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XTB Broker Review – Are They Safe or a Scam?

Our XTB Broker Review 2023

This XTB review recommends using XTB as your cryptocurrency trading platform of choice. That’s because we found plenty of features we liked, and that you’ll love too. XTB is a reliable and secure brand, which is essential when dealing with investments.

Plus, it’s experienced as the company has been trading in Europe since 2002. That means the varied instruments found on the site, including cryptos and forex, are trustworthy. To find out more about the crypto options XTB has to offer, continue reading to take a look at our comprehensive XTB review.

XTB Highlights
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Offers and new customer experience - learn from masterful manager Jose Mourinho

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.

Usability - our XTB review enjoyed the easy-to-navigate website

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.

Accounts - an eclectic mix for users from all walks of life

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.

Trading Platforms - our XTB review found xStation is number one

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.

Trading Payments - fast and free deposits and withdrawals

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.

Bank Transfer

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.

Customer Service - XTB provides an accommodating service for all

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.

Regulation and Deposit Insurance - is XTB safe? Absolutely

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.

Additional Features - What sets XTB apart?

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.

XTB Crypto

XTB Cryptocurrency

Our XTB review is very happy with what it found regarding the number of cryptocurrencies available and the level of flexibility. There are currently five available, including the usual suspects and some you may not find on other trading platforms. Bitcoin is obviously available, as is Ethereum and Litecoin, yet XTB provides Ripple and Dash options too. The latter is growing rapidly, yet aren’t as big as Bitcoin et al and aren’t always found at brokerages. So, it’s excellent to know you can take advantage of the cryptos with tonnes of potential at XTB.

Trading Costs - overall high-quality crypto trades on offer

The best trading sites don’t penalise you for wanting to increase your wealth. XTB is the same because there aren’t any specific trading costs associated with cryptocurrencies. Instead, you pay a generic 0.5% conversion fee, regardless of the trade. This is lower than many other platforms as the typical exchange rate is at least 0.10%.

Trading Conditions - cryptocurrencies via CFDs

You won’t own the cryptocurrencies because you invest in CFDs, also known as Contracts for Difference. The way CFDs work is that the seller pays you the difference between the original value of the trade and the value when you decide to sell it back. Although not owning cryptos may sound scary, the reality is that it’s a stress-free and effective way to cut out the red tape while making money. To discover how other platforms approach Crypto, check out our SimpleFX review.

Summary and Conclusion - the main points to remember

XTB is a market-leading brand, and it’s down to its cryptocurrency offerings. Not only can you access five of the major cryptos on the market, but the CFD approach means you can invest in them quickly and simply. Also, it provides options such as purchasing fractions of cryptos, which is ideal for the likes of Bitcoin. Overall, our XTB review is very positive.

XTB Highlights
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XTB Review FAQ

How do I create an XTB crypto account? ⌚

Trading platforms make it easy for customers to navigate sites because it affects the user experience. Typically, you will find additional features to ensure that your details and data are secure. If you need to learn more about the process, you can use our XTB review or even other reviews like our Changelly review for inspiration.

Does XTB charge fees for its services? ⚫

Fees depend on the platform you use because every operator is different. You will find that most providers charge some expenses to ensure their solutions don’t end up costing them money in the long run. This review goes into specific detail about the expenses involved so that you can decide whether they are worth it before signing on the dotted line.

Is XTB safe and fair? ✳

Wondering whether your investment will be safe is an occupational hazard of wanting to boost your wealth. Nobody should underestimate the trustworthiness of an operator, especially when there are significant sums at stake. This goes for deposits and any cash you have in trades. If you want to put your mind at ease, you can read our guide to understand what XTB does to put your security first.

Conclusion - a simple and effective platform for your crypto trades according to our XTB review

There’s no doubt in our mind that XTB is a trading company that is trustworthy and reliable. It has been trading in some form since 2002 and has almost 20 years of experience providing customers with what they need to select profitable options. Plus, it’s globally regulated, so there is protection should anything go wrong that is out of your control.

What we like the best about XTB is the company’s ability to evolve with the times. Before cryptocurrencies were widely available, the platform concentrated on traditional instruments. Now, CFDs in Bitcoin, Ethereum, Ripple, and Litecoin are available, with the FinTech Awards naming XTB the Best Cryptocurrency Trading Provider 2017. However, the site is designed to trade pretty much anything, so there isn’t a shortage of options.

While the lack of a 24-hour customer service line is unfortunate, XTB makes up for it by providing several platforms for its customers to contact them. Also, the mobile and web apps make reacting to investments in real-time a walk in the park since they are optimised for mobile devices and laptops. We recommend keeping this brand in mind if you decide to sample crypto investments or any investments for that matter!

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