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Here at Free Forex Robot we offer reviews of popular and upcoming trading platforms. Today we are writing a XTB review for your reading pleasure.
XTB Trading Review
When you want only the best broker for your trading requirements, XTB Online Trading might be a suitable option. There is a lot of reasonability behind this statement. You should not make a firm decision before reading this complete XTB review. No matter how good a broker is, you can always find one that sounds even better to you. Nonetheless, your choice of the broker has to be based on your specific needs, not the amazing features offered by the broker. Here is a detailed review of XTB so you can find out if trading with this broker is worth your time and money.
An Introduction of XTB
The company has been around for nearly 14 years now, which makes it a reliable broker and a partner in your trading career. XTB has been growing fast since its launch. Today, it has its offices in many countries of the world. To open these offices, the broker has first obtained proper registration and authorization. As one of the trademarks of XTB Group, XTB operates under the authorization and registration from International Financial Services Commission. It is a regulated entity so you know at the time of opening your account that your money and information is in safe hands.
It is also regulated by many other reputable authorities such as CySEC, KNF, and FCA. Along the way, the company has also won many awards for its services and trading platforms. Once you have signed up with the company, you will have access to more than 1500 markets all around the world. When it comes to proven record, reliability, and trust, you can say that XTB is a perfect pick among many other brokers.
What Trading Platforms You Get
Your trading career is spent on a trading platform. This is why you have to be very careful with the type of platform you pick. In the online trading world, you can never go wrong with MetarTrader 4,which happens to be the best trading software in the world today. Thousands of brokers around the world are using this platform to deliver top notch trading services to their traders. Before you start using any trading platform, you have to know that MT4 needs to be downloaded on your computer in order for you to be able to trade.
In addition to MT4, you also have xStation 5 for trading. This particular platform is available with XTB, and you might not find it with other brokers. There are lots of advantages of using the xStation 5 platform from XTB because of the feature rich nature of the software. It has everything that a trader would want from trader statistics and trading calculator to advanced technical analysis and trader talk. Trader talk is an amazing feature wherein all the traders on the platform can leave voice messages about whatever they are feeling about the market or a particular asset.
Market sentiment is also one of the options on this platform that can help you make the right trades. By using this particular option, you can know which traders have chosen to go short and which ones have chosen to go long on a particular trade. Based on your analysis of their decisions, you can pick a side and execute a profitable trade. So, if you want to try out something different than MT4, xStation 5 might just be the right thing for you. There are many other things that you will love about this trading platform.
For example, it is not limited to the desktop devices. You can get it on just about any device you want. Whether you are an iPhone user or an Android user, you can download the app on your smartphone and keep an eye on the market at all times. In addition to that, you have the tablet version of the software available as well. Now, there is something that XTB has done and you won’t see many other brokers with this achievement. They have optimized their application for the smartwatch interface as well. Your trading account and market charts can stay with you at all times in the truest manner now.
What Assets You Can Trade with XTB
As stated earlier, the broker brings you assets from 1500 different markets of the world. You have all the different types of commodities, shares, metals, currencies, and CFDs available to trade when you are with XTB. When it comes to Forex, you can trade more than 45 pairs of currencies and benefit from their value changes. It is in the favor of the traders that they have so many different currency pairs available. While the major currency pairs are good in offering stability and risk-free trading, volatility with minor currency pairs can be a great way to earn big profits.
You will love the fact that the spreads can be as small as 0.1 pips with XTB and the market is open for you to trade 24 hours. However, it is only available during the five working days. If you are a new trader with a small budget, you can easily trade foreign currencies because the option of trading micro-lots is available too. You can also trade indices. There are 20 of them available for you with some of the best ones from China, the US and Germany available at your disposal. You are also free to choose a long or a short position when trading the indices.
You have a lot of options available in the commodities section as well. If you do the comparison, you will see that there are more commodities for you to trade on XTB than you have on other brokers. You can trade corn, coffee, copper, cocoa, gold, nickel, cotton, and many other commodities that are often not available with other brokers. Stock CFDs is the section where you will be hugely impressed by XTB. You have access to more than 1600 of these CFDs. Just pick the one that makes the most sense to you, go long or short, and benefit from the upward or downward movement of the market.
More than 80 ETF CFDs are also available for trading. However, the most interesting part of this section is the number of cryptocurrencies that you can trade on the platform. You can find all the major cryptocurrencies with XTB and trade them when you want. Just so you know, there are 25 different cryptocurrencies for you to pick your favorite from. The major ones include Ethereum, Bitcoin, Litecoin, Ripple, and Stellar. All of these currencies can be traded 24 hours during the days when the markets are opened. In short, whether you are an old trader or a new one who is interested in cryptocurrencies, XTB is the perfect platform for you.
What Account Types Are Available
While it can be a good thing to have lots of different account types so you can pick one, but too many choices can be confusing too. XTB has kept things simple and provided you with only two account types. You can either go with the standard account or the Pro account. The first thing you will notice is that there is no limit on the type of asset you can trade with either of the account. The leverage available with both accounts is almost similar as well i.e. resting at 1:200. However, you do benefit a bit more with the pro account when it comes to tight spreads.
The platforms are also available for both accounts and you can download and use them on your computer, tablet, smartphone, and smartwatch. There are commissions involved in the pro account but there are none with the standard account. However, when it comes to EFT and Stock CFDs, you do have to pay a commission no matter which particular account you have opened. You can find a complete document that talks about all the commissions and fees as you open your account with XTB on the website.
How to Deposit and Withdraw Funds
One of the things that most traders need clarification on is how they can deposit funds into and withdraw them from their accounts. In the past, many brokers made this process so difficult that it pushed the interested traders away from trading online. Today, the options are quite easy and in line with the way people like to transfer money. Keeping in mind today’s traders, XTB has made all the safe methods of funding available with its accounts. Whether you want to transfer through bank wire or use your credit card, you can do so with ease. Use a credit card and you won’t have to pay any fees on the transaction. Even the brank transfers are free now.
There might be some fees involved when you want to deposit funds using one of the many methods of online transfer. You can use the SafetyPay, PaySafe, and Skrill to fund your account through the electronic transfer method. Similarly, withdrawing funds from your account is a breeze too.
What Type of Training You Receive
All the major brokers on the market have some level of training available for their traders as well, and XTB is not behind in that area as well. The best thing about the training material from XTB is that they have categorized the material into Basic, Intermediate, Expert, and Premium. It means, you can learn the advanced trading strategies even if you are an old trader by taking advantage of the premium training content on the website. You will love the look and feel of the training pages on the website. They have been designed to be attractive.
What is even more amazing about the training section on the website is that there is a quiz option after you complete each level of the training to see whether or not you are learning anything from the course. The courses on the website have been arranged like you would find them in an ebook. Just like many other brokers, XTB also gives you access to the live webinars. Live webinars have become quite famous in today’s traders because of their effectiveness. Whenever there is a webinar available, you can join in and learn from the experts of the industry. You can even interact with these experts to get the answers to your specific questions.
How Good Is the Customer Support?
All the great trading features are one thing, but having a good customer support can be icing on the cake for traders. The first thing they want with online brokers is an instant point of contact. Emails are great but they can be slow, and you can never be sure if the company saw your email or not. So, the first thing you are going to love about the customer support from XTB is that there is a live chat feature available on the website. When you have a question, go on the website, choose the live chat option from the bottom right, and talk to an agent live.
However, that’s not the only way for you to get information from the company and send in your queries. There are two different numbers on the website that you can use for different types of inquiries. There is a number for account opening and the other one is specifically for customer support. Moreover, you have an email address available where you can send in your detailed inquiries. Customer service is available only on working days for 24 hours each day. The website is also available in more than a dozen languages.
You can now see why XTB is becoming so popular in the recent days. The broker has adjusted its services exactly according to the needs of today’s traders. You have 25 different cryptocurrencies available for trading and a platform that works not only on smartphones but smartwatches as well. There is no minimum amount for you to maintain to open any type of account. The options of tradable assets are a plenty and depositing funds is a breeze. It starts to make sense why XTB is becoming popular with time when you look at all these options.