XTB Broker Review - Overview
XTB are a global broker with the most powerful front end on the market, an MT4 option, and a first class customer service. They are FCA regulated and protected by the £50,000 Financial Services Compensation Scheme. XTB is also one of the safest brokers around.
Their xStation 5 front end is the most powerful proprietary trading platform on the market with all the draw tools and indicators you need, plus extensive trade analysis functionality. It does half the job of a full trading journal right within the platform itself.
We trade with them because they are an ‘A Book’ Straight Through Processing broker operating a No Dealing Desk model. This means that you don’t have to worry about your broker interfering manually in your trades and that they have an incentive to keep you as a profitable trader.
XTB is the Recommended Forex Broker of Two Blokes Trading
XTB Broker Review - Products and Spreads
XTB offer 3 different accounts. The Pro account is the principal account that the vast majority of their clients use and is the one that we recommend. It is basically a spread + commission set up (like most STP brokers) and actually works out as their best value account. The spreads are very low and the commission is usually only the equivalent of less than a pip per trade.
There are other options if you are interested: Their ‘Basic’ account, which is only available to UK and Ireland traders, is a B Book concept with higher spreads but comes with the benefit of guaranteed stops and instant execution - something that is attractive to many new traders. Their Standard Floating account is a floating spreads account that has no commission. It actually works out as more expensive per trade but is simpler to understand.
Their ‘Pro’ account is the one to go for, in our opinion. It is called the Pro account as it is the true market execution account that shows the market depth on your selected product; it charges in a slightly more complex, but better value way. On EURUSD, for instance, they have low spreads of 0.2 pips and you pay £2.50 in commission per contract traded. If you trade 0.1 contracts then the commission is £0.25 etc. This works out as incredible value when you consider that as an A Book broker they are not profiting from your losses in any way but only make money on the spread and commission.
XTB Broker Review - Interface and Platforms
XTB have put a great deal of effort into producing one of the most comprehensive proprietary trading platforms in the Forex world. Their proprietary xStation 5 is, in the opinion of Two Blokes Trading, the best front end available to Forex traders. They also offer MT4 for those traders who are wedded to that platform or want to use EAs.
XTB’s xStation 5 is a recent upgrade on xStation 4 and represents a step-change in the available trading analysis toolset that you can find within a broker’s own front end. Beyond the comprehensiveness of its indicators, oscillators etc, xStation 5 also has sentiment analysis and market depth features. It gives you the ability to analyse your own trades - are you more successful going long or going short etc.
The key to profitable trading, as in most things, is analysing your results. XTB offer the opportunity to do this right from your trading screens. The also run a full economic calendar, live news flow and a Squawk Box feature right from the trading screen!
There are a huge amount of other features that can’t be mentioned here, but one of my our favourites is the ability to place a trade by clicking on the chart, and then with the following clicks set the stop loss and take profit - all without ever opening a trade ticket!
xStation 5 was awarded Best Trading Platform 2016 by the Online Personal Wealth Awards and you can see why.
XTB Broker Review - Service
XTB have offices all around the world. Originally from Warsaw they now operate out of 13 different countries, with local language services in each. They operate a 24/5 phone line - in other words, you can contact them whenever the Forex markets are open. Their customer service is friendly rather than pushy, and they are happy to spend time talking you through the platform etc.
If you deposit a certain amount you also get access to the Premium or Premium Plus packages which will give you the chance to speak with an XTB Analyst - a cool touch!
XTB London operates an open door policy - they are big on transparency so feel free to go look around!
XTB Broker Review - Safety
FCA regulated and covered by the Financial Services Compensation Scheme, XTB are a safe place to leave your hard earned money. On top of this, they are listed on the Warsaw Stock Exchange - they are the 4th largest publically listed CFD and Forex broker in the world. All client money is held in segregated accounts. They are ticking all of the safety boxes that we at TBT like to see ticked!
XTB Broker Review - Conclusion
XTB are an STP broker with a powerful and easy to use front end. The analysis tools they offer are superb and the fact that there is a Squawk Box, real time news flow and economic calendar right within the platform truly sets them apart from the competition. They are a global company, regulated in the best possible district, and offer local language services all around the world. They are a broker that is growing and continually developing their service and offering. Twinned with low spreads and a well priced commission structure this means that Two Blokes Trading is happy to call XTB our Recommended Forex Broker.