XTB Global is a fraudulent broker, falsely presenting itself as an ASIC-regulated trading firm. Moreover, it provided us with 3 different addresses, all fake.
To learn more about this notorious scammer, read our XTB Global review. We’re bringing you all the details.
Additionally, we strongly advise you to avoid the fraudulent brokers Snagquan, ProgresiveTrade, and Zetano.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||XTB Global Limited|
|Headquarters Country:||Australia (allegedly)|
|Minimum Deposit:||250 EUR|
|Types of Assets:||Forex, commodities, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
How Safe Is It to Start Investing and Trading with XTB Global?
The short answer would be – not safe at all. The firm claims to be owned by XTB Global Limited, with headquarters in Australia and ASIC licenses. Furthermore, we have addresses in the UK and Germany.
If these were true, it would be fantastic. But as usually happens with scammers, all 3 addresses and ASIC licenses are false. Upon checking databases of ASIC, FCA, and BaFin, we found nothing about XTB Global. In fact, we found a warning that this is a clone firm.
Reasons Not to Trust an Unlicensed Broker
Sometimes, unlicensed brokers pretend to be licensed, choosing names similar to legitimate companies and defrauding customers to be a brand of the legit parent firm. However, the truth is these firms remain unregulated, don’t follow any rules, and provide unregulated trading conditions.
Ultimately, they can vanish with your funds, and you will have nowhere to file a complaint. Getting your money back from an anonymous financial swindler can be challenging.
So Is XTB Global a Decent Broker or a Scam?
While pretending to be an ASIC-regulated brokerage, XTB Global operates under the laws of the Marshall Islands. The UK regulator, FCA, issued an official warning against this fraudulent firm.
XTB Global is a Clone Firm – Warning by the FCA
The address in the UK belongs to a regulated firm, XTB Limited. It’s based in the UK and holds an FCA license. However, xtb-global.com has nothing to do with this branch.
According to the FCA warning, XTB Global is a clone firm and shouldn’t be trusted. If defrauded, customers are not entitled to an FCSC compensation fund or any kind of reimbursement.
What Do Traders Think Of XTB Global?
XTB Global has defrauded many by pretending to be legitimate. Customers were misled to believe that they were dealing with a regulated broker and that the compensation scheme protected them.
Once they discovered the truth and XTB Global refused to process payout requests, customers reached out to regulators. Yet, this cannot help as XTB Global is a fraudulent firm not authorized to provide any services.
What Platform Does XTB Global Offer to Trade On?
According to XTB Global website, clients can get access to several platforms, including:
- MarketPro 1.0
- Mobile trading app
- Tablet trader
MarketPro 1.0 is advertised as a proprietary flagship platform suitable for crypto trading. Allegedly, it has AI-driven bots, real-time technical indicators, copy trading, and instant access to developers and strategists from all over the globe.
Yet, once we tried accessing the software, we were given only a basic WebTrader. Nothing as described in the MarketPro 1.0 section.
WebTrader should allegedly serve novice traders, making trading simple. However, it’s a rather simplified tool without any TAs that can be used for advanced strategies.
Yes, it might be suitable for newbies, but since it’s the only available software, experienced traders will find it lame. Even those new to the market will feel that many features are missing.
The broker offers a mobile app suitable for Android and iOS devices. According to the website, you’d think you’d get a special software, such as MT4 or MT5. In reality, the app is based on WebTrader and offers nothing beyond that. Disappointing.
While promoting tablet trading as a separate platform, it’s the same app compatible with mobile devices. The Android app can serve on any tablet, while the iOS app works on iPads. Therefore, it has the same basic functions available on a larger screen.
XTB Global Accounts Overview
The company offers 3 groups of account types, those being:
- Primary accounts
- Professional accounts
- AutoXTB Global account
Primary account users can get access to Standard and Silver accounts. This allows access to up to 128 assets, giving a floating spread, and a personal bonus policy.
Professional accounts are named Gold and Platinum, bringing access to up to 500 assets. Each has discounts on swaps and spreads, no withdrawal fees, and gives access to risk management tools.
Finally, the AutoXTB account shows you a list of all investors and allows you to choose which one to follow and copy their strategies. This is a social trading account with unspecified trading conditions.
XTB Global – Countries Of Service
XTB Global mainly operates in:
However, it’s an illicit firm, able to advertise and provide services in all the countries without any restrictions. Beware.
Also, avoid the trading frauds Winvestock, Go Markets, and SinaraCorp at all costs! Moreover, before investing, always look into the past of internet trading firms!
XTB Global Range of Trading Markets
Customers can invest in 3 asset groups, those being:
- Currency pairs – EUR/USD, AUD/CAD, GBP/NOK
- Commodities – gold, corn, natural gas
- Cryptocurrencies – BTC, XRP, SOL
Shares and indices are not on offer, making this broker even less appealing. As if it was possible.
What Is Known About XTB Global’s Trading Conditions?
XTB Global tried pretty hard to hide the trading conditions. Starting with the leverage to spread and swap, there’s not a lot we know. While claiming to be a regulated financial services provider, the company offers unregulated leverage. So, let’s see what you can get.
Too High Leverage and Spreads
The leverage goes up to 1:300, against all the rules. The leverage cap in the UK and Australia is 1:30, meaning that XTB Global exposes your funds to 10 times higher risk.
The spread is solid, standing at 0.8 pips for the EUR/USD pair. But that doesn’t change the fact that your money is at risk.
XTB Global Minimum Deposit, Withdrawal Terms, and Fees
We only know a minimum deposit for a Standard account from all the account groups. It’s set to 250 EUR, which is rather high.
Withdrawals are limited by the bonus policy, requesting customers to have a rollover of 30 times the deposit plus the bonus amount before being eligible for a payout.
Methods of Making a Deposit
Terms and Conditions mention the following payment methods:
- Debit/credit card
- Wire transfer
However, the main page asks customers to transfer their funds using crypto. We believe this since crypto transactions are virtually untraceable and enable scammers to stay anonymous.
Scammed by XTB Global Broker? – Let Us Hear Your Story
If you were scammed by XTB Global or a similar fraudulent firm, let us know. Our chargeback experts will evaluate your case during a free consultation and may assist you with a refund.
Don’t let scammers keep your life savings. Fight back, and we’ll fight with you!