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XBTFX Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Feb 20, 2024

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Overall Rating

2 / 5

XBTFX is #110 in our CFD broker rankings.

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Customer Reviews

Minimum Deposit $10

Trading Platforms MT4, MT5, cTrader

Instruments CFDs, Forex, Stocks, Cryptos, Commodities

Regulators

Account Currencies USD

Payment Options Bitcoin Payments

Pros

• I'm a fan of the transparent ECN pricing model with competitive spreads from 0.01 pips and commissions of $3.50 per lot per side
• I appreciate the low minimum deposit requirement of $10 plus a demo account, making the brand suitable for beginners
• I was glad to see copy trading is available via the MT5 terminal or through the broker's PAMM/MAM accounts

Cons

• I noticed that there is quite limited educational content for beginners available and much of the financial market news is outdated
• XBTFX is an unregulated broker meaning there are no requirements to comply with financial safeguarding measures for customers
• I'm disappointed that the only funding currencies are EUR or cryptos

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 2024 XBTFX review will explore the broker’s fee structure, leverage, minimum deposit requirements, asset range and more.

XBTFX Headlines

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, for example.

Platforms

XBTFX clients have access to three platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are industry-established platforms that are suitable for both beginners and advanced investors.

The terminals are compatible to use via all major web browsers or can be downloaded to desktop, mobile and tablet devices.

MetaTrader 4

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

MetaTrader 5

The successor of MT4, with additional 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.

cTrader

The cTrader terminal offers intuitive charting, level II pricing, plus support for automated strategies through C# API. Users also benefit from fast trade executions with support for multiple order processing.

XBTFX clients can trade on cTrader with USDT, BTC, ETH, XRP and USD account balances.

Tip: a demo profile can be used to trial the cTrader platform and get familiar with the various features and functionality before investing funds.

Assets

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

Fees

XBTFX fees and commissions vary by account type. Typically, the ECN profile incurs more fees on top of spreads.

Standard

• Cryptocurrency: no commission
• Forex, Commodities & CFDs: no commission
• Stock CFDs: US stocks $0.10, EU, Asia and Russia stocks 0.45% (per share)

ECN

• 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.

XBTFX Leverage

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

Mobile Apps

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 features of the desktop platforms, including analytical tools and customisable charts and graphs while on the go.

Payment Methods

Deposits

Minimum deposit requirements start from $10 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 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

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.

Demo Account Review

XBTFX offers a demo account option on both MT4 and MT5 terminals. These are great ways to practise investing, 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 profile.

XBTFX 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.

Additional Features

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 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.

Account Types

XBTFX offers two account options: Standard and ECN. Both profiles suit the needs of beginner to advanced investors, offering flexible trading conditions. Both accounts benefit from low $10 minimum deposit requirements, access to all instruments and compatibility with all investing styles. Base currencies for MT5 accounts are BTC, ETH, USDT or USDC, while MT4 profiles trade in USD only. Clients can deposit using various cryptocurrencies by exchanging them to base currencies for trading.

Standard

Suitable for traders that prefer zero commissions with fees built into spreads. These profiles are typically used by position and swing traders.

• MT5 only
• Spreads from 1 pip
• Islamic account option
• Micro-lot trading available
• $10 minimum deposit requirement

ECN

Raw spread accounts with fixed commissions per trade executed. These profiles are typically used by scalpers and those with very short-term strategies.

• MT4 & MT5
• Spreads from 0.01 pip
• Micro-lot trading available
• $10 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.

Benefits

• ECN profile
• Demo account
• 200+ instruments
• Crypto funding options
• Cryptocurrency investing
• MT4, MT5 & cTrader access
• Free deposits and withdrawals
• Security protocols for wallet protection

Drawbacks

• Unregulated
• US clients not accepted
• No fiat account funding
• Limited global availability
• No telephone contact option

Opening Hours

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.

Customer Support

XBTFX can be contacted via email, integrated helpdesk, Facebook and Twitter. There is also a “Knowledge Base” FAQ section of the website.

• Email: support@xbtfx.io
• 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 profile security protection is available to all XBTFX users. This includes two-factor authentication (2FA) for login and withdrawal purposes and wallet whitelist functionality.

XBTFX Verdict

Our XBTFX review was generally pleased with the services offered. The cryptocurrency-based broker offers industry-established 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.

FAQs

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 Fees Are Associated With XBTFX?

Trading fees vary between account types. The Standard profile 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 three platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. These are suitable for beginners and advanced investors. Standard account users can access the MT4 terminal and ECN profiles can access MT4 and MT5 terminals.

Top 3 Alternatives to XBTFX

Compare XBTFX with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers

XBTFX Comparison Table

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