Crypto Trading XTB Review New Zealand 2023

Inexperienced traders will feel right at home with XTB. The minimum trading volume for forex, indices, and commodities is 0.01 lots, up to a maximum of 15 – 50 lots. XTB crypto traders will see order minimums ranging from 0.01 to 1000, depending on the cryptocurrency type.

With high regulation comes high security. XTB goes to great lengths to protect their clients and their funds. Personal and financial data are highly encrypted and your assets are protected by being deposited at prestigious banking institutions, hand-selected by XTB. XTB conduct regular internal audits of their chosen banks and evaluate the security measures when deciding to continue using them.

The XTB website is wonderfully intuitive with every section marked clearly. You can move from cryptocurrency information to market news in an instant. The XTB in-house trading platform, xStation 5, is well-designed and very beginner-friendly. The platform is highly customizable and a simple search bar, titled Market Watch makes finding and placing orders a breeze.

Design on the XTB website ensures every single digit is easily readable and effortlessly understood. Dark text and a sleek white background are easy on the eyes and go a long way to reducing fatigue when focusing on fast-changing markets. XTB also allows you to set up notifications such as for important events like withdrawals, margin calls, or even your open/closed positions.

The MetaTrader 4 and xStation 5 trading platforms are available at both the App and Google Play stores meaning almost any smartphone is fully compatible.

How To Trade – Our guide to XTB trading

To open an XTB account, you can either head to the brokers website or download the xStation mobile app. Regardless of your choice, simply hit Create Account to begin. You’ll be asked to provide your country of residence and accept the terms and conditions.

You’ll need to provide XTB with personal details such as full name, net income, source of income, full address, and contact details before choosing your account type and base currency. Once you have confirmed the final terms and conditions, you’ll need to verify your identity.

As with any licensed broker, you’ll need to pass a simple Know Your Customer (KYC) procedure, but this is quite an easy process at XTB. You’ll be required to provide a scanned coloured copy of either your passport, drivers licence or national ID, along with either utility bills or bank statements (detailing your residential address) covering the past three months.

There is no minimum deposit at XTB but if you wish to trade cryptocurrencies, you’ll at least need to meet the minimum transaction volume for that crypto. There are several ways to conduct XTB crypto trading but the easiest method is through the Market Watch window, where you can simply double click on your desired market.

Drop down menus keep the process very simple. Choose your position size and select whether you wish to apply a stop loss or take profit level. The Market Watch window contains a built-in calculator covering from spreads and commissions, to pip values and daily swap points. Buy (Long) and Sell (Short) buttons are clearly presented in the Market Watch window and can also be easily located from within market charts too.

If you are ready to withdraw funds you can do so by logging into the trading platform. On the bottom right corner, you will find withdraw/deposits. Simply enter your account details and the nominated withdrawal amount.

XTB accepts bank transfers, as well as credit and debit card payments. That means you can trade with a prepaid card or your normal banking card. The e-wallet selection at XTB is rather extensive, including major services such as PayPal, Neteller, Skrill and SafetyPay. The range of e-wallets will vary depending on your country of residence, so New Zealand residents will not have access to some e-wallets like Sofort.

Credit/Debit card deposits are instant but bank transfers will take several days to clear. XTB withdrawals can only be made via bank transfer but are fast with withdrawals initiated before 1 p.m. arriving the same day and anything later arrives by the next working day.

New crypto traders and traders of small volumes will be pleased to learn that XTB features no minimum deposit amount but the withdrawal fees for low amounts mean you’ll most likely want to build up some bankroll before making a withdrawal. Since New Zealand traders will have to work with US currency, it really is up to you on how you’d best like to arrange transactions.

However, it is the recommendation of TradersBest.com that PayPal is a great choice of payment method as it avoids charges, unlike some other major e-wallet services.

Live chat, phone support, and e-mail contact are all available at XTB and in many languages including minor tongues such as Hungarian. During our XTB review for New Zealand users, phone agents picked up the phone instantly, and live chat is incredibly responsive while providing useful information.

E-mail support may take a few hours to respond but also offer to give you a call back, where any further queries will be answered, including your initial questions.  European clients will only be able to reach customer support 24/5, while all international clients, including New Zealand, benefit from 24/7 coverage.

There is no additional VIP support at XTB but there really is no need when the service is exceptional for all clients. The standard processing time for a withdrawal request is 1 business day but the actual time the funds reach your account will vary depending on account type and banking location.

After a comprehensive XTB crypto review, we can determine that this broker is low-risk and is authorised by multiple regulators, including a tier 1 licence from the Financial Conduct Authority. XTB have been trading since 2002 and currently possess the following licenses:

• Financial Conduct Authority UK (FCA)
• Cyprus Securities and Exchange Commission (CySEC)
• Polish Financial Supervision Authority (KNF)
• National Securities Market Commission (CNMV) of Spain
• International Financial Services Commission of Belize (IFSC).

All personal data and financial transactions are protected on the XTB website by high-level SSL encryption. Age verification is required to sign up and for payment transactions, ensuring protection of minors. XTB international customer accounts, including New Zealand, are protected under the segregation of funds policy and this broker regularly submits reports to all regulating agencies about how they handle the funds of over 200,000 customers.

Reputation and Customer Feedback – An award-winning provider

After conducting a thorough XTB review, TradersBest.com can confirm that this broker is highly reputable and considered very low-risk. XTB is highly regulated and publicly traded. In 2020, XTB won the forexbrokers.com #1 Phone Support Award and in 2019, won best CFD broker in the coveted M&A Today Awards.

XTB crypto New Zealand users clearly enjoy the platform, as the broker maintains a high rating on trusted broker review sites including a 4.1 on Trustpilot and a fantastic overall trust score of 92 at forexbrokers.com. Feedback is generally positive to excellent with many glowing remarks regarding personal experiences with specific individuals in the XTB team. XTB is perceived as an excellent trading platform with tremendous, industry-leading customer service.