If you’re looking for brokers that are comparable to XBTFX, we’ve produced a list of the top 5 below.
- TMGM – TMGM is an aggressive forex and CFD broker with a broad selection of low-cost instruments, features, and tools.
- Pepperstone – Pepperstone allows both professional and retail traders to trade CFDs. On the MT4, MT5, and cTrader platforms, clients can trade FX, indices, commodities, and equities.
- A regulated FX and CFD broker, LiteFinance offers the MT4 and MT5 trading platforms.
- FP Markets is a multi-asset broker that provides a selection of trading platforms.
- Admiral Markets is a top forex and CFD broker that offers the MT4 and MT5 platforms.
Since 2019, Saint Vincent and the Grenadines, a well-known offshore nation, has been the registered home of the relatively new cryptocurrency-based CFD & forex firm XBTFX. Due to its status as an offshore broker, XBTFX can provide traders with exceptionally high leverage, a quick and fast account verification process, and cryptocurrency account funding.
With the exception of bonds and interest rates, XBTFX review should be read once as it offers nearly all of the trading instruments a trader may desire. But aside from that, it has a truly outstanding assortment of forex pairs, offering over 70 different pairs. Traders can choose from more than 120 single stocks from American, European, Russian, and a number of Asian companies listed in Hong Kong and Tokyo. The same is true for stocks.
But when it comes to cryptocurrencies, this broker really excels thanks to the wide range of digital assets it offers for trading. XBTFX offers trading in 17 cryptocurrencies at the time of this review, including cryptocurrencies like Bitcoin, Litecoin, Binance Coin, Ethereum, and others, against the US dollar.
Regarding trading platforms
XBTFX provides the well-known MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms in their traditional downloaded forms for Windows desktops, as well as web-based and mobile app versions. Because of their well-known user interface, extensive built-in marketplaces for trading techniques (also known as “Expert Advisors”), and unique technical indicator libraries, these platforms have at this point achieved a sort of legendary status in the forex trading community.
After registering with XBTFX, new clients will have the option of trading with the Standard account, a STP-style account with wider spreads but commission-free trading (aside from stocks), or the ECN account, which has tighter spreads but a commission of USD 3.5 per lot for the majority of instruments. The ECN account is often better suited for traders with larger trading balances, while smaller accounts should choose the Standard STP-type of account.
The fact that trading accounts for crypto-based brokers like XBTFX can only be financed with cryptocurrencies, with no bank transfers or credit cards accepted. The accepted cryptocurrencies are currently Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Binance Coin, Cardano, Stellar Lumen, Dogecoin, and Tron, as well as the US dollar-pegged stablecoins Tether, USD Coin, PAX and Multi-collateral DAI.
XBTFX does not impose any processing costs for deposits or withdrawals in addition to the blockchain transaction fees, which is something we always enjoy.
The support staff of XBTFX can be contacted via email or a live chat feature on its website if there are any issues with the sign-up process or trading itself. In addition, the website’s FAQ section provides easy answers to the majority of common queries. Another thing we appreciate about this broker is that it provides 24/7 support seven days a week, which is something we hardly ever see from smaller and mid-sized CFD brokers. They also have best Forex trading apps.
Overall, we think it’s crucial to remember that XBTFX is still a fairly young broker with little prior experience. It’s also important to note that this broker is different from most CFD & forex brokers in that it only allows traders to deposit cryptocurrencies, and even the trading accounts itself may only be funded with cryptocurrencies (including more stable dollar-pegged cryptos). As a result, in our opinion, XBTFX is a forward-thinking broker who is definitely worth watching for traders with an interest in both cryptocurrencies and more established financial markets.
Australia, Thailand, Canada, the United States, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Sweden, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are among those that welcome traders from XBTFX.
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