XTB scam? Is XTB good? A series of information spreads online confuses investors. To not miss a quality broker, don’t ignore the information shared by XForex below. 

What is the XTB exchange?

For those who do not know what XTB is, this is a multinational financial brokerage company. The phrase XTB is abbreviated by X – Trade Broker, XTB specializes in providing online services for financial markets.

These include Stocks, Forex, CFDs, and other derivative products. 

Specifically, XTB was founded in 2002 in Warsaw, Poland. Up to now, it has quickly reached many other countries around the world. Under constant effort and development, XTB has become one of the leading brokers today. 

Find out if Is XTB good.

With its continuous expansion, many people ask the question: Is XTB reputable? To prove this, let’s take a look at the deciding factors below:

Types of operating licenses of XTB exchange

The first factor that helps investors evaluate a broker is to look at the types of licenses they possess. If you are still wondering whether XTB exchange is reputable, let us take a look at a few licenses issued by international financial institutions below:

• PFSA: License issued by the Polish Financial Regulatory Authority.
• FCA: License granted from the Securities and Financial Markets Commission
• Licensed by the Financial Administration of the Czech Republic number 291024.
• Licensed by the German Financial Authority number 131053.
• Licensed by the French Financial Administration number 73640.
• Licensed by the Spanish Financial Administration number 40. 

Outstanding achievements prove Is XTB good?

The reputation of the XTB Trading exchange is also shown through the following impressive numbers:

• There are more than 721,000 customers who trust and choose worldwide. 
• There are 13 offices globally. Including Germany, France, England, Poland, Chile,…
• There are up to 550 employees working in the office and 120 people working in the information technology department. 
• Professional customer service, 24/5 support.
• Offering more than 5500 financial products.
• There are over 168,000 transactions on the xStation platform every day. 

Policies of the XTB exchange

Investors can feel secure when trading on XTB with extremely strict customer insurance policies. 

• Balance protection policy: In case of strong market fluctuations causing your account to suffer losses, XTB will automatically reset to cut off the negative balance. 
• Segregated accounts mechanism: Investors’ money will be completely separated from the company’s accounts. XTB will not use the customer’s account for any activity. 
• Compensation policy: Depending on the region, you will enjoy different compensation policies. The compensation amount is up to 85,000 British Pounds. 

>>>See more: Simple instructions for XTB sign-up on your phone

The truth of the rumor that XTB is a scam

Before the evidence proving that XTB exchange is reputable which is not presented above, there is still some fraudulent information about XTB. Please join us in clarifying this source of information. 

Origin of rumors about XTB being a scam

For exchanges like XTB, encountering fraud scandals is extremely normal. However, whether these rumors are true or not still needs verification and verification. 

According to our research, this rumor comes from errors that investors encountered. For example, Slow withdrawal, cannot withdraw money, the exchange has software errors, cannot perform transactions,…

But these are very normal problems. Not only for XTB but even when trading on other exchanges, investors may still encounter errors. 

To put it simply, XTB is an international trading platform. Therefore, linking with Vietnamese payment units will encounter some difficulties. This leads to longer withdrawal times. 

XTB also understood this situation so it quickly improved by adding other withdrawal channels. Transaction time now only takes a few minutes. 

Regarding the problem of faulty software, XTB has overcome it by converting from MT4 and MT5 platforms to xStation. To date, the platform is still operating stably and is considered to have fast processing speed. 

So all current rumors about XTB being a scam are false, without any specific evidence. Investors should learn clearly to avoid having wrong views about the exchange. 

Is XTB good when not licensed in Vietnam?

Not only XTB but all other exchanges entering the Vietnamese market are not licensed. However, investors can rest assured, because XTB has been censored by the world’s major financial institutions. Traders will have their rights and safety protected every time they trade. 

XTB Detailed review of the exchange

To better understand whether the XTB exchange is a scam or not, let’s review the fees, accounts, transactions, and customer care services of the exchange.

Types of transaction fees on the XTB platform

There are 3 main types of XTB fees that traders need to pay attention to:

• Spread Fee: Depending on each account type and currency pair, traders will have to pay different Spread fees. But overall, XTB’s average spread fees are still lower than other exchanges. 
• Swap fee: High or low swap fee will largely depend on the base rate of the corresponding currency pair and the investor’s trading position. 
• Commission fees: Applicable to Pro accounts usually range from 0.08% – 0.12% for major currency pairs. For VIP accounts it will range from 0.05 – 0.08%.

Types of XTB accounts

• Demo account: This is a type of virtual account, that allows investors to try it out without taking financial risks. At the same time, it is completely free and has no time limit on use. 
• Standard account: Allows investors to use leverage to open trading positions with a value greater than the deposited funds. Competitive spreads and no minimum deposit are required. 
• Pro account: Suitable for experienced traders or professional traders. 

Deposit and withdraw money

Currently, XTB is providing many different deposit and withdrawal methods. Specifically:

• Bank transfer. 
• Credit/debit card.
• Electronic wallet.
• Bitcoin.
• Silver wallet.

All deposit and withdrawal transactions have detailed, specific, and simple instructions. Investors can choose the appropriate trading method to deposit/withdraw money. 

Customer care

• Supports diverse languages ​​to serve customers around the world, including Vietnam. 
• Online support 24/5.
• There is an online support and knowledge center. 
• Free webinars and webinars for all customers.

Conclude

At this point, whether Is XTB good has a clear answer. It can be affirmed that XTB is a reputable, quality, and trustworthy broker. So, if you are planning to invest in the financial market, register for an XTB account today. Don’t forget to follow XForex  latest articles to learn more useful investment knowledge.

>>>See more: What is XTB? Overview Review of XTB Forex for Newbies

FAQ

Is the XTB platform legal?

XTB is legal in many other countries, but not in Vietnam. Currently, Vietnamese laws and regulations do not have specific regulations on exchange organization activities or foreign currency transactions.

However, not only XTB but all international Forex trading exchanges are not licensed in Vietnam.

How many XTB accounts can customers open?

To ensure fairness and safety, each customer is allowed to open only one trading account. 

Which XTB account is best to open?

Currently, XTB only offers Standard accounts so customers have no other choice.