XBTFX Review

XBTFX is a forex and CFD broker that presents both a market maker model and a non-dealing desk brokerage system for its clients. The company is known for its use of fiat and crypto funding systems, with heavy emphasis on the use of cryptos as both a funding and account trading mechanism. The broker has been in operation since 2019.

I. Background and Company Overview of XBTFX

XBTFX operates a high-leverage, low margin system in terms of contract specifications offered to clients. This makes it possible to fund accounts with as low as 0.0001 BTC. Traders are able to trade forex pairs, energy CFDs, crypto CFDs, indices, commodities and metals using either standard dealing desk executions or under ECN-style conditions.

Some of the features that continue to attract traders to XBTFX are:

• Using a crypto-dependent payment system for deposits and withdrawals, all clients' funds are stored in a segregated cold wallet with various liquidity providers.
• Traders have access to same-day deposits and withdrawals by virtue of the crypto payment methods deployed on the account.
• Traders are given access to a free educational resource suite where the rudiments of trading are taught.

II. Trading Platforms and Tools

The three platforms that XBTFX offers to its clients are:

• cTrader
• MT4
• MT5

The XBTFX cTrader is an advanced multi-asset platform that supports forex and crypto trading, enabling traders to trade using advanced charting tools and API for customised order placement. The platform is specially built to support margin trading for crypto CFD assets. You can operate your account on cTrader with Tether, Bitcoin, Ethereum, Ripple and US Dollar. There is demo account support and traders can also use algorithms to trade using the cAutomate add-on. This platform is available on desktop, mobile and the web.

The MT4 and MT5 are platforms from Metaquotes, which can be used as a mobile app, a webtrader or a desktop client. These platforms support the use of expert advisors and are amenable to being used on virtual private servers for round-the-clock trading. The XBTFX MT4 and MT5 platforms are designed to offer a wider range of crypto CFDs than most other platforms.

The following tools are available on XBTFX to enhance the trading experience of the firm's clients:

• There is a copy trading portal where investors can copy the trades of other experienced traders, with special emphasis on crypto CFDs.
• The PAMM/MAM account service allows traders to conduct partial investments by putting their funds to work in an investment pool which is controlled by a master trader who is also vested in the same product.
• The MT5 has an advanced strategy tester that allows traders to optimise their EAs for better performance.

III. Account Types and Spreads

Two types of accounts are presented to traders on the XBTFX portal. These are:

• Standard
•  ECN

The Standard account is a zero-commission account that comes with spreads of as low as $1 per pip. This account comes with a $10 minimum deposit, but does not have a swap-free version.

The ECN account also comes with a $10 minimum deposit amount, but trades are charged a commission of $3.50 per standard lot on each side of the trade. Cryptocurrency trades are also charged a commission of 0.075% per deal. Spreads typically start from 0.01 pips and the account has a swap-free version.

IV. Contract Specifications

Here are the contract specifications on XBTFX.

• The minimum order size on all accounts is 0.01 lots.
• The maximum leverage on the account is 1:500 (FX majors).
• All trades are executed on the London Equinix LD4 server.
• Accounts can be denominated in BTC, ETH, XRP, DAI or USDT.
• All withdrawals are processed on the same business day.
• Share CFDs are charged a commission of $0.10 (US stocks), while EU, Asian and Russian stocks are charged a commission of 0.45%.
• The use of expert advisors is allowed, as are all trading styles such as hedging.

V. Security and Regulation

The XBTFX brand is owned and operated by two subsidiary companies.

XBTFX LLC is incorporated in Antigua and Barbuda with registration number ILLC001. There is no government regulator in this jurisdiction for the forex market.

In Seychelles, the brand is managed by XBTFX (SC) Ltd. The firm operates as a securities dealer under authorisation and regulation by the Financial Services Authority with licence number SD169.

Citizens and residents of the US, Canada (Quebec region), Belgium, Belarus, Russia, North Korea, Iran, Sudan and Yemen are prohibited by either local regulatory restrictions or international sanctions from operating trading accounts with XBTFX.

VI. Customer Support and Education

How can you reach the customer support desk on XBTFX? Here are the available channels for all entities.

• Phone: +44 2038079081 (only available from 14:00 - 22:00 GMT)
• Email: support@XBTFX.io; info@xbtfx.io (general inquiries)
• Live chat
• Help Desk
• Twitter: twitter.com/XBTFOREX
• Reddit: reddit.com/user/XBTFX/
• Facebook: facebook.com/XBTFX

Conclusion

The standout feature on XBTFX is the ability to use cryptos for not just funding and withdrawals, but also as account currencies on which trades are made. This will require some understanding of the relevant conversion systems between fiat and crypto currency systems. But if you are drawn to this prospect, XBTFX should be your broker of choice.