XTB Review for UAE Traders in 2023
Overall Score:
XTB
70/100
This is our professional review of the online trading broker, XTB, for traders and investors in the UAE. This XTB review takes a detailed look at one of the UAE’s top brokers, comparing them with other competitors in the region. We look at specific aspects like XTB’s platform, regulations and features, and how these points impact traders in the UAE.
Written by:
Sam Reid
Sam Reid
Fact checked by:
Freddie Ricks
Freddie Ricks
Last updated:
Oct 2023
Oct 2023
XTB Summary
XTB, originally established as X-Trade in 2002 and later merging into the XTB Group in 2004, stands as a prominent Forex and CFD broker. With a strong presence across 13+ countries, including Poland, the UK, the UAE, France, Spain, and Germany, XTB holds a notable position in the industry.
It excels in crypto trading and boasts proprietary technology that ensures swift and reliable trading, transparent transactions, and no requotes. Regulated by esteemed entities like the UK Financial Conduct Authority (FCA) and the UAE’s DFSA, XTB maintains a trustworthy image by disclosing financial records.
Their xStation 5 platform, renowned for its excellence, caters to traders of all levels. This low-risk, Warsaw Stock Exchange-listed broker has garnered accolades such as the 'Best Trading Platform' award in 2016 and recognition as the top-rated Forex and CFD Broker in 2018.
It excels in crypto trading and boasts proprietary technology that ensures swift and reliable trading, transparent transactions, and no requotes. Regulated by esteemed entities like the UK Financial Conduct Authority (FCA) and the UAE’s DFSA, XTB maintains a trustworthy image by disclosing financial records.
Their xStation 5 platform, renowned for its excellence, caters to traders of all levels. This low-risk, Warsaw Stock Exchange-listed broker has garnered accolades such as the 'Best Trading Platform' award in 2016 and recognition as the top-rated Forex and CFD Broker in 2018.
XTB Trading Instruments
XTB's product offerings vary by region, showcasing versatility across different areas. The array includes a choice of 1,500+ financial instruments spanning diverse asset classes. Notably, some European clients can engage in non-leveraged trading of stocks and ETFs without commission charges, excluding specific regions like the UK, Cyprus, Hungary, and other international locations where offerings are more restricted in these categories. For global investors, stock and ETF CFDs feature a 0% commission rate. In the UAE, traders enjoy access to an extensive range of trading options:
- Forex: More than 50 currency pairs
- CFD Indices: Over 20 global indices
- CFD Commodities: A selection of 20+ commodities and precious metals
- CFD Cryptocurrencies: 25+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, and more
- Real Shares: 2000+ shares from global exchanges
- Real ETFs: 300+ Exchange-Traded Funds
XTB Commissions, Spreads and Fees
Trading fees
Overall, XTB's fees vary based on account type, with Standard accounts paying spread-related costs and Pro accounts paying commissions alongside market spreads.
XTB offers competitive trading fees and average non-trading fees to its UAE-based clients. The trading fees for popular instruments like S&P 500 CFD, Europe 50 CFD, and EURUSD are built into the spread, with costs ranging from 0.6 points to 1 pip during peak trading hours.
Notably, XTB introduced 0% commission trading for Standard account holders in February 2022, with fees incorporated into the spread. However, Pro account trades do incur commission charges that vary by base currency. Margin trades might also entail overnight swap charges based on overall exposure. XTB also offers real stock and ETF trading for clients in the UAE, charging zero commission.
Overall, XTB's fees vary based on account type, with Standard accounts paying spread-related costs and Pro accounts paying commissions alongside market spreads.
XTB offers competitive trading fees and average non-trading fees to its UAE-based clients. The trading fees for popular instruments like S&P 500 CFD, Europe 50 CFD, and EURUSD are built into the spread, with costs ranging from 0.6 points to 1 pip during peak trading hours.
Notably, XTB introduced 0% commission trading for Standard account holders in February 2022, with fees incorporated into the spread. However, Pro account trades do incur commission charges that vary by base currency. Margin trades might also entail overnight swap charges based on overall exposure. XTB also offers real stock and ETF trading for clients in the UAE, charging zero commission.
Inactivity fees
XTB imposes an inactivity fee of €10 per month after one year of trading inactivity, provided no deposit was made in the last 90 days. However, setting up accounts is free, and no minimum deposit is required.
Currency conversion incurs a 0.5% fee on trades involving different account and instrument currencies. The account base currency is essential, as choosing the same currency as the bank account avoids conversion fees.
Deposit and Withdrawal fees
For withdrawals, XTB charges no fees if the amount exceeds 100 ($, £, €). Withdrawals are processed through bank transfers, taking up to 2 working days, with those made before 1 pm arriving on the same day. Deposits are generally free, except for electronic wallets which incur a 2% fee. Deposit options encompass PayPal, credit and debit cards, and bank transfers.
XTB imposes an inactivity fee of €10 per month after one year of trading inactivity, provided no deposit was made in the last 90 days. However, setting up accounts is free, and no minimum deposit is required.
Currency conversion incurs a 0.5% fee on trades involving different account and instrument currencies. The account base currency is essential, as choosing the same currency as the bank account avoids conversion fees.
Deposit and Withdrawal fees
For withdrawals, XTB charges no fees if the amount exceeds 100 ($, £, €). Withdrawals are processed through bank transfers, taking up to 2 working days, with those made before 1 pm arriving on the same day. Deposits are generally free, except for electronic wallets which incur a 2% fee. Deposit options encompass PayPal, credit and debit cards, and bank transfers.
XTB Deposits & Withdrawals
For deposits and withdrawals with XTB, there are a few key points to consider. When it comes to depositing funds, MENA traders can choose between debit card or initiating a bank transfer. It's important to note that while some of these methods are free of charge, XTB does not cover any exchange rate charges that might arise if you deposit funds in a currency that differs from that of your bank.
Both bank transfers and debit cards are viable options for both depositing and withdrawing funds. For clients based in the UAE, it's worth noting that USD is the only available base currency. On the withdrawal side, the standard processing time for a withdrawal request is set at 1 business day. This structured approach to handling deposits and withdrawals ensures transparency and clarity for XTB's clients.
Both bank transfers and debit cards are viable options for both depositing and withdrawing funds. For clients based in the UAE, it's worth noting that USD is the only available base currency. On the withdrawal side, the standard processing time for a withdrawal request is set at 1 business day. This structured approach to handling deposits and withdrawals ensures transparency and clarity for XTB's clients.
XTB Trading Platforms
xStation 5 - Available for web, mobile and desktop
xStation 5 is XTB's proprietary trading platform, designed to provide traders with a comprehensive and user-friendly trading experience. Based on our performance review of the platform, we rate it very highly.
XTB's xStation 5 trading platform offers cutting-edge features and fast processing. It has a clean and minimalist design, yet it's equipped with powerful and comprehensive tools. When compared to platform giants like CMC Markets, IG, and FXCM, xStation 5 stands out as the clear winner. It provides an excellent user experience across various devices including web, mobile, tablet, as well as iOS and Android smartwatches.
Here are some key features and aspects of the xStation 5 platform:
User-Friendly Interface: xStation 5 is known for its intuitive and user-friendly interface. It is designed to cater to traders of all experience levels, from beginners to advanced traders.
Advanced Charting: The platform offers advanced charting tools and technical indicators that allow traders to analyze market trends and make informed trading decisions. The charts can be customized to suit individual preferences.
Market Analysis: The platform provides real-time market news, economic calendars, and analysis tools to help traders stay informed about market events and trends that could impact their trading decisions.
Multi-Asset Trading: Traders using xStation 5 can access a wide range of trading instruments, including forex, indices, commodities, cryptocurrencies, and more.
Mobile and Web Versions: xStation 5 is available as both a desktop application and a web-based platform. Additionally, there are mobile apps for iOS and Android devices, allowing traders to manage their positions and monitor markets on the go.
Trading Analytics: The platform provides detailed trading analytics, performance statistics, and trading history to help traders assess their trading strategies and make improvements over time.
xStation 5 is XTB's proprietary trading platform, designed to provide traders with a comprehensive and user-friendly trading experience. Based on our performance review of the platform, we rate it very highly.
XTB's xStation 5 trading platform offers cutting-edge features and fast processing. It has a clean and minimalist design, yet it's equipped with powerful and comprehensive tools. When compared to platform giants like CMC Markets, IG, and FXCM, xStation 5 stands out as the clear winner. It provides an excellent user experience across various devices including web, mobile, tablet, as well as iOS and Android smartwatches.
Here are some key features and aspects of the xStation 5 platform:
User-Friendly Interface: xStation 5 is known for its intuitive and user-friendly interface. It is designed to cater to traders of all experience levels, from beginners to advanced traders.
Advanced Charting: The platform offers advanced charting tools and technical indicators that allow traders to analyze market trends and make informed trading decisions. The charts can be customized to suit individual preferences.
Market Analysis: The platform provides real-time market news, economic calendars, and analysis tools to help traders stay informed about market events and trends that could impact their trading decisions.
Multi-Asset Trading: Traders using xStation 5 can access a wide range of trading instruments, including forex, indices, commodities, cryptocurrencies, and more.
Mobile and Web Versions: xStation 5 is available as both a desktop application and a web-based platform. Additionally, there are mobile apps for iOS and Android devices, allowing traders to manage their positions and monitor markets on the go.
Trading Analytics: The platform provides detailed trading analytics, performance statistics, and trading history to help traders assess their trading strategies and make improvements over time.
XTB Account Types
XTB’s MENA website displays 2 different account types. The Standard Account and the Swap-Free Account. Both accounts are almost identical in terms of the markets accessible to UAE traders and the account benefits. However, spreads on the swap-free account are slightly higher to replace the zero roll-over fees associated with this account.
Here is a summary of both accounts.
Here is a summary of both accounts.
XTB Research & Education
Research
XTB offers an array of research tools accessible through two main channels: the xStation 5 trading platform and the 'Market Analysis' section on the XTB website. These resources are available in multiple languages, catering to a global clientele.
Within the news flow, XTB provides trading ideas primarily rooted in short-term strategies based on technical analysis. These ideas, however, lack a clear structure, often leading to information overload when searching for specific assets. While trading ideas are available, their organization could be improved for easier access and navigation.
Clients have the option to subscribe to mobile trade alerts, delivered in real-time via WhatsApp. These alerts, initially complimentary for seven days, provide breaking news and updates on key technical levels. After the trial period, a fee is applicable.
XTB stands out for its top-tier research tools selection, offering a user-friendly experience and multiple methods for selecting tradable instruments. Notably, it excels in delivering quality analysis from both in-house experts and third-party providers.
Among the research tools offered by XTB, the following stand out:
Educational Materials
XTB places great emphasis on providing tailored educational materials to its clients, and many of these resources are offered free of charge. Clients can access training videos, online articles, live webinars, and a downloadable trading library suitable for beginners.
The 'Trading Academy' serves as a valuable educational hub, categorized into Basic, Intermediate, Expert, and Premium levels. It covers essential topics, such as fundamental and technical analysis, with an interactive approach to learning.
XTB differentiates itself by providing exclusive Premium Research strategies, articles, and YouTube video content directly from its analysts. This enriches the research offerings, encompassing more than just standard news and economic calendars.
XTB offers an array of research tools accessible through two main channels: the xStation 5 trading platform and the 'Market Analysis' section on the XTB website. These resources are available in multiple languages, catering to a global clientele.
Within the news flow, XTB provides trading ideas primarily rooted in short-term strategies based on technical analysis. These ideas, however, lack a clear structure, often leading to information overload when searching for specific assets. While trading ideas are available, their organization could be improved for easier access and navigation.
Clients have the option to subscribe to mobile trade alerts, delivered in real-time via WhatsApp. These alerts, initially complimentary for seven days, provide breaking news and updates on key technical levels. After the trial period, a fee is applicable.
XTB stands out for its top-tier research tools selection, offering a user-friendly experience and multiple methods for selecting tradable instruments. Notably, it excels in delivering quality analysis from both in-house experts and third-party providers.
Among the research tools offered by XTB, the following stand out:
- Market Sentiments: This feature tracks the percentage of XTB clients holding short and long positions in the market.
- Heatmaps: Visual representations of market winners and losers.
- Stock Screeners: A tool that uses 14 factors to filter and sort over 1,700 tradable single-stock CFDs and cash equities.
- ETF Scanners: Similar to stock screeners, focusing on Exchange-Traded Funds.
Educational Materials
XTB places great emphasis on providing tailored educational materials to its clients, and many of these resources are offered free of charge. Clients can access training videos, online articles, live webinars, and a downloadable trading library suitable for beginners.
The 'Trading Academy' serves as a valuable educational hub, categorized into Basic, Intermediate, Expert, and Premium levels. It covers essential topics, such as fundamental and technical analysis, with an interactive approach to learning.
XTB differentiates itself by providing exclusive Premium Research strategies, articles, and YouTube video content directly from its analysts. This enriches the research offerings, encompassing more than just standard news and economic calendars.
XTB Regulation
Founded in 2004, XTB boasts a strong track record in the trading industry and has garnered a reputation for its commitment to safety and providing an effective trading experience. When examining XTB, the focus on platform credibility and security takes center stage. As a plus for traders and investors located in the UAE, XTB MENA is regulated locally by the DFSA.
With nearly two decades of operational experience, XTB has evolved into a significant player in the field, serving a substantial clientele of over 650,000 worldwide. An important indicator of its credibility is its position as a publicly traded entity on the Warsaw Stock Exchange.
XTB's global presence is supported by its subsidiaries, each regulated by distinct financial authorities:
Client Fund Security
XTB employs robust measures to safeguard client interests:
With nearly two decades of operational experience, XTB has evolved into a significant player in the field, serving a substantial clientele of over 650,000 worldwide. An important indicator of its credibility is its position as a publicly traded entity on the Warsaw Stock Exchange.
XTB's global presence is supported by its subsidiaries, each regulated by distinct financial authorities:
- XTB UK is overseen by the Financial Conduct Authority (FCA)
- XTB Europe adheres to regulatory standards set by CySEC
- XTB International is under the watchful eye of the Belize International Financial Services Commission (IFSC)
- X-Trade Brokers DM SA is authorized by the Polish Securities and Exchange Commission and supervised by the Polish Financial Supervision Authority.
- XTB Spain operates within the regulatory framework of the Comisión Nacional del Mercado de Valores
- XTB MENA secures a category 3A license from the Dubai Financial Services Authority (DFSA)
Client Fund Security
XTB employs robust measures to safeguard client interests:
- Segregated Accounts: Client funds are maintained in separate accounts, distinct from the company's operational funds.
- Compensation Scheme Protection: The Financial Services Compensation Scheme (FSCS) covers traders' funds up to £85,000 in case of insolvency, offering an added layer of security.
XTB Customer Support
When it comes to customer support at XTB, the experience is a mix of positives and areas for improvement. Their phone service has received high praise for its responsiveness and the quality of assistance provided.
Similarly, the live chat option proves to be efficient and fast. On the other hand, email support may require some patience due to response times, but the information provided is generally accurate and helpful.
Reaching out to XTB is possible through different avenues, including live chat, phone, and email. Based on our own testing, we found that XTB's live chat performed admirably across different languages and regions, delivering quick and practical responses. The phone support aspect stands out as well, providing prompt answers that offer valuable insights.
Even with email responses taking more time, XTB showed dedication by replying within hours and taking the time to address inquiries comprehensively during phone conversations.
For UAE clients, XTB offers the following specific support channels.
Similarly, the live chat option proves to be efficient and fast. On the other hand, email support may require some patience due to response times, but the information provided is generally accurate and helpful.
Reaching out to XTB is possible through different avenues, including live chat, phone, and email. Based on our own testing, we found that XTB's live chat performed admirably across different languages and regions, delivering quick and practical responses. The phone support aspect stands out as well, providing prompt answers that offer valuable insights.
Even with email responses taking more time, XTB showed dedication by replying within hours and taking the time to address inquiries comprehensively during phone conversations.
For UAE clients, XTB offers the following specific support channels.
- Live chat: Accessible through XTB's MENA website
- Email: sales@xtb.ae.
- Phone: +971 43768202 (24/5 Support).
XTB FAQs
With a good trading strategy, it is possible to become of the thousands of profitable XTB traders. However you should also be aware that trading comes with risk, and there is always the chance that your trades can move against you.
Yes, XTB is completely legal in the UAE and is even regulated in the UAE by the Dubai Financial Services Authority (DFSA)
Yes, XTB is rated as a highly safe and secure broker as the broker is regulated by several top tier regulators.
XTB: The Bottom Line
In conclusion, our comprehensive review of XTB for UAE traders reveals a broker with a substantial industry presence and a focus on delivering a versatile trading experience. With a robust platform and a range of trading instruments including forex, indices, commodities, cryptocurrencies, real shares, and ETFs, XTB caters to diverse trading preferences.
Their xStation 5 platform stands out as a user-friendly powerhouse, while regulatory compliance and client fund security are bolstered by notable oversight from esteemed authorities. Moreover, XTB's customer support, while not available 24/7, offers efficient assistance through live chat and phone channels, ensuring that traders have access to timely solutions. Overall, XTB presents a competitive option for traders in the UAE, combining advanced technology, regulatory diligence, and responsive customer service.
Their xStation 5 platform stands out as a user-friendly powerhouse, while regulatory compliance and client fund security are bolstered by notable oversight from esteemed authorities. Moreover, XTB's customer support, while not available 24/7, offers efficient assistance through live chat and phone channels, ensuring that traders have access to timely solutions. Overall, XTB presents a competitive option for traders in the UAE, combining advanced technology, regulatory diligence, and responsive customer service.
