Review ” XTB Forex experiences: Good trading offer in the Forex review!
XTB is a listed broker that has been active in the market since 2002. The focus in trading is on Forex and CFDs. XTB impresses with an attractive selection of about 3,000 instruments. Meanwhile XTB has expanded its range of products and also offers real shares that can be traded via XTB. XTB has offices in 12 countries, while the headquarters of XTB is in Poland. At XTB you can choose between two account models – Standard and Pro. In which markets can convince is explained below.
1.) Forex trading offer: about 50 forex pairs tradable
The foreign exchange market offers interesting trading opportunities for experienced and novice traders. If you want to start trading with Forex, you should first take a look at XTB’s trading offer. In our XTB experience we have found that the Polish based Forex & CFD Broker has about 50 Forex pairs on offer for its traders. In order for traders to quickly find all tradable assets, the broker lists the tradable currency pairs alphabetically.In addition to the well-known currency pairs such as EUR/USD or GBP/USD, the trading offer also includes less well-known currency pairs such as USA/CLP or NZD/JPY
As a private investor you can trade with a leverage of up to 1:30. For currency pairs such as GBP/USD, a leverage of up to 1:20 can be selected. If you are a professional trader, you are not affected by the leverage restriction. If you are a professional trader, XTB allows you to use leverage of up to 1:200.
Small investors can enjoy minimum order size when trading Forex. The minimum lot size depends on your chosen account model. If you choose the standard account, you can trade an order size of 0.01 lots. However, the minimum lot size for the Pro account is 0.1 lots. If you wish to trade CFDs on Forex, you can do so via the Standard Account as well as via the Pro Account by market execution.
2.) Forex trading costs:
In our XTB test, we looked at the differences between the two account types and found that the two different account models at XTB are not only different in terms of minimum lot size. We noticed that the minimum spread for frequently traded currency pairs such as EUR/USD is 0.8 pips for the standard account. The spread for the above account model is variable. There is no commission charged for foreign exchange trading on the standard account.
There is a fee of 3.50 Euro per lot for opening and closing a position when trading Forex on the Pro account. When trading via the pro account, the spreads prove to be the cheaper option. For example, the minimum spread for this account model is from 0.1 pips. No account management fee is charged for both account models. If you are inactive for 365 days, you will be charged an inactivity fee of 10 Euro per month. An inactivity fee is not uncommon with the best Forex & CFD brokers in the market.
Good news is that there is no margin requirement at XTB neither for private clients nor for professional clients. You should also note the swap costs that are charged in addition to the spread when trading CFDs. To make it easy for traders to obtain information, XTB also shows the swap points (long/short) for the tradable Forex pairs.
3.) Live accounts: no minimum deposit
As mentioned before, the XTB offers the account models Standard and Pro. With XTB, there is no minimum deposit required for both account types: This is very interesting for beginners and small investors who would like to open a trading account with XTB. Once you have registered an account, you will be taken to your personal client area. The menu navigation is professional and clearly arranged, so that the settings you are looking for can be found quickly.
If you open several trading accounts with XTB, you will get a good overview of the different live accounts. The displayed account information includes further basic currency and status. The Euro is one of the selectable base currencies. You can transfer an amount from one live account to another live account. The “My Accounts” area also provides an overview of the demo accounts, which makes administration easier. In addition, you can also open free demo accounts via the customer area.
From time to time XTB offers different actions. You can find the current actions in the customer area. XTB offers its traders the latest news about the market so that they are always up to date.