As a long-time FOREX trader I was quickly captured by the attraction of the crypto-world. Besides my fascination for trading, it has always been essential for me to understand the underlying technology and ideology. I am still active as a trader today and try to simplify the entry and trading for beginners by my articles and pass on my knowledge. That is why I have been working as an editor for TradersBest.com since 2019.
Greetings, and welcome to Tradersbest.com’s XTB review UK!
At Tradersbest.com, we know all about the world of online investments and trading and are happy to scroll through all of the most popular online exchanges, to tell you everything you need to know.
Are the platforms user friendly? Can you navigate them as a new or novice investor?
So, sit back and read on for our XTB trading review UK!
When we opened an account during our review of XTB, we found it to be fast and simple; all of the documents you need to submit can easily be submitted and accepted in 30 minutes! same as in our Review of FP Markets and in our Robinhood review!
Once you have opened your account, there is a welcome bonus available for some UK/ non EU clients; if you place 100 USD (or equivalent) into your account, you will be given a 50% match. You may not be eligible for this bonus and you will need to contact the sales team for details on your suitability.
Usability - Our review of XTB trading simplicity
The site itself follows a logical layout for new users, with services displayed across the top and the Login and Creating Account section displayed in the usual place of the top right of the screen.
Stocks, commodities and cryptocurrencies can be found as you scroll past the main banner, but the cryptocurrencies tab states ‘professionals only’ highlighting a restriction with purchasing this currency.
We particularly like the webinars and education part of this site, designed to help those who are new to the market become more confident with trading and the site’s layout.
There are 3 account types you can open at XBT, the standard account, which offers wider spread and no commission to the platform or the pro account that has tighter spreads, but will require you to pay a commission on certain stocks.The platform offers an Islamic account, which is compliant with Islamic law. But this account does not allow the user to trade in cryptocurrencies.
Go to XTB
If you aren’t sure which kind of account you would like to set up at XTB, you can try a free XTB demo account, showcasing the different layouts.
Some European clients may be asked to verify their identity via video, or, you may have to upload a scanned photo ID.
If you refrain from using your account for 12 months, you will be charged a €10 (or the equivalent in GBP or USD).
Fees – What’s the cost of trading at XTB?
It is generally accepted from investors that XTB’s fees are low, especially when compared to platforms like eToro.
While we could break down each one, we decided to highlight the key features instead to give you a snapshot, based on the assets you have with the exchange. These may vary based on your location, the market you are investing in and the time you execute any trades, so be sure to check them each time!
S&P 500 CFD- Pro account pricing at €3.5/ £3 or $4 (per lot commission).
Europe 50 CFD- Pro account pricing at €3.5/ £3 or $4 (per lot commission).
EURUSD- Pro account pricing from €3.5/ £3 or $4 (per lot commission).
When we opened a standard account during our review of XTB, we only paid for the spreads. If you open a pro account with XTB, you pay for both the spreads and the commissions to the exchange. An interesting thing we noted was that when you open an Islamic trading account, you do not pay for swaps and this account type is free of any fees associated with the other accounts.
Trading Platforms - How can you trade at XTB?
The trading platforms that XTB uses are displayed in their individual tab on the homepage; X Station 5 and X Station Mobile.
We took a look at both to see how they work and the features that they offer. X Station 5- this is an award winning platform, which offers faster trade executions and is simple to use.
You can access trades from around the world using it and it is accessible via a mobile or desktop app. It is also a web based trading platform, so you are updated via the app as soon as any changes to your investments occur.
X Station Mobile- as the name suggests, this is the mobile version of X Station 5, designed for investors on the go. It offers all of the same benefits and can keep you logged into your account at all times.
Some will ask questions such as ‘Is FP Markets safe?’ and ‘is Vantage FX safe?‘ – you can find out all of the information by clicking the links! There are minimal questions like this regarding XTB!
Trading Payments - Easy ways to make your investment!
XTB offers investors a way to fund their trading without the need for conversion rates, which we found to be in line, or even lower than industry averages.
So, if you trade in USD from your GBP bank, there is no fee for the exchange to change the currency.
The payment methods you can choose to fund your account range from the standard bank cards, to bank transfers, to credit cards; you can even fund your account using e-wallets PayPal and Paysafe (formerly known as Skrill).
Should you choose to use PayPal or Paysafe, there is a 2% charge to the deposited amount.
Customer Service - How's the help at the exchange?
As part of our review of XTB, we found that the exchange has some truly impressive customer service.
On the home page there is a chat box, which allows you to either ask a question to the support team or search the articles that the site offers. The response time on the chat option is listed as being an average of 5 minutes.
Onto the ‘Contact Us’ section of the site, and there is an array of contact options available, based on the country you are trading from. Therefore, if you are trading in the Czech Republic, you will have access to different email addresses and customer service lines than someone trading from the UK- the languages are divided on this basis too, so simply click the country you are in and you will be able to access help in your home language. The site itself is also available in 21 different languages and can easily be changed by pressing the flag button to the top right of the screen.
We also liked the fact that XTB is also available on social media platforms Facebook, Twitter and YouTube, helping investors for longer than the 24 hours a day and 5 days a week that are listed on the help segment of the site. But, oddly, the accessibility to 24 hour help is also divided based on country- the UK support offers all of the social media help, whereas the Thailand based social media support only offers Facebook.
Regulation and Deposit Insurance - Is there insurance available?
On to the bit you are probably itching to know about; is XTB safe to deposit money on? Is XTB legit?
In a word, yes it is. As the primary XTB exchange is based in the UK, your money is protected under the Financial Conduct Authority (FCA), but is also protected based on your country of trades regulations from hackers and cyber theft. Your funds are also protected under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person in the unlikely event of insolvency. Which certainly gave us peace of mind!
Additional Features - Other bits we liked at XTB!
While we dug a little deeper during our XTB review UK, we found that the exchange itself is listed on the Stock Exchange, and also offers investors negative balance protection; you cannot go overdrawn so to speak, on this platform.
While many other exchange platforms offer FAQ sections, we liked that XTB offers those newer to the world of trading training in how to trade successfully, while also offering a vast library of articles to browse through. The webinars also peaked our interest, as they allowed us to learn more about things like cryptocurrencies in our own home.
CFD Trading Offer - What’s available at XTB?
Contract for difference (CFD) is the buying and selling of contracts in businesses via an online provider; the cost of each contract is based on how much the company is predicted to grow over the next quarter, year or other time span.
At the time of writing, XTB offers over 1,500+ global stock CFDs, including Facebook and Apple. These are considered high-risk ventures, and should only be undertaken by investors who have traded in them before, or have extensive knowledge of how other high-risk investments work.
Go to XTB
CFD Trading Costs - Fees involved in CFD trading at XTB
You can trade in CFDs across the regular accounts on XTB, and the site offers you the option to go long (buy a CFD) or short (sell a CFD).
Using XTB, you can invest in a CFD with a 20% deposit, and the commission rates are low for all trades in this area (0.08%). If you want to go long with your investment, the overall financing rates for XTB are low; for instance, a long investment with a company like Apple is 2.6%, whereas with CMC Markets, it is listed at 3.1%.
There are withdrawal fees should you make a profit on your CFD, but these are based around the method of withdrawal, rather than the type of investment.
CFD Trading Conditions - Things to keep in mind
When using XTB to trade CFDs, you can expect to have access to the bid, the ask, the spread and the change of each CFD. Provided you have a standard or Islamic account, you can also expect to receive notifications or ‘warnings’ about potential changes in the market.
Product Summary - A great platform for CFD trading in the UK
In short, XTB makes trading in CFDs a little easier to understand for rookies like us (hence why only expert traders should trade these), and if you are ever puzzled when making an investment, the education centre of the site or a webinar will be available to you to learn more. Or, you can start a conversation in the chat box to ask for help.
Go to XTB
Crypto trading offer - Is XTB safe for crypto trading?
Becoming more popular among traders and investors, one big area of trade on XTB is cryptocurrency; but when you trade with XTB, you are purchasing a CFD of a selected cryptocurrency.
The exchange offers a myriad of different e-coins, such as the world famous Bitcoin, Dash, Litecoin, Ripple, Etherum and many more. You can choose from 9 different types of individual crypto coins, or you can trade in up to 16 different Crypto pairs. Trading in cryptocurrency is available over both the standard and pro account on XTB, but is not a part of the Islamic trading platform.
To make things easier, for the rest of this segment, we will focus on Bitcoin (9 coins is too many to summarise!).
Crypto trading costs - Fees on XTB crypto trading
During our XTB review UK, we noticed that many of the cryptocurrencies had tight spreads, with Bitocin averaging at 6.8-6.9. Depending on the type of financing option you use to purchase Bitcoin, there may or may not be a fee, but if there is, we can promise you it will be small!
There are withdrawal fees should you make a profit on trading with Bitcoin, but these are based around the method of withdrawal, rather than the type of investment made.
Crypto trading conditions - Our review of XTB trading conditions
When you trade in Bitcoin or any other cryptocurrency on XTB, you can expect competitive spreads and access to 365 day contract expiry and high liquidity, which we found useful as we are not experts in the ever-growing field of ecoins and e-currency.
You will have access to cryptomarkets from the XTB app, with simple terminologies and displays depending on your account type (pro accounts can look a bit intimidating to newbies!). You will also be able to trade in cryptocurrencies from 3am Saturday to 9pm Friday.
Product summary - An excellent crypto trading provider
We are very pleased with how explanative this site is in relation to cryptocurrencies. The lack of fees (or low fees) make it a comfortable investment avenue for those new to trading and with the high-liquidity offered by XTB and the 365 day contract expiry, you will be unlikely to lose assets.
XTB Review FAQ
📈 Is XTB safe to trade on?
Whether you are new to the world of online investments, or have a bit of an experienced hand, it is important to know before any deposit is made into your trading account whether or not an exchange is safe to trade on. The easiest way to determine this is to look at the licensing that a broke site has, but to save yourself some time, why not head over to TradersBest.com and peruse our review of XTB and other brokerage sites?
🟢 Is XTB easy to use for newer investors?
With the world of cryptocurrency growing and more apps than ever before (making it easier to invest as you go), the world of shares and investing is becoming available to more people. If you are one of them, you will want to use a website that makes investing easy, but also helps you learn the tricks of the trade. Does the XTB site do this? Head over to our XTB review UK at TradersBest.com to find out or find out if our Plus 500 review answers this!
❓ Can I get the Islamic account in my country?
Many investor sites can offer you an account based on your religious beliefs as part of an initial account. At XTB, you can have an Islamic account on its own, without the need for additional sign ups, assuming you are based in certain countries. Is your country on that list? Head over to TradersBest.com to find out!
Overall Conclusion - Final thoughts about XTB
So, is XTB a legit platform? Yes; it offers investors help across the board and can educate those new to trading.
The site itself is pleasant enough to navigate, with everything you need to know located on the main page and we have to say, we are impressed that Jose Mourinho uses this site and is almost their official mascot- we never knew he was an investor until today!
Is XTB a good platform to learn trading? Yes, with the support and webinars to help, it makes the world of trades and investing easy to navigate! Brilliant! If you want to check out other platforms then don’t shy away from checking our Forex.com review now!
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.