Unreliable Broker: xtb Review

xtb
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 per-trade profit, which is 80%, a figure nearly the same in all assets. For expiry periods longer than 30 minutes it’s even better: 90 %. Another nice thing is the buy me out function.

However, even though it’s a great feature, with XTB it’s useless. If a trade is OTM  (even a single pip) you can’t sell the option. You can do it only for trades that are profit-making (ITM). However, the price of buyback is always lower than the value of the trade, so at the end of the day you will always lose money.

The Buy Me Out function at XTB Platform

The Buy Me Out function at XTB Platform

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

I like that XTB enables, next to payment cards, payment systems such as PayU and PayPal. There is no minimum amount there, which is a good thing too. Pitiful is the 1% fee.

Withdrawals of less than 135 USD are a total flop. I just wanted to test the broker for you, so I invested a few hundreds and made a few trades. I was about to withdraw my earnings. The fee for withdrawing 45 USD that popped up shocked me: 15 USD, which is  35%! On the other hand, withdrawals above 135 USD are toll-free, which is OK.

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?

XTB alternatives

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
IQ Option Europe Ltd FREE DEMO ACCOUNT $ 10 Up to 91 %* Review Visit Broker
in case of correct prediction
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Pros

  • Fair broker
  • Will pay out your earnings

Cons

  • 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

Screenshots

Screenshot 1 Screenshot 2

Details

Broker xtb
Website URL http:/www./xtb.com
Founded 2002
Headquarters Prague, Warsaw, and more
Languages English, Czech, Polish, and more
Trading Platform Custom made
Minimum 1st Deposit $ 1
Minimum Trade Amount $ 20
Payout Up to 90%*
Free Demo Account No
Commissions Yes
Commission Info Not recommended
US Traders Allowed No
Overall Score We don't recommend trading with this broker.

One Response to “X Trade Brokers”

  1. Hello,
    I am a client at XTB since 2014.
    Since 2016 things have changed and the platform has
    Considerably evolved.
    There are some restrictions as indicated in your arctle to this day
    You can positions both upward and downward
    Regardless of the entry price.
    In addition you can determine the duration of your choice 1 minute to 90 minutes
    For my part I trade on 3 minutes
    The rates to date are 80 percent below 5 minutes
    And 82.02 from 5 minutes to 90 minutes.
    I advise this broker which is one of the few having had an article on
    The site of Bloomberg who said that good.
    July 2017

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