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XTB Review

Website: www.xtb.com
Regulation: FCA (UK)
Special Offer: Negative Balance protection
Minimum Deposit: $250
Spreads From: 1%
Max Leverage: 5:1
Deposit Options

Company Information

XTB is a leading provider of CFD trading options. The company is owned and operated by XTB International Limited (XTB), under license to the XTB Group. It is regulated by the IFSC (International Financial Services Commission) of Belize. XTB offers trading on 3,000+ global markets, including Bitcoin and Ethereum. The company sports the following license #IFSC/60/413/TS/17, with registration number 153, 939. It is authorized to operate in Poland, the United Kingdom, and Spain.

XTB has been operational for 14 years and exists in 13 countries including Turkey, Poland, Germany, France, Belize and the United Kingdom. Various tools are available to traders including a calculator and real-time market updates, complete transparency on all trades, mobile, desktop and PC access, and a wide range of traders stats.

How does XTB Work?

XTB provides a popular selection of exchange traded funds (ETFs), equity CFDs, commodities, Forex pairs, indices and cryptocurrency. The cryptocurrency options include Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD), Litecoin (LTC/USD), and DASH (DSH/USD). These options generally have tight spreads, with Bitcoin averaging 6.8 – 6.9, Ethereum around 4.2, Ripple at 0.0038, Litecoin at 0.67/0.69, and DASH around 3.7.

To get started with digital currency trading, simply pick your preferred asset, and click the buy or sell button. You’ll be prompted to open an account at XTB. Traders have the option of a demo trading platform or a real-money account. It is important to note that losses can exceed deposits with CFD trading of cryptocurrency at XTB. If you opt for the demo platform, you can start trading within 30 seconds. Simply enter your email, choose your country and accept the terms and conditions.

The demo trading platform allows 4 weeks of zero-risk trading with £100,000 in faux trading money. You can access some 3,000 markets across multiple categories (stocks, commodities, ETFs, crypto, indices, Forex etc.). Traders have access to MetaTrader4 and spreads from as low as 0.2 pips. Customer support is available 24/5 from Sunday through Friday. Any questions or queries can be directed at the email address (sales_INT@XTb.com, or the UK telephone number +442036089194.

Who Should Use XTB and Why?

Digital currency traders will enjoy the options available to them at XTB. First of all, you get to try out the demo trading platform for 4 weeks – at zero cost and zero risk to yourself. Simply enter your email address and country to confirm your account registration and practice buying and selling digital currency like Bitcoin, Ethereum, Ripple and Litecoin at your leisure. If you are a novice trader, the demo trading platform is particularly useful. Digital currencies have recently gained traction after they became fully regulated in the Philippines and South Korea, and the hullabaloo around China’s handling of ICO’s.

Regardless of the geopolitical uncertainty about cryptocurrency, the blockchain technology that makes it all possible is increasingly being adopted by a wide number of banks, financial institutions, insurance brokerages, e-commerce platforms and online retailers. This guarantees the profitability of cryptocurrency trading in the modern age. XTB facilitates digital currency trading with easy to understand buy/sell options (going long or short) on popular choices. If you are not looking for obscure digital currencies and new ICO’s, you will find XTBs options adequate.

Exchange Rate & Fees

At XTB, there are various fees and commissions levied on accounts. These all found under the account information page and are fully comprehensive for new traders and experienced traders alike. For example, the commission charged per lot ranges from 0.08% for equity CFDs and exchange traded funds. For other markets (standard accounts and basic accounts) it ranges from £2.5 per closed lot/open lot and for cryptocurrency it is 1 lot of Bitcoin, 10 lots of Ethereum, 10,000 lots of Ripple, 100 lots of Litecoin and 10 lots of DASH. There are fees involved for e-wallets funding, for small withdrawals and for Italy financial transaction taxes. Further information on fees is found on the aforesaid page as it varies according to method of funding, currency, withdrawal size etc.

Supported Currency and Countries

The range of supported currencies and countries includes Latin America, Czech Republic, Germany, Italy, France, Romania, the United Kingdom, Chile, China, Turkey, Portugal, Poland, Spain, Slovenia and others. Funds can be deposited in multiple currencies, including: GBP, EUR, USD, and HUF.

How easy is it to use XTB?

Our traders found it really easy to use the services offered by XTB to trade digital currency like Bitcoin and Ethereum. The registration process is quick and easy to complete, and within seconds you can fund your account and start trading cryptocurrency.

Is XTB safe and reliable?

Safety and security is paramount at XTB. The CFD and Forex broker, now offers cryptocurrency trading as well. It is operational in 13 European countries, and is perceived favourably by the majority of traders. Among others, it is subject to supervisory authority from the following regulatory jurisdictions: KNF, FCA (Financial Conduct Authority), BaFin, and CMB. These regulatory authorities ensure that XTB is subject to rules and regulations. Further, all terms and conditions are openly displayed for traders at all times.

You will always know how much you’re being charged for each transaction, and whether there are deposit/withdrawal fees on trades. For UK traders, everything is subject to the Financial Conduct Authority – the most important requirement being that company funds and client funds must remain in segregated accounts. All accounts require username/password combinations and all transactions are conducted on secure servers with firewalls and encryption technology.

How much does it cost to use XTB?

It costs nothing if you choose to use the demo trading platform for cryptocurrency trading. However, the fees and commissions page will provide additional information on commission charge per lot, fees for an order placed by phone, fees for preparation and sending of daily reports, penalty interest, e-wallets funding fees, debit card fees, credit card fees, and fees for small withdrawals.

How long does it take to purchase a Bitcoin with XTB?

Traders do not purchase Bitcoin with XTB – they simply purchase CFD options. A CFD is a derivative trading instrument where you take a position on a certain number of lots of BTC by forecasting short or long positions accordingly. If you finish in the money, you profit, if not you lose.

XTB Customer Support

Customer support is available 24/5 from Friday through Sunday via telephone and via email. XTB support is attentive and customer service representatives have been trained to answer specific questions related to cryptocurrency.

Supported Platforms

The range of platforms includes the following: xStation5 and MetaTrader4 (MT4). Clients can enjoy full desktop, tablet, smartphone and smartwatch trading functionality on a demo account or a real money account. The trading platforms allow trade executions with an average speed of 85 ms, and the award-winning software at XTB has been noted by the highest industry authorities such as Online Personal Wealth Awards.

Special Features

XTB special features for cryptocurrency trading include equity screeners, top movers of cryptocurrency options, bulk order closing options, traders talk (a free feature to bring you breaking news and access real-time market opportunities), advanced technical analysis of moving averages, relative strength indicators, retracement and so forth. The mobile trading app is particularly nifty in that it allows you to quickly place buy or sell orders on the go, and 50% + of XTB traders are now using the mobile option to conduct their trading activity.

Client Feedback

Judging from external reviews of XTB on TrustPilot some 55 reviews have been entered and the average rating is 5/5. This is one of the most highly decorated trading platforms on TrustPilot and it is a testament to the professionalism and courtesy afforded to traders by XTB.

Bottom Line

We have thoroughly reviewed the services provided by XTB, and we like the 5 cryptocurrency trading options available. Tight spreads, low fees and commissions and instant execution of trades are certainly appreciated. We would like to see more digital currency options provided in additional currencies like the EUR, GBP and JPY. Bitcoin Cash and Ethereum Classic should be available as well.

Final Thoughts
Pros

 

  • Fully regulated cryptocurrency trading platform with multiple authorities around the world
  • FCA regulation ensures segregated funds between company account money and client money
  • 5 digital currency options available
  • Positive reviews on external trading platforms and review sites
  • Demo trading account four weeks and £100,000 in faux trading funds

 

 

Cons
  • Only 5 cryptocurrency options available to traders
  • Information on specific fees and commissions is not available
  • Trading is restricted to certain countries