As an options provider, which was originally founded in Poland, now offers its services around the world. In view of the international orientation and consequently the extremely broad target group, the online broker also manages to offer suitable features for specific requirements through a broad selection of underlyings and the in the form of several account types. Among other things, investors have the choice whether to trade on the basis of flexible or variable spreads, or whether they prefer a kind of flat rate for trading. There is a considerable selection of different products available for trading, with a well-structured offer available from all product categories. The outstanding trade offer is flanked by many opportunities for investors to further their education.
Overall Rating: 4.1/5
Trading assets: Currency pairs, commodities, ETFs, indices, & CFDs stocks
Underlyings: 1,400 shares CFDs, 50 currency pairs
Trading platform: xStation, MetaTrader4
Regulation: BaFin and Polish supervisory authority KNF
Obviously, xtb is an online broker that takes the interests of its clients very seriously in many ways. We have now thoroughly tested this provider, and reviewed what investors expect when deciding on opening an account with XTB. Of course, we also looked at the question of whether this provider has a reputable representative, the security of data and deposits of customers has great importance, and fraud/rip-off/scam is a solid stop.
Before we talk about the individual results and experiences that we had with the provider XTB, first of all, here is an overview of the impressions that we have collected in the test.
The Online Broker provides investors with selection of financial products in the forex market and in CFD trading, offering them a wide variety of choices in a number of ways. So it is very well possible, in our view, that customer groups with the most diverse demands on the trade with this provider will find what they are looking for. First of all, the selection of underlyings provided by XTB for trading offers many opportunities to follow different trading strategies as well as to benefit from a variety of global trends. For this purpose, underlying assets from the categories currency pairs, commodities, stocks, indices, and ETFs are available, which go well beyond the known values of the first series.
However, as we know, the selection of trading opportunities alone is not enough to make a broker successful in the long term, and not to make trading a mere game of chance. It is also important to always get the latest market information and translate it into promising trading strategies. This is also provided by the provider XTB and the investor can also rely on a solid feature beyond the trade. Worth mentioning here is a personal manager, which can be used in each of the three available account models without additional costs.
Overall, XTB can be regarded as an online broker, offering its customers a full range of trading services as well as the full service and support necessary for a long-term and successful merchant career.
Is XTB legit or a scam?
Overall, we have seen very positive impression of XTB and fits the realization that this is a thoroughly solid and serious online broker, where neither rip-off nor fraud is to be feared. Since the provider offers its business from different locations, various supervisory authorities are also responsible for its legal operations. It will be of particular interest to European customers that XTB is also authorized as a financial service provider by BaFin in this country. However, as the company is headquartered in Warsaw, the Polish regulatory authority is mainly responsible for regulation. As an EU member state, Poland is also obliged to apply the strict EU rules, so that investors can rely on compliance with current standards in this regard.
Wide range of accounts at XTB
In order to understand the possibilities for trading and the associated conditions, it is first necessary to deal with the system that the online broker XTB has designed in this context. Basically, there are three different account types to choose from, each of which requires a specific number of the conditions. At first, the account Basic can be selected, besides the account version Standard can be selected as well as the account named Pro. First of all, it is gratifying to note that the same additional services, such as the comprehensive training program, can in principle be used for all account versions. Even the maximum lever is identical – 1:200 in all account types. The main difference between the available account types, on the other hand, is whether and in what form the spreads are calculated. In the basic version of the account, traders can trade fixed spreads, while the account version calculates standard variable spreads based on the respective market situation.
In addition, for intensive traders, the Pro version of the account has the ability to trade in the original market spreads. However, monthly fixed fees are paid here, which are based on the Lot sizes, which are selected in the trade. With a fee of $199, up to ~50 lots can be traded at the market spread. From a monthly fee of $1,499, unlimited trading can then be carried out at the original market spread.
But, of course, the other account versions also trade at very competitive terms. The fixed spread for the highly liquid Euro/Dollar ratio is around 15 pips, while the variable spread can be expected to have a value of approximately 10 pips. The original market spread for this product averages 0-3 pips.
Ultimately, it depends on the individual trading techniques when deciding on which account is the cheapest and best for you. In our experience, it makes sense to start with the default account first to analyze for about a month whether another account version could be a better choice.
Note: A change to another account version is possible without any problems.
Just a quick glance at the trading offer itself: Here, in each of the categories, a wide selection of assets is put together that makes sense. Depending on the account type, you can choose between around 51 currency pairs, 16 indices, and 14 commodities. Much wider is the selection of CFDs on equities and ETFs, where around 1,400+ different products can be traded. It can be set to the most important global stocks, as well as some small caps. In the area of ETF, various indices with regional and sector-specific orientation are available. Thus, in any case, there is a high degree of variety for the trade, whereby generally favorable conditions can be set.
Currently no bonus for new customers
Overall, we have come to know that the online broker XTB is a very professional provider with a very wide range and many options. Anyone who hopes that there will be a bonus in the form of additional trading capital for this good offer will be disappointed. However, we do not want to interpret this circumstance to the disadvantage of the provider, because our experience has shown that many bonus offers are nothing else than the incentives that motivate the traders to bad behavior in trading due to the conditions that apply in their context should. Thus, a credit, which has been significantly expanded by an additional bonus, entices many investors to a riskier investment strategy.
On the other hand, providers who do not give up such a bonus, has a clear view of the actual conditions and opportunities. Here, the broker has a lot to offer in any case.
Deposits and withdrawals
Before real money can be used in the markets, however, it is first necessary for XTB to equip the trading account with the required capital. To make it as easy as possible for investors here, XTB offers several methods that can be used for financial transactions. From the provider, all methods are free of charge, however, of course, must be partially expected with vendor-specific fees.
First, the conventional bank transfer can be used. Upon registration, the investor will receive the bank details and a personal identification number that must be provided in the transfer. In our experience, this is expected to be done in few working day and funds are then available in the trading account quickly. Even less time is required of the investor if he uses the credit card for the deposit. Visa, MasterCard, and Maestro accept the three most important providers. As a rule, the credit balance is available for trading after a few minutes. In addition, the online providers PayPal and PayU can also be used, and a speedy settlement is also to be expected.
Payment Methods – Following methods are available for payments
Bank transfer, MasterCard, VISA, Maestro, PayPal, & PayU
Minimum deposit: not applicable
Account management possible in: US Dollar & Euro
Withdrawal options: Bank transfer
Payments, on the other hand, can only be made to the reference account specified at the time of registration. The payouts/withdrawals are either processed directly via the customer’s account, via a payment form, or under a special telephone number. In our review, we found that it is also to be expected here that the disbursed credit arrives after one day on the customer account.
Regulation at EU level
With respect to the precautions taken with regard to the security of customer deposits by the provider, customers can be sure that they comply with EU standards. The Online Broker is headquartered in Warsaw, and is therefore subject to the European legal regulations, which are regulated by the competent Polish authority. These require certain equity security standards to be met to ensure the liquidity of the provider. However, customers’ deposits cannot be accessed because they are managed in separate accounts with credit-worthy banks. So the money of the customers remains safe even in the case that the company XTB should become insolvent. Fraud/Scam or rip-off must therefore not be feared with this binary options provider.
High standards of support and customer service
The customers of the provider XTB does not make any compromises when it comes to the help and support of the online broker. First of all, XTB maintains its own branch in different cities, to which investors can turn directly if problems arise. Although no specific business hours are given, it can be assumed that during the trading hours usually someone can be reached. In addition, of course, email is also available to contact the service team. As a third option, a live chat is offered, however, only English is spoken here. In support, XTB believes that investors can take advantage of a number of ways to expand and expand their trading knowledge, step by step. Regular and free webinars are also available. Furthermore, regular and up-to-date market analyzes can also be used to underpin your own trading decisions. There is also a special market radio available via which interviews with market experts can be called up. Content and impulses for systematic trade are therefore not lacking in XTB.
Meaningful construction of the website
Where a wide range of options is available, it is of course even more important that these can be targeted by the users. Here, too, the provider XTB contributes through a clever design and a systematic structure of the website to the fact that both sporadic visitors and regular users of the website find their way quickly and reliably. It is made easy for the user of the website via a special instrument to specifically target content on the website. With just a few clicks, visitors can access an overview page where they can find out about the most important conditions that must be taken into account in connection with the chosen account type. The design of the pages makes an unagitated impression; the contents are limited to the essential and necessary information. Even the platforms that are available for the trade, convince by a well-structured and intuitive structure. In principle, you can choose between the solutions xStation and MetaTrader4.
Mobile trading with the app
In addition to extensive and professional trading opportunities, one of the features that investors can expect from an online broker today is unlimited flexibility. Flexibility is mainly produced by the fact that the trade cannot be operated solely from the home computer, but is also available on the go via the mobile device. This option is also implemented by XTB through an app that investors can download to their smartphones. There are two versions available based on the trading software of the xStation, which have been optimized for Android and iOS. Not only does the investor keep an eye on developments in the markets, but he can also react quickly by changing or opening an order. In addition, a number of functions can be used, which are also available via the standard version.
Conclusion – professional trading at XTB
The online broker XTB offers its customers a highly professional trading conditions, giving them access to numerous markets and thus to a huge selection of products. However, trading opportunities alone are not enough, as well as numerous variations and opportunities that allow investors to optimize the cost and fee structure of their trading strategy. To tap into the trade, a fully functional demo account is also available. In order to systematically build up trade knowledge and experience, a wide range of education is also provided. In addition, the investor can rely on a thoroughly reputable partner, who attaches great importance to the security of his deposits, and handles all transactions fairly and reliably. Thus, customers need not be afraid of any fraud or a rip-off.