host of tools and features which make it easy to trade the FX market.
Deposits and withdrawals
The minimum deposit required to open an account with XTB FX broker is 250 pounds. Afterwards, this limit is automatically lifted, meaning you can fund your account with any amount thereafter.
Wire Transfers, MasterCards and Maestro credit card deposits are free of charge for all the major currencies. However, USD deposits made with credit card will attract a small deposit fee.
Deposits can also be made using eWallets such as PayPal, Skrill and Neteller. These methods also attract a small fee.
Now, the other disadvantage which traders will face with this broker is that withdrawals tend to take up to 3 business days. Our review finds there is absolutely no reason why this should happen.
Bonuses and Promotions
Incentives come in form of loyalty rewards. The more you trade with XTB Forex broker, the more you will earn cash back on trades. Secondly, you can earn £600 just for referring a friend to this platform.
www.XTB.com offers the opportunity to join their members’ trading club of like-minded individuals. Mentoring and development courses are available from professional traders who want to help amateur traders achieve their goals.
Support is available 24 hours a day. They can be reached through phone, email, and chat. Their website is offered in multi-language format.
Is XTB Forex Broker A Scam ?
If you read any honest XTB Review out there, you will see that this broker is not a scam. But they do have their downside as well. For example, if you trade with their basic account, you will soon realize that you’re not getting too many benefits compared to someone using a standard or pro account. Secondly, the waiting time for withdrawal request is longer than normal. In this age where everything is automated, withdrawal requests must never take up to 3 days. XTB scam reviews tend to feed on these issues though.
Review Conclusion : XTB Is Not a Scam !
Every broker has their pros and cons, and our XTB review finds this Broker is not an exception. But generally speaking, XTB is a decent broker especially if you go for the standard or pro accounts. The commissions are minimal, plus trading conditions are generally good. You can therefore trust XTB based on our review and their FX service offering because we haven’t encountered any serious issues with them before.