Unreliable Broker: xtb Review
NOT RECOMMENDED > Show recommended brokers
People keep asking me what is my experience with a broker called XTB, which has been doing business in the Czech market for a long time. The broker’s offices are located (among other cities) in Prague, the company employs plenty of local staff and traders, before deciding for an investment, can even visit this broker. XTB is a broker founded in Poland in 2002 focused primarily on forex and CFD trading. Trading with binary options has begun recently. So these are the facts.
To be honest, I have never done any trading with XTB but because of your questions I made a test of trading binary options on the XTB platform. Let’s take a look at it together.
XTB’s platform for trading binary options
Even though XTB’s platform is less known, than any other platforms, it looks nice. But in terms of binary options, this is all. Traders are offered only a few assets to choose from. I did not count it precisely, but I think the total was around 30 assets. The number of types of options is not big either. All what you can trade is traditional binary options with expiry periods from 1 to 90 minutes. That’s all.
I like their 80% profit rate per trade, almost the same in all assets. A nice feature on the broker’s platform is the buy me out. However, the way it is being offered by XTB makes the feature totally useless. If your open trade is in a loss, even if it’s a single pip, you cannot sell it. You can do so when your trade is profitable. And as the price of the sold asset is always lower than its value, you will always suffer a loss.
XTB’s customer support
Over the time of XTB’s doing business in the Czech market, the quality of customer support has reached a level of excellence. Everyone is friendly and professional. But I think that in terms of trading binary options this is the only benefit. I have never traded anything else with XTB, so I can’t say more.
Customer support will tell you that until you activate your account trading is impossible. OK, I can understand this, a lot of brokers do so. But this rule applies to a demo account, too. Which is a shame, since normally, they do offer demo accounts.
Money on account and withdrawal
As far as withdrawing to a credit card is concerned, it is sheer madness. Trying to test the broker for you. I invested not more than 30 USD, placed a few trades and was about to take out my earned money, but the fee showed up as 17.5 USD for the withdrawal amount of 50 USD . Would you believe that? 35%!
I assume that the higher the withdrawal, the lower (or at least not higher) the fee. With a refund of 20 000 USD, the above 17.5 USD fee would be negligible. But frankly, how many people do earn tens of thousands from trading?
My overall rating
Overall, I see XTB as a serious, but mediocre player. In my view, it should stick to its best, that being CFD trading, and do binary options as a mere complement. Other brokers with much more insight are surely a better choice.
The offer of 30 assets plus fees for both deposit and refund and, on top of that very limited trading with only one type of options is like a dish that you just taste but never eat. What is your opinion?
Naturally, you can choose from a variety of other brokers trading binary options If you want to see our recommended brokers, take a look at the following list of our tested and recommended brokers. Below, you will find a broker with the best rating at our web site.
|Broker||Advantages||Min Deposit||Payout||US Traders||Review||Open Account|
|FREE DEMO ACCOUNT||$ 10||Up to 91 %*||Review||Visit Broker|
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
- Fair broker
- Will pay out your earnings
- Not a good platform
- Only 1 type of trading
- Only a few assets
- Only short term options
- Considering their low deposit requirement a high minimum trade amount
|Headquarters||Prague, Warsaw, and more|
|Languages||English, Czech, Polish, and more|
|Trading Platform||Custom made|
|Minimum 1st Deposit||$ 1|
|Minimum Trade Amount||$ 20|
|Free Demo Account|
|Commission Info||Not recommended|
|US Traders Allowed|
|Overall Score||We don't recommend trading with this broker.|