XBTFX is an offshore brokerage firm that offers Forex, Crypto and CFD trading online via the sophisticated MetaTrader 5 (MT5) platforms. The brokers trading conditions are competitive whilst they have an educational blog with some useful articles and demo accounts to support new traders.
XBTFX Review, Pros & Cons
- Powerful MT5 platform with large range of advanced built in tools
- Cryptocurrency trading & account funding
- 200+ trading instruments
- "STP Lock" feature
- Educational blog
- Minimum $1 deposit
- Leverage up to 1:500
- No wire transfer or credit/debit card funding
- No contact telephone number
- Offshore broker
- Does not accept traders from the USA & some other countries
In this detailed XBTFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
XBTFX is a Cryptocurrency-based platform that provides Forex, Crypto and CFD trading online to clients around the world. You can deposit, exchange, trade and withdraw using 16 Cryptocurrencies and stablecoins. The broker offers direct market access (DMA) to over 200+ FX, Cryptocurrency, Commodities and Indices for trading online through the powerful MetaTrader 5 (MT5) platform. They implement an STP/ECN execution model where traders are connected directly to the liquidity providers (LPs) and thus, there should be no conflict of interest or dealing desk intervention in most cases. In addition to this, they also offer leverage of up to 1:500 on supported markets, competitive spreads, blockchain deposits and same day withdrawals.
Founded in 2019, the XBTFX brokerage model is based on full transparency which is why they have an innovative feature that they call the “STP Lock”. If a client uses the maximum leverage, the broker cannot possibly hold that exposure consistently and maintain the required margins on their liquidity accounts, which is why they transparently state that accounts with 1:500 leverage can be in situations where XBTFX acts as a dealing desk. As some clients may not want this type of execution, they have implemented the “STP Lock” which can be requested and means that the accounts leverage will be capped at 1:100. In this instance, the broker will guarantee that orders are executed at all times using STP. The fact that the broker addresses this clearly on their website shows that they are willing to be transparent and upfront about the trading conditions.
XBTFX is registered by the Financial Services Authority of Saint Vincent and the Grenadines. However, they are not regulated at this time but have stated that regulation is in the pipeline. This XBTFX review will be updated accordingly.
XBTFX does not provide services to any person that is located in or a resident of the United States of America, Québec (Canada), Belgium, Crimea and Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the services offered by XBTFX would be contrary to local law or regulation.
Some XBTFX broker features and products mentioned within this XBTFX review may not be available to traders from specific countries due to legal restrictions.
XBTFX provide their traders with the popular, powerful and user-friendly MetaTrader 5 (MT5) platform that is developed by Russian software company MetaQuotes and freely available to use on desktop (Windows/MAC), web and mobile devices (iOS & Android). The web platform runs in most web browsers without needing to download or install any software. The mobile version is useful for those who wish to access their trading account and trade whilst on the go from anywhere in the world with an internet connection.
MetaTrader 5 is an institutional multi-asset platform offering advanced trading possibilities and technical analysis tools, as well as enabling the use of automated trading systems (trading robots) and copy trading. MetaTrader 5 is an all-in-one platform for trading Forex, Stocks and Futures.
- Over 200 Instruments, including Cryptos, Indices CFDs, Forex, CFDs on Precious Metals and Energies
- Level 2 depth of market (DOM) price quotes
- 1 single login to 7 platforms across multiple devices
- Raw spreads from as low as 0 pips
- One-Click trading
- Multiple order types
- Multiple chart timeframes
- Multiple chart styles (line, bar, candlestick)
- Vast array of built in technical indicators to conduct detailed market analysis
- Automated trading with expert advisors (EAs)
- Multi-currency strategy tester to back test EAs over historical data
- Built in economic calendar
- Hedging allowed
XBTFX Trading Tools
XBTFX do not have any stand-alone tools but the abundance of trading tools already included within the MT5 platform will usually be more than enough for most retail traders. MT5 also has a large choice of additional tools available online that you can add to improve the platforms functionality and to further customise it to your needs.
XBTFX have a trading blog that contains useful content including market news articles, company updates and educational materials to help beginner traders learn some of the basics about trading online.
XBTFX offer trading on traditional markets and cryptocurrencies. There are 5 asset classes and over 200 instruments. Clients can trade FX currency pairs, commodities, global stock indices and cryptos.
- Equity Indices
- Precious Metals
XBTFX Accounts & Fees
At XBTFX, they offer both Standard and ECN account types that can match the needs of beginner and experienced traders alike, with flexible trading conditions and leverage up to 1:500 available on certain markets although crypto leverage is capped at 1:50. Both accounts support all types of trading including hedging, scalping, HFT, etc. There is no minimum deposit required. Base MT5 accounts are in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Ripple (XRP).
Standard accounts are geared towards traders who prefer zero commissions and all trading fees built into the spread. This simplifies the trading process and gives traders the advantage of having the costs calculated in the profit and loss of the trade instead of seeing commissions charged in addition to this. Standard accounts are commonly preferred by position and swing traders.
ECN Accounts are zero mark-up raw spread accounts that get charged a fixed commission of $4/lot per deal. ECN accounts are usually preferred by traders looking to separate commissions from trading profit and loss and scalpers that require the lowest spread possible to trigger low time frame orders without an added spread.
If you are new to trading, you can create a demo account which will allow you to trade with virtual BTC without exposing you to any risk, as your gains and losses are simulated. Once you have tested your trading strategies, learned about market moves and how to place orders, you can take the next step to open a trading account with real funds if and when you feel ready to do so.
XBTFX support team is on hand to answer any questions you may have via email and live chat. Alternatively, you can get in touch with them via Twitter, Facebook or Reddit. For clients, the broker recommends the use of the integrated support system. There is also a knowledge base on the brokers website that covers some commonly asked questions. We would like to have had a telephone number provided so this is an area the broker may consider improving on in the future.
XBTFX Deposit & Withdrawal
The broker supports flexible methods of deposits and withdrawals in multiple cryptocurrencies and stablecoins. Users can exchange cryptos instantly in 1-click and make blockchain deposits. There are same day withdrawal options and no fees on deposits or withdrawals.
Please note that trading accounts can only be denominated in USDC/USDT & BTC. Clients depositing with another of the supported cryptocurrencies will need to exchange that balance into BTC or USDC/USDT to start trading.
Clients are able to exchange their available cryptocurrency balances directly from the Account Management back-end – fees are shown on the brokers website. Exchanging between stablecoins and other cryptocurrencies requires Level 2 KYC Verification. Limits apply for exchanging into stablecoins. Limits are currently set to a maximum exchange into stablecoins from other cryptocurrencies to the equivalent of $20,000.
As broker fees can vary and change, there may be additional fees that are not listed in this XBTFX review. It is imperative to ensure that you check and understand all of the latest information before you open an XBTFX broker account for online trading.
XBTFX Account Opening
This broker supports instant account opening and funding. There is a short online form to complete after which you will receive your long in details. You can then access your account, use the trading platforms, fund your account and start trading online.
Overall, XBTFX have a generous selection of trading instruments with competitive trading conditions on the user-friendly MT5 platforms. They are primarily geared towards traders who use Cryptocurrencies and provide a range of modern payment options. There is also an educational blog with some informative trading articles. The main area that the trading brokers review team believe they could improve in would be regulation whilst providing a contact telephone number would also be beneficial.
High Risk Investment Notice: Leveraged trading in foreign currency contracts and CFDs are complex financial products traded on margin intended for retail, professional and eligible counterparty clients. Leveraged trading is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital. Most CFDs have no set maturity date and a CFD position matures on the date an open position is closed.