Welcome to Our Best Forex Broker Review Website. For today’s post, we are doing XBTFX Review. In this review we will discuss what is it, accounts types, trading platforms, deposit or withdrawal methods, assets/markets, customer support, educational resources, supported countries, pros/cons, and lastly our conclusion on this broker. So if you want to do trading using this broker then keep reading this article to an end because this will surely guide you.
Let’s get started!
What is XBTFX?
XBTFX is owned and run by XBTFX LLC, a St Vincent and the Grenadines-based corporation. It is registered under the number 155 LLC 2019 and has its headquarters at the First St. Vincent Bank Ltd Building in Kingstown.
They have many remote offices around the globe, even though their head office is in this area. It was established in 2019 and has experienced significant growth since then. There are currently over 20 people working there.
They sell leveraged trading of up to 500 times on a variety of asset groups as a CFD trader. All of this is done using the MetaTrader 5 trading platform, which is part of the same MetaTrader trading family as the MT4 platform.
They are an STP broker in the true sense of the word. Straight Via Processing (STP) denotes that the broker can deliver the order to their liquidity suppliers directly. This ensures that orders aren’t routed into some kind of dealing desk.
Let’s get into details of the XBTFX Review!
XBTFX: Trading Platform
This section of the XBTFX Review will give your insight into the trading platforms offered by this broker. The MetaTrader 5 platform is used by XBTFX. This is a third-party trading site created by the same firm that created the wildly successful MT4 platform. Thousands of brokers and millions of dealers use it all over the world.
The MT5 platform is compatible with a variety of devices and operating systems. It’s compatible with iOS, Android, Linux, and Windows, among other platforms. Last but not least, you can trade it via a web browser, which is maybe the most useful choice.
You can either place a market order or a limit order at XBTFX when it comes to ordering functionality. The former is set to the most recent trade amount, while the latter is set to a price that is below the market rate and will be executed once it reaches that price.
You’ll also be able to set a Stop-Loss and Take-Profit at predefined levels above and below your execution level.
Another feature of the MT5 platform to keep in mind is that it supports the MQL5 coding language, which allows you to create trading robots and algorithms. These are referred to as “Expert Advisors,” and they allow you to trade while sleeping.
MT5 is also available as a mobile app for Apple and Android devices, as previously mentioned. It has over a million downloads and remains one of the most popular apps on the market.
It’s also a fairly functional app, with some of the following features:
- Customizable Forex & Stock chart color schemes
- Switching between financial instruments on charts
- Free financial news — dozens of materials daily
- Chat with any registered MQL5.community trader
- On the table, trade volumes show the prices of pending orders as well as the SL and TP rates.
This is also great for technical analysis because you can zoom into and scroll through interactive charts. 30 of the most popular indicators that traders use to get a handle on the market are included in the mobile charts.
You only need to look at the ratings of the apps in both the iTunes store and Google Play to get a sense of just how popular it is and what the other traders think about it.
XBTFX: Trading Accounts
In this section of the XBTFX Review, we will cover the trading accounts offered by this broker to its users. After you’ve registered, you’ll be able to choose your account type. At XBTFX, there are two basic types available. These are the ECN and the Standard.
With the standard account, XBTFX charges a small spread on the pairs you trade to cover their costs. When you place an order on this account, it is routed directly to the market and you will receive the raw spread. ECN stands for Electronic Crossing Network.
The following are some of the most important points that both of these accounts have in common:
- Both have a $1 minimum deposit requirement.
- Equinix London LD4 provides state-of-the-art servers.
- Allow for expert advisors and trading strategies that are automated.
- Both of these can be used on the scalp.
An Islamic account can be opened using the standard account. This is a Sharia-compliant account that does not charge any carryover fees.
You might not know what kind of account you want or even if you want to fund an account at XBTFX. That is precisely why they provide a trial account. This is a demonstration account with demo funds.
This has the advantage of allowing you to trade as much as you want while getting a feel for the platform/broker. It’s a risk-free way to trade and evaluate the broker’s performance. This can be done on both the standard and ECN accounts, and it can be done right from your dashboard.
XBTFX: Assets and Markets
This section of the XBTFX Review will reveal the assets and markets offered by this broker to its users. There are numerous assets from which to choose when it comes to trading. Some of the traditional asset classes that you can trade are listed below:
- Forex: There are nearly 100 different forex pairs available, including all major and minor currencies.
- Commodities: WTI, Brent, Copper, and Natural Gas are examples of commodity assets.
- Indices: There are several different indices from Asia, Europe, and the Americas that you can trade.
- Metals: Gold, Silver, Palladium, and Platinum are examples of metals.
- Stocks: You can trade a wide range of stocks on all of the world’s stock exchanges. There are both large and small-cap companies in this category.
Then there’s a cryptocurrency, which includes the majority of the major coins and altcoins. Bitcoin, Litecoin, Ethereum, Bitcoin Cash, XRP, and BNB are among them.
XBTFX: Deposit and Withdrawal methods
In this part of the XBTFX Review, we will discuss the deposit and withdrawal methods provided by this broker. Bitcoin is a trustworthy payment method because of its low cost and quick transaction time. Brokers have begun to accept Bitcoin as a form of payment, particularly since the cryptocurrency’s popularity has grown. Traders with digital wallets can now easily transfer funds between their trading accounts.
XBTFX also accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, Tether (USDT), and Zcash as payment methods.
XBTFX: Accepted Countries
This portion of the XBTFX Review will highlight the countries where you trade using this broker. Due to the broker’s popularity, they have expanded to several different countries. There are, however, some countries that do not accept traders, such as the United States, Québec, Belgium, North Korea, and Sudan.
This section of the XBTFX Review will reveal the educational resources provided by this broker to its users. XBTFX maintains trading blogs with useful content such as market news articles, company updates, and educational material to assist new traders in learning the fundamentals of online trading.
XBTFX: Customer Support
In this section of the XBTFX Review, we will give provide you the details about customer support services provided by this broker. You can contact them in a variety of ways, but the quickest and most direct is through their online chat. A Facebook messenger window is linked to this.
While this is fantastic, it does mean that those who do not have a Facebook account are unable to contact you. In any case, when we did reach out, we were usually assisted in a matter of minutes. They were informed and immediately knew how to respond to our inquiry.
You can always contact them via a support ticket if you prefer to use something more traditional. This can be done through your online dashboard, and it’s probably the most efficient way to deal with a persistent problem.
You can also send an email to firstname.lastname@example.org. There is no telephone support available.
Finally, if your question is more routine, you can always refer to their knowledge base and frequently asked questions. There are numerous resources available that could save you a significant amount of time.
XBTFX: Pros and Cons
In this portion of the XBTFX Review, we will summarize all the benefits and drawbacks of this broker.
- Mt5 Platform with a large number of advanced tools built-in.
- 200+ trading instruments
- Cryptocurrency trading and account funding
- Educational blogs
- STP lock feature
- $1 deposit
- Leverage up to 1:500
- No funding via wire transfer or credit/debit card
- No phone number
- Offshore broker
- Does not accept traders from the United States
Conclusion XBTFX Review
And finally, we got the end of this XBTFX Review. In conclusion, this is a fantastic broker with a wide range of assets.
We were also pleased by their fast customer service and low fees for cryptocurrency deposits and withdrawals. We appreciate how open they are about their STP service and that they enable traders to order an “STP Lock.”
Furthermore, the whole user interface is fairly straightforward. It was simple to create an account, and it didn’t take long to get started. In comparison to any of the other brokers, the user interface is often uncluttered and a breath of fresh air.
Well, there were a few items we felt needed to be improved, however, they can be addressed. Hopefully, they would take this input and make changes as a result.
XBTFX might be an alternative if you’re looking for a broker with a highly functional trading interface that allows you to exchange a variety of assets in a reasonably easy manner, but don’t hesitate to check it out in a Demo Account first to see how it works for you!