XTB Broker Review – Best Forex and CFD Trading in the Business?
|Free Demo Account|
|US Traders Allowed|
As anyone who trades Forex or CFD will know that there are many brokers on the internet vying for traders’ business. Many of these platforms use the same trading API, meaning that beneath the hood, they’re all the same. There are, of course, exceptions, but as is often the case in this industry, honesty and customer service can be the greatest distinguishing factors in Forex/CFD brokerdom. And in this category, XTB really shines. We’ll fill you in on exactly why we like XTB broker in the review to come.
What is Forex/CFD Trading?
To understand why a Forex or CFD broker is good or bad, you really have to understand their underlying products. When you go onto such a broker’s site for the first time, you’ll see many different financial entities listed, like currencies, stocks, indices, etc. Does this mean that Forex/CFD is just another word for stocks/securities trading?
Not exactly, unlike with securities trading based on ownership, Forex and CFD don’t actually sell traders the assets in question. Instead, this form of trading allows traders to make value speculation contracts on the future price of these assets. If the price changes according to plan, then gains will be had according to how much was originally invested.
That’s a very fast and dirty explanation of a subject which could go much deeper. But an exhaustive survey of Forex isn’t our goal here. We want to talk about why an XTB trader might be so happy with the platform.
XTB offers trading on more than 1,500 assets. We have the usual commodities and stocks, but more recently the company has been bringing on new users in droves by offering trades based on cryptocurrencies like Bitcoin (XTB BTC) and Ethereum. The XTB MetaTrader 4 software (XTB MT4) is always updating with new possibilities, so if you’re looking for something that’s available, but still pretty new to the industry, you can bet that you’ll find it on XTB.
XTB live trading is inexpensive for the industry. Spreads change according to certain economic and industry conditions, but generally speaking spreads are on the low end of the broker fee spectrum. When spreads increased recently for Bitcoin trades, the company was clear that this was only to deter customers from taking part in risky trades during a time of heavy Bitcoin turbulence. And once XTB BTC settled down, so did the spread costs, just as promised.
What Do You Get With an XTB Account
When you complete your first XTB login, you’ll have the option of setting up one of three account types. All account types give the user a real human account advisor. They also require a minimum $250 balance. Here is how they differ.
- Basic Account – Your spread costs will be fixed. Trades are instantly executed. You will also have a guaranteed stop loss.
- Standard Account – This higher level account gives users a floating spread (more margin for error…and profit). Market execution happens in this account type, and automated trading is available. More sophisticated tools for more sophisticated traders.
- Pro Account – Market spreads and executions. Automated trading is also allowed in this account type. The big difference is that Pro Traders are able to earn commissions for beneficial actions performed on the network.
The XTB Customer Service Experience
XTB is the old guard of internet Forex and CFD, having been founded in 2002. In this time they’ve learned a thing or two about customer service, a reality that certainly contributes to their longevity. XTB is always present to politely answer questions and complaints, even on XTB forums outside of the XTB platform. Customers report anecdotes about being able to tour the XTB offices, and have questions answered by high level corporate individuals who just happened to be around when they were touring the facilities.
Good customer service is something that cannot be taken for granted in Forex and CFD. Once you find it, hold onto it because you won’t necessarily get it at the next Forex broker you try.
Trading Cryptocurrencies With XTB
XTB Bitcoin (XTB BTC) is a popular search term for one main reason: Bitcoin is expensive to buy, but people still want to make money on its price action. CFD and Forex really are the best solution. No longer does an investor have to spend $15,000 on a Bitcoin to see the returns associated with Bitcoin ownership.
Instead, a trader can simply learn about the market forces which contribute to price changes for Bitcoin and the other cryptocurrencies supported by the XTB broker system. Contracts can be leveraged up to 200:1, meaning that profits can be (potentially) 200X as high as they would with conventional ownership using the same startup cash amount.
Cryptocurrencies have more volatility than any other major asset type at this time in 2018. While this is a terrifying proposition for virtual currency owners, it’s a day at the races for Forex traders, who can profit just as well from price crashes as moonshots.
Getting Started With XTB Broker
XTB’s site is easy to read and intuitive to navigate. Their customer support is top notch and always available. What’s more, if you create an account you’ll be able to take advantage of Demo trading that XTB offers. This way you’ll be able to see the consequences of real trading actions, without risking any real money. When in doubt, start this way!
Final Thoughts on XTB
If you have experience trading CFDs and Forex, you should at least try XTB. It very well may become your new go-to. For new traders, you won’t find a better platform with better customer service. Spreads are competitive and often cheaper than what is commonly available. New pairs and assets are always popping up. We think that 15-year-vet XTB is likely to be here in another 15 years, for all of the excellent performance and features we’ve already described. If you’re on the fence, just give it a go. We think you’ll like XTB.