We continue with our real trading experiences and this time it is the turn of the online XTB broker . In this article we are going to show you step by step (in detail and with screenshots) how to open an account in XTB , the steps that make up the registration form and the documents that request you to verify your account .
This is the first in a series of three articles that show our real experience operating with XTB. We will start by opening a live account and completing the verification process. Next we will make a money deposit to be able to operate. After performing a real operation, in the last article in the series we will request the withdrawal of our money .
XTB is an online broker licensed and regulated by the UK’s FCA (Financial Conduct Authority). It allows trading on more than 1,500 different financial instruments such as currencies, raw materials, metals, energy and a good number of CFDs on stocks of international companies, indices, … It offers 2 trading platforms: its own platform called xStation , quite powerful, simple to handle and in web format, and the well-known MetaTrader 4 for those traders who are accustomed to using it or who use automated trading systems (expert advisors),… The spreads are quite low (from 0.9 pips for Standard accounts and from 0.28 pips with commission per lot operated for Pro accounts).
How to open an account in the XTB broker?
These are the steps to follow to open an account with XTB:
1 – To register your account at XTB please click here .
The first step is to indicate your email address and accept the box in which you give your consent to be contacted by the broker:
After clicking on the “Next Step” button, a box will be displayed to create a password with which you can access your trading account. After writing it, click on the “Next Step” button again.
2 – Next, you must fill out the registration form with the data requested by the XTB broker. These data are practically the same as any other online broker that is properly regulated . If you have never opened a trading account, it may be strange for you to be asked for information about your financial situation or your previous trading experience, but this is a requirement of the regulatory bodies to guarantee the adequate categorization and protection of clients and comply with regulations. against money laundering.
Initially you must cover a series of basic personal data such as name and surname, telephone number, date of birth, nationality, … Once these data have been completed, click on the “Next Step” button .
3 – In the next block you must specify your address and click on the “Next Step” button again.
4 – In the next point you must select several aspects:
A) – The trading platform you want to use: If you already have experience trading with MetaTrader 4 you can mark it or opt for xStation which is XTB’s own web format platform. xStation is quite fast and easy to use, specially designed for beginners or operators looking for a simple platform where they can have everything they need without complications.
B) – The type of account : At the time of this real experience, the XTB broker offers 2 types of main trading accounts. The “Standard” accounts without commissions with spreads from 0.9 pips and the “Pro” account for operators that handle a greater volume of operations, with lower spreads than the Standard accounts (from 0.28 pips) but with commission per lot operated.
C) – The currency of your account: You can choose between the available options such as EUR, USD or GBP.
In our case we have opted for the xStation platform , the Standard A account and the euro ( EUR ) currency . Click once more on the “Next Step” button.
5 – Next you must select the data related to your work situation :
6 – After clicking on “Next Step”, the next step is to detail what your level of experience is trading in Forex and CFDs .
7 – Next you will be the last step in which you must read and accept the risk warnings and legal documents about the terms and conditions of the services offered by the XTB broker . Click again on the “Next Step” button.
8 – Lastly, you will receive a confirmation message that you have successfully registered with XTB and that you can now access the ” Customer Office ” to continue the process. Click on the “Enter the Customer Office” button.
9 – As soon as you access the “Customer Office”, you will see a screen like the one below that indicates that your account is still inactive and requests the necessary documents to activate it permanently.
Due also to the requirements of the regulatory bodies that supervise XTB, it is necessary that in order to operate with your account you send them a proof that proves your identity and another proof that proves your current address :
– Identity document : You must send a copy of your ID, your passport or driving license . It has to be an official document that clearly shows your identity and that it is valid (the document you send cannot be expired). You can scan any of these documents and send it in PDF, JPG, GIF, … or take a photo with your mobile if it is more comfortable for you. In any case, the image must have good quality and be completely readable, otherwise it may give you problems to verify it.
– Proof of address : This is to send a document that shows your current address . You will have to send a recent utility bill (not exceeding 3 months) for electricity, water, gas, landline or Internet (many brokers do not accept, for example, mobile phone bills). You can scan and send it in PDF, JPG, GIF, … or take a photo with your mobile. Like the previous document, all the data must be legible and have sufficient quality.
From this point in the XTB customer office you can attach the corresponding files . If you have any problem to prove your identity or address, it is best to contact the broker to see what alternatives they can offer you.
10 – After attaching the files, they must be manually reviewed and verified by XTB . You will receive the following message:
In our case, the account has been validated and activated in approximately 15 minutes since we attached the documents (really fast, the fastest broker we have analyzed so far). Keep in mind that this verification period is quite variable and will depend on the day and time you send the documents. If it is a working day and within the working hours of the team that is in charge of this task, it will surely be very fast as in our case, otherwise it may take a little longer.
If the validation of the documents is negative, carefully review all the requirements that we discussed above and if you have any questions, you can contact the customer support of the XTB broker by online chat, phone or email.
As soon as the verification of the documentation you have provided is positive, you will receive an email with the following content:
After completing the previous steps you will have your XTB account open and active . In the following article (in this series of 3 articles) about our real experience testing the XTB online broker, we will show you how to deposit funds into your account to start investing:
REAL EXPERIENCE: HOW TO MAKE A DEPOSIT IN XTB
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NEW: Discover the tutorial we have prepared on the XTB broker . You can learn step by step , with screenshots, how your trading platform is managed , the available tools and how to open, control, edit and close positions with this online broker.