XTB Broker Review – Are They Safe or a Scam?

When you land on XTB’s homepage, you will notice the lack of welcome offers that you may expect to find with such a big brand as XTB. However, our XTB review found that you shouldn’t judge the XTB experience and rating without delving deeper into the site. When you do, you’ll find the “How To” with Jose Mourinho range.

This is where the former-Spurs manager explains his thoughts on issues that also relate to trading, such as coping with pressure, preparing for success, and controlling your emotions. We found that these were incredibly engaging and powerful tools, especially for beginner and novice traders who don’t understand the market as well as regular investors.

The lessons are free on the website, but we particularly like the fact that the “free demo” mode means you can take what you learn and put it into practice. Find out how other sites work by checking out our Plus500 review.

We liked the website, and lots of XTB reviews say the same thing because it’s clear that the company has invested a lot of time and effort into making the platform simple and effective. The colour scheme highlights this the best since the main shades are primary colours such as white and red. However, bright blues and greens are thrown in for good measure to add contrast.

The XTB crypto site uses high-quality images, too, so you don’t have to squint or guess what you’re looking at. The use of five main tabs makes navigating the website a walk in the park. Simply hover over the tab and dropdown menus will appear and take you to specific web pages.

That means the tutorials on the 25 crypto CFDs XTB offers aren’t hard to find for investors who want to brush up on their understanding of the sector.

Our XTB review found that customers don’t want for anything regarding the sheer number of accounts provided by the operator. We found five types of accounts, from a Demo, Standard, and Islamic account to a Micro and Mini account. As the name suggests, the Demo is an excellent option for people who want to test the service and gain confidence before going live.

Once you are live, the Standard account gives you the option to trade in standard lots, which is usually 100,000 of the base currency linked to your account. These include Forex, Commodities, Indices, Stock CFDs, and ETF CFDs. Another healthy plus point is the free account setup that won’t charge you a penny. Stock CFDs and ETF CFDs do incur fees, but the commission starts as small as 0.08% per lot.

The other accounts are smaller versions of the Standard account. For instance, the Micro and Mini options provide almost identical services, apart from the fact that trade amounts are 1,000 and 10,000 lots respectively. The account that differs substantially is the Islamic account. This doesn’t enable the holder to pay or earn interest as it’s forbidden by the religion. However, not all of these accounts are available in the UK, so we recommend double-checking beforehand.

When you use XTB, you will almost exclusively use the trading platform xStation. If you enjoy diversity, the third-party MT4 platform is available, yet you probably won’t need it because this XTB review believes xStation hits the spot. Firstly, it’s an award-winning operator, laying rest to any fears you may have concerning trustworthiness. Is XTB safe? Are there any XTB scams? Not with xStation.

The instruments you get elsewhere are accessible here, with CFDs for FX, cryptocurrencies, indices, commodities, stocks, and ETFs from around the world the big draws. Plus, you can use it from anywhere as there is a desktop and mobile app, both of which are optimised for smartphones and tablets.

Anyone who likes to use their desktop to trade can with the Web Trade Platform. We’re happy to report that it’s compatible with the major browsers, such as Chrome, Firefox, Safari, and Opera. xStation comes equipped with key functions like comprehensive charts, an economic calendar, and a trading calculator. The mobile app has the same components, but the only difference is that they are tweaked to be optimised for mobile devices. Whichever route you go, we think you’ll be happy with the level of service xStation gives you.

What is XTB like with fees? The answer is, pretty good! The first thing to note is that while there aren’t tonnes of base currency options, the major currencies are covered. This is important because you can negate conversion charges by funding your XTB account in the same tender as your bank account. We know that people may want to trade in numerous currencies, yet we also understand there are several digital banks that offer multiple currencies with bank accounts if you sign up.

XTB itself doesn’t charge any deposit fees; however, e-wallets such as PayPal and Skrill may take as much as 2% commission. The good news is that deposits via bank transfer and debit and credit cards are widely available with XTB. Deposit-wise, we believe it’s better to use the latter since transfers take a couple of days to land, whereas card payments are instant.

Regarding withdrawals, you can only do this through a bank transfer, which is less flexible than other trading platforms. Still, you won’t be charged as long as the amount is over £60. That’s very competitive as the average withdrawal in the UK is much larger. For those asking themselves, “is XTB reliable?”, please note that security measures are in place to protect your data. A prime example we found is that XTB will not send your funds to any 3rd party bank accounts.

A feature that we found very useful in our XTB review was the level of customer service provided by the brand. You’ll be happy to hear that opening an account, whichever option you pick, is incredibly simple. It’s fully digital, which means it’s hassle-free and can be done remotely without speaking to a customer service agent.

However, if you need to ask a question or raise an issue, there are dedicated phone numbers for different types of queries. They include account opening, marketing, and office. We believe this simplifies the process because you don’t have to waste five or ten minutes trying to get through to the correct department. In addition, there’s an email address for you to put your questions in writing, yet responses take longer compared to other contact platforms. You even get directions to the UK HQ on the website to visit XTB in person.

The jewel in the crown is the live chat function. When you open it up, you have the option of starting a conversation with an advisor or searching through articles for the answer. Therefore, you’re bound to get to the bottom of the problem as, at the very least, you’ll be connected to an agent in a matter of minutes. With around 30 posts on the website, the Help section is pretty thorough, too.

As you may expect from a modern brand like XTB, the company’s online presence is on point. Aside from the website, the business has Facebook, YouTube, and Twitter accounts that enable you to interact with the brand directly. XTB provides services and products globally, which means they offer advice in a range of languages. Arabic, Chinese, French, German, Spanish, and Italian are just a sample, but there are 19 overall so you know you can communicate naturally no matter who’s on the other end of the line.

XTB has a Legal section at the bottom of its website. If you click on and open up the Terms of Business tab, you’ll see that XTB is an investment business that is authorised and regulated by the Financial Conduct Authority in the UK. The FCA is about as reliable a backer as you can find because it also runs The Financial Services Compensation Scheme.

Customers should jump for joy when they hear this as it means there’s no reason to fret about security deposits up to £85,000. That’s because British law means that the FSCS is liable to cover the amount per person in the unlikely event that a registered business files for insolvency. As a result, you are 100% protected by the number above, which isn’t a small amount.

Membership with the FCA has additional benefits, too. For instance, XTB must segregate client bank accounts in line with the FCA’s terms and conditions. In the unlikely event that the company goes bankrupt, the fact that your funds are segregated means they aren’t recoverable assets and should be returned to the owner. In short, your money will be handed back if the worst happens, and if it isn’t, the FSCS will step in and sanction a refund of up to £85,000.

Part of what makes our XTB review favourable is the brand’s level of experience. Launched in Poland in 2002, it quickly transformed into a leading brokerage and investment firm within the fintech sector, offering hundreds of instruments to its customers across Europe and the world. Today, the latest trades are available across the board, from CFDs (contracts for difference) to forex.

So, when XTB says it aims to improve its trading platform constantly, you can’t argue with the results. According to our research, the brand has serviced over 275,000 customers globally. The awards it has secured in its 19-year history showcases this beyond doubt. XTB was voted the Best CFD Trading Provider in 2018 and was also named the Best Brokerage House in Europe at the Global Banking & Finance Review.

Other than the FCA in the UK, XTB is regulated by some of the industry’s biggest supervision authorities, including the KNF, CySEC, and IFSC. Add-ons are thrown in for good measure, depending on your location. In Britain, XTB’s relationship with Lloyd’s of London means customers receive free insurance.

All of this, including the fact that there are more trades than crypto CFDs, makes XTB a fantastic platform for anyone who is looking to trade online, regardless of your experience or skill level.