Flexibility on Fees
This XTB MT4 review begins with fees and charges. One of the key benefits of XTB MT4 is that it does not charge fees on certain activities. For example, XTB MT4 does not charge traders during periods of inactivity. This makes the platform well-suited to those who trade on multiple platforms or for whom trading is simply a smaller part of a diversified career. Furthermore, XTB does not charge you for withdrawing your invested cash or any profits you might make.
Depending on the duration of your planned trade, however, you may find that you fall foul of some of the XTB trading platform’s rollover fees. If you opt for a long trade (where you assume the price will rise) on the Euro/US dollar forex currency pair, for example, you will pay a fee of -$7.94, while if you place a short (assuming the price will fall) trade overnight on the same pair then you will pay a fee of $2.697. For that reason, it’s prudent to think about your day-trading strategy. The platform permits scalping (an exit strategy which encourages near-immediate selling in order to profit from tiny price changes) which means you can avoid the high fees involved in keeping your trade in place overnight. The exact fees will ultimately depend on which currency pairs or commodities you trade, but you can save around USD$5 to USD$10 in fees when trading 100,000 units of Euro/USD.
A Little More Detail
Despite XTB MT4 avoiding some of the killer fees that can eat into a trader’s profits, other parts of the platform’s fee structure are not so beneficial. As is the case with many trading platforms, this platform makes its profits not from your withdrawals but from the “spread”, which is calculated by finding the difference between the amount the CFD was bought for and the amount it sells for. Making a CFD broker comparison is useful here, as it reveals just how competitive this platform’s fees actually are. Some of the fixed spread type fees on this platform are relatively high.
The fee for Euro/US dollar forex spreads, for example, is 2.0 pips, while the US dollar/Japanese yen fee is 4 pips – both of which are particularly high compared to the industry average. However, XTB MetaTrader 4 makes up for it in other forex pairs, and the pound sterling to US dollar fee sits at a highly competitive 0.4 pips. The platform’s fees are also more competitive away from forex, too. The fees for trading commodities are relatively low: gold, for example, costs just 0.8 points to trade, while trading on the fortunes of the stock exchanges has a medium level of competitiveness. Trading on the German DAX 30, for example, costs 2 points.
- Euro/US dollar spread fee: 2 pips
- US dollar/Japanese yen spread fee: 4 pips
- Pound sterling/US dollar spread fee: 0.4 pips
- Gold fee: 0.8 points
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MetaTrader 4: Platform Experience
MetaTrader 4, or MT4, is one of the ways in which XTB allows traders to access its platform. As a downloadable piece of software which removes the need for a web browser when trading online, it comes with a whole range of exciting functions which enhance the trading experience. The platform can, for example, help you spot trends in the movement and behaviour of your preferred CFDs thanks to its pattern recognition software. And with a sophisticated one-click deal confirmation protocol integrated into the software, you can confirm your exit and entrance decisions in a much shorter time-frame than is possible with some other brokers.
In addition to these sophisticated features, the platform also offers a variety of standard features which many traders have come to expect. These include demonstration accounts which use virtual cash and a mini account option for those who want to limit their trading amounts to relatively small lots of 10,000. What’s more, the platform offers you the chance to trade on the go thanks to its mobile and tablet apps, so you can monitor your trades no matter where you are. To ensure the utmost accessibility, these apps are available for both iOS devices and Android devices.
The Trading Process
The developers behind the platform have a wealth of experience when it comes to optimising trading for maximum ease of use and convenience. As a result, traders using the platform benefit from a very well-designed trading process. Traders who prefer to start small when they first open their account can begin with trades of 0.01 Lot. On the other end of the spectrum, the largest possible trade which can be placed is 100 Lot. Margins for those using the XTB trading platform, meanwhile, can vary based on a number of factors such as the profile of the trader. However, these are usually no larger than 0.005 on the CFD forex markets.
- Minimum trades of 0.01 Lot
- Maximum trades of 100 Lot
- Strategy testing using historic market data
- Access to trading/coding community
In addition, it’s possible for traders to hone their trading tactics and develop optimal strategies thanks to the platform’s built-in Strategy Tester software. This feature allows you to go back through historic data (at whatever range and interval you choose) for whichever CFD you are working with. This way, users can visualise the outcome of different strategies before using them to execute trades on the current markets. Once you have ascertained the insights you need, you can also ensure your decisions are as well-informed as possible by accessing advice from experts in MQL4 – a coding community which aims to optimise automatic trading through scripts and other technical methods.
Range of Options
XTB MetaTrader 4 covers a wide range of contracts for difference (CFDs), which makes it likely for you to find the exact ones you would like to trade. Beginning with the foreign exchange (forex) markets, the world’s leading currencies (the US dollar, the Euro, the yen and the British pound) are all represented and it is possible to pair most of them. In addition, some lesser-known forex pairs are also available, making the platform ideal for those with specialist knowledge. In total, there are currently 50 forex pairs available to trade.
- Major forex pairs represented
- Smaller currency pairs also represented
- Commodities including agriculture and metal
- Stock CFDs from countries like Germany, UK, USA
CFDs for some cryptocurrencies, like Bitcoin, are also available to trade. In addition to these, a range of commodity-based CFDs are also available, such as gold and a variety of metals. And for those who wish to trade CFDs covering global stock indexes, there are around 1,500 such choices available, making the platform one of the best brokers on the market for this particular need. CFD shares in companies based in the UK and USA are available, as well as other major global markets such as Japan and Germany.
Convenience and Assistance
One of the major advantages of the platform is the level of convenience which it offers to traders looking to get started and find success. As you begin your trading career on this platform, you’ll gain access to a repository of videos and other useful resources, starting you off on the right path. It is this superior level of support that has inspired many of the upbeat and positive reviews about the platform on websites like TrustPilot. One satisfied user wrote: “The lessons were extremely useful, well-taught and accessible, delivered by knowledgeable and friendly traders”.
There are also lots of clear risk-management tools available on the platform such as price alerts, controls on orders and a stop-loss function to give you peace of mind and help prevent any errors from occurring. And in the unlikely event that any problems arise while you are using the platform, customer service and assistance is always available. The support team can offer help and guidance in a wide range of languages including English, French, German, Polish, Romanian, Turkish and several more. One of the major conveniences that the platform offers compared to other brokers, however, is its anti-slippage policies. The platform acts to prevent this common trading phenomenon whereby prices change in the short period between ordering and fulfilment – so you can place trades on this platform safe in the knowledge that the price you are quoted will also be the price you pay.
Simple Set-Up and Deposit Process
When it comes to setting up an account with the platform, it’s easy to get started. The platform is based in Canary Wharf in London, meaning it is regulated by the Financial Conduct Authority in Britain. This organisation places specific requirements on the firm. As a result, the platform requires all new traders to provide some documentation – such as a scanned-in, full-colour version of a government-issued identity document like a passport. As is common practice when working with brokers, you will also need to provide proof of your address so that the platform can authenticate your identity. Often, this will mean sending in a statement from your bank or a bill from the energy or water company which serves your home.
Once you’ve submitted this information, it will need to be approved before you can get started with trading. While one TrustPilot user described this process as a “little frustrating”, it usually does not take too long for this to go through. Not only that, these requirements help ensure the protection of all users, making them valuable for everyone. Making a deposit is also simple and straightforward. The platform accepts a wide range of payment methods when it comes to getting funds into your account. This means you can use bank transfers, major credit cards or online payment tools such as Neteller and PayPal, whatever is most convenient for you.
XTB MT4: Our Verdict
As any broker comparison will reveal, this platform clearly brings a range of handy advantages to the trading careers of those who use it. From the wallet-friendly spread fees on some particular trades to the data-driven strategy functions the platform can provide users with, there are plenty of reasons to immerse yourself in the community-focused, technically-minded world of the XTB trading platform. What’s more, the pattern recognition software this platform offers makes it easier to monitor trends and developments.
There are some drawbacks to using the platform, though, and it’s worth being familiar with these before moving ahead and joining the platform. Spread fees are only competitive for some trades and some users have said they find the identification checking process somewhat difficult. But on the whole, the platform is largely a sophisticated and well-designed tool which delivers real results for any trader looking to boost their tactics, hone their trading skills and ultimately improve their profits. With a range of customer service options in a variety of languages to manage any issues which may arise, it comes as no surprise that this platform is one of the most popular online CFD trading platforms available on the internet today.
- XTB has offices in 13 countries.
- A forex comparison of regulated assets shows that XTB offers 1500 trading instruments.
- XTB has been in business for over 15 years and is one of the oldest retail brokers in the FX market.