Winner of the Best Trading Platform 2016 – Read our XTB Forex Broker Review
XTB was founded in 2002, and is a Forex and CFD broker with its headquarters in London. XTB Ltd is authorised and regulated by the FCA (Financial Conduct Authority), and clients funds are protected by the Financial Services Compensation Scheme. It claims to be one of the top 10 Forex and CFD brokers in the UK, and if their ambassador is anything to go by, it seems they’ve reached the heights of Hollywood status. Mads Mikkelsen, famous for his roles in Casino Royale, and the series Hannibal, as well as the upcoming Marvel blockbuster Dr. Strange, has decided to put his fame to good use for XTB. We’ve already mentioned they were awarded Best Trading Platform 2016, but there have also been a number of other accolades for this company. With offices in 11 countries around the world, XTB is definitely a force to be reckoned with.
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XTB accounts are divided into three types
There are three different account types for traders at XTB. These are basic, standard, and pro. However, we should point out that traders residing outside of the UK and Ireland, are only able to open a Pro account.
Basic account – The minimum deposit for this account is $250, £250, or 250 Euros. Leverage maxes out at 1:200, and the minimum spread is 1.6, which is fixed. Only CFDs can be traded with this account, and account management is free. Margin stop out level is 30%, and account holders get the services of a personal account manager.
Standard account – The minimum deposit amount for a standard account is the same as the basic, and the maximum leverage is the same. However, this account has floating spreads, and a minimum spread of 0.9. Again the products for trading are CFDs, and the margin stop out level is 30%. Maximum order size for Forex is 50, 15 for indices, and 15 for commodities. There is access to educational events and promotions, and the execution of order is instant.
Pro account – The minimum deposit is once again 250, in either USD, GBP, or EUR. Market spreads are offered and the minimum spread is 0.28. Maximum order size is much larger at 100 for Forex, indices, and commodities.
Whatever account a trader chooses to open there are a wide range of assets available for trading. Including 50 major and minor currency pairs, more than 20 precious and base metals, energy and agricultural commodities, 20 stock indices from various countries, and 200 equities. And on top of that there are a wide range of ETFs.
XTB trading platforms include MT4
Most of the well-known brokers choose MT4 as one of their trading platforms, and that really should be no surprise. It has shown itself to be very versatile, and if a preferred choice for many of today’s traders. However, XTB, have decided to take the trading experience one step further with the addition of their own proprietary platform xStation. We tried out this platform while writing this XTB review and found it to be rather good. Due in no small part to its extensive range of functionalities. And it was this revolutionary platform that led to its latest award for Best Trading Platform 2016, by Online Personal Wealth Awards. It is claimed that the average trade execution is performed in less than 85 milliseconds. Quick indeed. It is also really easy to use. We’d be surprised if you have any difficulties, but if you do there is a great instructional video. To help you find your way around.
XTB rewards customer loyalty
XTB don’t currently feel the need to offer amazing bonuses to attract new customers. Maybe they have no problems getting clients to sign up for their services. Which we wouldn’t find surprising. But they do reward loyal customers with the opportunity to earn cashback on every trade. Its a great way to make trading more interesting, as the more you trade the more cashback you can earn. It is earned on closed positions and acts as a reward for monthly trading volumes. The amount of cashback depends on how much you trade, but could be as much as £1.80 per lot. Say, for example, you trade 300 lots a month. This level of trading will get you up to £270 in cashback. Take the number up to 600 lots and it could be as much as £840.
And let’s not forget, before we finish up, to mention the refer a friend program. If you know a friend who might be interested in joining you at XTB, get them to sign up and you could receive up to £600 for yourself, and £600 for your friend.
We found the quality of service at XTB to be up there with the best of them. Everything is carried out efficiently, and that includes customer support. There is plenty for the beginner to refer to and improve their trading knowledge. But XTB is also recommended for the more experienced and serious trader. XTB are more than capable of meeting these type of trading demands.