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XTB Global Review: Another Unregulated Scam Broker
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XTB Global is an online trading scam owned and operated by XTB Global Ltd. The company is a clone of a regulated firm, XTB Limited, based in London, UK.
Judging by the official warning issued by FCA, the financial authority of the UK, XTB Global is offering financial services to UK residents without being authorized to do so.
Otherwise, XTB Global did put some effort into making a convincing website. Promises of good trading conditions and reliable trading platforms are all there. Although, having a legitimate-looking website without being regulated isn’t enough to guarantee any of their claims are true.
|Minimum Deposit||250 $|
|Broker Type||Forex, CFD|
Keep reading our XTB review to learn everything about this scamming scheme.
How Are You Protected at XTB Global?
XTB Global tends to try to convince their customers their investment is safely kept and protected from misuse. Sadly, just a claim about being regulated by ASIC is far from believable without proof provided.
A simple check of the ASIC database of regulated entities immediately showed why XTB Global shouldn’t be trusted – the broker is not regulated by ASIC at all!
Apart from missing a license from ASIC, XTB Global miserably fails at their attempt of looking legit. FCA has blacklisted them for cloning a licensed company – XTB Ltd.
Checking the registers of several more regulators like BaFin, CFTC, IIROC, CONSOB, CySEC has given us no result. XTB Global is unregulated and unauthorized for offering financial services online.
In comparison to that, regulated brokers provide security of funds through segregated bank accounts, risk-reducing measures, compensation scheme and integration of MiFID rules.
XTB Global Trading Platform Overview
The site proclaims to offer users several advanced and super fast trading platforms:
- MarketPro 1.0
- Web Trader
- iPhone/Android/Tablet Trading App
Any trace of download links is nonexistent. After completing the registration and wanting to try out the platform, all we could find is the simple, web based trading terminal. Limited functionality of this software could hardly compare to the advancement and reliability of the magnificent platforms like MT4 and MT5.
XTB Global fails to deliver the expected trading experience, so their promises of trading on the ultimate software solution is nothing but a farce.
Trading Account XTB Global Offered
It could be a bit confusing how XTB has presented their account types. Apparently, they’re divided into subcategories:
- Primary Accounts (Standard and Silver account)
- Professional Accounts (Gold and Platinum)
- AutoXTB Global Account
Primary Accounts are recommended to traders who are less familiar with trading. Clients are able to trade multiple assets, get expert hints and tips and personal account managers. Minimum deposit required for the Standard account is $250.
Professional accounts are meant for traders who are already knowledgeable of the trading process. There’s more assets available, no withdrawal fees, help of risk management team, monthly fixed block amount.
AutoXTB Global Account is designed for effective automated trading strategies. Traders have full control to stop and start the system as many times as they want and use one strategy or more.
Market Product You Can Trade
XTB Global supposedly grants access to thousands of tradable assets. Clients could choose between different instrument groups and trade on all world markets. The instruments available are grouped into several categories:
- Renewable and nonrenewable energy commodities (oil, gas, and coal, solar, wind, and geothermal power, and biomass)
- Cryptocurrencies (Bitcoin, Ethereum, Tether, XRP)
- Currency options (BTC/USDT, BTC/EUR, ETH/USDT, ETH/GBP, ETH/JPY)
- Precious metals (Gold, Silver, PAlladium, Platinum)
- Soft commodities (cocoa, cotton, sugar, coffee, soybeans)
Deposit and Withdrawal Process
XTB Global only seems to be accepting deposits via crypto. Broker assures customers these deposits are based on conviction that traders could harvest profits through leveraged crypto funding without having to deposit additional funds.
This is completely false. The only reason phonies like XTB Global force users to deposit via crypto is to protect their own anonymity!
Withdrawal process requires additional documentation and can be processed in just 2 business days, while it may take up to 7 business days for the funds to show on the owners account.
Additional fee charged is the inactivity fee of $30 required annually.
Got Scammed by XTB Global? Chargeback Is Your Solution!
If you have a negative experience with XTB Global, please share your knowledge with us. Speaking up and providing additional info on a scammer could help prevent phonies from robbing more traders. There is no shame in being a victim of cyber theft, but you can participate in fighting against the scamming scheme.
In case you need assistance with reporting the fraud, we advise you to turn to us for support. We can provide additional help and consultation you need.
XTB Global Summary
- Unreliable trading platform
- Only accepting crypto depositing
- Undefined withdrawal terms
FAQs About XTB Global Broker
Is XTB Global Regulated Broker?
No, XTB Global fails to provide any proof of regulation and the owning company has even been blacklisted by FCA.
Does XTB Global Offer A Demo Account?
No, the broker does not allow trading with virtual funds for a trial period.
What Is The Minimum Deposit for XTB Global?
Minimum amount required to deposit at XTB Global before trading is $250.