Recently, on some forums, there has been a lot of false information about the XTB exchange. Do you believe the rumors about the XTB scam? In this article, XForex will analyze in detail the reputation and quality of the XTB exchange. As well as providing you with evidence to refute the XTB scam rumors. At the same time, it provides traders with advantages when trading on the exchange.
Is the XTB scam real?
Before having a clear answer to this question, consider some of the factors below:
Who was XTB founded?
XTB was founded by Jakub Zabłocki, a Polish businessman and investor. He is the person who has the business idea of an online trading platform that allows customers to trade financial products such as forex, indices, commodities, stocks, cryptocurrencies, and ETFs. He is also the head of the executive board of XTB Group, the parent company of XTB exchange.
XTB is one of the world’s leading forex and CFD trading exchanges. The exchange’s original name was X-Trade Brokers, established in 2002 in Poland. After more than 20 years of operation, XTB is present in more than 10 countries around the world, with more than 495,000 customers and 168,000 trading orders per day. XTB is also one of the few exchanges listed on the Warsaw Polish stock exchange with the stock code XTB.
What operating licenses does XTB have?
XTB is managed by many reputable financial management agencies in the world, including:
- FCA (United Kingdom) – Code: 5221576
- CySEC (Cyprus) – Code: 169/127
- KNF (Poland) – Code: DDM-M-4021-57-1/20058
- IFSC (Belize) – Code: IFSC/60/413/TS/199
- CNMV (Spain) – Code: 4010
- DFSA (Dubai) – Code: F00440311
Having these licenses ensures that XTB complies with strict rules and regulations regarding operations and customer protection. In addition, XTB is also a member of investor compensation organizations. This is clear proof that the XTB scams rumor is false
See more: Instructions on XTB open account steps quickly
Traders’ reviews of the XTB platform
XTB has received many positive reviews from traders on reputable websites. Such as Trustpilot, Forex Peace Army, and BrokerChooser.
According to Trustpilot, XTB has a score of 4.3/5. Based on 1,271 reviews, 76% rated it as excellent and 12% rated it as good. Traders praise XTB for its xStation trading platform, low trading fees, fast order execution speed, professional customer support, and attractive promotions.
According to BrokerChooser, XTB has a score of 4.5/5. Based on criteria such as trust, education and research, customer service, trading conditions, deposits and withdrawals and user-friendliness. BrokerChooser appreciates XTB for its variety of trading products, low commissions, low spread Pro account, 24/7 support team, and easy-to-use xStation platform.
Review of XTB exchange after XTB scam rumors
On social networks and forex forums, there are many people who doubt the reputation of XTB and think that this exchange is a scam. In the next section, we will analyze the reasons why some people believe that the XTB scam and provide evidence to refute these rumors.
Is XTB reputable? XTB reviews the exchange in detail
As mentioned above, XTB is a reputable forex and CFD trading platform in the world. The exchange is managed by leading financial agencies. These regulators are highly reputable and require exchanges to adhere to high standards of safety and transparency. In addition, XTB is also a member of investor compensation organizations. These include FSCS (UK), ICF (Cyprus), and KNF (Poland). Thereby helping customers receive compensation in case XTB goes bankrupt or becomes insolvent.
Regulations and transparency policies of XTB exchange
XTB has transparent regulations and policies regarding its operations and transactions.
Order execution policy
XTB executes customer trading orders according to best execution principles. That is, trying to give customers the best possible price at the time of placing an order. XTB also publishes information about the market type, execution type, price type, and order type that customers can use on the xStation platform.
Deposit insurance policy
XTB ensures customer deposits in accordance with regulations of financial regulators. For example, if a client trades with XTB UK, their deposits are insured up to £85,000 under the FSCS. If the client trades with XTB CY. Their deposits are insured up to 20,000 euros under the ICF. If the client trades with XTB PL. Their deposits are insured up to 22,500 euros according to KNF.
Risk prevention policy
XTB applies risk prevention measures such as providing negative balance protection. That is, do not allow the customer’s account to fall into a negative status. XTB also offers risk management tools such as stop loss, take profit, trailing stop, and guaranteed stop loss. Helps customers control their desired loss and profit levels.
Withdrawal policy
XTB allows customers to withdraw funds quickly and easily. The platform supports a variety of different payment methods. XTB does not charge withdrawal fees for withdrawals of 200 USD or more. Processing time for customer withdrawal requests is from 1 to 3 working days.
See more: XTB Review – Advantages and disadvantages when trading
XTB reviews the advantages of trading on the exchange
XTB has many advantages that make it an attractive forex and CFD trading platform for traders. Some advantages of XTB are.
Diverse trading products
XTB offers traders more than 4,000 trading products, including 49 currency pairs, more than 1,800 stocks, more than 100 ETFs, more than 40 indices, more than 20 commodities, and more than 25 cryptocurrencies. This is a very large number of trading products compared to other exchanges, giving traders many options and trading opportunities.
Low transaction fees
XTB has low trading fees for trading products such as forex, indices, and commodities. For example, XTB has an average spread of 0.8 pips for EUR/USD, 1.2 pips for GBP/USD, and 1.6 pips for USD/JPY. XTB also does not charge commissions for these products. For other trading products such as stocks, ETFs, and cryptocurrencies. XTB charges commissions as a percentage of the transaction value. Besides, the exchange also has an attractive XTB bonus for traders.
xStation trading platform
XTB uses the xStation trading platform, an online trading platform designed specifically for XTB. The xStation platform has many outstanding features such as the ability to execute orders within 85 milliseconds. Features professional trading charts, technical and fundamental analysis tools, continuously updated market news, an economic calendar, and one-click trading features. Copy trading feature and strategy testing feature (backtesting). In addition, xStation also has versions for desktop computers, mobile phones, tablets, and smartwatches.
Professional support team
XTB has a professional and dedicated customer support team, ready to answer all traders’ questions and problems. XTB supports customers through channels such as phone, email, online chat, and social networks. XTB also provides customer support in many different languages. XTB’s response time is very fast, only 3 to 5 minutes.
XTB reviews signs of fraudulent exchanges after rumors of XTB scam
After analyzing and clarifying the XTB scam information. We hope you have a clearer and more objective view of this exchange. However, to avoid being scammed by trading platforms that are not transparent and do not have an operating license.
Lack of transparency in regulations and policies
Fraudulent exchanges often do not disclose policies on transaction fees, withdrawals, deposit insurance, order execution, and risk prevention. They also do not provide professional customer communication and support. In contrast, XTB has clear and transparent policies on the above issues and has a 24/7 customer support team through many channels.
There is no reputable management agency like XTB
Fraudulent exchanges often do not have operating licenses from reputable financial regulatory agencies. They are also not members of investor compensation organizations such as FSCS, ICF, and KNF. This means that customers are not protected and can lose all their funds if the exchange crashes. In contrast, XTB has operating licenses and is a member of investor compensation organizations.
Committed to huge profits
Scam brokers often promise customers high and unbelievable profits. Just trade with them. They can also use different game dimensions. It can be followed by giving bonuses, free transactions, unlimited demo accounts, and other promotions to attract customers. However, these promises are just a way to deceive customers and make them lose money. In contrast, the XTB exchange does not commit to profits for customers. The platform only provides the best trading conditions and support tools for customers to decide their trading strategy.
Denounced by traders
Scam brokers are often accused by many traders of being quoted wrong prices, having their trading orders interfered with, being denied withdrawals, or losing contact. These accusations are often posted on reputable websites such as Trustpilot, Forex Peace Army, and BrokerChooser. On the contrary, XTB has received many positive reviews from traders on these websites. Shows traders’ satisfaction and trust in the XTB exchange.
In short, XTB is a reputable and quality forex and CFD trading exchange. XTB scam is false information. Hopefully, XForex has helped traders have an overview of the exchange. With many outstanding advantages compared to other exchanges. These include diverse trading products, low transaction fees, and the superior xStation trading platform.
FAQ
Who founded XTB?
XTB was founded by Jakub Zabłocki, a Polish businessman and investor. The exchange was originally called X-Trade Brokers in 2002.
Is XTB reputable?
XTB is a reputable forex and CFD trading platform in the world. The exchange is managed by leading financial agencies. In addition, XTB is also one of the few exchanges listed on the Warsaw Polish Stock Exchange with the stock code XTB.
What is the xStation trading platform?
XTB uses the xStation trading platform, an online trading platform designed specifically for XTB. The xStation platform has many outstanding features compared to other platforms.
