Is it a reliable forex broker? What products do you have to invest in? What is the customer service telephone number?
POINTS IN FAVOR
XTB has one of the most complete formations to start investing.
The commissions are very low compared to other brokers.
It has its own investment platform called xStation.
Founded in 2002 as Poland’s first leveraged forex broker , X-Trade was transformed into X-Trade Brokers in 2004 to comply with the new regulations of the Slavic country. It eventually changed its name to XTB Online Trading (XTB) in 2009 and went public, trading on the Warsaw Stock Exchange in 2016 under the ticker symbol XTB.
XTB has been steadily advancing and currently provides access to a wide variety of markets such as currencies, stocks, indices, metals, commodities, and even cryptocurrencies.
At the security level, it is a fairly reliable broker since it is regulated in the United Kingdom and in Europe, specifically under the Polish Financial Supervision Authority (KNF) and the National Securities Market Commission in Spain . It is important to mention that XTB does not accept US merchants.
XTB’s in-house investment platform is called xStation, its current version being xStation 5 . However, more advanced traders will be able to use Meta Trader 4 to link it to their XTB account. It is also possible to operate with the mobile application without any limitation regarding the writing version.
The commissions of this stock broker are on par with that of the industry, however the spreads are much lower and in case of investing regularly they make XTB a very interesting broker and it has a lot to do with the score of 4 stars out of 5 that we have awarded in insalud .
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1. Rated in several portals as Best Forex Broker for its low costs.
2. XTB provides access to a variety of markets, such as currencies, stocks, indices, metals, commodities, and even cryptocurrencies.
3. XTB offers a maximum leverage of up to 1:30 and a minimum of 1: 2.
Who is XTB Online Trading for?
XTB is an option to take into account for traders who want to minimize their commissions, whether it is the cost of carrying out a buy – sale operation or not having external costs such as transfer fees.
XTB offers a maximum leverage of up to 1:30 so if you have little capital and understand the risks involved in leveraging, it may be something that catches your attention when choosing a broker.
The best XTB opinions also come from the customer support side. And it is that this company places emphasis on customer service and offers very interesting educational tools, as well as research services that can be very useful for a novice trader.
1. Very cheap currency spreads
2. Regulated by a European entity
3. Protection for customer accounts
4. Customer service highly valued by its customers
1. No guaranteed stop loss.
2. No back-testing.
3. An aggressive recruitment service.
- XTB has minimum forex spreads of 0.5 and no commission for “Standard” accounts. For “Pro” accounts the spreads are 0.1. Being without a doubt one of the lowest commissions of all the brokers analyzed so far.
- XTB Online Trading (XTB) is regulated by the FCA , which is one of the main regulatory agencies in the UK and is highly regarded globally for being strict in ensuring that market practices are fair to both traders and companies. It is also regulated by the Polish agency and the CNMV in Spain, making it a very safe broker. Being regulated by an accredited government-backed agency goes a long way toward establishing a company’s credibility. It is normal that as a broker you accept the risk inherent in the markets, but you must also demand the peace of mind of knowing that your funds are not subject to risks other than those you are assuming.
- XTB offers ‘negative balance protection’ , which has become quite an important feature that most brokers are already offering.
- This company places special emphasis on customer support which includes 24/7 phone support with a dedicated account manager, as well as a live chat service. Being able to easily contact your broker is crucial for any trader.
- XTB does not offer a guaranteed stop loss , which makes it one of the few brokers that does not. In case there is a gap in the market, since there are no guaranteed stop losses, your losses can be multiplied, which is a negative aspect of XTB.
- The XTB xStation 5 is not equipped with back-testing , leaving only traders who use their Meta Trader account to do these tests.
- If you have ever been in contact with this company you will know that the calls afterwards are excessive. It is normal that they want to attract customers, but it becomes a bit tiresome to receive so many emails and calls with the intention that you create an account with them.
The commissions of this broker are very competitive so it is quite common to find positive XTB opinions in this regard. Although more than commissions in general, what differentiates XTB from other brokers are their currency spreads .
The “Standard” account XTB has a minimum margin of 0.5, while your account “Pro” provides a minimum margin of 0.1. To this must be added a commission of € 3.50 per lot for operations in Pro accounts. Being a standard lot 100.0000 units of the base currency. Being in this case an approximate margin of 0.45 for Pro accounts. Yes, still much better than what we find in other trading platforms.
According to XTB, the average spread in euros during the last quarter was 0.43 for Pro accounts and 1.02 for standard accounts. Taking commissions into account, the actual average EUR / USD spread for Pro accounts would have been 0.78 which, again, is among the best in the forex industry. XTB also charges commissions for cryptocurrency transactions (Pro) and Stock CFDs (Standard and Pro).
XTB charges an inactivity fee of € 10 if there is no opening or closing of the position in the Client’s account within the last 365 days and there is no cash deposit within the last 90 days.
There are also fees for customer withdrawals of less than a specified amount from your cash account, a percentage charge for withdrawal to a credit card, and percentage charges for using e-commerce sites (Skrill, Neteller, SafetyPay). However, there are no costs for incoming or outgoing wire transfers or closing an account.
XTB does not have a minimum deposit requirement for clients who wish to open a real account.
xStation 5, the XTB trading platform is easily accessible from any browser (Chrome, Firefox, Safari or Internet Explorer). The user interface is pretty standard and simple for new users. It is not the most functional platform, but its ease of use makes it well valued among its customers.
The platform has a modern look, allows one-click trading, and has full integration for mobile or desktop trading . Entering trades, creating watchlists and modifying charts is very simple and intuitive. FAQs and educational resources can also be launched from xStation 5. Traders also receive notifications directly from the platform or mobile app.
Not everything is positive. With this platform you cannot create custom indicators. Luckily, XTB offers the MetaTrader4 platform , which has this feature for traders who are already familiar with more professional trading.
xStation 5 has three basic types of orders: market price, limit and stop loss orders .
With market orders you will be operating at the current price. With limit orders, entry is at a predetermined point below or above the prevailing rate, depending on whether it is a buy or a sell. The trader also has the option to select the expiration time of this order.
Lastly, a stop order will allow you to buy or sell at a fixed point when you have those shares in your possession. Being a way to limit losses.
The mobile version of xStation 5 includes most of the functionality available in the desktop application, except the ability to set price alerts.
Traders can access XTB trading instruments, buy and sell with limit, market or stop, and view account details and charts from the Android or iPhone applications .
XTB does not offer social trading as does eToro .
Financial product offerings
XTB provides access to a wide selection of financial instruments. The product catalog includes:
- 48 currency pairs
- More than 20 global indices
- Main raw materials
- More than 1,500 CFDs on global stocks
- 60 cryptocurrency ETFs and CFDs
XTB offers a maximum leverage of up to 1:30 . For the most aggressive investors this may be an understatement. In fact, it used to offer the possibility of leveraging up to 200 times your money, but over time this option is no longer available.
A broker that does not give importance to serving the needs of its client in an efficient and satisfactory way can be doomed to failure. XTB is well aware of this. Contact options range from email for clients and potential new sign-ups to local phone support 24 hours a day, 5 days a week and a live chat. Additionally, clients are assigned an account manager to assist them with relevant account-related matters.
The phone support works very well, although the same cannot be said for the chat experience.
It is not uncommon, for example, for live chat requests to be redirected to an email form. However, in the end, they give you a solution to your problem.
XTB’s customer service phone number is +34 915 706 705 with extension 2 and the chat can be started from the trading platform itself. Online customer support is available in Spanish , both by phone and via email and chat.
XTB’s educational offerings are on top of very popular platforms like Plus500 . This company has identified training as a priority . The “courses” are divided into four categories: basic, intermediate, expert and premium, although users can only access the first two through the website. The “Premium” courses can be accessed for free on the xStation 5 platform, but registration is required for an account (demo / live).
Each course includes entry-level videos and articles. Topics include fundamental and technical analysis, risk management, and macroeconomics. New investors will find information useful, but they are unlikely to rely solely on XTB education to dominate the markets. That being said, the material covers all the main topics that a beginner should know.
We have already commented that one of the reasons why our opinion about XTB is so positive is the security it provides thanks to the fact that it is regulated by a large number of international entities:
- XTB UK is regulated by the FCA
- XTB Europe is regulated by CySEC
- XTB International is regulated by the International Financial Services Commission of Belize
- X-Trade Brokers DM SA is authorized by the Polish Securities and Exchange Commission
- XTB Spain is regulated by the National Securities Market Commission with license number 40.
XTB offers negative balance protection , which is mandatory under ESMA rules that went into effect in 2018. As we have seen, the downside is that it does not have guaranteed stop loss orders .
XTB does not have the possibility of activating the two authentication factors, but it does offer biometrics to enter the app from a mobile phone and requires passwords with several characters, upper and lower case to be able to register. As always, it is essential that the password is complex and never give it to anyone to do our part and that the account is as secure as possible.
The low commissions and the security offered by this company mean that the opinions of XTB have been very positive . It is true that when trading forex and CFDs, the risk of these investments must be taken into account. More if possible when stop losses are not covered in the event of market gaps.
The fact that it is a company regulated by the National Securities Market Commission and the security provided by having a telephone service in Spanish 24 hours a day and 7 days a week have also been key to this positive assessment.
The negative opinions of XTB come from the side, in some cases abusive, customer acquisition. As well as the lack of guaranteed stop loss and back-testing for the most expert brokers.