Having rebranded in May 2020, FXTB is one of the newest forex broker sites in the forex trading world. Traders tend not to steer away from new brokers due to a lack of market proof. Nobody wants to try out their money to end up in a scam. However, FXTB is quite different. It is fast gaining a reputation as one of the most viable investment brokers to consider. 

The brokerage comes with multiple assets, user-friendly platforms, and reliable customer support. It is also quite affordable to operate while providing multiple learning resources. 

Here is the ultimate FXTB review;

Regulation and Safety 

FXTB is a secure platform due to the numerous regulations. It is licensed and regulated by the Cyprus Securities and Exchange (CySEC) under license number 273/15. Like all the other brokers regulated and operating in the European Union, the brokerage provides for a segregated account for clients' money, away from the company money. 

The site provides a risk disclosure that more than 71% of traders lose money when investing in CFDs. One should only spend their money once they understand how to trade and are willing to lose the money. 

Firewalls and other integrated security systems protect all transactions on FXTB. It also provides the SSL transaction security protocols that ensure all the personal and transaction details of the traders within the site are protected at all times. 

Fees 

FXTB comes with some of the most affordable transaction fees in the sector. It provides for zero deposit fees while the withdrawal fee is dependent on the withdrawal method. The debit/credit card costs 3.5% of transactions while wire transfer is 30 USD, EUR, and GBP withdrawals. However, it provides for an inactivity fee in case of lack of transactions within a month. 

The site also provides for swap fees for the overnight holding traders. The charges vary every night, depending o the prevailing market conditions. The only difference is on Fridays, where it charges three times to cover the weekend. 

Account Types 

FXTB understand the different customer needs and experience. That is why it provides for four different types of accounts. These accounts are; 

•    Basic 

It is the default account that everyone trader gets when joining the site. It provides for EUR 250 minimum deposit and various spreads depending on the currency pair. The spreads are EUR/USD 2.5 pips, GBP/USD and USD/JPY 2.8 pips, and crude oil $0.13. 

It also comes with the basic lesson, daily news, and two daily TC SMS alerts. It also provides for one free withdrawal and a trading center. 

•    Gold 

The second account level provides for a minimum deposit of 25,000 EUR. It comes with floating spreads of 2 pips on EUR/USD pair, 2.5 pips for GBP/USD and USD/JPY, and $0.12 on crude oil. 

The gold account comes with two basic lessons, one monthly webinar, daily news, trading central, and two daily TC SMS alerts. It also provides for 100% marginal call and one monthly free withdrawal. 

•    Platinum 

This is a high-end account that allows a minimum deposit of 100,000 EUR. It comes with floating spreads of 1.6 pips on EUR/USD, 1.9 pips on GBP/USD and USD/JPY, and $0.11 for crude oil. 

It comes with three advanced lessons, two monthly webinars, daily news trading central, and four daily TC SMS alerts. It allows 100% marginal calls and three free monthly withdrawals.

•    VIP

This is the ultimate account on the site, most preferably for professional traders. It provides for a 250,000 EUR minimum deposit and low floating spreads of 1.1 on EUR/USD, 1.4 for GBP/USD and USD/JPY, and $0.9 for crude oil. 

The account comes with superior features like five advanced lessons, five monthly webinars, and seven daily TC SMS alerts. It also provides for 100% marginal call and free cost on all transactions.
 

Accessing the higher account with FXTB requires one to apply to become a professional trader. The professional trader tag comes with negative balance protection, access to premium content, and a dedicated account manager for support.

The other benefits of professional trading are that it involves higher leverages of 400:1, access to VIP Platinum education materials, and segregation of clients' funds. Pro trading is, therefore, not only more secure but also comes with better chances of returns. 

To be approved as a professional trader, one must have consistently traded high volumes every four quarters leading to the application. The trader should also have relevant experience of at least one year and assets totaling to EUR 500,000. 

Deposit and Withdrawal 

FXTB supports multiple deposit methods like a credit card, electronic payment, and wire transfer. It provides for a minimum deposit, depending on the account type. However, everyone starts at EUR 250 of the basic account. 

The brokerage provides for easy withdrawal depending on the method used to deposit. The withdrawal charges depend on the account types. 

All the VIP accounts come with free withdrawal charges, while platinum enjoys three free withdrawals every month. The gold and basic accounts, on the other hand, provides for one free withdrawal every month. 

The processing of the withdrawal takes 24 hours and different days to reflect on the account depending on the method. Withdrawal is also only possible in verified accounts. One verifies the account by providing valid identification and address document. 

There are no minimum withdrawal limits for Skrill and credit/debit card withdrawals. While bank transfer comes with $120 minimum withdrawal. The maximum is capped on the amount available on the account at the time of withdrawal.  

Trading platforms 

FXTB uses one of the most popular industry platforms in the form of MetaTrader4. The platform is highly interactive and allows for customization through third-party plugins. It also comes with several chart types, technical indicators, and easy monitoring of open positions with forex and other CFDs. 

The brokerage has a web trader capability that allows for easy access through the browser. The ease of access means the traders can stay online and access the different tools at all times. 

Market and Products 

FXTB takes pride in offering a wide variety of assets to choose from. It provides for indices like DAX 30, Dow Jones Industrial Average, S$P 500, and Nasdaq Composite. It also has multiple categories of commodities, from agricultural to energy, metal, and livestock. 

Customer Service 

FXTB has reliable customer support for all customer needs. Even though in most cases, the client would not need it due to the exhaustive information provided on the site. It also provides an updated FAQ that acts as the preliminary help center. 

In addition, for any concern, the brokerage provides a web chat that comes with fast feedback. It also provides a phone contact for the users who prefer voice calls. It allows the user to request a call back from the account manager in case of any personalized needs.  

Education Materials and Research 

FXTB is big on education and research. It provides multiple learning resources for both amateur and professional traders. It offers various trading eBooks, learning videos, and other webinars. The access to learning materials depends on the account type, such that the higher the account level, the more the materials. It also provides a glossary for all the common trading terminologies. 

On the research front, FXTB has multiple research tools for up to date and informed trading. It has a trading center that brings together senior technical analysis with multiple qualifications. The team provides updated insights on every sector of the market. 

The site provides technical and fundamental analysis tools as well as a leverage and margin indicator. It also has an economic calendar when deciding what to trade and updated market news. 

Ultimately, FXTB provides for a demo account for beginners. The account allows one to learn and build their trading skills before investing with real money. The demo account comes with 100,000 virtual money according to the registered currency. 

Pros and Cons

Even though one of the latest brokers to join forex trading, FXTB has grown considerably in the past years due to the several benefits. It comes with various regulations and licensing for the ultimate security. It also provides different account types to cater for the different user needs, just like it allows for a demo account for the beginners. 

The other benefits of the brokerage include lower withdrawal and zero deposit fees. It also has a wide range of commodities for those looking to spread risks. The education and customer service sections are also commendable. 

Still, FXTB comes with a few cons, like the need to improve its licensing. Being a relatively new site, it still has some time to offer exemplary services to prove it is worth the hype.

Bottom Line 

Anyone looking for a reliable trading broker can rely on FXTB. It comes with multiple tools for the ultimate trading experience.