XBTFX Review

Details

Broker XBTFX
Website URL https://xbtfx.io
Founded 2019
Headquarters SVG
Support Types Email , Facebook Chat
Languages English
Trading Platform MetaTrader 5
Minimum 1st Deposit $1
Minimum Trade Amount .01
Bonus $100 Deposit Bonus
Leverage 500
Spread Low
Free Demo Account Open Demo
Account Types Standard , ECN, Islamic
Deposit Methods BTC , ETH , XRP , USDT , USDC
Withdrawal Methods BTC , ETH , XRP , USDT , USDC
Account Currency BTC, ETH, XRP, USDT, USDC
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 97

Pros

  • Fast Withdrawals
  • KYC optional
  • Real STP
  • Stablecoin and Crypto MT5 Accounts
  • Exchange Your funds

Cons

  • No Forex License

XBTFX Review: Overview

Lets start this review of XBTFX with a short overview. XBTFX is a Crypto Forex CFD broker and exchange offering to trade of crypto and traditional financial markets. Launched in 2019, they have expanded rapidly with extensive tradable markets and cryptocurrency exchange features launching them to be a major player in the Crypto FX Broker space, taking on heavyweights such as SimpleFX.

The broker aims to overcome common problems and concerns of other crypto fx brokers, including honest STP liquidity, poor user experiences and flexible cryptocurrency features.

Instead, XBTFX offers true STP execution of crypto and traditional market liquidity with a highly user-friendly interface which includes extensive cryptocurrency deposit, withdrawal, and exchange options.

IS XBTFX safe and can you trust them? In this XBTFX review, we will answer that and give you everything that we found out about this broker along with some tips to get the most out of this broker.

Is XBTFX Safe?

The safety of the broker is the number one question and concern when trading within the crypto fx broker space. The crypto fx space makes this area all the more difficult because the choices are between multiple unregulated providers. From our experience, we found that XBTFX is not a scam, and it’s a safe broker. We experienced fast withdrawals, no issues trading and from the surface, they have made a substantial investment in software and features a run of the mill scam would never do. We are confident XBTFX is here for years to come until proven otherwise by some incident.

Regulation

XBTFX is incorporated in Saint Vincent and the Grenadines under the registration number 155 LLC by the Financial Services Authority of Saint Vincent and the Grenadines(SVG). XBTFX is a legitimately registered and compliant entity but it does not hold a Forex Broker License. When we spoke to the company about this, They made reference to a XBTFX blog post which discusses their stance on the matter in addition to forwarding guidance. We encourage you to read it.

Account Signup and KYC requirements at XBTFX

XBTFX has an extremely quick signup process. You simply enter your email, password, your country then you will receive an email indicating a code number to confirm the email is legitimate. Once you have confirmed, you can securely deposit crypto to trade live using BTC ETH and XRP denominated MT5 Trading accounts. XBTFX does not allow signups from the United States. When using the XBTFX registration page it will detect the location of your IP  address and restrict email signups accordingly to its geographic policies.

When depositing and trading with decentralized cryptocurrencies such as BTC, XBTFX is anonymous and requires no KYC however, if you wish to deposit and withdraw with stablecoins such as Tether and USD Coin , you must upgrade to KYC level 2 which requires an ID and proof of address. This is a great feature they offer, not only for the fact they offer stables coins but also for the fact they offer a legitimate KYC option. Not all traders are looking to be anonymous, in fact, traders with large sums of crypto that interact with the traditional banking system prefer to secure their assets with their identity and also wish to maintain proper records of financial activity to comply with local financial requirements. Performing financial activities with entities that make a point to be only “anonymous” can also cause problems when exchanging crypto to fiat because you may be asked for a “source of funds”. If the “source” is from a know “above the law” crypto business, this could create problems.

Depositing at XBTFX

XBTFX deposits are extremely quick. The deposit is credited automatically based on blockchain confirmation amouints. XBTFX provides a confirmation number list within their support site.

Below is a list of confirmation times for Deposits. For all ETH stables, it falls under the ETH 7 confirms policy. This includes ETH based Tether.

Coin Block confirmations required
Bitcoin 2
Litecoin 4
Ethereum 7
Ripple 4
USDT (OMNI) 4
Bitcoin Cash 4
Cardano 9
Dodge 3
Stellar 4

XBTFX Review: Withdrawals

Withdrawl speeds are by far one of the most important things when it comes to what broker you stick with. To highlight the importance of WD speeds for us, using other brokers over the years, we found that we have compromised with issues such as slippage or bad support as long as the withdrawals are fast and consistent. In our tests with XBTFX, we performed 3 withdrawals. The fastest processing time was about 2 minutes for 0.75 BTC. The third withdrawal we did took one hour and this was 0.1 BTC large. The time discrepancy is due to the fact that XBTFX process withdrawals manually for security reasons. They provide the following policy according to their support site

All withdrawals are processed manually on a “soon as possible” basis.  This can range from minutes to hours depending on authorized staff hours and any required movement of our internal funds before processing.

Please only contact support if a withdrawal has been requested and not processed after 24 hours has passed.

We give them an A+ for processing fast without the use of an automated system that could expose funds to hacks. XBTFX’s fast withdrawals are also ultra-convenient for jumping on a trade knowing you can get your funds out the same day for use on another platforms or other activities. This fact is very important.

XBTFX Review: trading account types and Platforms

As with all MT brokers, XBTFX offers free demo accounts. Register and account a create a demo. Demo accounts are only available in BTC and ETH denominations.

XBTFX offers two live account types including an Islamic option.

Standard ECN

Platform

Metatrader 5 Metatrader 5

Minimum Deposit

$1 $1

Deposit Fee

Zero Zero

Withdrawals

Same Day Same Day

Withdrawal fee

Zero Zero

FX, Commodities & CFDs fees

Zero Commission $3.5 / lot

CryptoCurrency fees

Zero Commission 0.125%

Share CFD, per share

USA: $0.10, EU, ASIA, Russia: 0.45% USA: $0.10, EU, ASIA, Russia: 0.45%

Spreads

From 1 pip From 0.01 pips

MT5 Account Base Currency

BTC, ETH, XRP, USDT, USDC BTC, ETH, XRP, USDT, USDC

Leverage

Up to 500:1 Up to 500:1

STP Lock Available

YES YES

Platform Symbol Suffix

“.” & “!” None

Islamic Account Option

YES NO

Execution Server

London Equinix LD4 London Equinix LD4

Micro Lot Trading (0.01)

YES YES

Currency Pairs

76 76

Cryptocurrency

100 100

Share & Index CFDs

YES YES

Commodities and Metals

YES YES

Automated Expert Advisor trading

Yes, Encouraged! Yes, Encouraged!

Trading Styles Allowed

All All

 

Islamic Accounts

XBTFX offers Islamic trading accounts that have zero swap fees charged in order to comply with sharia law. The accounts have larger spreads than standard zero commission accounts however, we give XBTFX a lot of positive credit for making this available. XBTFX is currently the only Crypto FX broker offering an Islamic account solution. This is great news for traders who want to trade Forex with Bitcoin from countries such as Saidia Arabia Iraq, UAE, and Qatar and require compliance with sharia law.

Tradable Assets

XBTFX offers the following asset types inside its MT5 platform:

XBTFX Review Conclusion

XBTFX is a newer broker but has entered the market over the last year with the correct features to battle the heavyweight brokers and leap ahead in features of the current crypto FX broker offerings. This is currently the primary crypto fx broker we are using. Key takeaways are fast withdrawals, the ease of use of its interface, flexibility with XBTFX’s deposit and balance exchange options, and support of stablecoin MT5 accounts. Trading conditions are in line with industry costs, execution is fast, and we have experienced zero server outages with their MT5 platform to date.

 

Tips using XBTFX 

  • You can trade UST and USC stablecoin MT5 accounts and also exchange into tether, for trading, without KYC however, you must exchange back to BTC or other cryptos to withdraw.
  • Create an XRP base currency MT5 account and try trading with XRP . We found this, surprisingly, extremely fun and satisfying :).
  • Exchanging to DAI and withdrawing is a loophole to withdraw in a stable without KYC. This is useful if crypto is crashing and you want zero exposure.
  • Some symbols like WTIUSD use required margin and your account leverage amount will have no impact on its leverage. If you are trading an uncommon symbol like this, check its properties in MT5 to be sure you understand its margin conditions.
  • Index CFDs have a minimum trade size of 0.10 and you need at least $200-$300 USD worth of margin to enter most of them
  • Double-check the leverage field when creating an account because it cannot be changed after unless you ask support

 

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