XBTFX Review

Alyaziah Hayat | May 9, 2022

XBTFX is an offshore brokerage firm that offers you Forex, Crypto, and CFD trading online via the sophisticated MetaTrader 5 (MT5) platforms. I like that the broker offers competitive trading conditions whilst having an educational blog with some useful articles and demo accounts to support new traders.

Broker 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

Summary

XBTFX is a Cryptocurrency-based platform that can provide you with Forex, Crypto, and CFD trading online from anywhere around the world. You can deposit, exchange, trade, and withdraw using 16 Cryptocurrencies and stablecoins. The broker also offers you direct market access (DMA) to over 200+ FX, Cryptocurrency, Commodities, and Indices for trading online through the powerful MetaTrader 5 (MT5) platform. I like that they have implemented an STP/ECN execution model where you are connected directly to the liquidity providers (LPs) and thus, there is no conflict of interest or dealing desk intervention in most cases. In addition to this, they also offer you leverage of up to 1:500 on supported markets, competitive spreads, blockchain deposits, and same-day withdrawals. I think some of you may find this leverage to be quite less so in that case, I recommend checking out Traders Way for leverage up to 1:1000.

XBTFX Broker Features

XBTFX Broker Features

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 you decide to use the maximum leverage, the broker cannot possibly hold that exposure consistently and maintain the required margins on their liquidity accounts. This is why they transparently state that accounts with 1:500 leverage can be in situations where XBTFX acts as a dealing desk. As some of you may not want this type of execution, they have implemented the “STP Lock” which can be requested and means that the account’s leverage will be capped at 1:100. I like how this guarantees that the broker’s orders are executed at all times using STP. I believe that since the broker addresses this clearly on their website, it shows that they are willing to be transparent and upfront about their trading conditions.

Regulation

XBTFX is registered by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. However, they are not regulated at this time but have stated that regulation is in the pipeline. I will update this XBTFX review accordingly.

XBTFX does not provide services to residents of the United States of America, Québec (Canada), Belgium, North Korea, Sudan, or any other jurisdiction where the services offered by XBTFX would be contrary to local law or regulation. If XBTFX does not provide services in your country, you can check out our broker comparison tool for alternatives.

Platforms

XBTFX only provides its services through the MT5 platform. If you’re looking for a broker that uses MT4, I suggest checking out AvaTrade. If you’re looking for a social trading platform, you should check out eToro. Purple Trading is a great broker that can offer you a cTrader platform. Similarly, if you’re looking for a broker that offers FIX API trading, you should check out Global Prime.

XBTFX MetaTrader 5 Platform

XBTFX MetaTrader 5 Platform

XBTFX provides you 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). I like how the web platform runs in most web browsers without needing to download or install any software. The mobile version is useful for those of you who wish to access your 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. I personally find MT4 to be much easier to use due to its simple interface as compared to MT5. 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 backtest EAs over historical data
  • Built-in economic calendar
  • Hedging allowed

Tools

XBTFX does not have any stand-alone tools but the abundance of trading tools already included within the MT5 platform will usually be more than enough to meet your needs. I like how MT5 also gives you the option of choosing additional tools that are available online so that you can improve the functionality of the platform and further customize it to your needs.

Education

XBTFX has a trading blog that contains useful content including market news articles, company updates, and educational materials. I find this to be extremely useful in helping beginners learn all about trading on their platform.

XBTFX offers 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.

  • Forex
  • Cryptocurrency
  • Commodities
  • Equity Indices
  • Precious Metals

I’m not too keen on the number of assets they’re offering for trading. I find it to be much less compared to other top brokers like IG.

Accounts

XBTFX Trading Account Types

XBTFX Trading Account Types

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. I like how both accounts support all types of trading including hedging, scalping, HFT, etc. I appreciate that they don’t have a minimum deposit requirement. Base MT5 accounts are in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Ripple (XRP).

Standard Accounts

Standard accounts are geared towards those of you who prefer zero commissions and all trading fees built into the spread. I like this account as it simplifies the trading process and gives you 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

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 those of you who are looking to separate commissions from trading profit and loss. I believe it is also preferred by scalpers who require the lowest spread possible to trigger low time frame orders without an added spread.

Demo Accounts

If you are new to trading, you can create a demo account that 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 and 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.

Support

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 broker’s website that covers some commonly asked questions. I would’ve liked to see a telephone number being provided so this is an area the broker may consider improving on in the future. For a better customer support team, I suggest checking out EXANTE.

Funding

XBTFX Deposit & Withdrawal

XBTFX Deposit & Withdrawal

The broker supports flexible methods of deposits and withdrawals in multiple cryptocurrencies and stablecoins. Users can exchange cryptos instantly in one click and make blockchain deposits. I appreciate that they also provide same-day withdrawal options while also charging no fees on deposits or withdrawals.

Please note that trading accounts can only be denominated in USDC/USDT & BTC. If you’re depositing with another of the supported cryptocurrencies, you will need to exchange that balance into BTC or USDC/USDT first to start trading.

You can exchange your available cryptocurrency balances directly from the Account Management back-end – fees are shown on the broker’s website. Exchanging between stablecoins and other cryptocurrencies will require you to complete a Level 2 KYC Verification. I don’t like how they have imposed a limit for exchanging into stablecoins. Limits are currently set to a maximum exchange into stablecoins from other cryptocurrencies to the equivalent of $20,000.

Signup

This broker supports instant account opening and funding. There is a short online form to complete after which you will receive your login details. You can then access your account, use the trading platforms, fund your account and start trading online.

XBTFX Registration Form

XBTFX Registration Form

Compare

Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
Founded200619742007
RegulatedASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSAFCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFFASIC, CySEC, FSA, SCB
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
SpreadsFixedVariableVariable
Leverage1:4001:2001:500
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker

Conclusion

Overall, I found XBTFX to 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 while providing them with a range of modern payment options. I like how they also provide an educational blog with some informative trading articles. However, the main area that I believe they could improve in would be regulation whilst providing a contact telephone number would also be beneficial. You can find brokers with better market conditions through the best trading platforms.

XBTFX Logo

Min $1 Deposit

XBTFX is an offshore Cryptocurrency-based platform that provides Forex, Crypto & CFD trading online via the MT5 platforms. Trading conditions are competitive whilst they have an educational blog & demo accounts to support beginner traders.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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