Comprehensive Review dedicated to traders from Nigeria
XTB Review Nigeria
Accepts Nigerian Clients
Who is XTB?
With almost 20 years of experience, XTB is one of the market's largest forex and CFD brokers. The company is regulated by several reputable financial authorities and offers access to various global markets.
Traders can access over 11,200 instruments across multiple asset classes, including more than 60 forex pairs, indices, commodities, stocks, and cryptocurrencies, all with competitive trading conditions.
Interestingly, this broker does not have a minimum deposit requirement. This means that the XTB minimum deposit is $0 which also, of course, equals to 0 NGN (Nigerian Naira).
XTB Group is Regulated by
FSC
Financial Services Commission, based in Belize, license no 000302/438.
KNF
Polish Financial Supervision Authority, based in Poland, KRS number 0000217580.
FCA
Financial Conduct Authority, based in the United Kingdom, license no 522157.
CySEC
Cyprus Securities and Exchange Commission, based in Cyprus, license no 169/12.
Risk warning: Remember that forex and CFDs available at XTB are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
Pros
Cons
01
Trading assets
XTB traders have access to a wide range of trading instruments. With the diversity offered by XTB, Nigerian traders can spread their investments across various global markets. In total, there are over 11,200+ trading instruments available, and they include:
- Forex – XTB offers 60 + different CFD currency pairs that include EURUSD, AUDUSD, AUDJPY, and many more. Traders can trade majors, minors, and a plethora of exotics.
- Stocks – Company stocks from countries like the UK, the US, and many more are also available to buy and sell on XTB. Some of the stocks offered include AAPL.US, AMZN.US, and BARC.UK and BMW.DE. (Stocks are available both as CFDs and as real underlying assets)
- Indices – The broker offers over 20 CFD indices from all over the world, including countries like the USA, Germany, and China. The indices available for Nigerian traders include UK100, DE30, US500, US2000, FRA40, EU50, and many more.
- Commodities – XTB also allows its traders to diversify their money by investing in CFDs on commodities. A trader can trade popular commodities like gold, silver, oil, Natural Gas, COCOA, and more.
- Cryptocurrencies – XTB offers over 40+ crypto CFD pairs for traders to trade, including Bitcoin, Ethereum, Stellar, Dogecoin, and more.
- ETFs – A trader can also trade over 1,500 ETFs at XTB. (ETFs are available both as CFDs and as real underlying assets)
Available Deposit & Withdrawal Methods
XTB supports the following deposits and withdrawal methods
Supported Platforms by XTB
XTB supports the following trading platforms
02
Trading platform of the broker
XTB provides Nigerian clients with its in-house-built trading platform, xStation 5 and xStation mobile. The software is industry-standard and meets the needs of the majority of traders online. The platform’s simplicity is suitable for both advanced and new traders. On top of that, XTB promises superior execution speeds to its Nigerian clients.
What's more, the platform is equipped with professional analytical tools that can help traders in their technical analysis. Further, the platform gives access to more advanced tools for advanced traders and is also fully compatible with Chrome, firefox, safari, and Opera, among other browsers.
xStation mobile platform is designed for mobile users where a trader can trade at any given time. They can also stay up to date with news related to the market to make fast decisions when needed.
When using the app, a trader can manage risk before placing an order by setting up a stop loss and taking profit levels quickly and comfortably by controlling them directly from the chart or through the advanced trading calculator.
Screenshot taken from the official website of XTB, page trading platforms
Did you know?
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world with offices in over 13 countries.
03
Review of XTB Trading Fees
XTB offers primarily one trading account: the standard account. The company designed this account to suit all trader levels, from newcomers to experienced professionals. With competitively tight spreads, XTB ranks among the brokers offering the lowest spreads globally.
Traders can enjoy spreads that start from as little as 0.8 pips on major currency pairs. There are no commission fees charged on forex.
The other fee that applies is the swap fee charged for holding positions overnight. This fee varies depending on the asset a trader is holding and the size of the position held.
However, a swap-free account is available for traders who cannot pay overnight fees. This account is best suited for Muslim traders who cannot pay swap fees due to religious beliefs.
This swap-free account features similarly tight spreads starting from 0.7 pips for major currency pairs. Like the standard account, there are no commissions charged when trading forex.
04
XTB’s Research and Education XTB
On XTB’s Learn How to Trade section, there is a full knowledge base filled with all kinds of resources. Traders can make use of its extensive course library to learn more about trading. The trading academy contains courses that vary from basic, intermediate, and expert levels.
These courses will help beginner traders to familiarize themselves with XTB and with trading in general. Advanced traders can also use them to sharpen their knowledge and trading strategies.
Apart from the courses offered, there are other tools XTB is equipt with to help traders gain knowledge. They include trending topics, technical analysis, and fundamental analysis.
What's more, traders on XTB can stay up-to-date with global news that will help them make fast and sound decisions. There are three tools available on XTB to help a trader to react fast using market information and they include market news, price tables, and market calendar.
05
XTB Customer Support
Customer support service is one of the crucial aspects of any company. When dealing with clients' funds, it's important for a client to be able to receive support in case they have an issue and XTB has various channels to support that.
The live chat support feature is available to clients 24 hours a day, 5 days a week. They can use this feature to resolve simple issues that can be worked out through simple prompts.
Additionally, traders can contact the company via its mobile phone and its email. Lastly, there is a help centre on the broker website where traders can find answers to a few questions that bother most traders.
Did you know?
XTB has some of the best world-known ambasards including Conor McGregor, Iker Casillas and Jiri Prochazka
06
Demo Account, Cashback Rebates and API Trading
XTB offers free demo accounts for all its traders. The demo account has various perks, like giving traders access to over 11,200 financial instruments.
A demo account is one of the best ways to test out strategies before using them in the real market. The account is accessible for both xStation 5 and xStation mobile users.
Further, on XTB, you can earn a cashback rebate created for high-volume traders. Different eligibility rules apply depending on where you trade from. The calculations are done at the end of the month and deposited within 7 days after the prior month's end. The amount of cashback a trader makes depends on the trading volume they have that year.
Nigerians can get API trading on XTB and link their trading portfolio to external platforms they wish to use when trading. API trading uses a computer program to allow for automated trading through external platforms like EAs and trading bots.
Traders can benefit through increased speed on trades, accuracy, and better risk management. However, there are still some drawbacks to API trading and customers should be very careful. People with technical know-how can code their own programs to use with the XTB API. XTB’s API can send, cancel orders, and retrieve live prices and historical data.
XTB in head-to-head with Nigerian leading competitors
Expert's cricital opinion
With over 15 years of experience and more than 2 million customers, it's no surprise this broker is highly rated in Nigeria. The broker offers Nigerian traders exceptional trading conditions, including tight spreads and generous leverage. However, to better grasp just how well this broker serves Nigerian traders, we must compare it to some other top-rated brokers in the country. For this review, we are going to compare XTB with XM and Exness.
First, XTB has the edge when it comes to the number of assets the broker has to offer. XTB offers more than 11,200 assets for traders to invest in. In comparison, Exness features only slightly over 160 instruments, while XM has just over 1,000 trading instruments. It's fair to say that XTB offers more portfolio diversification opportunities.
In terms of spreads, all three brokers offer spreads within industry standards. Exness provides the tightest spreads on its standard account, starting from 0.3 pips for major currency pairs. XTB follows at 0.8 pips, while XM's standard account begins at 1.6 pips. However, XM also features an ultra-low account with spreads from 0.8 pips and no commissions.
In terms of the minimum deposit accepted, all three brokers feature low minimum deposit requirements. XTB stands out with no minimum deposit requirement whatsoever. XM requires just $5 to start trading, while Exness accepts a $10 minimum deposit.
Finally, let's examine the trading platforms offered by each broker. XTB takes a different approach, providing only its proprietary xStation 5 platform. In contrast, both Exness and XM offer MetaTrader 4 and MetaTrader 5, which are widely regarded as the industry's leading trading platforms. This variety allows traders to choose the platform that best suits their individual trading needs.
Peter Cook Ndungo
Editor, Senior Broker Analyst