It is quickly becoming one of the most competitive and popular brokers around. It provides access to various markets, which we’ve discussed.
X-Trade is regulated by five financial bodies, including the Financial Conduct Authority. Clients from all over the world are welcome, except if you’re from the US and a few other countries.
We’ve discussed the company in-depth in our review below.
Does XTB Accept Traders From the UK?
XTB LTD, which is regulated by the FCA, only accepts traders who are residents of the United Kingdom. If you’re from the EU and want to use the broker, you’ll have to use XTB CYPRUS. Canadian clients can make use of X-Trade’s French branch.
Unfortunately, the site doesn’t accept clients from certain countries.
XTB INTERNATIONAL is only available to those outside the UK and EU, and to those who don’t fall into the list of countries above.
X-Trade Brokers Review
We’ve discussed everything you need to know about the site below.
XTB is mostly used to trade CFD and Forex. Its selection of CFDs is on par with rivals like eToro and Trading 212.
There are 49 currency pairs, 42 stock index CFDs, 1,800 stock CFDs, 114 ETF CFDs, 22 commodity CFDs, and 25 cryptos.
The number of cryptos the site offers is more than that of eToro and Trading 212. They both offer just 16.
X-Trade doesn’t allow you to change the default leverage level of its products. This can be a major drawback.
You can trade ETFs as well as real stocks if you’re an EU client who is not in the UK, Cyprus, Hungary, or Italy.
There are 17 stock products and 220 ETFs available. Even though the selection of stock products is decent, the number of ETFs is not ideal.
Trading 212 and eToro offer 7 and 17 stock products respectively. Although the 220 ETFs XTB offers are less than ideal, eToro and Trading 212 don’t fare any better. Trading 212 offers 200 ETFs, while eToro only offers 145 of them.
You can utilize either xStation 5 or MetaTrader 4. xStation 5 is X-Trade Broker’s custom platform. MT4 is a third-party option.
xStation 5 is available in many languages. They include:
Let’s talk more about X-Trade’s custom platform.
You might feel intimidated by xStation 5 at first glance. It looks like a trading platform designed for professionals. However, once you start using it, you’ll realize that it’s not too complicated. You can also easily customize it.
There are two ways you can search for assets on ‘Market Watch’.
- Click the product name in the search bar
- Go through the different categories and products available. Let’s say you want to trade a US stock CFD. You have to click on the specific stock type and then the US.
xStation 5 comes with a trader calculator. You’ll be able to calculate the margins, commissions, and the other parameters of trades.
The order types available are:
- Trailing stop
Logging in doesn’t take long. It’s a one-step process. Just know that a two-step login would be more secure.
Notifications and alerts can be sent through email or SMS. In terms of what you can use this feature for, they include margin calls, deposits, withdrawals, and closed positions.
The platform provides clear portfolio and fees reports. They’re available under the ‘History’ tab. Daily reports via email can be sent to you as well.
Mobile trading can be done either through xStation 5 or MetaTrader 4. Mobile trading is possible on both Android and IOS. You’ll be able to trade in as many languages as you like on the web trading version.
The XTB mobile app is well-designed and user-friendly. You’ll easily be able to find any feature you want.
Only one-step login is available. A two-step login would be more secure. However, you can set up fingerprint authentication which is a bonus.
All you need to do is type the name of the product in the search bar or browse the different product categories.
The same order types as the web trading platform are available:
- Trailing stop
The app lets you set as many alerts and notifications as you want. This includes notifications for market news and price changes.
Deposits and Withdrawals
The account base currencies available are below average compared to rivals. The only major currencies available are USD, EUR, and GBP. XTB’s less popular currency accounts are HUF and PLN.
If you’re new to trading, you may be wondering why the number of currency accounts matters. When you fund your account or trade assets in the same currency as your bank account, you don’t have to pay conversion fees. These fees can be pricey.
An easy way to avoid the conversion fees is by opening a multi-currency bank account. This will only take a couple of minutes.
One of the advantages is that X-Trade doesn’t have a minimum deposit amount. You can deposit whatever you want to open a live account.
XTB doesn’t charge deposit fees. However, e-wallets like PaySafe (formerly Skrill) and PayPal will charge 2% from the sum you’ve deposited.
Your location will determine which e-wallet you’ll be able to use. The ones XTB accepts are:
- Paysafe (formerly Skrill)
You can also make deposits through debit and credit cards, as well as bank transfers. Just know that a deposit via bank transfer can take several days.
Withdrawal Fees & Options
X-Trade does not charge withdrawal fees for sums over €80/$100. €16 would be charged if the sum is below 80 pounds and 20 dollars if it’s below 100 dollars.
You can only withdraw money through a bank account in your name. If you make the withdrawal before 1 PM, the cash will show up in your bank account on the same day. Otherwise, it would take one business day to arrive.
Let’s talk about the withdrawal process.
First, log into your trading account. You’ll see a ‘Deposit and withdraw funds’ option on the bottom right. When you click it, you’ll be directed to a page where you’re asked to include your bank details. This is the account your money would be sent to. Initiate the withdrawal and you’re good to go.
All you need to do now is wait. Keep in mind that if you did the withdrawal before 1 PM, you’ll get the cash sent to you that same day.
Is My Money Safe with XTB?
Yes, your money will be safe. X-Trade Brokers UK is regulated by the Financial Conduct Authority which is one of the largest and best-regulated financial bodies in the world.
Meanwhile, the EU branch of the site is regulated by CySec, under the 169/12 license number.
XTB’s international branch is regulated by the Belize International Financial Services Commission. It’s under the IFSC/60/413/TS/19 license number.
If you’re a retail client from the EU, you’ll have negative balance protection. This is mandated under the ESMA’s rules. It ensures that you won’t lose more than what’s in your trading account. Just know that the protection would only be offered for CFD and Forex spot trading.
Let’s talk about the investor protection you’ll get. It would be 100% up to every €3,000, and 90% up to every €22,000.
X-Trade does not provide two-factor authentication. However, it offers bio-metric protection for its mobile app. This means that you’ll have to use either your fingerprint, voice, or retina to log into your account.
You also need to have a long password that is a mix of low and upper case, along with numbers and special characters.
It’s safe to use XTB, as it has a long and clean track record. The company regularly releases financial statements, so transparency is never an issue. The broker is also listed on the Warsaw Stock Exchange – it’s no small-fry.
While on the topic of safety, know that the site doesn’t have a banking license. To some people, this may be an issue.
The firm’s educational materials are great. You can find four different courses on trading, which are divided into basic, intermediate, expert, and premium content. The basic and intermediate courses are free but you need to pay for the other two.
Each of the courses includes videos and articles. The topics are diverse and do not deviate from the industry norm. All the information that a beginner should know about is available. Its resources are well-organized, which is a plus.
In the premium course, X-Trade has complied material from some of the best traders in the game.
The broker holds conferences and events for people who want to get into trading. In April 2019, X-Trade held the Global Online Trading Master Class. It was live-streamed and users from various locations took part.
Not only are there resources to help you invest better, but you can also find tutorials on how to use xStation 5 and Metatrader 4. You can get a demo account for this. You’ll be funded with virtual money to practice trading strategies.
Is XTB a Good Broker?
You don’t need to be a pro trader to know that the broker is worth your while. You’ll be able to trade a large selection of CFDs and Forex. The number of stock types you can trade is just as good. However, as mentioned, the number of ETFs available isn’t the best.
XTB is easy to use, and your money will be safe. The cherry on top is the fact that you’ll be getting superb customer support.
You can contact the support team through live chat, phone, or email. This is available in many languages, including Romanian and Hungarian.
The broker’s live chat provides immediate, helpful replies. What’s more, its phone support team answers calls almost immediately and attends to problems.
We contacted the site’s team via email. We had no complaints, as the representative we spoke with cleared all the doubts we had.
If you live outside Europe, you’ll get 24/7 customer support. But if you’re from the EU, support would only be available 24/5.
The fact that X-Trade has many resources and educational guides is also appreciated. If you want to become a pro, you can purchase its premium course material. You can also attend one of the conferences and masterclasses that are hosted by the platform.
The broker accepts clients from the UK. You’ll be able to make use of its services wherever you are in the world unless you live in the United States. The site is mostly used to trade CFD and Forex. However, you can trade crypto, stocks, and ETFs too. The number of CFDs and Forex available are on par with rivals like eToro and Trading 212.
XTB is a reliable broker. You’ll be getting great customer support and can get in touch with its customer representatives in several ways. There are many resources that you can use to become a better trader, as well.
You won’t be charged deposit fees, and there are several ways you can fund your trading account. However, you’ll only be able to withdraw money from a bank account in your name. If you withdraw before 1 PM, the cash would be transferred to your bank on the same day.