XBTFX Review 2024 with Rankings By Dumb Little Man

XBTFX Review

Forex brokers play a crucial role in the trading world, acting as intermediaries between retail traders and the vast global currency markets. They offer platforms for trading various financial instruments, including currency pairs, commodities, and indices. XBTFX steps into this arena as a unique broker, specializing not only in CFDs (Contracts for Difference) but also in cryptocurrency trading. This broker caters to traders interested in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), and an array of other altcoins.

With an expansive offering of over 200 assets, XBTFX distinguishes itself in the Forex and cryptocurrency brokerage space. Clients have access to a wide range of instruments, including currency pairs, cryptocurrencies, stocks, indices, commodities, and precious metals. This variety ensures that traders of all preferences and strategies can find suitable options to diversify their portfolios.

Our detailed review aims to shed light on XBTFX, focusing on its unique selling propositions and identifying any potential drawbacks. We delve into the nitty-gritty details such as account options, deposit and withdrawal processes, commission structures, and more, providing a comprehensive overview. By blending expert analysis with actual trader experiences, we strive to furnish you with all the essential insights needed to decide whether XBTFX is the right brokerage service for your trading endeavors.

What is XBTFX?

XBTFX stands as a prominent CFD and cryptocurrency broker, offering a platform where traders can engage with a variety of financial instruments. This brokerage is tailored for those looking to trade in major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), and a wide selection of altcoins. XBTFX has positioned itself as a versatile option for traders seeking to explore the dynamic realms of both traditional financial markets and the burgeoning cryptocurrency space.

The broker’s portfolio includes CFDs on over 200 assets, covering a broad spectrum of investment options. This range encompasses currency pairs, cryptocurrencies, stocks, indices, commodities, and precious metals, ensuring that traders have access to diverse trading opportunities. Such diversity is crucial for crafting a well-rounded trading strategy, allowing individuals to spread risk and capitalize on different market conditions.

XBTFX also caters to both new and experienced traders by providing a free demo account alongside two types of live accounts: Standard and ECN. The demo account is an invaluable tool for beginners to practice trading strategies without financial risk, while the Standard and ECN accounts offer tailored trading conditions to meet the needs of diverse trading strategies and preferences. This approach underscores XBTFX’s commitment to supporting its clients’ journey in the financial markets, ensuring they have the right tools and conditions to thrive.

Safety and Security of XBTFX

Safety and security are paramount concerns for traders when choosing a broker. XBTFX addresses these concerns by adhering to regulatory standards set by authorities in Antigua and Barbuda and the Seychelles. This information, gathered after thorough research by Dumb Little Man, highlights the broker’s commitment to maintaining a secure trading environment for its clients. By being registered and controlled in both jurisdictions, XBTFX demonstrates its dedication to upholding international regulatory standards.

The regulatory oversight by the Financial Services Authority (FSA) in the Seychelles adds an extra layer of credibility to XBTFX. This ensures that the broker operates within strict guidelines designed to protect traders’ interests and funds. The dual registration not only underscores XBTFX’s commitment to transparency but also reassures traders of the broker’s legitimacy and dedication to security.

Pros and Cons of XBTFX

Pros

• Diverse assets for risk management
• Minimal deposit of $10 for live trading
• Access to leading platforms
• Unrestricted trading includes scalping and hedging
• Competitive spreads, as low as 0.01 on ECN
• Educational content for all levels

Cons

• CFD-only trading
• Crypto-only for deposits and withdrawals

Sign-Up Bonus of XBTFX

XBTFX currently does not offer a sign-up bonus for new clients. This means that traders starting their journey with XBTFX will not receive any promotional credit or bonus funds upon opening an account. While some brokers use sign-up bonuses as a way to attract new users, XBTFX focuses on other features and benefits to appeal to potential clients.

Minimum Deposit of XBTFX

XBTFX sets a low minimum deposit requirement of $10 for traders looking to start their trading journey. This accessible entry point is designed to make financial markets more attainable for a wider audience, allowing individuals to begin trading with a relatively small initial investment. 

XBTFX Account Types

After thorough research by our team of experts at Dumb Little Man, we’ve identified and tested the account types offered by XBTFX, providing a clear and concise overview. Here are the details:

Standard Account

• Minimum Deposit: $10
• Spreads: From 1 pips
• Technology: STP (Straight Through Processing)
• Fees: Charged only on stock trading

ECN Account

• Minimum Deposit: $10
• Spreads: From 0.01 pips
• Fee: $3.5 per lot, varies for stocks and cryptocurrencies
• Technology: ECN (Electronic Communication Network)

Islamic Account

• Minimum Deposit: $10
• Spreads: From 1 pips
• Fees: Applied on stocks and cryptocurrencies trading only
• Technology: STP (Straight Through Processing)

XBTFX Customer Reviews

Customer reviews of XBTFX highlight the broker’s competitive edge in crypto spreads, particularly noting its superiority among MT (MetaTrader) brokers. Traders value the integration of cryptocurrencies like BTCUSD alongside traditional markets such as EURUSD on the platform. The availability of reasonable spreads on major currency pairs and altcoins, combined with commission-free trading on the standard account, is praised, making it a favored choice for daily traders. Additionally, the crypto leverage of 25:1 is appreciated for its balance between offering significant potential returns and managing the inherent volatility of cryptocurrencies. However, there is a notable concern regarding the lack of timely customer service responses, suggesting an area for improvement in client support. 

XBTFX Fees, Spreads, and Commissions

XBTFX distinguishes itself in the trading community through its transparent fee structure, catering to a wide range of traders with varying preferences and strategies. The broker offers two primary account types, each with its own set of fees, spreads, and commissions, ensuring that traders can select the option that best aligns with their trading approach.

For the Standard account, traders benefit from spreads starting at 1 pip. This account is particularly appealing for those trading most assets as it comes with no fees except for stocks, which incur a nominal $0.1 fee per stock. This setup is ideal for traders focusing on forex, commodities, and other non-stock assets, providing a cost-effective solution for their trading activities.

On the other hand, the ECN account is tailored for traders seeking tighter spreads and direct market access. Spreads start from a mere 0.01 pips, accompanied by a $3.5 fee per lot for trading currencies, metals, indices, and commodities. Cryptocurrency trades are subject to a 0.075% fee of the traded amount, while stock trades maintain the $0.1 fee per stock. This account type is suited for high-volume traders and those who prioritize low spreads and are willing to pay commissions for that advantage.

Deposit and Withdrawal

Based on thorough testing conducted by a trading professional at Dumb Little Man, XBTFX offers a streamlined and efficient process for deposits and withdrawals, tailored to accommodate the needs of modern traders.

Demo accounts at XBTFX utilize real market quotes for trading simulations with virtual money, illustrating a realistic trading environment without the potential for real profit or loss. This feature is instrumental for beginners and experienced traders alike to practice strategies without financial risk.

Live accounts enable traders to engage in full-fledged trading within the global market, where successful trades lead to real profits that accumulate in the user accounts. The flexibility in account base currencies, including USD, BTC, ETH, USDT, DAI, and XRP, caters to a broad spectrum of trader preferences and market conditions.

Currently, XBTFX supports withdrawals exclusively to crypto wallets, with plans to integrate Mastercard and Visa options shortly. An important aspect to note is the additional fee of 2-4% for any deposit or withdrawal requiring conversion, which varies based on the base currency and prevailing market conditions.

To initiate a withdrawal, traders must submit a request through their user account on XBTFX’s website, ensuring a simple and secure process. All withdrawal requests are processed on the same day, emphasizing the broker’s commitment to swift and efficient transactions. Although XBTFX does not impose a withdrawal fee, traders should be aware that crypto wallet fees may apply.

How to Open an XBTFX Account

1. Visit XBTFX‘s website and click the “Register” button located in the upper right corner.
2. Fill in your first and last names, email address, create a password, add your phone number, select your country, agree to the terms, and click “Continue”.
3. Check your email for a confirmation code, enter it on the website, and log in with your email and password.
4. In your account, navigate to “Profile”, go to “Verification”, upload ID documents and a selfie, and await verification.
5. To add funds, click “Deposit” in the “Funds” section, choose a method, and follow the instructions (note: fiat currency not accepted yet).
6. Select “Trading Accounts”, pick a platform, fill in account details (type, currency, leverage), and open your account.
7. Download and install the trading platform, then log in with your registration details.
8. Choose your desired account type (Standard, ECN, Islamic) based on your trading preferences.
9. Start trading by exploring the markets available and making your first trade.

XBTFX Affiliate Program

XBTFX’s affiliate program offers a lucrative opportunity for its clients to earn additional income through a personal referral link. This link can be shared across various online platforms, including social networks, forums, and instant messengers. When individuals follow this link and sign up with XBTFX, they become referrals, generating a percentage of their trading income for the link’s owner.

The program is structured across three levels based on the number of referrals: the first level includes 1-5 referrals, the second level ranges from 6-9, and the third level encompasses 10 or more referrals. The bonus payout increases with each level: 10% for the first, 20% for the second, and 30% for the third, highlighting the program’s scalability and potential for significant earnings.

Notably, the number of referrals a participant can have is unlimited, encouraging active promotion and engagement. Profits from this affiliate program are accrued every hour in USD, providing a continuous and transparent reward system for participants. This feature makes the XBTFX affiliate program an attractive option for clients looking to maximize their earnings through referral activities.

XBTFX Customer Support

Based on Dumb Little Man’s experience with XBTFX Customer Support, it’s clear that the broker prioritizes accessible and responsive client service. Regardless of whether individuals are current clients or considering becoming one, XBTFX ensures that assistance is readily available. Multiple communication channels support this commitment, including a call center, support email, general inquiries email, and tickets within the user account.

However, it’s important to note that the call center operates on a limited schedule, available only from 14:00 to 22:00 GMT. This limitation suggests that while support is comprehensive, it may not cater to all time zones equally. Additionally, XBTFX maintains official profiles on Facebook, Twitter, and Reddit, not only expanding their customer support reach but also keeping clients informed about the latest news and updates. Following these social media channels is recommended for staying connected with XBTFX and leveraging their customer support efficiently.

Advantages and Disadvantages of XBTFX Customer Support

XBTFX vs Other Brokers

#1. XBTFX vs AvaTrade

XBTFX stands out with its cryptocurrency trading options and low entry barrier, requiring only a $10 minimum deposit. It caters specifically to crypto and CFD traders, offering a broad range of assets including altcoins. AvaTrade, on the other hand, has a longer history and a larger global presence, serving over 300,000 registered customers and providing access to more than 1,250 financial instruments. It is heavily regulated, with operations across multiple jurisdictions, ensuring a high level of security and trust.

Verdict: For traders focused on cryptocurrency and looking for low deposit requirements, XBTFX may be the better choice. However, for those valuing regulation, global presence, and a wider range of financial instruments, AvaTrade stands out as the more suitable option.

#2. XBTFX vs RoboForex

RoboForex boasts superb trading conditions and technological advancements, with a vast selection of over 12,000 trading options across eight asset classes. It is designed to cater to a wide range of traders, offering customized terms and a variety of trading platforms. XBTFX, while offering a competitive range of assets, particularly in the crypto and CFD markets, maintains a simpler approach with a focus on accessibility and low minimum deposits.

Verdict: For traders seeking technological variety and a broad asset selection, RoboForex is likely the better choice. XBTFX, however, is more appealing for those prioritizing cryptocurrency trading and ease of access with lower financial barriers to entry.

#3. XBTFX vs FXChoice

FXChoice is known for its focus on experienced traders, offering ECN accounts with tight market spreads and a commitment to high-quality service. It caters to a professional audience with advanced trading needs, including automated trading services. XBTFX, contrasting with FXChoice, provides a more inclusive trading environment suitable for both beginners and experienced traders, with a strong emphasis on cryptocurrency trading and flexible account options.

Verdict: FXChoice is the go-to broker for experienced traders seeking specialized ECN accounts and a professional trading environment. XBTFX, meanwhile, offers a more accessible platform for newcomers, particularly those interested in cryptocurrencies, making it a better option for a broader range of trading strategies and experience levels.

>> Also Read: AvaTrade Review 2024 By Dumb Little Man: Is It The Best Overall Broker?

Choose Asia Forex Mentor for Your Forex Trading Success

For individuals passionate about forging a lucrative career in forex trading and desiring significant financial returns, Asia Forex Mentor is the premier selection for top-tier forex, stock, and crypto trading education. Ezekiel Chew stands out as the pioneering force behind this institution, known for his advisory roles to trading entities and banks. Notably, Ezekiel’s ability to consistently secure seven-figure trades places him in a league above other educators in this domain. The reasons for our endorsement are compelling:

Comprehensive Curriculum: Asia Forex Mentor delivers a thorough training program encompassing forex, stock, and crypto trading. This curriculum is meticulously designed to arm budding traders with the essential skills and knowledge for success in these varied markets.

Proven Track Record: The reputation of Asia Forex Mentor is solidified by its proven history of nurturing traders who consistently achieve profitability across different market segments. This success underscores the high efficacy of their educational and mentorship approaches.

Expert Mentor: Enrollment at Asia Forex Mentor means receiving mentorship from an expert with a proven track record in forex, stock, and crypto trading. Ezekiel’s hands-on support and insights empower students to confidently tackle the complexities of the trading world.

Supportive Community: Being part of Asia Forex Mentor grants access to a community of ambitious traders focused on excelling in the forex, stock, and crypto markets. This network promotes a collaborative environment for sharing ideas and peer-to-peer learning, enriching the educational journey.

Emphasis on Discipline and Psychology: Mastery in trading is not just about strategy but also involves mastering one’s mindset and discipline. Asia Forex Mentor emphasizes psychological training to aid traders in managing emotions, stress, and making informed decisions under pressure.

Constant Updates and Resources: Given the ever-evolving nature of financial markets, Asia Forex Mentor ensures its students are always abreast of the latest trends, strategies, and insights. Ongoing access to invaluable resources positions traders for success.

Success Stories: The numerous success stories of individuals who have dramatically transformed their trading careers and achieved financial autonomy underscore the value of the comprehensive education offered by Asia Forex Mentor in forex, stock, and crypto trading.

Asia Forex Mentor stands as the definitive choice for aspiring traders seeking a top-notch forex, stock, and crypto trading course aimed at crafting a successful career and attaining financial growth. With its all-encompassing curriculum, seasoned mentors, practical learning approach, and supportive community, Asia Forex Mentor equips aspiring traders with the tools and guidance needed to become proficient professionals in the diverse arenas of financial markets.

Conclusion: GKFX Review

XBTFX emerges as a compelling choice for traders interested in CFD and cryptocurrency markets. The broker’s strengths lie in its wide array of trading assets, including over 200 financial instruments across forex, stocks, indices, and cryptocurrencies, catering to diverse trading preferences and strategies. Furthermore, the low minimum deposit requirement and accessible account types make XBTFX an attractive option for both novice and experienced traders.

However, potential clients should be aware of the broker’s limitations, such as the CFD-only trading instruments and the crypto-exclusive transactions for deposits and withdrawals, which may not suit all traders. The customer support’s limited hours and restrictions on ticket submissions to clients only could also be considered drawbacks for some users.

>> Also Read: Valutrades Review 2024 with Rankings By Dumb Little Man

XBTFX Review FAQs

What is the minimum deposit required to start trading with XBTFX?

The minimum deposit required to open a trading account with XBTFX is $10. This low entry barrier makes it accessible for beginners and those cautious about starting their trading journey with significant investments.

Can I trade cryptocurrencies with XBTFX?

Yes, XBTFX specializes in cryptocurrency trading alongside CFDs. Traders have access to major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), and various altcoins, offering a broad spectrum for crypto enthusiasts.

Does XBTFX charge any fees for withdrawals?

XBTFX does not impose a withdrawal fee for transactions to crypto wallets. However, traders should be aware that their chosen crypto wallet may apply transaction fees. This policy enhances XBTFX’s appeal by reducing the costs associated with withdrawing funds.