Similar to Exness, ICMarkets, and Olymp trade… XTB is also a famous foreign exchange exchange. For many foreign traders, XTB is quite familiar. But for UK traders, it feels quite strange. That’s because XTB previously did not develop in the Southeast Asian market, but now it has arrived and is very active. For more details, please join Learn Forex Trading at XTB Review through the following article.
Concept of XTB exchange
XTB exchange’s full name is X-Trade Brokers. This is one of the top financial and CFD companies in the world. This exchange was established in 2002. Up to now, there are more than 13 offices located in countries around the world such as Belize, Germany, France, UK, Poland, Cyprus, Spain…
The XTB trading platform in the UK will be developed and responsible by XTB International Ltd. Besides, IFSC will be the direct management agency of this exchange.
Evaluate the XTB exchange as reputable or a scam.
XTB is a foreign exchange present worldwide. Providing many trading products such as currencies, indices, stocks, metals… XTB was established in 2002 and has now spent more than 20 years operating in the field of international finance.
Every day XTB serves millions of investment customers participating in the forex market globally. The exchange is also a good liquidity provider. Investment products here are pushed into the market quickly thanks to the association with banking partners and other large funds. If you do not feel confident enough, please see XTB Review further through the section below.
See more: Instructions for registering an XTB account
XTB exchange operates legally
There is not just one type, but XTB has a series of operating licenses issued by the world’s leading prestigious organizations. In terms of transparency, you can rest assured about the exchange. XTB holds licenses from the following organizations:
- FCA: Licensed by the UK Financial Conduct Authority.
- CySEC: License of the Securities and Exchange Commission of the Republic of Cyprus.
- IFSCL: International Financial Commission License.
- KNF: Polish financial institution license.
XTB exchange operates legally
To obtain these licenses, XTB must have tried very hard to prove itself. In general, the XTB exchange has a clear origin. Experienced in investment consulting and higher reliability than many other exchanges. If you compare XTB with exchanges like Exness, Icmarkets, FXTM, and XM, they are also competitive and no less.
Does XTB exchange operate legally in the UK?
As you know, UK law only licenses banks, financial companies, or currency issuers. Therefore, not only XTB but all other Forex exchanges related to foreign securities and virtual currencies are not licensed to do business in the UK.
This is a regulation of UK law and even if the trading exchange is online, it is not allowed to operate. Even though the exchange has operating licenses from many prestigious organizations in the world, it is restricted in the UK. However, in reality, the UK does not ban these transaction activities. So people can still invest freely without violating the law.
Through the XTB Review section above, have you partly seen the reputation of this exchange? That’s not all, we will present all the information about XTB so you can have a more general overview. Continue reading below.
XTB Review by account and products
On the XTB trading platform, there are two types of accounts: Standard (A, B, C) and Pro. Both types of accounts have very clear differences.
- Standard accounts: it is for traders with small capital and new traders without much experience.
- For pro account: it is for forex experts. People who are experienced and trade with large capital from 0.1 lot.
XTB’s two account types are not very popular with UK traders. Because they often prefer trading with accounts like ECN and Classic.
As for products on XTB, there are many options for you such as Forex (49 pairs), cryptocurrencies (25 codes), indices (42 indices), commodities, stocks (1724 codes), and many other exchange-traded funds (ETFs) (104 codes).
XTB trading platform
For XTB Review to be reputable or not, the trading platform cannot be ignored. Currently, XTB has two trading platforms: MT4 and Xstation 5.
XTB Metatrader 4 is the platform most used by traders, it provides all the features and criteria that traders need. Furthermore, this is also very user-friendly software, with UK language support for UK traders to easily use.
MT4 provides more than 30 indicators, technical analysis tools, world economic news, the EAsy9 system, and time frames along with 3 types of price charts.
The XStation 5 platform offers:
- Trading Calculator: helps traders calculate the profit or loss corresponding to Stop loss or Take profit levels.
- The Trader’s Talk feature will help traders update the latest news and understand the best trading opportunities.
- Market Sentiment: shows the percentage of traders placing different orders in different markets.
XTB trading platform
XTB Review through leverage, commission fees, spread
XTB trading platform has a maximum leverage of 1:500. Depending on each asset type, the leverage level will be different.
- XTB forex – maximum leverage 1:500.
- Maximum stock index leverage is 1:200 for major codes. As for codes with few transactions, the leverage is 1:66.7.
- Commodities – leverage is 1:333.3. Gold is 1:500.
- Shares CFDs – maximum leverage 1:20.
- ETFs CFD – maximum leverage 1:5.
- Cryptocurrencies – maximum leverage 1:5.
Standard accounts (A, B, C) will have spreads from 1.3 pips and traders are commission-free. Pro account: spread from only 0.1 pip and commission is $7/lot for 2 ways.
What forms of deposit and withdrawal does XTB have?
XTB only has a few typical deposit and withdrawal methods such as bank transfer, Visa/Mastercard, and e-wallet. There is also Skrill with a 2% fee and Safety Pay with a 1.5% fee.
Bank transfers will take a few days to process. As for Visa/Mastercard and e-wallets, deposits are processed immediately. Withdrawals will be processed by the exchange within 24 hours.
See more: Registering broker XTB account on the phone
XTB Review through the pros and cons
Although the XTB exchange is used by many people and is highly appreciated by experts. However, besides the advantages, there are also a few disadvantages.
Advantage
- Diverse trading products.
- Low commission fees.
- Pro accounts have low spreads.
- 24/7 support team.
- There is an MT4 platform and there is an Xstation with many features.
Defect
- Leverage is average.
- The Standard’s spread is high.
- MT4 does not support Web execution.
- Deposit and withdrawal methods are not applicable via Internet banking.
- High commission fee if the withdrawal is less than $100.
Epilogue
Just now was the XTB Review of Learn Forex Trading. Hopefully, through this review, traders will understand XTB better and feel the reputation of the exchange. Be a smart investor, and choose the right reputable trading platform to bring high profits!
