Funds and finance
Choosing a brokerage platform for trading is the most important stage for every beginner, because depending on which intermediary you choose, not only the convenience of work will depend, but also the amount of profit, the ability to understand the intricacies of management. Today we will tell you about the XTB and IQ Option brokers, and determine whether these sites are suitable for beginners who start their way in trading on the Forex market.
The history of the brokerage company XTB
Brokerage company XTB was founded in 2002. The company has become a pioneer in providing access to the Forex market on the Polish market. After just three years of existence, xtb has been named the best Forex broker in Europe by Money Markets magazine. Two years later, the broker became a member of the Warsaw Stock Exchange. As of today, the number of the company’s clients exceeds 250,000 people and continues to grow.
XTB Trading Terms
For a trader who has chosen XTB, more than 1.5 thousand trading instruments are available, where there are only 48 currency pairs. Orders for trading CFDs, Cryptocurrencies, Binary Options, Metals, Commodities, etc. are available for clients. The spreads offered by companies are the lowest and start at just 0.1 pips. The downside is the fact that working with MT4 and MT5 is not available, traders are offered to use their own terminal xStation 5. The leverage available for the company’s clients is 1: 500. In more detail, you can read about all the conditions of the broker on the TraderNEW portal, the main site for Forex traders.
XTB reviews, what customers say about the company
We checked all xtb reviews, and got the most complete picture, reflecting the mood of the company’s customers. So the majority of users note the fact that this is almost the best platform for beginners, because it is quite simple to deal with the functionality here. Each possible action is accompanied by an analytical article explaining how a particular tool works. Also, users are pleased with the broker’s mobile application, which allows them to trade from any convenient place for a trader. Of the minuses, they note a fairly high initial deposit (minimum – $ 250), and a small selection of currency pairs available for trading. In general, there are very few negative reviews about the broker, and most clients are loyal to this broker platform.
Broker XTB is registered in several major financial centers and covers a wide range of markets.
This makes it perfect for traders who are interested in trading currencies, cryptocurrencies and CFDs across several asset classes using the proprietary xStation5 platform, as well as the classic MetaTrader4 program that supports algorithmic trading.
Founded in Poland in 2002, X-Trade Brokers (XTB) has grown over its 16 years of existence to become a highly reputable online broker.
The broker has offices in more than a dozen European countries and is licensed by several major regulators, including the UK FCA, Polish KNF and Germany’s BaFIN.
In 2016, the broker was listed on the Warsaw Stock Exchange after a successful initial public offering, during which the company was valued at nearly $ 350 million.
XTB provides the opportunity to trade a variety of different assets for traders around the world, offering over 50 currency pairs, over 20 indices and 1,500 CFDs on stocks, as well as over 60 ETFs and over twenty popular commodity CFDs as part of the proprietary xStation platform package, as well as the MetaTrader4 platform. from MetaQuotes Corporation.
In 2017, XTB announced plans to temporarily withdraw from the Turkish market, where it holds a license from the Turkish regulator CMB.
This is due to a change in laws in Turkey, in connection with which the proposal will be phased out in mid-2018.
Also in 2017, XTB introduced five margin CFDs on cryptocurrency pairs, including BTC / USD, ETH / USD, XRP / USD, LTC / USD, and DASH / USD.
- It is publicly traded on the stock exchange and registered in several financial centers.
- A wide selection of over 2000 products in various markets around the world.
- There are five CFDs available on cryptocurrency pairs (leveraged).
- Excellent phone support.
- The web version of xStation5 is similar to the tablet app, which limits usability.
- The broker left the Turkish market.
- The new package of educational services has not been fully launched.
Commissions and fees
XTB offers three main account types: Basic, Standard and Pro account, the latter on a commission basis.
Accounts differ in order execution methods and spread calculation model. In general, the spreads for some of the major pairs such as EUR / USD are quite competitive.
In addition to the execution methods, which vary by account type – ranging from dealing with a dealing desk to agency execution – other differences between accounts are mainly in spreads.
According to XTB data, target spreads can be as high as 2 pips on a base account, while on a standard account they can be reduced to 0.35 pips, and spreads on a PRO account (excluding commissions per trade) can be as high as 0.28 pips.
We were unable to get official data on average spreads from XTB, as the firm only publishes minimum and target spreads for each currency pair.
However, the representative confirmed that the target spreads, which are recorded between 8 am and 8 pm Central European time, are approximate values based on historical data and should not be considered as median or average spreads.
With a fairly moderate minimum deposit of 250 units of the base currency (i.e. £ 250, € 250 or $ 250), the Pro account is the most competitive option in terms of low spreads.
But it has a commission of £ 2.5, € 3.5 or $ 4 for a standard lot (100k), depending on the currency in which your account is denominated.
In addition, if you are not a resident of the UK or Ireland, a Pro account will be the only option available to you to open an account with XTB.
For actively trading traders, the broker returns part of the spread back when they overcome a certain threshold of volume, starting from 100 lots or more per month.
This helps XTB compete with brokers that have active trader offers such as FXCM and Forex.com, or CMC Markets, which offer liquidity-based discounts.
In general, I would like to see broker XTB publish its average spreads on a monthly basis so that a more accurate comparison can be made with other brokers who publish such data, including companies that are publicly listed on the exchange.
Otherwise, XTB target spreads appear to be quite competitive.
Helping to improve their ranking in this category, XTB offers traders a stock screener that allows them to filter by major fields among nearly 2,000 stock CFDs traded.
It is a very useful research tool for asset scanning.
The integration of TRADEBEAT’s premium research content into the platform has helped to improve the broker’s already high position in the research services category.
This allowed him to come close to industry competitors in terms of additional research reports and analyst buy / sell ratings.
When combined with other premium tools such as heatmap and market sentiment measurements, XTB’s research services are very diverse, useful, and quite comparable to offerings from other brokers of the same type such as IG Markets, Saxo Bank and CMC Markets.
In addition, the broker has integrated educational tools into its platform and regularly hosts webinars as well as weekly live trading meetings for live account holders from its UK office.
XTB has also begun rolling out a new educational package that is being rolled out gradually.
XTB’s xStation mobile app, which is easy to operate from the top left menu bar, ranks high in functionality, design and ease of use compared to the mobile apps of its main competitors.
However, there is still room for further innovation, although the mobile app framework is very good.
Charts work well in both landscape and portrait mode, but they only have 10 indicators and 10 drawing tools.
While this is quite comparable to industry standards, I would have liked to see more given that the desktop version has 25 drawing tools and 26 indicators.
The disadvantages are clear, but trend lines can be saved on the charts, and only a few brokers offer this feature on mobile devices.
As you explore the app, in the upper right corner you will find a + sign that allows you to search for assets to trade, while in other sections of the app there is a link that allows you to create a new order from almost any screen – both are very useful.
Once you open the order placement form, you will see an intuitive layout that includes an advanced dialog making it very easy to place trades.
The research opportunities in the xStation mobile app are huge as well.
Here you can find features such as a list of the most profitable and most unprofitable assets, market sentiment analysis and a news calendar with charts expanding on click.
Finally, a nice feature of the mobile application is the ability to communicate with a support representative via chat, especially since almost 50% of XTB customers use the mobile application, and not all brokers offer chat for mobile devices.
The last two features worth mentioning are screen lock and live chat support.
The screen lock feature allows you to create a PIN and set in-app settings to prevent your phone from going to sleep automatically while monitoring markets.
And the live chat feature provides access to a support representative right in the app, which is very useful, especially considering that almost 50% of this broker’s clients use the mobile app.
Overall, the XTB mobile app has a quality that is slightly above the industry standard.
One of the features we’d like to see in 2018 is watchlist sync, so that list changes on the web are synced to the mobile app, and vice versa.
In the mobile trading category, XTB is ranked 18th out of 43 brokers.
Other important features
XTB uses the balance level and the asset types you trade to determine your margin level in a manner similar to other brokers such as Saxo Bank, which calculate margin levels based on the size of your open positions or the amount of money in your trading account.
A couple of final thoughts
As a multi-asset broker registered with several major financial centers, XTB is a very worthwhile choice.
Undoubtedly, customer support is the broker’s strong point and is best in class here.
But beyond the high-quality support, none of the elements of the XTB offering were rewarding in and of themselves.
However, overall, this broker’s offering is above the industry standard and definitely deserves your attention.
Basic info about IQ Option
Today we will meet another innovative and progressive binary options broker called ‘IQoption’.
IQoption entered the market in 2012 and since then has won a significant number of user-investors. When we started collecting information about it online, it turned out that the platform has a lot of good reviews and, in general, has a solid reputation among those who have used it. After seeing so many positive reviews about this online broker, we definitely wanted to get to know him better ourselves.
The main page of the site with registration is very clear – as well as the entire registration process for full access to the site. We filled out a very simple form, verified personal details with some additional information, and created a deposit to access binary options trading with this broker. IQoption is very similar to other online brokers that we have tested, so this whole process did not seem complicated to us.
From the very beginning, we were amazed that to start trading, it was enough to have a minimum deposit of $ 10 or British pounds. Perhaps this is the smallest initial deposit to start trading that we have seen from an online broker; with such an amount, everyone can start trading binary options, regardless of income level. We have posted a little more funds just to see how their bonus system works. In general, the beginning did not frighten us at all and we were eager to move on to see what else good this broker has prepared for us on its website.
There are a lot of bonuses that this innovative online binary options broker offers to its numerous users. In the course of trading on the site, you will notice that when certain trading indicators are reached, bonuses will be unexpectedly credited to you. Of course, surprises in the form of additional trading funds are never unpleasant.
There is also a deposit bonus upon registration – up to 100% to the deposited amount. Such a bonus is very warm to think that you are not risking your hard earned investments as you familiarize yourself with the intricacies of binary options trading and get used to the new platform and system. Another nice plus of IQoption is that even for entry-level accounts, the registration bonus is quite solid – 80%; so even if you only place a minimum deposit of $ 10, you will still get a couple of extra dollars to trade – isn’t that great!
IQoption does not like to complicate things and treats all clients equally, regardless of the size of their investments, so there are only two account levels. Here’s what they offer:
IQ option Real
- The minimum deposit for this type of account is only $ 10.
- There are cashbacks that can go up to 45%
- All assets can be traded
- Account gives access to weekly webinars
- Bonuses can go up to 80% upon registration and with each replenishment of the deposit
- Holders of this type of account can participate in various trading competitions held by online brokers.
- With a deposit of $ 100 or more, the investor gets free access to trading signals
- An initial deposit of $ 1000 or more is required here
- As a bonus, 60% is returned back
- Access to VIP webinars provided
- Free trading signals
- Bonus up to 100% upon registration and with each replenishment of the deposit
- Faster withdrawal times
- You get a personal account manager
- All VIP account holders can participate in a monthly analytical meeting, where they will receive assistance in planning their trading strategy.
We keep talking about how IQoption is one of the most innovative online platforms we’ve seen. Why do we think so? How about this fact: they were among the first to offer their users a free demo account with which they could learn how to trade. This move shook the entire industry – many online binary options brokers followed suit and began offering a similar training tool.
A free demo account allows users to become familiar with the trading platform and learn all the ins and outs of binary options trading before they really start using the platform and risk real money. A demo account is by far the safest way to start trading binary options. A standalone demo version of IQoption even includes a training webinar.
Excellent innovative educational tools are available not only for free demo account holders. IQoption was also one of the first to offer its users interactive learning tools. This has become another way to strengthen your position in the binary options market. The platform sincerely believes that a successful binary options trader is, first of all, a well-trained trader.
There are many additional training tools on the site: free webinars, training videos, reference books and a very useful eBook. The broker takes all measures to ensure that an investor of any level can consistently successfully trade binary options almost automatically. So no matter if you are new to trading or consider yourself a veteran of binary options, you will find a lot of useful for yourself in the amount of training materials that the site offers and that will help you become even more successful.
If you love having a wide range of options and assets to trade, you’ve come to the right place. IQoption offers over 70 different trading assets, many of which are popular securities from companies such as Wal-Mart, Google and Apple. The broker allows you to choose between stocks, indices, commodities and currency pairs. The choice of assets is wide enough for a trader of any level to be able to find those with which he would be most comfortable to deal and conduct successful trading operations.
IQoption again decided to follow the path of innovation and create a trading platform that will appeal to the widest range of users, be easy to use and understandable. And I must say that they did it. This platform is one of the best we have ever worked with.
The platform has a very nice design and easy-to-use menu. Plus, it has unique zoom and customization features that are truly unparalleled. It is no exaggeration to say that any trader will like this platform.
The well-thought-out design of the trading platform makes it easy and simple to trade online. The minimum investment is $ 1, the maximum is $ 1000, so that any investor on the site gets a wide range of investment options, from which he can choose depending on his confidence in the trades he is conducting and the amount of risk that is associated with them.
To start trading, you just need to register on the site and go to the bidding page. There you select the type of option, the asset on which you wish to exercise the option, and the investment amount. This is all done quickly and easily in a couple of clicks – making a trade operation on IQoption is elementary. It is much more enjoyable to spend time on successful trades than on unsuccessful attempts to trade on awkward and tricky platforms that happen on other sites.
Return on investment
What’s the best thing about any binary options trading platform? Of course, the profitability of the trades! IQoption will provide you with a complete set of tools to ensure consistently profitable trading operations. If successful, your profitability can go up to 92% of the size of the investment. This return is much higher than in other types of trading in the financial markets, and at least not worse, if not better, compared to other binary options brokers.
The support team is always ready to help and is very good at solving problems, although we had some difficulties with how she does it. You cannot call support or ask a question in the chat – we were, to put it mildly, surprised. This means that it is unlikely that you will be able to quickly get an answer to your question.
Of course, you also have an account manager who can help in various issues related to the operation of the site, but this service is not available around the clock, so there is also a possibility that you will have to wait for an answer. In general, it seems to us that IQoption is not that clearly bad in this component, but they obviously have something to work on.
Traders from the USA and Japan would surely like this site, but, unfortunately, the citizens of these countries cannot trade on IQoption. This issue is clearly worth tackling for platform management in the future.
There is a reason to love the IQoption broker. The small size of the minimum deposit gives almost anyone access to the binary options market. The fact that the broker is regulated by CySEC means that it is a reliable site with a serious reputation, which you can trust and live in the calm confidence that all funds are processed and stored in an account with an EU bank.
We also love the innovative learning tools that are clearly forward-looking. A unique case: a very useful demo account works as a completely separate account, and not as an attachment to the existing one. This allowed the developers of IQoption to equip it with functionality, which made the demo account as close as possible to real online trading. In addition, the online learning tools available on the site will help you master the intricacies of trading faster than more traditional learning tools.
It is not at all difficult to understand why IQoption has become so popular so quickly. We were delighted that the company had the determination and love for innovation to create its own online platform for its many users. Also, we cannot but praise the platform, which is so confident in its business practice that it allows the possibility of its state regulation.
Operations are backed by an excellent support team. High ratings in other reviews like ours confirm the company’s commitment to helping its users to trade successfully and with maximum convenience. Simply put, we give this binary options broker the highest rating and recommend trying it for traders of all skill levels. You are unlikely to be disappointed.
The XTB also is great for its instruments to trade and invest. But their conditions are not so good to use. Alsp, they have pretty high minimum deposit, which is pretty unfair.
To say that IQoption completely conquered us and amazed us to the core is not an exaggeration at all, but rather the opposite!