The Verdict
With this platform you're getting access to both short-term trading and longer-term investment opportunities through real stocks and
Exchange traded funds (ETFs) are traded in much the same way as stocks. Instead of an individual stock, however, you own a basket of different assets which track the performance of a particular index or market. ETFs
, and
A CFD is a type of derivatives trade. CFDs allow traders and investors to profit from price movement without owning the underlying assets. CFDs
. There's a choice of general investment/trading account or a stocks and shares ISA, meaning you can make the most of ISA tax advantages if you haven't already maxed out your allowance elsewhere.
The big draw of XTB is its clear and attractive pricing structure: zero commission when buying or selling real stocks and ETFs, unless you are investing more than £100,000 per month, in which case you'd pay 0.2% of the trade value. So, as there are also no annual account fees, no deposit fees, and no withdrawal charges, this is a free account if you're buying/selling UK stocks or ETFs. If you want to invest in US or other non-UK stocks, you'll need to factor in a 0.5% currency conversion (FX) charge, but that's pretty reasonable; not the lowest FX charge in the market, but certainly not the highest. And, as XTB allow users to set up multiple accounts in different currencies, you could potentially avoid, or lower those fees by setting up accounts in more than one base currency and using a cheaper currency conversion service elsewhere.
If you're a trader, you'll also benefit from zero commission on CFDs and, although the spreads aren't as competitive as you might find elsewhere, the lack of commission fees works in your favour.
If you think you might have cash resting in your account between investments sometimes, you'll also benefit from a great rate of interest on your uninvested cash - currently 4.75%.
Where XTB perhaps falls down slightly is in its range of assets. You'll have access to 6,900 investment instruments, so you'll be able to get hold of the most popular stocks and ETFs, as well as CFDs on most currency pairs, and popular commodities and indices. But that isn't the widest selection in the market, meaning you could find you're not getting access to some more obscure and less commonly traded instruments. There are no mutual funds either, which might rule this platform out for those investors looking for popular, managed funds.
XTB also doesn't offer ready-made portfolios, so you'll need to feel comfortable choosing and managing your own investment strategy and assets. However, there are 'Investment plans' on offer which facilitate the building of ETF portfolios which are passive investments designed to track the performance of an index, rather than outperform it.
There's just one interface to invest/trade on, which is probably best suited for reasonably confident beginner or intermediate level traders. I found it wasn't ideally set up to suit the needs of longer term investors. Advanced traders will probably want to use something more sophisticated with the full set of technical indicators and analysis tools that come with MetaTrader and platforms like SaxoTrader Pro/Go.
Overall, XTB is a very attractive option because of its pricing, and if you're wanting a bridge between investing and trading and you're still learning your craft, the platform could well really suit your needs. With excellent educational materials, and strong customer service levels, this is a platform that has plenty going for it, but more attention needs to be given to platform usability for investors.
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Pros
- 0% commission investing/trading
- Flexible stocks and shares ISA
- No annual account fees
- Fractional shares available
- 4.75% interest paid on uninvested cash
- Easy to set-up, free demo account
- Minimum deposit: £0
- Attentive, reliable customer service team
- Free withdrawals on amounts over £50
- No inactivity fees on stocks and shares ISA
Cons
- Research is hard work as an investor, with the platform set up to suit traders
- Minimum trade amount: £10
- £5 fee for withdrawals under £50
- No personal pension product
- No mutual funds
- No ready-made portfolios
- Choice of stocks and ETFs is not as large as you'll find at some competitors
- No access to MetaTrader
Fees
XTB is a rare example of a trading and investment platform that explains fees very well. I often find that on platforms that also offer CFDs with more complex fee structures, there's a tendency to make life unnecessarily complicated for those who just want to find out how much it costs to buy and sell stocks. XTB solves this problem with a separate price list for stocks and ETFs that keeps things simple.
XTB's pricing is certainly its strength.
There are no annual account fees to pay. And if your monthly turnover is lower than the equivalent of EUR 100 000, you can invest in stocks and ETFs entirely commission-free! (If your account is turning over amounts over EUR 100,000 per month, there's a 0.2% (min £10) commission fee per trade). XTB doesn't charge for withdrawing amounts over £50 either, although amounts under that will incur a £5 withdrawal fee.
If you're trading non-GBP assets, then as with all platforms, you'll need to factor in currency conversion costs (FX fees). XTB charges 0.5% of the trade value for currency conversion. That's pretty reasonable. It's more expensive that you'll be charged at some other platforms (
trading 212 charges 0.15% and
Interactive Brokers charges just 0.002%, with a minimum charge of $2.) However, it's far cheaper than the 1.5% charged for transactions at
interactive investor and
eToro, or the 0.95% charged at BestInvest
Bestinvest: Free financial advice is tempting but not quite enough. And, what's more, XTB allows users to open multiple accounts in different currencies so you could be clever and fund different accounts in different base currencies and get your currency exchange cheaper elsewhere.
Spreads for trading CFDs vary depending on the instrument being traded, and the type of account you hold, but start from 0.3 pips for Standard account-holders. That's wider than you might be able to find elsewhere, but XTB users in the UK pay no commission on trades which keeps costs very low.
XTB also pays a great rate of interest on any uninvested cash you have in your account - currently, 4.75%.
For a more detailed analysis of fees, including how XTB measures up to competitors, click the 'Read more' button below.
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Pros
- No annual account fees
- 0% commission for buying/selling stocks & ETFs (unless you invest over £100k per month)
- 0% commission for trading CFDs
- Exceptional 4.74% interest rate can be earned on uninvested cash
- Minimum order size: £10 / $10
- Reasonable 0.5% FX fee
- No withdrawal fees on amounts over £50
- Exceptionally cheap for investing in UK stocks
- Fractional shares available
Cons
- Minimum trade size: £10
- £5 fee for withdrawals under £50
- Not always the tightest spreads
- Inactivity fee: £10 per month after 12 months of inactivity
Trading Platform
There is just one trading platform - xstation5 - that all XTB customers use. It is available on web and mobile app (iOS and Android). XTB used to offer access to MetaTrader, but it's no longer an option for new customers.
The mobile app is a visually appealing, well-designed interface that will appeal to those who a slick and modern user experience. The web app is more busy and is designed to look like a trading interface, rather than a simple investment platform. Of course, that's necessary because there is more going on here. The platform offers stock CFDs, forex CFD, commodities and indices trading, as well as the simple buying and selling of real stocks. But for a beginner logging onto the web app, it's a lot to grapple with and could be overwhelming. There's also the possibility, if you're not careful, that you'll end up buying a CFD of a stock instead of the real stock itself when everything is combined in one platform.
If you're an investor, my advice would be to stick to the mobile app as you're not faced with potentially off-putting flashing indicators and candlestick charts, but even then, I found it hard to get to the information I wanted to help me make stock selections, such as past performance data and key fundamentals. It just didn't feel as easy to use as investment-specialist platforms and so is a bit of a halfway house that might only suit those who already feel comfortable making their way around a trading platform.
There are four main sections to the app: markets; portfolio; discover; and news. Inspiration is skewed towards what's hot and trending. It's less clear how to find specific asset classes (such as ETFs) or narrow down your search by specific market. But there is a search tool that will take you directly to a specific stock if know what you're looking for.
If you want to try the platform before committing real funds, and see how you feel about it, you can use the free demo account where you'll be given £100,000 of virtual, practice money. It has all the same features as the live platform, but with a 15 minute delay on live pricing.
Pros
- Browser and mobile app trading options
- Mobile app is clear and uncluttered
- Slick, modern interface design
- Demo account available to trial platform before signing up for live account
- Demo account has all the same features as live account (but 15 min delay on pricing)
Cons
- Just the one trading platform
- Web platform is overwhelming for new investors
- No MetaTrader for advanced traders
- Investors may find the mix of CFD and stock assets in one platform unnecessarily complicated
Account Opening
Opening an account is free, easy and can be done entirely online.
You can fund your trading in multiple currencies with XTB, which allows those with accounts in different currencies to potentially avoid paying FX fees when trading international stocks. You will need to open a separate account for each currency, however. Some other platforms (interactive investor and Interactive Brokers, for example) allow you to hold different currencies within the same one account.
There are no fees for opening an account, depositing funds or withdrawing them, although XTB does apply a £50 minimum for free withdrawals - any less than that and you'll be charged a £5 fee.
There are plenty of choices when it comes to funding your account: bank transfers, credit and debit cards are all accepted. Exercise caution when using credit to fund your account, however, as investing involves risk, including the risk that you may lose your initial deposit and have no means of making credit repayments.
Pros
- Easy, fully digital account opening
- No fees for opening an account
- Fund your account in a choice of base currencies: USD, EUR, GBP, PLN, CZK, and HUF
- No fees for depositing or withdrawing funds
Cons
- Minimum withdrawal amount: £50
- Funding by credit card carries risks
Research
XTB offers a reasonably good selection of research tools, but I found it hard to get the basic information I wanted as an investor, such as key fundamentals and past performance data. It seemed more skewed towards the needs of traders, with flashing candlestick charts and price data crowding out other, more useful information for the longer-term investor.
Intermediate level traders will likely find their research needs more than met with the range of trading tools available, and there is an excellent library of educational resources to support your learning. More advanced traders will likely want more though as it isn't a full match for the MetaTrader spec.
Pros
- Stock screener
- Daily markets news
- Price change data
- Heatmap
- Key fundamentals and metrics
- Market sentiment
- Educational courses to help you learn
Cons
- Not suited to absolute investing beginners
- Hard to find research that longer term investors will be looking for
- Advanced traders may want more
Safety
XTB is regulated by the Financial Conduct Authority (FCA) in the UK. Customer funds are protected by the Financial Services Compensation Scheme (FSCS), up to £85,000 per person in the unlikely event that XTB becomes insolvent.
In line with FCA rules, XTB all client money is held in segregated client bank accounts. In other words, your funds are held in a ring-fenced account, separate to XTB's own funds.
Pros
- Authorised and regulated by the FCA
- FSCS protected
- Two-factor authentication used for additional account security
- Separation of client and company funds
Education
XTB offers hundreds of hours of free, online courses which are suitable for every level of experience. There are also daily updated on market news and market sentiment.
Pros
- Online investing courses
- Free eBooks
- Trading guides for beginners covering all instruments and markets
- Guide to trading analysis for beginners
- Guide to different trading strategies
- Regularly updated articles on relevant investment/trading topics
Cons
- All educational materials are written so less variety than some other platforms.
- No videos or podcast
Customer Service
XTB offers customer support 24 hours a day, from Monday to Friday, which is excellent. You can choose from telephone support, email or online chat. And XTB offers support in a variety of languages.
I tested the telephone and online chat support services and was very impressed with both. My enquiry was answered immediately by telephone, and I had a reply within 5 minutes of posting my message on the web chat service. Knowing I can speak to them 24 hours a day, is a real plus as many commission-free trading platforms fall down on their customer service. My experience is, that's not the case with XTB.
XTB has a 'great' rating on Trustpilot, with users praising the service overall: "It feels like they’re actively working to accommodate users and provide the best experience possible."
Pros
- 24/5 customer service support
- Available by phone, email and live chat
- No delays in replying and excellent, attentive service
- 'Great' rating on Trustpilot
Cons
- No weekend phone/email support
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Verdict 
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