The XTB trading platform, with its novelty and special appeal in the UK forex market, has made many investors wonder whether it is a trustworthy place and whether it is worth investing in. The following article Forex Trading will provide you with an overview and details about the XTB exchange. Includes account opening instructions and in-depth information about the exchange. This helps you make smart decisions before deciding to invest.
Instructions for opening an XTB account on a computer for beginners
To register an account on XTB, you need to follow these steps:
Step 1: Visit the XTB website
Access XTB ‘s account registration page using the link: https://xtb.com.
Then, on the XTB interface, click “Create Account” in the right corner of the screen. Next fill in all required information, including email address and country.
After filling in the information, check the boxes “I agree to receive commercial information…” and “I agree to allow XTB …”. Then select the “Next” button to continue.
Next, the system will now ask the trader to set a password.
Step 2: Fill in personal information
When you complete step 1 and select “Next”, you need to fill in your personal information. Include full name, phone number, date of birth, nationality, and address.
In the declaration box, check the box “I am not a US citizen”. Then select the “Next” button to continue. Here, you also need to enter your home address and province/city name.
In the “Referral Code” box, if you are UK, enter the number ” 7567205 ” to receive support in the UK from XTB staff.
After filling in all the information, check the “I accept” boxes. Select “Next” to complete the registration process on the exchange.
Step 3: Activate the account
After filling in all information, to be able to make transactions on XTB, you need to activate your account.
Click Go to your account, the web interface will now look like the below. You need to select “Here” to upload photos using your computer more easily.
Then, you need to choose a document to verify your identity. Today, we will show you how to verify your identity with an ID card.
After selecting the documents, you need to upload the front and back of your ID card. When uploading documents, remember to note that the photos must be clear and full of relevant information.
After successfully uploading documents, select “Continue” to go to the next verification step.
Next step, you need to verify the address information you provided previously. Here, there will be many types of documents for you to choose from.
After you have chosen the type of document to verify, you need to upload the front of that document with a clear and accurate address according to the information you provided.
Upload the completed paper, and select “Continue”. The identification steps were then completed.
Now you just need to wait for the exchange to check your information. This process will usually take place within about 24 hours or possibly sooner.
Step 4: Deposit money to XTB account
So you have successfully opened a management account. You should wait for the verification process to complete before you begin depositing funds to trade. The verification process can take a long time, but if you want to shorten this time, contact the exchange’s customer service department directly.
To deposit money, you can click on the “Deposit” menu as shown below.
What are some things to note when opening an XTB account?
When opening an account on XTB, there are a few things to note as follows:
- Identity verification: To make transactions on XTB, you need to verify your identity by providing relevant documents. For example, a passport or identification document.
- Choose the right account type: XTB offers many account types to suit each investor’s needs and investment goals. Includes Standard, Pro, and Islamic accounts. Choose the account type that suits your investment strategy.
- Set a strong password: Make sure your password is strong and secure. To protect accounts from fraudulent activities and unauthorized access.
- Learn about terms and conditions: Before opening an account, carefully read and understand XTB ‘s terms and conditions. Including fees, trading conditions, and privacy policy.
- Follow information and updates: Follow and update information about your account. Includes notifications about transactions and market fluctuations. At the same time, it is necessary to grasp other important information from the trading exchange.
Explore the world of forex on the XTB trading platform
XTB has built one of the leading brokerage and ETF brands in the international market over the years. However, for traders in the United Kingdom, XTB is still a fairly new and unfamiliar name.
What is XTB?
XTB Global was officially established in 2002. The exchange has more than 22 years of experience operating in the financial market. Currently, XTB has grown strongly with 12 offices in major countries. These include Poland, Great Britain, Germany, Spain, Czech Republic, Slovakia, Portugal, France and Chile.
In 2016, with a capitalization of up to 1.7 billion USD, XTB shares were listed on the Warsaw Stock Exchange. This marked an important step in the company’s development.
At XTB, investors can experience trading with more than 5,700 different products, including stocks, ETFs, and CFDs (contracts for difference). In addition, you can experience based on currency pairs or commodities, indices, stocks, ETFs, and cryptocurrencies on the exchange.
With the launch of the Investment Plan, a product for passive and long-term investors, XTB aims to support clients in leveraging the potential of ETFs. Build a diversified investment portfolio effectively.
Basic information about the XTB Forex trading platform
XTB offers 4 account types to suit every trading need:
- Demo account: For new investors to practice their skills without worrying about losing capital.
- Standard account: Popular with most users, offers monthly cashback incentives.
- Expert account: Allows traders to trade with higher leverage. At the same time, you can use advanced trading tools.
- Islam account: This is an account type for traders in Muslim countries, which does not charge overnight interest.
Transaction costs:
- XTB applies a cost model based on the difference between the buying and selling price of the asset. This is called the spread fee. This cost may vary depending on the type of asset traded on the platform.
- Through this review, you can better understand XTB. From there, you can make investment decisions in a conscious and mature way.
Deposit and withdraw money on XTB :
- XTB offers a variety of convenient methods for users to fund their accounts. Options include bank transfer, using a debit or credit card. Examples include Visa and Mastercard, as well as e-wallets such as Paypal, Paysafe, Skrill, Neteller, Paydoo, BlueCash, and many other methods.
- This brings flexibility and convenience to users when performing financial transactions on the XTB exchange.
The core values that XTB exchange is maintaining and developing
During more than 20 years of operation, XTB has received many prestigious awards, including:
- Award “Best order execution broker” from the Technical Analysis Exhibition.
- Award “Top forex trading platform in Poland” from Invest Cuffs.
- Awarded “Best Forex Trading Application” from Rankia Awards.
- “Top Low-Cost Forex Broker” Award from Investopedia.
- “Top NDD Forex Broker” award from Online Personal Wealth Awards.
- In addition, XTB is also recognized by many other organizations and events. This is a testament to their reputation and quality in the trading field.
See more: Prestige Broker XTB: Elevate position of invest player
Which country does XTB belong to and is controlled by which agencies?
XTB, also known as X-Trade Brokers. This is a financial brokerage company headquartered in Poland. This is a trustworthy exchange, licensed to operate by leading and reputable financial regulatory agencies worldwide. Include:
- FCA (Financial Conduct Authority located in the UK)
- KNF (Polish National Financial Supervisory Authority)
- FSC (Financial Conduct Authority for the British Virgin Islands)
- DFSA (Dubai Financial Regulatory Authority)
- CySec (Cyprus Securities and Exchange Commission)
- IFSC (International Financial Services Commission)
- CNMV (Official National Securities Market Commission of Spain)
Evaluate the XTB exchange through the experiences of experts and users
- Diverse operating licenses: XTB owns a series of operating licenses from reputable financial agencies globally. To create favorable conditions and ensure reliability for investors.
- Low minimum deposit: With a minimum deposit of only $1, XTB brings convenience and flexibility to traders. Especially for traders who are new to trading on the exchange.
- No overnight fee for gold: This policy of no overnight fee for gold of XTB forex is an attractive factor for investors interested in the gold market.
- Trade stocks without commission fees: Investors who can trade stocks on XTB have the opportunity to receive dividends without having to worry about commission costs.
- Special promotions and support: XTB Global offers many attractive promotions and talk shows. At the same time, their professional staff is always willing to provide dedicated support.
Answering unnecessary rumors about XTB defrauding users
There is some information and reviews that suggest that XTB may be a scam. Let’s take a closer look at this through the following noted issues:
- XTB exchange held orders and generated many errors.
- Withdrawal is slow or sometimes the exchange does not allow withdrawal.
- Platform error, poor transaction connection.
- An increase in spread causes a loss of money in the account.
- Poor customer service, and slow consultation.
However, it is not easy to determine whether these issues are true or not. Usually, these problems are also common in many exchanges and not just XTB. For example, slow withdrawals may be due to bank connection errors. Poor trading platforms can be affected by internet connection. Spread increases may occur during “peak” periods.
Most of the reports about XTB are often small and not strong enough. Most of them are general issues that have not been clarified. There are not enough grounds to conclude that XTB is a fraudulent brokerage company.
In addition, users on forums have diverse opinions. There are also fake competitors who create negative reviews. This makes decision-making difficult. At the same time, it can lead to inaccurate judgments about XTB defrauding customers.
Should I trade on XTB or not?
Is XTB a scam exchange? If it really scams customers, this exchange will not be able to implement the best protection policies as follows:
- Segregation of fund assets: XTB commits that customer deposits will be completely segregated from the company’s general funds. It is held in reputable Grade A bank accounts. It cannot be used for any purpose other than trading.
- Investor Compensation: XTB maintains a compensation fund in accordance with the provisions of the Investor Compensation Scheme (FSCS). Compensation is up to 20,000 EUR with CySEC and 85,000 GBP with FCA.
- Insured Account: XTB offers insurance under LLOYD’S up to 1 million USD in case of bankruptcy. With the condition that customers must maintain a balance when trading over 20,000 USD.
- Information security: Customer data is encrypted using SSL technology. At the same time, it is protected by a firewall. All information is strictly confidential and cannot be violated or stolen from outside parties.
This shows that XTB is taking measures to protect customers’ interests. At the same time, we aim to maintain transparency in our trading activities.
So compared to other forex exchanges, how reputable is XTB? Let’s compare XTB with the famous XM forex exchange through the content below!
Which trading platform should XTB and XM choose?
To help investors choose the right trading platform and optimize profits during trading, comparing XM and XTB from an objective perspective is very important. Before making a decision, consult and consider carefully.
Compare the XM exchange with the XTB exchange through outstanding factors
Choosing between XTB and XM depends on each specific investor’s needs and trading goals. Here are some factors that every trader can consider when making a decision:
Reputation level of XTB and XM
XM Exchange is considered a safe and trustworthy place to trade forex. They have a license from CySEC (Cyprus Securities and Exchange Commission). FSC (International Financial Services Commission in Belize). XM has also received many important awards such as “Global Most Trusted Broker”. Along with “The Most Transparent Broker Globally” from CFI (Capital Finance International). Awarded “Most Trusted Forex Broker in Asia” from Global Forex Awards in 2019. Reviews of the XM platform show its reputation and reliability. Especially when in a competitive forex market like today.
XTB, another exchange, has also proven trustworthy since its inception. They are controlled by top management organizations. Including such as KNF (Polish Financial Supervisory Authority). CNMV (Spanish National Securities Market Commission). FCA (Financial Conduct Authority located in the UK). IFSCs (International Financial Services Committees). And CySecs (Securities and Exchange Commission located in Cyprus).
Trading conditions
For XTB exchange :
- XTB features leading technical analysis applications. Aims to help investors confidently grasp information and make trading plans.
- Quickly update important economic information around the world.
- Provides the ability to calculate basic data of trading orders. The exchange continuously updates the latest exchange rates of currencies.
- Ensure the availability of historical price change data with regular updates.
- Provides completely free global VPS servers for traders.
For XM exchange:
- XM integrates many new trading tools on the MT4 platform. Aims to help investors easily compare correlation points. At the same time, abnormalities can be detected during the transaction process.
- Quickly provide information about the forex market that directly affects trading decisions.
- Supports fast and accurate order matching speed.
Transaction costs on XTB and XM exchanges
When comparing the two trading platforms XM and XTB, the Spread factor cannot be ignored. This is the difference between the buying price and the selling price in the market. Low spreads help minimize transaction costs, which is something investors are always interested in.
- XTB forex offers two main types of Spreads: fixed and variable. The spread depends on your trading account type.
- XM also has two types of Spreads: fixed and variable. In some cases, the spread of XM is lower than that of XTB.
Leverage is an important indicator in forex trading. Compare leverage between two exchanges:
- XM offers leverage up to 1:888 for Micro, Standard, and ultra-low account types. Share accounts have their own leverage, depending on the type of asset traded.
- XTB offers a maximum leverage of 1:500 for the Standard account type. Each product has different leverage levels. Details can be viewed in XTB ‘s product information.
Customer care
- XM and XTB both offer 24/5 customer support via Live chat, email, and live support.
- In particular, XM allows you to schedule customer support for transactions.
Conclude
Above are Forex Trading‘s entire comments on XTB. Hopefully, these reviews and information will be of value to you. If you have any questions, don’t hesitate to leave a comment below, and we will respond to you immediately. Wishing successful traders more clarity in their decisions and greater success in trading!
Frequently asked questions
Is XTB a market maker?
XTB International of Limited operates as a pure broker. It does not participate in market making or customer order holding (NDD – nondealing desk). All orders from other customers are automatically transferred to the parent company, X-Trade Broker DM. These are the exchange’s liquidity providers, without any human intervention.
What is the minimum amount of money needed to deposit when opening an XTB Forex account?
Opening an account to trade XTB forex is completely free. Traders do not need to pay any fees to open a trading account. Additionally, the minimum amount to deposit for an XTB trading account is only $5.
Will a trader who opens an XTB Forex account but does not trade be charged a fee?
Open an XTB account but do not need to trade or have not yet made a transaction? No problem! Because the XTB exchange will not impose any fees related to this.
