XBTFX review and ratings

Established 2019
Location Saint Vincent and the Grenadines
Regulation None
Offices Kingstown
Broker type STP | ECN
Leverage up to 1:500
Deposit from 0.0001 BTC
Spreads low  low
Platforms Web MetaTrader 4 MetaTrader 5 Specific
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Bitcoin Bitсoin Cash Ethereum Liteсoin Dash Ripple Tether
Best MT4 Test

Equity Growth: 177%

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Company information

XBTFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

Availability

XBTFX accepts clients from all over the world, excluding USA, Quebec (Canada), Belgium, North Korea, Sudan and any jurisdiction where the FX service is prohibited by local laws or regulations.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

75+ Currency Pairs Based on major and minor world currencies.
25+ Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Binance Coin, Basic Attention Token, Dash, EOS, Iota, Neo, OmiseGo, Tron, Stellar Lumens, Monero, Zcash, Cardano, Dogecoin, Solana, Polkadot, Chainlink, Polygon, Uniswap, Algorand, Filecoin, Maker.
12 Indice CFDs Based on baskets of different blue-chip stocks.
13 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
3 Energy Spot CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
120+ Stock CFDs Based on shares of US, UK, EU, Russian and Asian companies.

Comprehensive review

XBTFX is a relatively new cryptocurrency-based CFD & forex broker that has been registered in the popular offshore jurisdiction Saint Vincent and the Grenadines since 2019. As an offshore broker, XBTFX is able to offer traders very high leverage, a simple and easy account verification process, and account funding with cryptocurrencies.

As far as trading instruments goes, XBTFX offers pretty much everything a trader could want, with the only exceptions being bonds and interest rates. Besides that, however, its selection of forex pairs is simply impressive, with over 70 pairs to choose from. The same also goes for stocks, where traders can enjoy more than 120 single stocks from American, European, Russian, and several Asian companies listed in Hong Kong and Tokyo.

Where this broker really shines, however, is when it comes to cryptocurrencies, with its great selection of digital assets available for trading. At the time of this review, XBTFX offers trading in 17 cryptocurrencies against the US dollar, including cryptos like Bitcoin, Litecoin, Binance Coin, Ethereum, and others.

In terms of trading platforms, XBTFX offers both of the well-known MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available in their classic downloadable versions for Windows computers, as a web-based version for use on any computer, and as a mobile app. These platforms by now have something of a legendary status in the forex trading community, with their familiar interface, as well as large built-in marketplaces for trading strategies (“Expert Advisors”) and custom technical indicators.

Once signed up, new clients with XBTFX will need to choose whether to trade with the Standard account, which is an STP-style account with commission-free trading (except for stocks) but wider spreads, or the ECN account, which has smaller spreads but a commission of USD 3.5 per lot for most instruments. As usual, traders with larger trading accounts are typically better off with the ECN account, while those with smaller accounts should opt for the Standard STP-type of account.

Unique to crypto-based brokers like XBTFX is that the trading accounts can only be funded 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.

Other than the blockchain fees paid to make the transaction, XBTFX does not charge any processing fees for deposits or withdrawals, which we of course always appreciate.

In case of difficulties with the sign-up process or the trading itself, XBTFX’s support team can be reached via email or a live chat function on its website. Additionally, most questions that come up are answered in a pretty straightforward way in the FAQ section on the website. We’re also pleased to see that this broker offers 24 hour service 7 days per week, which is something we rarely see from smaller and mid-sized CFD brokers.

All in all, we believe it is important to keep in mind that XBTFX is still a very new broker, without much of a proven track record. Further, it is also worth noting that this broker differs from most CFD & forex brokers in that it only accepts cryptocurrencies from traders, while even the trading accounts themselves are only denominated in cryptocurrencies (including more stable dollar-pegged cryptos). We believe this makes XBTFX a broker focused on the future, and one that is surely worth keeping an eye on for traders who are interested in both crypto and more traditional financial markets.

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