You can create your account type after registering. As previously stated, XBTFX offers two fundamental categories. The Standard and the ECN are these.

What do they then mean?

To generate their fees, XBTFX adds a little spread to the trading pairs you are using with the regular account. When you place an order on this account, it is routed directly to the market and you will receive the raw spread. ECN stands for Electronic Crossing Network.

Demo Accounts

It's possible that you are unsure of the account type or funding level you desire at XBTFX. They specifically provide a demo account for that reason. This is a trial account with demo money in it.

You can trade as much as you like and gain a feel for the platform and broker as a result, which is advantageous. You can trade and assess the performance of the broker without taking any risks. This may be created right there on your dashboard for both the basic and the ECN account. But you should check out the XBTFX review before starting.

Deposits / Withdrawals

You must fill your account with cryptocurrencies in order to begin trading on a live account. They currently have no choices for fiat fundraising, which is unfortunate.

You can utilize one of the stablecoins they provide if you want to fund your account using a dollar-backed manner. These include Gemini Dollar, Paxos Standard, Tether (USDT), and USDC. Keep in mind, however, that you will need to complete KYC.

It is really simple to fund your account if you wish to. You should go to your account's "wallet" area and select the coin you want to send in by clicking "Deposit." You will then choose the amount and click "continue."

Processing a Withdrawal

The team receives the withdrawal request once you have approved it. You should be aware that they handle these withdrawals manually, so you might need to exercise some patience at first. All of this is done to protect financial information.

Don't forget the KYC requirement when you process that withdrawal. The maximum withdrawal amount for the initial phase of the verifications is $10,000.

Exchange

You may trade certain coins right there on your dashboard thanks to this feature. This may be done from wallet to wallet and is pretty easy. When you click "Exchange," the following will appear:

XBTFX Trading Platform

The true meat of the issue is here because this is where traders will spend 90% of their time when utilizing a broker.

As already stated, the MetaTrader 5 platform is used by XBTFX. The same business that created the hugely successful MT4 platform also created this third-party trading programme. Millions of traders and thousands of brokers utilize this globally.

The MT5 platform is compatible with a wide range of hardware and operating systems. It is available for download for Linux and Windows, as well as iOS and thus becomes the best forex trading apps. The last alternative, and possibly the easiest one, is to exchange it using your online browser.

Points to Improve

While there were many aspects of XBTFX that we truly appreciated, we must now go through some of the areas where we believe there is room for development.

The first and most obvious flaw is that they lack funding or transaction support in fiat currency. While it is simple to finance in cryptocurrency or stablecoin, this still implies that the trader must obtain it, which necessitates the use of a different cryptocurrency exchange and is less than ideal.

In keeping with cryptocurrency, their exchange charge is actually fairly hefty if you do have money in the account and want to trade this for another cryptocurrency. This is far more expensive than what you would spend at any other cryptocurrency exchange at 2-4%.

It was also difficult to gauge how big and well-stocked their insurance fund really is. It would be excellent to have this color, as all the other leveraging exchanges let traders to examine the current balance and evaluate how much is safeguarding the trader pool.

While this was really speedy and clear in terms of service, it is terrible that they only use Facebook message. There are lots of people without accounts in the globe, and many of them don’t necessarily want to have one.