XBTFX Review 2022
XBTFX is an offshore cryptocurrency-based CFD and forex broker. The service provides direct-to-market multi-asset trading across 200+ instruments through popular trading platforms. This 2022 XBTFX review will explore the broker’s fee structure, leverage, minimum deposit requirements, asset range and more.
XBTFX LLC was established in 2019. The company aims to bridge the gap between cryptocurrencies and forex brokers, while increasing transparency, usability and features. The broker combines cutting edge technologies with the support of industry-established platforms, low latency connectivity and liquidity. Today, the cryptocurrency-based CFD broker offers leveraged trading on over 200 instruments. The company has grown to have 20+ employees in four office locations.
The broker is registered in St. Vincent and the Grenadines and does not comply with any regulatory restrictions. Services are not available to residents of all global jurisdictions, with citizens of the US, Canada, Singapore, Australia, Belgium and North Korea excluded.
XBTFX clients have access to two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are industry-established platforms that are suitable for both beginners and advanced investors. Both terminals are compatible to use via all major web browsers or can be downloaded to desktop, mobile and tablet devices. Features include:
Simple and easy to use for forex traders.
- Historical data
- Nine timeframes
- Hedging available
- Live news streams
- Automated trading
- Customisable charts
- 4 pending order types
- 3 order execution types
- Access to expert advisors
- One-click order execution
- MQL4 programming language
- 30 built-in technical indicators
- User-friendly, multilingual interface
The successor of MT4, with additional trading features and improved architecture for greater efficiency and speed.
- 21 timeframes
- Trading robots
- Live news streams
- Hedging and netting
- 6 pending order types
- Access to expert advisors
- 100+ customisable charts
- Built-in economic calendar
- Multi-threaded strategy tester
- MQL5 programming language
- 38 built-in technical indicators
- Advanced market depth feature
There is a helpful download guide and system requirements advice posted on the broker’s website.
XBTFX offers clients investment and trading asset opportunities across five asset classes:
- Forex: 75+ majors, minors and exotics, including EUR/GBP and GBP/USD
- Commodities: precious metals, energies, including Silver, Gold and Oil
- Indices: 12 stock indices of the biggest economies in the world, such as NASDAQ, FTSE 100 and S&P 500
- Stocks: 100+ major companies across the EU, Asia, Russia and US, including Amazon, ING Group, BNP Paribas and Nestle
- Cryptocurrencies: 25+ digital-fiat currency pairs, including BTC/USD, ETH/USD, LTC/USD and BNB/USD
XBTFX trading fees and commissions vary by account type. Typically, the ECN account incurs more fees on top of spreads.
- Cryptocurrency: no commission
- Forex, Commodities & CFDs: no commission
- Stock CFDs: US stocks $0.10, EU, Asia and Russia stocks 0.45% (per share)
- Cryptocurrency: 0.075%
- Forex, Commodities & CFDs: $3.50 per lot/side
- Shares CFDs: US stocks $0.10, EU, Asia and Russia stocks 0.45% (per share)
Exchange fees apply. Quotes to swap cryptocurrency are provided in the dashboard interface, users can enter the amount to exchange to see a real-time quote.
Leverage varies by the asset being traded. As XBTFX is not regulated by a financial authorisation, there are no capping restrictions. Keep in mind that trading with leverage can amplify losses. Be sure to understand the risks before getting started with margin trading.
- Stock CFDs: fixed at 1:5
- Index CFDs: fixed at 1:50
- Commodities: fixed at 1:20
- Crypto Majors: fixed at 1:25
- Crypto Extended: fixed at 1:5
- Forex: up to 1:500, depending on leverage chosen when creating an account
- Metals: up to 1:500, depending on leverage chosen when creating an account
MetaTrader 4 and 5 are both available as mobile applications. These are available for free download and are compatible with iOS and Android (APK) devices. MetaTrader mobile allows users to access most of the trading features of the desktop platforms, including analytical tools and customisable charts and graphs while on the go.
Minimum deposit requirements start from $5 crypto equivalent across all account types. Fiat currencies are not accepted as an account funding method. Ten cryptocurrency coins and four stable coins are accepted. These include Bitcoin, Ethereum, Ripple, Binance Coin and Tether. It is good to see that the broker offers free deposits across all coins. Processing times for funds to be credited to a live trading account will vary depending on blockchain confirmation times.
Traders must send account funding digital currency to an XBTFX wallet. Simply send the coins by scanning the QR code found in the member’s dashboard. After funds are credited, you will need to move the deposited amount to your relevant trading platform account.
Withdrawals are also free for XBTFX traders. Processing times vary but the broker aims to complete transactions within the same working day. Limits apply for traders that do not fill out know-your-customer (KYC) account verification information. This includes a maximum daily withdrawal limit of $10,000 equivalent digital currency.
XBTFX offers a demo account option on both MT4 and MT5 trading terminals. These are great ways to practise trading, navigate platform features or test a strategy without risking real capital. Traders can access virtual BTC funds and experience real-time trading conditions. A simple online registration form is required to open a paper trading account.
Regulation & Licensing
Our XBTFX.io review was disappointed to find that the broker is an offshore entity operating with no regulatory compliance. This is often the case with brokerages and financial services that are located in St. Vincent and the Grenadines. The company is governed by the SVG Limited Liability Companies Act only, so retail clients may not have access to adequate capital protection in the case of business insolvency or unfair practice.
Client funds are held in segregated accounts, though a detailed review of the terms and conditions flagged that funds will be pooled into a total ‘Omnibus Account’. This means that individual traders will not be able to claim a specific amount in the case of unfair service.
XBTFX’s website contains educational sections and a latest news webpage. The blog-style format includes analysis and announcements, with information suitable for both new and experienced investors. Graphs, video content and imagery are used to support the educational content. Topics include trading schedule time changes, long-term asset price predictions, and broker updates. Trading basics like forex terminology and information on understanding charts and using leverage are also available for less experienced users. Information is updated weekly.
XBTFX offers two account options: Standard and ECN. Both trading accounts suit the needs of beginner to advanced investors, offering flexible trading conditions. Both accounts benefit from low $5 minimum deposit requirements, access to all trading instruments and compatibility with all investing styles. Base currencies for MT5 accounts are BTC, ETH, USDT or USDC, while MT4 accounts trade in USD only. Clients can deposit using various cryptocurrencies by exchanging them to base currencies for trading.
Suitable for traders that prefer zero commissions with trading fees built into spreads. These accounts are typically used by position and swing traders.
- MT5 only
- Spreads from 1 pip
- Islamic account option
- Micro-lot trading available
- $5 minimum deposit requirement
Raw spread accounts with fixed commissions per trade executed. These accounts are typically used by scalpers and those with very short-term strategies.
- MT4 & MT5
- Spreads from 0.01 pip
- Micro-lot trading available
- $5 minimum deposit requirement
Account registration can be completed online in a matter of minutes. XBTFX may require you to provide identification verification documents to comply with know-your-customer (KYC) protocols. The broker has two KYC levels. Level one provides basic trading access with some limitations, such as withdrawal limits. Email verification, country of residence and telephone number are required. Comply with level two compliance for unrestricted withdrawals and a weekly exchange limit of $100,000 equivalent digital currency.
- ECN account
- Demo account
- MT4 & MT5 access
- Crypto funding options
- Cryptocurrency trading
- 200+ trading instruments
- Free deposits and withdrawals
- Security protocols for wallet protection
- No fiat account funding
- Limited global availability
- No telephone contact option
The broker follows standard office hours and 24-hour trading hours, Monday through Friday. However, these timings may vary by instrument, with stocks, indices and commodities often limited by the exchanges they are traded on. Cryptocurrency is available 24/7 with no closure dates.
XBTFX can be contacted via email, integrated helpdesk, Facebook and Twitter. There is also a “Knowledge Base” FAQ section of the website.
- Email: email@example.com
- Helpdesk integrated support: https://my.xbtfx.io/helpdesk/chat
Safety & Security
The broker’s member area is password protected. All personal data between client terminals and the platform service is encrypted using high-standard security protocols and passwords are cryptographically hashed. Client funds are held in cold storage wallets and all systems are monitored 24/7 for hacking or scams. The broker partners with Cloudflare to protect against distributed denial of service attacks (DDoS).
Additional account security protection is available to all XBTFX users. This includes two-factor authentication (2FA) for login and withdrawal purposes and wallet whitelist functionality.
Our XBTFX review was generally pleased with the services offered. The cryptocurrency-based broker offers industry-established trading platforms, advanced security features, demo accounts and free crypto deposits and withdrawals. The broker’s lack of regulation isn’t uncommon in the DeFi world but, given that its services encompass forex and CFDs, this may put some traders off. We would recommend caution when investing personal capital for these instruments due to the lack of protection and compensation schemes, though the security standards in place are quite strong.
XBTFX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Compare XBTFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to XBTFX:
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
XBTFX Comparison Table
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 lots||$10||0.01 lots||$1||0.1 lots|
|Regulators||–||FCA, CySEC, ASIC, FSA||HCMC (Greece), FSCA (South Africa)||CySEC, IIROC, NFA, CFTC, FCA, CIMA||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin|
|Bonus||–||–||100% Deposit Bonus available for Global clients||No||–|
|Platforms||MT4, MT5||–||MT4, MT5||MT4||MT4|
|Leverage||1:500||1:30 EU||1:30 EU, 1:500 Global||1:200||1:30|
|Detailed Comparison||–||XBTFX vs eToro||XBTFX vs AAAFx||XBTFX vs Forex.com||XBTFX vs IG Group|
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XBTFX vs Other Brokers
Compare XBTFX with any other broker by selecting the other broker below.
Is XBTFX Regulated?
No, XBTFX is an unregulated crypto trading broker. This means that there are limited avenues for legal recourse in the event of malpractice, insolvency or hacks.
What Account Funding Currencies Does XBTFX Accept?
XBTFX is a cryptocurrency-based broker. Ten digital currencies and four stable coins are accepted as funding methods. A cryptocurrency exchange is available via the broker’s dashboard interface. Fiat currencies may not be deposited.
Does XBTFX Offer A Demo Account?
Yes, XBTFX does offer a demo account option on both MT4 and MT5 trading platforms. Users can access virtual BTC account funds and experience real-time trading features and conditions.
What Trading Fees Are Associated With XBTFX?
Trading fees vary between account types. The Standard account is predominantly commission-free with spreads from 1 pip. ECN accounts incur commission charges but have lower spreads, starting from 0.01 pips.
What Trading Platforms Does XBTFX Offer?
XBTFX clients have access to two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are both suitable for beginners and advanced investors. Standard account users can access the MT4 terminal and ECN accounts can access MT4 and MT5 terminals.
|XBTFX offers cryptocurrency, forex and CFD trading services on both MT4 and MT5 platforms with ECN account options and crypto funding.|