XTB may be a strange name to many Vietnamese traders, but with what XTB has built, it's really not any forex floor, including reputable forex markets that many trusted traders can choose to achieve. such as: XTB is one of the Tier 1 liquidity providers (Tier 1); owns numerous licenses from leading financial agencies such as CA, CySEC, KNF, Bafin, ... and most importantly XTB was listed on the Warsaw Stock Exchange, Poland in 2016 with stock code XTB. Just that much information is enough to see the "level" of XTB as well as the level of reliability, professionalism, safety that the floor brings. If you are curious, want to learn about this floor, do not miss our next article.
Basic information about XTB. What is XTB?
- Established year: 2002
- Licensing authority: FCA (UK), CySec (Cyprus), KNF (Poland), IFSC (Belize)
- Minimum deposit: 1 USD
- Maximum leverage: 1: 500
- Software used: MT4 and xStation
First of all, if you want to talk briefly about XTB, this is not just a regular forex broker but also 1 home provide liquidity.
As you know, with ECN-style exchanges, when opening a position, the exchange will become the intermediary of pushing your orders to partners that provide liquidity to execute orders. But when trading at XTB you will not need to wait anywhere to push orders anymore, because XTB is the provider of level 1 liquidity for you already! Thanks to that, the matching speed is not only fast but also not being re-quoted even when the market is most volatile.
Even, XTB also provides liquidity for many partners including many forex platforms that are familiar with many Vietnamese traders. So, if you do not have time to thoroughly research or review the XTB license, just with the above information, you can completely evaluate the strength and reputation of XTB floor.
XTB floor was founded in 2002, in Poland under the name X-Trade Brokers. Later in 2004, X-Trade was merged into XTB. Since then, during 17 years of operation, XTB has continuously developed. to become one of the largest forex trading platforms in the world, with offices in more than 10 different countries: Belize, England, Poland, Germany, Spain and France.
Therefore, XTB has also received many awards from prestigious organizations such as: "Best CFDs Broker 2019" by Broker Chooser Magazine, or Best European Broker "by Money Magazine. Market votes, ...
Certificates and operating licenses of XTB floor
The operating license is one of the most basic points to assess whether a forex broker is reputable or not.
Why this point is important because when the floor is licensed from a regulatory agency, the floor must comply with all rules set by the agency to limit fraud, pickpockets. customer. Therefore, when the forex floor is in breach, the financial management agency can sanction, restrict or even permanently revoke the operation license of the floor (FXCM is a typical case that CFTC has deprived its business license and fined $ 7 million after fraudulent behavior with customers.).
In addition, each regulatory agency will have different requirements, so the larger the agency, the more stringent the request. Therefore, the forex floor is licensed by organizations such as ASIC, FCA, BaFin or CySEC, which will ensure a certain level of reputation of the trading floor, helping traders feel secure to trade.
In order to be licensed by one of the aforementioned regulators, the forex broker itself must make a lot of effort, even, FBS - forex trading floor has been traded by many Vietnamese traders, born since 2009, but not until 2017. , that is, after 8 years of operation, will receive a license from CySEC!
Therefore, if you look at the number of XTB licenses owned, you also understand the prestige and professionalism of the floor to what extent, in order to be licensed by so many agencies. The licenses that XTB has include:
- FCA (United Kingdom) - Code: 522157. You can refer to here.
- BaFIN (Germany) - Code: 121520. You can refer to here.
- CNMV (Spain) - Code: 40. You can refer here .
- IFSC (Belize) - Code: IFSC / 60/413 / TS / 19. You can see more here.
- CySEC (Cyprus) - Code: 169/12. For your reference here.
- KNF (Poland) - Code: DDM-M-4021-57-1 / 2005. For your reference here.
How will these licenses protect the rights of traders?
- Separate account mechanism
XTB is managed by Komisja Nadzoru Finansowego (KNF) to provide services to countries in the European Area. Known, KNF is one of the financial management agencies with strict requirements regarding the protection of customers' deposits and limiting conflicts of interest between the two parties, by separating account mechanism. Segregated account. So when KNF licensed, synonymous XTB must have 2 separate accounts to comply with KNF regulations set out.
Accordingly, the Segregated account means the client's margin account and the broker account are separate. This will help protect investments, prevent the company from using the margin on other things, or sometimes use the same money against customers. In addition, Segregated account is also a sign that the floor has enough financial resources to pay for investors, without fear of lack of liquidity. Not only that, KNF also requires an annual audit to consider the solvency of the exchange, so traders can be assured of trading at XTB.
- Compensation mechanism for customers
Not only a member of the Investor Compensation Program (ICS) which provides insurance to customers in case the company goes bankrupt or insolvent. Since XTB is also under the control of FCA and CySEC, XTB guarantees responsibility to its customers with a statutory compensation of £ 50,000 from FCA and EUR 20000 from CySEC.
Not only owns many reputable licenses, XTB is also listed on the stock exchange
In addition to owning a number of "terrible" licenses from many different agencies. The most remarkable point of XTB is that it was listed on the Warsaw Stock Exchange, Poland in 2016.
The reason says this is the key point as in the top of the forex floor, kienthucforex Each of you has advised that one of the criteria for assessing a reputable forex floor is listing on the stock exchange.
To be listed, besides having to make books and papers transparent, all information related to the company or exchange must be clear and completely "real". But the forex floor itself is subject to supervision from various agencies in compliance with the regulations, ensuring the operation of the company is legal. As a result, customers' rights will always be more fully protected.
This can be seen as the highest level to confirm the prestige of a forex floor. Therefore, in thousands of new floors have 1 floor eligible above. And XTB is one of those rare markets that reaches this peak!
Trading accounts and products are provided by XTB
Trading Account
XTB offers 2 main types of accounts: Standard and Pro accounts.
Standard account
There are three types of accounts in Standard accounts: Standard A, Standard B and Standard C. This account is suitable for new traders entering the market. Especially for traders who love cryptocurrencies, because the pro account will not provide this product. So if you want to trade digital money, you are required to open 1 of the 3 types of Standard accounts mentioned above.
Basic information about Standard account:
- Minimum deposit: $ 1
- Maximum leverage: 1: 500
- Spread Type: Floating
- Difference from (pip): 0.35 pips
- Commission (Commission): No.
- Minimum order opening: 0.01 lot
Pro account
This type of account is suitable for professional traders who like to surf, thanks to the ultra-low spread of 0.1 pips or more, and the average commission fee of 7 USD / lot for 2-way, like a forex broker. other.
In addition, in the Pro account, CFD stocks and ETF products only take 0.08% / lot. In particular, these products do not even charge swap, really attractive for you to experience. Because trading CFDs and ETFs is not the same as trading forex currencies, you will incur a lot of different fees. In particular the fee can say "wallet" is the swap fee. Therefore, most forex brokers offer CFDs, but because the fees are too high, not every broker can trade. If you are interested in indices, stocks or ETFs, you can refer to XTB and Pro accounts, okay.
The only minus point in this Pro account is that you will have to open a trading volume of 0.1 lots or more. Although, the minimum deposit is still only $ 1, but because it must open at least 0.1 lots plus maximum leverage of 1: 500 and com fee of 7 USD / lot. So if you want to experience this account you must deposit from 50 USD or more to open a position.
Basic information about Pro account
- Minimum deposit: $ 1
- Maximum leverage: 1: 500
- Spread Type: Floating
- Difference from (pip): 0.1 pip
- Commission: 7 USD / lot
- Minimum order opening: 0.1 lots
The products are provided by XTB floor
This can be said to be the point that makes XTB really different from many current exchanges, with an abundance of products up to 1800 products in all areas such as:
- Forex currency (49 pairs);
- Stock index (42 indices);
- CFD stock (1724 codes);
- ETF (104 codes);
- Cryptocurrencies (25 codes);
Cryptocurrencies
It can be seen that XTB is a rare forex broker currently offering a large number of cryptocurrency pairs for traders to choose from. This is really a plus point very commendable. As you know, every forex offers cryptocurrencies, but with a limited number of only 3 to 5 pairs. In addition, there are a lot of extremely “troe” platforms, have a reputation for digital money, but are only allowed to trade from Monday to Friday, closed on Saturdays and Sundays like many forex pairs, kim type and other goods. This is really detrimental to those who love cryptocurrencies, because 2 weekends are the most turbulent days for this type of product. However, at XTB you can completely trade like any other exchange, without having to worry about closing on the weekends, okay.
Another plus point that cannot be ignored is the swap fee. With the exception of BTC, all the remaining pairs are super cheap, almost none, usually less than 0.3 USD for 1 trading unit. As you can see in the example illustrated above, with 10 ETH, the XTB overnight charge for Sell orders is only 1.12 USD. Meanwhile, for Buy orders overnight, you also lose $ 0.37 for 10 ETH. Very cheap! So, XTB is really worth considering if you are looking for a forex broker to trade cryptocurrency.
CFD and ETF stocks
Similar to cryptocurrencies, CFDs and ETFs (Exchange Trade Fund - ETF is a form of fund combining common fund types with different types of stocks, meaning that ETF has a fund form but still works like any other type of stock, one of the most popular ETFs known. coming is the S & P500).
XTB provides a wide range of stocks from major stock exchanges from the US, UK, Germany, France, ... Even not only confined to basic funds such as iShare fund, but XTB also provides ETF. of SPDR gold fund, USO oil price tracking fund, ...
A 1-week "hold" transaction fee of XTB compared to two other well-known exchanges, IG and eToro
Not only providing many products but the transaction fee of these products at XTB is very low, only 0.08%, much lower than when trading the underlying stock. And the most important thing is that although the nature of the form of shares traded at XTB is still CFD, but you can still receive DIVIDEND, if you keep the order until the date the company pays, according to the schedule and values announced by the company.
This is really a huge advantage that not every floor can do. In particular, the indicators provided by XTB do not take swap fees (overnight fees) that every trader considers when trading. In a year, you will only lose a few Rollover fees but are insignificant and depending on the code, not every code will lose this fee. You can consult the information here.
Leverage, commission and spread of XTB floor
Lever
The maximum leverage at XTB is 1: 500, however, depending on the type of product, there will be different levels of leverage such as:
- Forex currency Maximum leverage of 1: 500.
- Types stock index Maximum leverage of 1: 200.
- Types goods (such as soybeans, coffee, sugar, flour, oil ...) leverage up to 1:30, individually Yellow Maximum leverage would be 1: 500.
- Types CFD stock maximum leverage 1:20.
- Types CFF ETFs 1: 2 maximum leverage.
- Cryptocurrencies 1: 5 maximum leverage.
Spread, commission of XTB floor
XTB offers 2 main types of accounts: Standard and Pro (ECN). Accordingly, there will be 2 different spread levels:
Standard account: (including: Standard A, Standard B and Standard C) with a difference of 1.3 pips and no commission charge
Pro account: spread is much lower from just 0.1 pips and commission is $ 7 / lot for 2 directions.
One point to note, when you trade with XTB, you deal with a liquidity provider. The order will never be requote again, so even when the news is out, the price is still running smoothly to ensure the maximum benefit for traders.
XTB trading platform
MT4 platform
XTB fully supports MT4 versions for users including MT4 for desktops, tablets, and mobile devices for both iOs and Android, enabling investors to trade anytime anywhere. .
XStation platform
In addition to MT4 software, XTB also provides a proprietary software, developed by the floor itself called xStation. This platform has so many outstanding features that MT4 cannot have. So if trading at XTB, you can think of trading with xStation instead of MT4. Some salient features of xStation include:
- Deposit and Withdraw money right from the software
- Provide full information on economic calendar and dividend calendar
- Easily view knowledge training videos right on xStation
- Integrating many analytical tools and statistics
- Provides multiple versions for Web, Windows, MacOS, iOS and Android
The first point to comment on xStation is the beautiful, smooth and very user friendly interface. You can try this experience right on the website version, before using the integrated versions for your phone or computer. In addition, xStation supports a variety of languages (19 languages) including Vietnamese, so it's easy to use and accessible even if you do not know English.
But don't stop there, the most “quintessential” features of xStation can't help but mention Market Sentiment, Market Depth and Stocks Scanner.
Market Sentiment
The picture above is Market Sentiment, as you can see they will provide information about the percentage of traders who are Buying or Selling an item that interests you.
If you find it hard to see with the image above, you can click on the rectangular box on the right, which will display each currency pair with the number of buyers and sellers displayed in two colors including: blue for open traders. Buy and red for traders open Sell positions. This is also very useful information for you to know which side is participating in the market, which is also a suggestion that you should open the order in the best direction for you.
Market Depth
In addition to Market Sentiment, XTB also provides another useful application, Market Depth. With Market Depth, you will be provided with information on the volume of the currency pair you buy, the price at each level, as well as the amount that the liquidity provider (hereinafter, XTB) can meet:
For example, in the image above for US30, if you open 3 lots, it will cost 28305, if you open 10 lots, the price will be better to 28298, similarly if opening 15 lots you will have the price of 28288 etc. However, you can also see, when intentionally to very high lot (50 lots), the market will report that the liquidity is not enough, so there will not be enough for you to complete the order. Note that this feature will only be visible when you use the xStation version for phones.
From the image above, once again confirming that XTB is a liquidity provider, it is possible to be sure of such price. And if you visit the website xOpen Hub, you will see that XTB is a partner of many European exchanges, including those that are familiar to Vietnamese traders such as Zulutrade or IFCMarkets are also partners of XTB.
Stocks Scanner
In addition to the above two features, the next feature can not fail to mention, especially extremely suitable for those who want to trade stocks is Stocks Scanner.
Stock Scanner will provide traders with 15 elements to filter the stocks you want to trade, including: market capitalization, ROE, beta risk factor, debt to equity ratio, etc. This will help. It allows you to easily assess the type of stock you want to invest without having to read a series of financial statements. Or maybe through this information, it will help you evaluate the value of each stock code, from which to make a decision should be carefully studied to invest or not.
Forms of depositing and withdrawing money to XTB floor
XTB offers a variety of deposit options for you to choose from: Visa / MasterCard, Neteller, Skrill and Ngan Luong.
Some forms of deposit and withdrawal of XTB are quite high, such as if you deposit via Neteller and Skrill, you will charge a fee of 2%. In case of withdrawal, you will be free of withdrawals from $ 100 or more. If you withdraw below this amount you will be charged $ 30.
Therefore, we recommend that you only use the form of withdrawal via Ngan Luong to make transactions at XTB. Because they are not only fast but also completely free. Not only that, Ngan Luong also supports many banks in Vietnam, so you will not need to worry whether your bank account can be loaded at XTB or not. In addition, depositing and withdrawing by Ngan Luong, the money almost immediately or maximum 24 hours, rather than waiting 5-7 days like when you make a withdrawal via Visa / MasterCard.
Support service, customer care of XTB floor
XTB really has a very professional customer care team. As soon as you complete the registration information, you will receive an email from your account manager. So if you have any problems you can email this support person directly, they will help you solve all the questions or problems you are having.
Summary of advantages and disadvantages of reputable XTB forex trading platform?
Advantages:
- Owning many licenses from reputable financial management agencies
- No requote when believing
- Offers a lot of different trading products
- Index products do not incur swap fees. Or cryptocurrencies have a swap but are super low enough to hold you long.
- Modern advanced trading software
- Low minimum deposit
- Quick deposit and withdrawal
- Enthusiastic support staff
Defect
- There is no PAMM account
- Pro accounts have a minimum minimum lot traded volume of 0.1 lot or more
Above is our whole review of XTB. We hope these reviews are helpful to you. If you have any questions, please leave a comment below and we will answer your questions as soon as possible. Good luck!
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Author: Tin Nguyen
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