Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

XTB review

XTB Review: A Trustworthy Broker or a Good Old Scam?

Is XTB a legit broker? Should you trust this company with your funds? The company claims to be one of the world’s largest stock exchange-listed CFD and forex brokers, but how trustworthy is its trading platform? Read this in-depth XTB review for answers to these questions and more.

If you have lost money investing with XTB or any other forex broker and want to get your cash back, we can help you. Our experienced and trusted experts will guide you on how to recover the lost money. Schedule a free consultation session with us today. 

XTB Review: An Honest Look at XTB

XTB was established in 2002 under the name X-Trade. It merged to form the XTB we know today in 2004 to comply with the new regulations of the Polish foreign exchange market. 

Boasting over 15 years of experience, the company signed up renowned football coach José Mourinho as the brand ambassador in 2020. In the campaign dubbed “Be Like José,” Mourinho’s role was to promote the company’s products.

In 2021, XTB introduced the José Mourinho Mindset Course for its investors. These courses cover the psychology of trading and some tips on how to control your emotions. With José as a brand ambassador, this attracts a lot of global investors to the company.

José Mourinho Mindset Course in XTB.

But is XTB using these tactics to scam investors? Or is it a legitimate forex brokerage?

Is XTB Legit?

To succeed in the forex market, you need excellent trading skills. However, this won’t be enough if you are dealing with an illegitimate broker. Before committing your finances, you need to be sure that you are working with a reliable and trustworthy firm.

To find out the truth about XTB, we’ll examine its operations, products, and services and whether it’s regulated. With this information, we’ll come up with a verdict as to whether this brokerage firm is worth your time and money.

What is XTB?

XTB is a forex broker that deals in CFDs, indices, commodities, ETFs, and cryptocurrencies. Overall, the company offers over 2,100 instruments. 

Since its establishment in 2002, the company has had over 389,000 customers. It also got listed on the Warsaw Stock Exchange in 2016. 

It was started in Poland and now has foreign branches in over 13 countries including, the Czech Republic, Germany, Spain, Romania, Slovakia, France, Portugal, Italy, and Hungary. XTB also has subsidiaries in Turkey and the UK.

Who Regulates XTB?

XTB is a trademark of the XTB Group. The international chapter, XTB International Limited, is regulated and authorized by the International Financial Services Commission (IFSC) in Belize under license number 000302/185.

XTB regulaton

The XTB Group includes XTB Limited, X-Trade Brokers, and XTB Sucursal, which are regulated by different bodies. 

  • XTB Limited is regulated in the United Kingdom by the Financial Conduct Authority (FCA).
  • X-Trade Brokers DM SA is under the regulation of Komisja Nadzoru Finansowego (KNF) in Poland.
  • XTB Sucursal is regulated and authorized by the Comision Nacional del Mercado de Valores in Spain.
FCA regulation

Is XTB Regulated in the US?

XTB doesn’t deal with US clients due to regulatory constraints; therefore, it’s restricted in the region.

Is XTB a Scam?

XTB has some features that make the company appear legit to investors. Here are some of them.

  • It has been listed on the Warsaw Stock Exchange since 2016.
  • The company is regulated by the FCA, IFSC, and KNF, which keeps investors’ cash safe in segregated accounts.
  • XTB uses the award-winning platform xStation 5.
  • It offers educational materials and information via its Trading Academy.
  • The company signed a partnership with top football coach José Mourinho to be the face of the company for two years.
  • It has a presence in over 13 countries, mostly across Europe, with operations and licensing in the different territories.

While all these aspects are attractive to investors, there are some suspicious activities that raise questions about the company. 

What are the XTB scam signals?

Suspicious Leverage

Companies regulated by bodies such as FCA operate under the set laws. These regulatory bodies protect investors by limiting the leverage to 1:30 to prevent more losses.

However, XTB offers a maximum leverage of 1:500 on both the Standard and Swap Free accounts. Although this can increase your earnings as an investor, it also increases your risks, and you could lose most of your money.

XTB account types

Negative Feedback

XTB reviews on trusted sites such as Trustpilot portray a negative picture. There are complaints from several customers who have lost their money to this forex broker.

While some customers couldn’t withdraw their investments, others lost a percentage of their cash during the transfer, which indicates that the company is fleecing its clients.

XTB scam

On some occasions, some customers on the Forex Peace Army review site have had their accounts disabled after sending a request to withdraw funds. These types of complaints show XTB as an entity that doesn’t honor its customers’ requests. If they were legit, this would not be happening.

XTB complaints

Regulatory Constraints

While the FCA regulates XTB, it’s not authorized to operate in some countries like the US. It only operates in some countries within Europe and Asia.

The company claims to be the largest FX and CFD trader globally, but that’s not reflected in its operations. It also lists its address in Belize City, while the company is headquartered in Poland. All these aspects don’t represent a global forex company.

This raises the question, could the company be hiding something? 

XTB Review Verdict: A Legit Forex Trader or A Scam?

Looking at the company’s website, the firm appears legitimate with the products, low fees, and solid partnerships.

However, an in-depth XTB review brings up some suspicious elements. The company has tons of negative complaints from customers who have used its services. It has violated the customers’ trust by keeping their investment. It also offers suspiciously high leverage to attract unsuspecting investors. 

In short, XTB is a regulated scam.

Have you lost money trading with XTB? Would you like to recover your funds? Trader Protection has years of experience in helping online traders like you regain their money from scandalous trading platforms. Book a free consultation session today with our team of experts to get started. 

Author

Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

Leave a comment

Your email address will not be published.

Call Now ButtonCall Now!