How to close XTB account
How to delete a XTB account? Are you looking for reliable and updated details on this query? Worry no more! We’ve got it covered for you. Continue reading this article to learn about the deletion and fund withdrawal procedures at XTB.
Forex trading account typesXTB account types compared
XTB provides its users with the option of two accounts, Standard and Swap Free. Carrying a trade from one day to another incurs a swap fee. Depending on what market the client is trading in, the swap charge varies. In certain instances, while trading currencies, the client may be charged a swap charge. A Swap Free account is recommended for traders who regularly hold positions overnight.
Trading on a Standard or Swap Free account is free from commissions, except for Equity ETFs and CFDs. XTB puts its trading charges into the spread.
Minimum Spread for Standard Account |
Minimum Spread for Swap Free Account |
0.5 pip |
0.7 pip |
*pip stands for “percentage in points.”
Best Free Forex Demo AccountsHow to delete an XTB account: instructions
Users can send an email from their registered email id to the XTB customer service, requesting the closure of their trading account. Traders are required to send emails according to their registered resident country.
Resident of |
XTB customer service email id |
|---|---|
EU |
|
UK |
|
Non EU/UK region |
Reasons for deleting an XTB account
Professionals at Traders Union have analyzed some critical reasons that may lead users to close their XTB accounts. The reasons are given below and should be considered by traders when opening a trading account with XTB.
XTB is a euro-centric broker. All of their analytical material, complaint procedure, compensation claim procedure, and educational material are only available and accepted in English, making trading hard for users who are not proficient in English.
Customer support could be better in comparison to other established and new brokers. XTB support team stays unavailable on weekends, and even when available, they take 3-4 days to solve the client’s issues.
Competitor brokers provide traders with demo accounts for a much longer duration in comparison to XTB’s 30 days demo account. It is not a deal breaker for seasoned traders, but newbies to the world of trading prefer more extended demo trading accounts.
How to withdraw funds?
The foremost step when deleting an account with any broker should be to withdraw your funds before initiating the closing process. How to withdraw funds from XTB? Follow the steps given below.
Login to your XTB trading account.
Go to “Deposit and withdraw funds”; you will find it in the bottom right corner of the page.
Enter the withdrawal amount.
Feed the bank account information.
Initiate the withdrawal.
How to withdraw funds from XTB
How to withdraw funds from XTB
XTB minimum withdrawal charges
Withdrawal commission. |
Bank cards & Safety Pay – 1.5% of the amount or 30 USD, whichever is more. Neteller- 1% of the amount or 30 USD, whichever is more. Skrill– 2% of the amount or 30 USD, whichever is more. |
What happens when you close XTB account
When you decide to close your XTB account, it's not just as simple as clicking a button. Several important factors come into play, such as:
Account Verification
XTB may require you to complete certain verification procedures before processing your closure request. This could include verifying your identity through documentation or answering security questions. The objective is to protect you and ensure the account closure request is legitimate and not initiated by a third party without your knowledge or consent. This process is crucial to prevent potential fraud or misuse of your account.
Open Positions
If you have any open trades or positions in the market at the time of your account closure request, you will typically be required to close them. Open positions might result in losses or gains even after the closure request and could potentially create complications. Closing all open positions ensures a clean break from your trading activities and prevents any unintended financial consequences post-closure.
Financial Statements and Tax Obligations
Upon account closure, it's important to download and save all your financial statements and transaction history. These documents will be necessary for tax purposes and potentially for future reference. Even though you're closing your account, your tax obligations related to the trades made during the period the account was active still exist. You might also need these records if you plan to open a new account with another broker or dispute any charges or transactions.
Remaining Funds
Before closing your account, you must withdraw any remaining funds. XTB will typically ask you to withdraw your funds to the same bank account or card that you initially used to deposit money. There may be specific withdrawal procedures to follow and potential withdrawal fees to consider. You should also be aware of any possible restrictions or requirements if you have received any bonuses or participated in promotional offers.
Written Confirmation
Finally, after all the above steps have been completed and your account closure request has been processed, you should receive a written confirmation from XTB. This document serves as proof that your account has been officially closed and will have the date of closure. It's important to keep this confirmation for your records, as it could be necessary in case of any future discrepancies or issues.
Can I Reopen An XTB Account I Closed?
Yes, you can reopen an XTB account that you previously closed. According to XTB's Help Center, you can reopen your account by contacting XTB's customer support team. Here are the steps you can take to reopen your account:
Contact the customer support team by phone, email, or live chat to request that your account be reopened.
XTB may require you to provide certain information to verify your identity and ensure that the reopening request is legitimate
XTB's customer support team will provide you with instructions on how to reopen your account. Follow these instructions carefully to ensure that your account is reopened properly.
Once your account is reopened, fund it to start trading again
Once your account is funded, you can start trading again
FAQs
How do I delete my XTB trading account?
To delete your XTB trading account, you should contact XTB's customer service. Send an email to cs@xtb.com if you're an EU resident, ukservice@xtb.co.uk if you're a UK resident, and cs_int@xtb.com if you're a resident outside of the EU/UK.
Is my money safe at XTB?
Yes, your money is generally considered safe with XTB because it is regulated by top-tier financial authorities like the UK's Financial Conduct Authority (FCA), and all clients' funds are stored in segregated bank accounts.
Does XTB have fees?
Yes, XTB does have fees. They include spread costs, overnight fees, and inactivity fees. However, there are no deposit or withdrawal fees.
Does XTB have negative balance protection?
Yes, XTB offers negative balance protection. This means you cannot lose more money than you have deposited in your account.
Does XTB charge an inactivity fee?
XTB, like many other brokers, charges a monthly inactivity fee after 12 months of inactivity. The inactivity fee is EUR 8/ month (or equivalent in USD, GBP). The inactivity charge is automatically put on hold as soon as the user makes a single trade.
What are the withdrawal charges charged by XTB?
For clients having a trading account with XTB Limited (UK), withdrawal above GBP 60, EUR 80, and USD 100 is free of charge.
For clients having a trading account with XTB Limited (CY), withdrawal above EUR 100 is free of charge.
For clients having a trading account with XTB International Limited, withdrawal above USD 50 is free of charge.
Can I withdraw funds in EUR currency?
No. XTB only facilitates the withdrawal of funds in USD currency.
Can clients re-open their closed XTB accounts?
A previously terminated XTB account can be re-opened whenever the client desires. Traders are only required to send an email from their registered email id to XTB customer support to reactivate their trading account.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).