XBTFX-Overview of Minimum Deposit, Leverage, Spreads

General Information

Founded in 2019, XBTFX is allegedly a cryptocurrency-based forex CFD provider based in Saint Vincent and the Grenadines that provides its clients with leverage up to 500:1, tight spreads, and over 200 tradable products with three different account types and the worlds most popular MetaTrader4 and MetaTrader5 trading platforms, as well as PAMM/MAM & Copy Trades service and 24×7 customer support service.

Market Instruments

XBTFX advertises that it offers more than 200 trading instruments across six different asset classes in financial markets, including cryptocurrencies, forex, metals, commodities, index CFDs and stocks.

Account Types

There are three live trading accounts offered by XBTFX, namely Standard, ECN and Islamic accounts. Opening any type of account requires the minimum initial deposit amount of $10. Islamic forex accounts, also known as swap-free accounts, have no swap or rollover interest on overnight positions. Currently, the XBTFX Metatrader5 platform only supports Islamic trading accounts using Tether ( USDT ) as a base trading account currency.

Leverage

The maximum leverage ratio provided by XBTFX is much higher than most brokers, up to 500:1. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads are influenced by what type of accounts traders are holding. XBTFX reveals that the spreads on the Standard and Islamic accounts start from 1 pip, while the clients on the ECN account can enjoy the lowest spreads from 0.01 pips. As for commissions, they vary depending on different account types and tradable asset classes. For forex, commodities and CFDs, the broker will charge 0 commission on the Standard and Islamic accounts, while $3.5 per lot side on the ECN account. For cryptocurrencies, the broker will charge 0 commission on the Standard account, but 0.075% per deal on the ECN account and 0.15% per side on the Islamic account. For share CFD, the broker will charge a commission of $0.10 (USA) and 0.45% (EU, ASIA, Russia) on any type of account.

Trading Platform Available

When it comes to trading platforms available,XBTFX gives traders the worlds most widely-used MetaTrader4 and MetaTrader5 platforms, available for desktop, the Web, iOS (iPhone/iPad) and Android devices. MT4 and MT5 both are institutional multi-asset platforms offering outstanding trading possibilities and technical analysis tools, as well as enabling the use of automated trading systems (trading robots) and copy trading. MT4 and MT5 WebTraders allow you to take advantage of trading right from your browser using any operating system, and you can place orders, amend existing positions, and use advanced technical analysis tools and indicators right from your browser. While with MT4 and MT5 mobile apps, trading can be done from anywhere and at any time through the right mobile terminals.

Deposit & Withdrawal

XBTFX accepts a wide selection of deposit and withdrawal methods including cryptocurrencies of Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Binance Coin, Cardano, Stellar lumen, Dogecoin and Tron, as well as stable coins of Tether, USD Coin, PAX and Multi-collateral DAI. The broker will charge some withdrawal fees. To be more specific, 0 for non-ETH ERC20 tokens and ETH/ERC20 FEES apply, while deposits with no fee.

Customer Support

XBTFX‘s customer support can be reached through email: support@xbtfx.io or live chat. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter and Reddit. However, this broker doesn’t disclose other more direct contact information like company address while most brokers offer.