The idea to make money with trading currencies is very appealing to many people who believe that it is an excellent way to earn some extra cash along with their regular jobs. The ultimate dream is to make 5 or 6 digit profits on the stock market with only a few mouse clicks from the desktop computers. Still, the Forex market requires some knowledge, though, as well as good trading skills. This suggests that it takes a little bit more to be a professional trader and to turn the investments to gain.
This review inspects the conduct of a UK broker, the renowned XTB Forex company, which managed to stay in business for more than a decade. The broker counts to the biggest Forex companies with many regional offices and lands success after success.
The History of XTB
This broker has been around for quite some time with its first established office in 2002. CFDs, indices, commodities, and Forex are the main trading assets of this broker. It is the 4th biggest stock exchange Forex broker in the world with offices in over 14 countries like Germany, Poland, France and Turkey.
We can see that this broker does not avoid regulated EU markets and did not opt for popular offshore destinations were legislation is loose. This says a lot about this broker, and therefore it earns an extra point. It is not only regulated by the mighty FCA, but also by the very strict German BaFin organization.
The FCA and BaFin share similar policies, both contributing to a safer EU market and overall trading. There is only a small fraction of brokers who choose to expand to Germany since the tidy and neat Germans do not tolerate any kind of inconsistencies or malfunctions. XTB had the courage to comply with German laws were every legal provision has to be met to its fullest. What else the broker offers is listed in this XTB Forex review.
As a broker who has years-long experience, XTB knows that it is essential to have the right platform that will meet the expectations and needs of traders. Therefore, the broker offers two platforms, both of exquisite performance. The first one is the Meta Trader 4, which is a world-renowned platform and is almost mandatory if a broker wants to keep up with the competition.
The second is the xStation 5. This platform has also won a number of performance-awards and includes trading transparency, real-time market news, live statistics, and a chart package which is easy to use and operate. The platform even won the Best Platform Award just this year.
The broker also offers the appropriate and accompanying XTB Forex mobile apps for both trading platforms which offer the same conveniences as the desktop versions, just with the advantage of trading on the go.
XTB Forex account types are divided into three categories:
- Basic (fixed)
- Standard (floating)
- PRO (Straight-Trough Processing)
The basic account with fixed spreads offers instant execution. Leverage is 1:200, and the minimum trade size is 0.01. The Standard account has the same leverage and same minimum trade size requirement. The PRO or STP account offers direct access to the market and as every STP account; it comes with a small commission, while the other two are fee-free. All accounts have the same minimum deposit requirements, which is exactly $1.
Regarding bonuses, we have some good news. Namely, the broker offers generous cash-back bonuses on every trade for loyal customers. The XTP cash-back bonus starts at 1.80 GBP per trade lot. The policy is simple, the more you trade, the more you get, i.e. if you trade 300 lots within a month, you get additional 270 GBP, etc. Refer a friend promotion is also part of their offer which can bring in lucrative trading credit. The bonus can go up to 600GBP.
Deposits and Withdrawals
Thanks to the Internet, money transactions became a piece of cake. Some of the electronic payment systems made a good name since they proved to be safe and reliable. Every broker accepts at least several e-wallets. XTB is also one of the brokers who offer the convenience of e-wallet payments along wire transfer and credit card payments. E-wallets accepted by XTB are Skrill, Neteller, and PayPal.
The broker processes withdrawals within a business day and makes sure that your funds arrive safely to your account. There is no minimum withdrawal amount which is also another advantage for traders.
The XTB broker offers a large customer support team. With over 14 offices around the globe, you can reach the support team in Canada, Turkey, Latin America, Poland, Hungary, France, Spain, China, etc. The customer support is available 24/5 and is glad to help a customer in trouble who needs additional information on accounts, platforms, deposits, etc. The support team follows a fast reply policy to the delight of many traders.