Xtb

Xtb is one of the largest brokers, founded in 2002. It has branches in London, Poland, and other European cities. He has been providing brokerage services for more than twenty years. It is licensed and regulated. The broker is listed on the Warsaw Stock Exchange. Such strong words are written on the site’s website, and most of what is said is not true.

The offshore broker assures that thanks to regulation, clients’ capital is in good hands and in complete safety. Traders are offered a variety of trading tools, up-to-date analytical data, and research opportunities to build the right strategies.

The trading platform has an efficient customer support service available 24/7. This makes the broker one of the best among similar companies, and thanks to this, several million active traders are registered on the site. the company makes such statements on the platform. But if you read the opinions of investors, it turns out that not everything is so beautiful. Users have been trying to contact technical support for weeks to withdraw money.

The company writes that it has the lowest commissions, and this is also not true. You can often find reviews that there are hidden fees on the site. The broker tries to whiten his name and regularly orders articles from bloggers praising the site, but even so it’s difficult to cover up a bad reputation.

Traders are offered to replenish their trading account and withdraw money through most popular services and systems. Before withdrawing profit, users need to undergo account verification. To do this, copies of documents confirming the investor’s identity are uploaded.

Reviews from clients

To find out how the Xtb broker treats clients, you need to read reviews from traders. And they are radically different from what the company writes about itself. They say that the company is deceiving traders.

An investor describes his trading experience on this site as the worst. Huge commissions were taken from him, and the platform was manipulated by scammers. After all, they first started rejecting requests to withdraw money, and then blocked the account, making it impossible to contact technical support. He does not recommend trusting this broker.

Ian shares his experience of cooperation with this trading platform. He saw an advertisement for a broker on the Internet, liked the terms of cooperation, and decided to try trading there. Moreover, the minimum deposit is low. He topped up his account and started trading. After closing 5 successful transactions, he decided to withdraw the money. But everything turned out to be not so simple. The site administration told him that he could withdraw his profit if he deposited another $100 into his account. The user found this suspicious and did not do it. They didn’t give him the money. 8 months have passed since the application was submitted.

Another trader writes about a negative experience of cooperation. He traded for three months and decided to withdraw the money. The application froze, but they didn’t give him anything. The trader is disappointed with the company.

You should not expect honesty from Xtb, a broker that indicates false license numbers. As investor comments show, money cannot be withdrawn from there without specialist’s help.

Terms of cooperation

Xtb has a variety of investment tools. Users have access to 1,848 company shares, ETFs, commodities, indices, cryptocurrencies (5 in total), currency pairs, CFD contracts. To replenish a trading account, almost all available methods are used – from bank transfer to replenishment through terminals and electronic wallets.

The site has a fairly high leverage of 1:500, and this is illegal, which can be found on the websites of European regulators. High leverage comes with high risks. But offshore brokers often practice setting high leverage. And this often leads to a complete loss of the investor’s deposit.

The broker claims that there are no hidden commissions on its website. But as it turns out, the trading platform charges commissions not only on transactions. When withdrawing profit, the commission is 1.5% of the amount. When withdrawing money to some electronic wallets, the commission reaches 2%. There is also a commission for transferring trading positions to the next day. This broker has the highest price compared to other platforms.

The company offers several services useful for traders. Among them are market news, allowing the investor to understand which instruments to choose for trading, and a calendar displaying important information about the economy of different countries. And training is available for beginners. In addition to information blocks, there is a demo mode. Novice investors can practice their skills on it.

The site offers several types of accounts: Standard, Swap Free, Islamic. The minimum deposit is $100. As for the demo account, unlike the platforms of other brokers, it is available only for 4 weeks, after which it is blocked. From this we can conclude that the trading platform is more designed for experienced traders rather than beginners.

To open an account on the site, you must register by filling out the form. Depending on your country of residence, additional documents may be required. But most often, they are required at the account verification stage. While the documents are being verified, the trader can replenish the account and trade, but he will not be able to withdraw money. And it’s not a fact that the site won’t block the account along with the deposit.