XTB review: Lower Trading Costs in 2023 for X-Trade Brokers

1:36 PM, May 08, 2023
1:58 PM, May 08, 2023
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If you want to get started with forex trading, you'll need a trusted online broker like XTB. XTB, or X-Trade Brokers, is a company based in Belize that offers various affordable trading-related financial services. 

XTB’s operations are approved and regulated by the National Financial Supervisory Commissions in Spain, Poland, and the United Kingdom.

World Finance Swap & Brokers named it the Best Financial Trainer, and Global Financial and Banking Review named it the Greatest Broker in Europe. 

But is it the right Forex trading platform for you? Read our XTB review, with regards to its pros, cons, and pricing, to determine whether X-Trade Brokers is the right option for your trading needs.

Pros and Cons: XTB Review

XTB review Pros

  • Licensed by organizations in the U.K., Poland, and other European countries.
  • Superb customer assistance.
  • Simple account setup.
  • An inexpensive way to trade currency.
  • Guarantees your account’s safety.
  • Free, instant money transfers.
  • One of the top platforms for foreign exchange trading.

XTB review Cons

  • Stocks, exchange-traded funds, and commodities are not tradable underlying assets.
  • Americans are not eligible as customers.
  • It's expensive to trade stocks using CFDs.

XTB Review: What Is XTB?

XTB Online Trading is a European Union-focused foreign exchange brokerage that has been around for over two decades.

Established in Poland in 2002, XTB has become a leading broker in the foreign exchange (FX) and contracts for difference (CFDs) markets. As of February 23, 2023, XTB's market valuation on the Warsaw Stock Exchange was 3.83 billion PLN (858 million USD) (WSE: XTB.PL).

XTB's preliminary report for 2022 was released in February 2023, revealing that the company had over 258,000 participants to act globally.

XTB has headquarters in over a dozen European countries and holds licenses from various authorities. These organizations include the FCA in the United Kingdom, the KNF in Poland, the BaFIN in Germany, the CNMV in Spain, the AMF in France, and the Cyprus Securities and Exchange Commission.

It is also licensed by the Dubai Financial Services Authority in the United Arab Emirates, Financial Services Regulatory Authority in South Africa, and the Belize Financial Services Commission.

XTB has $5M in total indemnity insurance, including $1M per customer claim. XTB's Belize subsidiary handles this insurance.

Despite the intense competition in the sector, this broker has remained the best Forex trading platform for traders of all skill levels because of the low price and wide selection of marketplaces available.

The "xStation 5" trading platform is the broker's main product since it's user-friendly and feature-packed for novice and seasoned traders.

>>Open an XTB account now

XTB Review: Platform and Features

Traders can use XTB's trading platform, xStation 5, from any device with an internet browser, including desktop computers, tablets, and smartphones running Android, Windows, or iOS.

Although it lacks several capabilities in competing platforms, its simplicity makes it well-suited for non-experts. In addition, because there are no complicated features, you may dive in straight away with minimal orientation.

Traders can use the following XTB functions while placing orders:

  • Market Order: It is the simplest form of a purchase or sale request based on the current market price.
  • Limit Order: If you wish to buy or sell an item at a specific price and your broker cannot fulfill your order immediately, you can place a limit order.
  • Stop Order: If the asset's price drops below a specified level, the Stop and Stop-Loss order will cause you to sell it.
  • Trailing Stop: In the same way that a stop order may help you limit your losses, a trailing stop order can help you lock in some profits by moving the stop price nearer to the market rate if the price advances in your favor.

Furthermore, you may sign up for alerts that will send you emails, text messages, or push notifications if a certain event occurs, such as a margin call, a change in your trading position, or a deposit or withdrawal.

In addition to its trading and investment services, XTB provides its customers with a comprehensive education center. XTB hosts a live market analysis and a Q&A session with industry professionals every Wednesday.

XTB Review: Commissions and Fees

XTB has two account types available to its customers: 

  • Standard account, which only offers spreads.
  • A Professional account offers spreads and commissions but is only available to eligible customers in the United Kingdom and Europe. 

However, the commission-based pro account is being phased out and is no longer promoted. XTB's prices are lower than the cost of the best brokers.

Average Spreads

The average XTB spread on the EUR/USD in the third quarter of 2021 was 0.91. 

Standard vs. Pro Accounts

XTB's Professional and Standard accounts have identical pricing for trading in larger quantities, requiring a minimum deposit of 250 base currency. Still, the Basic account is more cost-effective for transactions below $10,000.

Since the Pro account is no longer offered in most locations, except a few historical clients, we recommend the Standard account to retail traders.

Active Trader Discounts

When you trade a particular number of lots per month with XTB, ranging from twenty lots per month up to 1,000 lots per month, you will receive a refund on the spread ranging from 5% to 30%.

XTB's Reduced Spread Group is an active trader program that allows the firm to compete with comparable services provided by FXCM, FOREX.com, & CMC Markets.

>>Start trading using XTB now

XTB Review: Who Is this Broker Best For?

XTB provides comprehensive trading services appropriate for both novice and seasoned traders interested in financial management. Nevertheless, some individual investor accounts lose a lot of money while trading CFDs.

XTB Review: Is This Trading Platform Safe?

With a Trust Rating of 95 out of 99, XTB is widely regarded as a trustworthy broker. XTB is a publicly listed corporation with authorization from one tier-1 regulator (high trust), three tier-2 regulators (medium trust), and one tier-3 regulator (low trust). 

XTB is approved by the Financial Conduct Authority, a top-tier regulator (FCA).

XTB Review: Affiliate Program

The XTB affiliate program enables business clients to increase their revenue by marketing the broker and bringing in new customers. Up to 20% of the referred client's spread is eligible for such compensation.

The XTB cashback (rebates) program is particularly intended for aggressive traders. Customers may be eligible for spread reimbursement if they meet the monthly trading activity requirement.

The broker offers several partner programs that enable traders to earn a cut of the broker's commission and establish their own referral program. A set number of trading lots can be converted into a partial refund of the spread for active traders.

>>Open an XTB account now

XTB Review: Educational Resources

A robust teaching platform is crucial since many traders and investors establish brokerage accounts daily. 

XTB ranks among the top brokers since its substantial educational materials cover concepts like short-selling, hedging, or trading psychology.

XTB Knowledge Base

The knowledge base is accessible via the main navigation menu. You may filter the instructional materials by choosing from several tabs at the top of the screen. 

These groups consist of the following:

  • XTB Services.
  • Commodities.
  • CFDs.
  • Fundamental analysis.
  • ETFs.
  • Indices.
  • Stocks.
  • Forex.

XTB Live Webinars

As an XTB subscriber, you will gain access to regular weekly webinars and articles. Every Wednesday at 5:45 pm GMT, XTB hosts a webinar covering various subjects, including the trading platform named xStation 5 and market analysis by XTB professionals.

XTB Trading Course

Finally, as an XTB client, you have free access to a comprehensive trading course covering all the basics. The course offers hours of video lessons and supplementary materials. 

You can also participate in a private WhatsApp group moderated by XTB's market experts.

XTB Review: Market Research

Thanks to top-notch analysis from internal and external sources, XTB's research materials can stand toe-to-toe with the best resources in the industry. 

Nevertheless, XTB does not produce as many English posts and YouTube videos regularly as other top brokers while having a significant international appeal in other languages.

Research Overview

XTB makes up for the lack of Trading Central and Autochartist by providing its own unique trading tactics as part of its Professional Research service. 

In addition to streaming headlines from reputable news outlets, XTB provides users access to an economic calendar, market sentiment, and other study tools.

Moreover, XTB offers written pieces from its employees and weekly video seminars on YouTube, including various languages like Polish, German, and Italian.

Market News and Analysis

Under its Market News area, XTB produces high-quality stories broadcasted as headlines on the xStation 5 platform. The research incorporates technical and fundamental analysis with features like its "Chart of the Day" series.

Together with price evaluations from Barclays, Thomson Reuters, Citi Group, and other premium sources, XTB's news panel also has trading indications.

News Filtering

At XTB, it's not always easy to tell which pieces were authored by employees and which were contributed by other sources. For instance, you may select only certain news articles from specific sources on the Saxo Bank website (in-house vs. third-party).

>>Start trading using XTB now

XTB Review: Trading Platforms

XTB operates its own trading platform known as xStation. It is accessible on the web (XTB xStation 5) and mobile devices (XTB xStation Mobile). 

As an XTB customer, you can access both tools for trading and investing.

xStation 5 Trading Platform

You may access xStation 5, XTB's primary trading platform, via web browsers like Firefox, Chrome, Opera, or Safari. As one of the best Forex desktop trading platforms, you can use it as a desktop program since it works on both Windows and Mac. Both new and experienced users can benefit from the platform.

xStation 5 is user-friendly and equipped with a flexible stock screener, allowing you to quickly and easily filter among over 2,100 instruments or assets worldwide, such as Forex, indices, commodities, stock CFDs, and ETF CFDs.

xStation Mobile Trading Platform

The xStation 5 smartphone app from XTB is far superior to MetaTrader 4 and is available everywhere. Since it’s considered one of the best Forex mobile trading platforms, XTB's smartphone app can hold its own against the industry's leading FX brokers.

xStation Mobile Features

The xStation 5 app has a sleek interface and shares many features with its web-based cousin, including live news, custom watchlists, an economic calendar, market leaders, and customer feedback. 

With many movies that are almost an hour long, the mobile app's integrated videos also offer webinar-style instructional content.

xStation Charting

xStation 5 charts are acceptable but not outstanding. The government watch list does not synchronize with the online version of the platform, and there are only half as many signals, 13 in total.

The automatic saving of trend lines and drawings and the ease with which you may add indicators to charts at any zoom level are two useful aspects of the mobile charts available in xStation 5.

MetaTrader 4

XTB clients also have access to the popular MetaTrader 4 trading platform and xStation.

>>Open an XTB account now

XTB Review: What Can You Trade On XTB?

You may trade the following assets with the help of XTB:

  • CFDs on cryptocurrencies.
  • Forex CFDs: Forex trading, sometimes referred to as Foreign Exchange, is the act of purchasing and selling currencies. The broker makes it possible to speculate on the foreign exchange without changing your currency by providing contracts for difference (CFDs) whose values are pegged to those of the underlying currencies.
  • Commodities CFDs.
  • CFDs on stocks: The broker does not permit stock purchases but offers CFD trading on the short-term movement of stock prices.
  • ETF CFDs: ETFs cannot be traded, unlike stocks and currency, but CFDs allow you to bet on brief ETF price changes.

XTB Review: How To Open an Account

These are the steps of the process of signing up for XTB Online Trading:

  1. Go to the XTB homepage. Enter your email address and country of residence in the appropriate fields.
  2. Fill up your details, including the address and date of birth.
  3. Choose your preferred trading platform.
  4. Pick the type of account that best suits your needs, such as Standard or Pro.
  5. Select your account's base currency.
  6. Answer a few questions about your background, finances, and trading experience.
  7. Verify your identity and residence by submitting the necessary documents to activate your account.

Remember that XTB may require video-based identity verification for the final stage. You can also provide a photocopy of your identification documents, such as a driver's license or passport, for verification.

Here is a rundown of the many deposit alternatives available with XTB:

  • Blik.
  • Paysafe.
  • Neteller.
  • SafetyPay.
  • Sofort.
  • PayPal.
  • PayU.
  • Credit/debit card.
  • Bank transfer.
  • Paydoo.
  • BlueCash.

>>Start trading using XTB now

XTB Review: How to Trade Crypto

Here’s a short and simple guide on how to trade on the XTB platform:

  1. Log in to your account.
  2. Choose a market via the platform.
  3. Learn more about the broker via the technical and fundamental analytical tools.
  4. Use the asset's chart, the click and trade panel that displays when you click on an asset or the order window that appears when you right-click on the chart.
  5. Decide on your trading budget and volume.
  6. Choose the amount of margin you wish to trade with.
  7. If you wish to reduce your risk and maximize your profits, choose one or both of the stop loss and take profit choices.
  8. Click the buy or sell button to indicate your prediction of the asset's price movement.

XTB Review: Customer Support

XTB offers several contact options for customers needing technical support, including a live chat feature, round-the-clock local phone assistance, and email for new and current customers. 

Even more impressive is that XTB provides dedicated account managers to assist customers with account issues.

FAQs: XTB Review

Here, we answer a few frequently asked questions about XTB.

Do Reviews by Traders Influence the XTB Rating?

Each trader review can increase or decrease a broker's rating on the overall list of brokers. Visit the broker's profile to see XTB reviews.

How Can I Leave a Review About XTB on the Traders Union Website?

Register on the Trades Union website or Facebook to submit a XTB review.

Is It Possible to Comment About Xtb on a Non-traders Union Client?

Anybody can rate XTB on numerous participating clients, but Traders Union members may also earn extra money afterward for dealing with any broker on the Forex market.

Conclusion: XTB Review

XTB Online Trading, or X-Trade Brokers, is one of the best FX brokers available today. Beginner traders will appreciate the platform's user-friendliness.

CFD trading on cryptocurrencies, equities, and commodities is also available on this trading platform. If you're not searching for a forex broker, you can still benefit from the diversity of markets it provides access to.

XTB’s spreads are also among the lowest you'll find among forex brokers. In addition, there are no charges for deposits or withdrawals, which is convenient if you plan to replenish your account regularly.

XTB Online Trading is a reliable, affordable forex broker, thanks to its Financial Conduct Authority certification. It is a viable option no matter which markets you're interested in trading.

We hope our XTB review: Lower Trading Costs has helped you determine whether this broker is right for you.

>>Start trading using XTB now

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