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Established since 2002, XTB is a well-known destination for forex traders worldwide. With robust security measures, various investment options, 24/7 operations, and high liquidity, XTB meets all user needs. Let's delve deeper into XTB's features and pros and cons.
Evaluation of XTB platform and trading fees
1. Introduction to XTB platform
What is XTB platform? XTB, established over 20 years ago, has swiftly become the most renowned forex and online investment platform today. XTB supports trading with over 2000 different assets, including forex, CFDs, and cryptocurrencies. It provides customers with various asset management tools, exchange rate lookup, market volatility predictions, enabling them to make the most profitable investment decisions.
XTB supports multiple languages, including Vietnamese. Every day, XTB processes over 168 thousand transactions from more than 350 thousand users worldwide.
XTB has obtained licenses from leading financial regulatory bodies in Europe and worldwide to build trust with customers. With 2 decades of experience in the forex market, XTB is committed to providing the best service to all investors.
2. Features of the XTB platform
2.1. XTB trading account
XTB offers 4 main types of accounts suitable for different trading purposes and customer segments.
Demo account: This type of account allows investors to practice trading without risking real money. All new users are provided with a demo account for 4 weeks of trial trading with $100,000 virtual money.
Users of demo accounts can execute trades on various types of assets at real prices. Demo accounts also enjoy similar support policies as Standard accounts.
Standard account: This is the account type most XTB customers use. With a Standard account, users can invest in all product categories on XTB and receive monthly cashback offers. To create a Standard account, customers must have a demo account on XTB for 30 days. Users do not need to deposit money to create a Standard account.
Professional account: The Professional account has similar features to the Standard account, except users can trade with higher leverage ratios and use advanced trading tools. Customers using Standard accounts must register to upgrade to Professional accounts.
Islam account: This is the account type for customers in Muslim countries. The unique feature of this account type is swap-free forex trading. Other features of the Islam account are similar to Standard accounts. To create an Islam account, users need to contact XTB support department.
2.2. XTB transaction fees
XTB primarily uses a fee calculation mechanism based on the difference between the buying and selling prices of an asset, known as the spread fee. This fee level varies depending on the type of asset traded on the system. For assets with high price differentials, the spread fee can be up to 58.3 USD, while the EUR/USD currency pair has a spread fee of around 0.0001 USD.
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2.3. Depositing and withdrawing funds on XTB platform
XTB supports various deposit methods. Users can deposit funds into their XTB accounts via bank transfer, debit cards, Visa, Mastercard, or e-wallets like Ngan Luong, Paypal, Paysafe, Skrill, Neteller, Paydoo, BlueCash, etc.
XTB offers free deposits into accounts via credit cards, debit cards, or up to 2% of the deposited amount if users fund their accounts via e-wallets. As mentioned earlier, XTB does not require users to deposit any money to create a trading account.
Users are exempt from fees when withdrawing amounts of 50 USD or more. If withdrawing less than 50 USD, users must pay a 20 USD fee. XTB's withdrawal order processing time is very fast, with customers receiving their funds within a maximum of 1 business day. XTB currently only supports withdrawals to bank accounts.
XTB also charges additional special fees. For example, the account maintenance fee for accounts with no transactions for 1 year is 10 USD per month.
2.4. Investment portfolio of XTB platform
XTB supports customers trading thousands of different types of assets. Below are some of the main asset types that customers can invest in on the XTB platform.
Cryptocurrencies: This is the newest and most attractive asset type on the XTB platform. Rapid price changes in cryptocurrencies provide significant profit opportunities for traders. XTB currently offers 19 different cryptocurrencies, including Bitcoin, Ethereum, XRP.
XTB allows users to invest in cryptocurrencies through Contracts for Difference (CFDs). Traders do not need to own a specific cryptocurrency but only need to predict whether that cryptocurrency will increase or decrease in value.
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Stocks: Customers can trade 1850 types of stocks on XTB through CFDs. XTB is an international trading platform, so traders and investors can buy stocks from large companies from 16 countries. Most of these stocks support leveraged trading with a ratio of 1:5.
Forex: XTB supports trading for 48 different forex pairs. Investors can trade forex with leverage up to 1:500. This means that with a capital of 100 USD in your account, you can trade forex with an amount of 50 thousand USD. This is one of the highest leverage ratios among current trading platforms.
ETFs: ETF stands for Exchange-traded funds. ETFs are created to reflect the price of a specific index or sector. On XTB, users can invest in CFD contracts of 139 types of ETFs with leverage up to 1:10.
Indices: Indices are another type of asset that users can trade on XTB. Indices represent a specific index and provide a clearer view of a certain group of companies. A popular index traded on XTB is the US 100, representing the top 100 companies in the United States.
Index markets are relatively stable, so XTB offers leverage up to 1:200 for investors. Currently, XTB has 39 indices from most major countries around the world.
Global commodities: Global commodities are basic commodities commonly used in trade and can be easily exchanged for similar commodities. Some of the most popular global commodities include crude oil, gold, and copper.
Typically, during economic downturns, companies will decrease in value while commodity prices will rise as people seek to purchase them as a hedge against risk. At the time of writing, XTB allows trading for 39 different types of global commodities. Leverage ratios can go up to 1:500 depending on the type of commodity.
2.5. XTB Trading Platform
XTB does not use the MetaTrader 5 (MT5) trading platform but instead uses its own platform called xStation 5. xStation 5 supports many investment tools and offers extremely fast order matching speed. This platform has a familiar layout with order placement and charts displayed on the same page. xStation 5 also has a mobile version with most features similar to the desktop version.
XTB also provides the MetaTrader 4 (MT4) trading platform in certain countries. However, XTB ceased support for users to create accounts on the MT4 platform since November 2020.
3. Pros and Cons of XTB Platform
Advantages of XTB platform:
- Over 2000 different types of assets.
- Leverage ratio up to 1:500.
- xStation 5 trading platform with fast order matching speed.
- Numerous trading assistance tools.
- Intuitive, user-friendly interface.
Disadvantages of XTB platform:
- Does not support MetaTrader 4, MetaTrader 5 platforms.
- Demo accounts are only valid for 4 weeks.
- Does not support managing multiple accounts simultaneously.
- Most market analysis articles are not available in Vietnamese language.
4. Is XTB Platform Reliable? Should You Use XTB Platform?
XTB Exchange was established in 2002, which means it has been 20 years since its inception. XTB is also licensed to operate by the Financial Conduct Authority (FCA) and similar authorities in Poland, Spain, France, Turkey, Portugal, and Germany.
These are all countries with extremely strict legal systems. This demonstrates that the XTB trading platform has met the requirements for capital adequacy, customer protection, and trading systems. Therefore, users can invest in XTB Exchange with peace of mind.
XTB Exchange also attracts customers thanks to its high and flexible leverage ratios. With prudent investment decisions, users can quickly recoup their capital. XTB has very low trading fees, offers free deposits via credit cards, debit cards, and allows for quick withdrawals.
Above is an overview of the XTB trading platform as well as addressing the question of whether XTB Exchange is a scam or not. Readers can also explore reviews of HXFX, Coincorner, Bitmex exchanges on Mytour. Capital.com review is also shared by us, where you can make informed choices, see whether investing in XTB Exchange, Capital.com... is worthwhile.
