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Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Reliability is also very important, but since we recommend only reliable brokers regulated by reliable financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether XTB is the right choice for a starting trader.

Disclaimer: 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Is XTB good for beginners
XTB is a CFD broker

Just a quick heads up: XTB focuses mainly on CFDs. Usually we don’t recommend CFD products for beginners because it can be quite risky.

On the other hand, XTB provides real stock / cash equities / underlying stocks besides CFDs. When you invest into real stocks, you can buy the actual shares of a company instead of a CFD contract for the stock

If you’d like to stick with CFDs, you might want to take a look at our article on CFD trading tips.

Is XTB good for beginners
Is XTB good for beginners?

Based on our scoring methodology, XTB is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 When it comes to its web platform, XTB might suit the needs of beginners: User-friendly. Clear fee report. Good search function. Overall, this platform may be an optimal choice for beginners.
  • 📱 The mobile platform of XTB is reasonably well-designed: User-friendly. Price alerts. Modern design. This may be helpful for the first steps in your trading journey.
  • 💰 Fees are one of the most important aspects when it comes to trading and XTB does well in some areas: Free stocks/ETFs up to €100k monthly volume. Low forex and stock index CFD fees. Most bank transfer withdrawals are free. However, charges may be higher compared to some competitors. Areas of improvement: Inactivity fee.
  • 🕖 An account opening process is great when it is seamless from the get-go. XTB does an excellent job in this area: Fast. Fully digital. No minimum deposit.
  • 📚 XTB's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes XTB's material worthy reading.
  • 📞 When you need help, one thing you should have immediate access to is customer service. XTB's customer service generally scored well on these points: Phone support. Live chat. Fast response time.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. XTB's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. Deposits/withdrawals are mostly free. E-wallets available.

Is XTB good for beginners
Overview of XTB's services

Let’s take an overall look at how XTB compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

XTB services vs. similar brokers
XTB eToro Trading 212
Web platform score 4.4 stars 4.4 stars 4.4 stars
Mobile platform score 4.4 stars 4.7 stars 4.9 stars
Fees Low Low Low
Account opening score 5.0 stars 5.0 stars 4.5 stars
Education score 5.0 stars 4.8 stars 4.0 stars
Customer service score 4.4 stars 1.5 stars 5.0 stars
Deposit and withdrawal score 4.5 stars 3.9 stars 4.3 stars

If you wish to read more about XTB, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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76% of retail CFD accounts lose money

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Is XTB good for beginners
Is XTB reliable to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have reliable financial regulators. As such, XTB is a reliable and trusted broker.

If you’d like to know more, check out our deeper dive into XTB's reliability.

Is XTB good for beginners
Where can I find more information?

If XTB is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2022 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Analyst head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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76% of retail CFD accounts lose money

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