Where our review differs from most other XTB trading reviews that you’ll find out there, is that we’re focussing particularly on their crypto trading. With XTB there’s a choice of 9 different cryptocurrencies to be traded, including Bitcoin, Dash, Litecoin, Ethereum, Ripple. As well as 9 individual currencies, XTB offers 16 different pairs.
Trading crypto in this way is different from buying from an exchange and comes with a much higher risk, but the good news is that XTB offers negative balance protection. When trading crypto with XTB, Bitcoin and other currencies are not bought and owned in the traditional way, and you never actually own currencies as an actual asset. How it works with the pairs is that you buy one currency and sell another at the exact same time. If it works out well, you can make a good profit however it is extremely risky and easy to lose money. Trading in this way requires reading and predicting markets, so it’s not something to dive into lightly. If you are new to crypto trading and are aware of the risks, most XTB trading reviews would point you in their direction thanks to their transparency, research and education materials they have on hand to help you out.
We mentioned above that our XTB review is focussing principally on cryptocurrencies, however their other trading possibilities are not worth ignoring, and certainly deserve a mention here. Traders on XTB have the choice of over 1500 global stock CFDs including giants such as Facebook and Apple. There are also over 80 Exchange Traded Funds to be selected, with commission starting as low as 0.08%. When it comes to global currencies, XTB has over 48 currency pairs on offer. All of XTB’s trading services can be traded 25 hours a day, 5 days a week from 3am on Monday morning until 5pm on Friday.
The reason that XTB trading reviews have traditionally rated them so high is thanks in no small part to the educational tools and information they have on offer. XTB offers courses on all their trading services in order to help new investors be as best prepared as they can be for trading in markets that are notoriously volatile and risky. What we liked when conducting our XTB review was their real time market commentary and live performance statistics. The fact they have negative balance protection available for all trading services is also a massive plus for new and novice traders.
Like most other XTB trading reviews, we’ll start off here with a summary of the good news; there are no withdrawal fees and the fees elsewhere are generally pretty low. UK and Irish residents have the choice of the standard account and the commission based pro account, each of which have their own spread models for commissions and fees.
If you use a credit card to make your deposits, then there are no fees for deposits made in £GBP, €EUR and $USD. When making deposits with other currencies, the exchange fees depend on those of the bank being used. Deposits made using eWallets, PayPal or Skrill will be charged at a flat rate fee of 2% per transaction. Active traders, and those who qualify as professionals, can benefit from a rebate between 10-30% when a certain trading volume is reached. There is no inactivity fee for dormant accounts.
XTB was founded in 2002 and has it’s main headquarters in Warsaw, Poland, where it’s listed on the stock exchange but has offices in a total of 13 countries, including the UK, France and Belize. XTB is regulated by bodies from the UK, Poland, Germany, Spain, France, Cyprus and Belize.
Although they have their biggest base in Europe, our XTB review found that they accept traders from most countries in the world, including Vietnam, Saudia Arabia and most Latin American countries, however some countries may have restricted functions depending on trading laws in their jurisdiction. XTB’s website and customer service platforms are available in multiple languages including, English, Spanish, Arabic, Chinese and Polish to name but a few. Perhaps the most notable absence from XTB’s country list is the USA, as regulations in America don’t permit XTB to offer its trading services to US citizens unfortunately.
Before we go into our XTB review step-by-step “How to Trade Guide”, we have to mention that XTB offer users a free demo account, which is an excellent option for beginners. The free demo account gives novice users 100k worth of virtual funds to use over a 4 week period. This is a fantastic feature for beginners as crypto trading is notoriously volatile and around 70% of first time investors lose money.
Once you’ve practiced using the demo account, it’s time to make your real one. XTB traders can apply for an account by filling out their quick, easy and secure online form. As well as the usual things, such as name address, ID and tax details, XTB are also required to go through the Know Your Customer (KYC) process, which is required by all FCA regulated brokers. This process consists of a series of questions to test each new account holder’s experience level.
- Download the desktop and/or app
Next, you can either start straight away on the web browser version, or you can download the app or desktop trading platform. The desktop is available as either 32b or 64b version, there’s also one for Mac and i0S users.
Once you’ve created your account and downloaded the software, you can start trading crypto, stocks and other currencies on one of two top class platforms; xStation 5 and MT4. XTB provide plenty of tools and materials to help you along the way.