As a CFD broker, they offer leveraged trading of up to 500 times on a number of different assets classes. This is all through the MT5 trading platform which comes from the same MetaTrader trading stable as the MT4 platform.
They are a True STP broker. STP stands for Straight through Processing and means that the broker will send your order direct to their liquidity providers. This means that orders are not routed through a dealing desk of any sort.
Given the popularity of the broker, they have expanded to a number of different countries. There are, however, some countries where they do not take traders and that includes the likes of the USA, Québec, Belgium, North Korea, and Sudan. You can see the whole list on their website.
In 2019, XBTFX LLC was created. By enhancing transparency, usability, and features, the company hopes to close the gap between cryptocurrency exchanges and FX brokers. The broker combines state-of-the-art technologies with the backing of platforms that are well-known in the business, low latency connectivity, and liquidity. Today, the CFD broker based on cryptocurrencies provides leveraged trading on more than 200 assets. The business now has more than 20 staff spread across four offices.
The broker complies with all legal requirements and is registered in St. Vincent and the Grenadines. Residents of some countries, including those in the US, Canada, Singapore, Australia, Belgium, and North Korea, are not eligible for services.
MetaTrader 4 (MT4) and MetaTrader 5 are the two trading platforms available to XBTFX customers (MT5). Making XBTFX review positive. Both novice and experienced investors can use these well-known platforms in the sector. Both terminals can be downloaded to desktop, mobile, and tablet devices and used with all popular web browsers.
By account type, XBTFX trading fees and commissions differ. In addition to spreads, the ECN account typically has higher costs.
- Standard Account
- Bitcoin: no commission
- Commodities, Forex, and CFDs: no commission
- Stock CFDs: $0.10 for US equities, 0.45% for EU, Asia, and Russian stocks (per share)
Cryptocurrency for ECN Account: 0.075%
$3.50 per lot/side for forex, commodities, and CFD trading
Shares CFDs: $0.10 for US equities, 0.45% for EU, Asian, and Russian stocks (per share)
There are exchange fees. In the dashboard interface, users can enter the amount to trade for a real-time quote on a cryptocurrency swap.
The trading asset has an impact on the leverage. There are no capping limits because XBTFX is not subject to the supervision of a financial authorization. Remember that using leverage in trading might increase losses. Before beginning to trade on margin, make careful to grasp the hazards.
Both MetaTrader 4 and 5 have mobile applications available. These may be downloaded for free and work on both iOS and Android (APK) gadgets. While on the go, users of MetaTrader mobile can access the majority of the trading capabilities available on desktop platforms, including analytical tools and individualized charts and graphs.
All account types have a $5 crypto equivalent minimum deposit requirement. Fiat moneys are not permitted to be used to fund accounts. Four stable coins and ten cryptocurrencies are accepted. These include Tether, Binance Coin, Ripple, Ethereum, and Bitcoin. It’s encouraging to see the broker provide free deposits for all coins. Depending on how quickly the blockchain confirms transactions, processing periods for credits to live trading accounts may change.
Traders must transfer digital currency used for account funding to an XBTFX wallet. Simply scan the QR code located in the member’s dashboard to deliver the coins. Once monies have been credited, you must transfer the deposited funds to the appropriate trading platform account.
The same applies to withdrawals for XBTFX traders. Although processing periods can vary, the broker strives to finish transactions the same working day. For traders who do not complete the account verification information for know-your-customer (KYC), limits apply. This includes a $10,000 equivalent in digital currency daily withdrawal cap.
On both the MT4 and MT5 trading platforms, XBTFX provides a demo account option. These are excellent methods for practicing trading, learning platform functions, or testing a strategy without putting actual money at risk. It has the forex trading apps and conditions in real time are available, and traders can access virtual BTC funds. To start a paper trading account, a straightforward online registration form must be filled out.