Corner Trader Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this CornerTrader Review.
Corner Trader Review
Corner Trader is a brokerage company offering trading in spot forex, CFDs, forex options – Vanilla and Binary, forex futures, stocks, stock options, futures and contract options.
Corner Trader is one of the forex brokers with the largest portfolio offerings. According to its site, it offers trading in 160 forex pairs – majors, minors, exotics or a combination of all three.
The array is rather impressive, even compared to the portfolio of other major forex brokers like FxPro, which offers around 70 forex pairs for trading.
There is also a free demo account with simulated CHF 100 000.
The Company. Security of Funds
Corner Trader is a subsidiary of one of the most reputable Swiss banks – Corner Bank, which is authorized and regulated by Switzerland’s financial markets regulator FINMA. As such, it is a member of a compensation scheme covering deposits of up to CHF 100 000 and keeps clients’ money in segregated accounts in Corner Bank.
We find the small difference between the CHF 75 000 minimum deposit requirement for Capital Trader accounts and the maximum sum covered by the client compensation scheme disquieting and even though the likelihood of Corner Trader going bankrupt is not very high, there is always the risk.
On the other hand, the sum covered by the compensation scheme is average, when compared with those in other European countries. In the UK, for example, the FSCS scheme covers investments of up to £75 000.
Corner Trader offers three types of accounts: Private Trader (for novice traders or people who do not trade high volumes), Capital Trader (with optimized service and pricing) and Pro Trader (for the professional trader trading high volumes).
Corner Trader does not have a minimum deposit requirement for the Private Trader account. For Capital Trader the requirement is for CHF 75 000 or the equivalent, while the deposit conditions for the Pro Trader are available upon request. The broker also applies some trading volume requirements for this type of account.
Spreads & Commissions
The spreads of Corner Trader are fixed. The spreads for the most popular forex pair EURUSD are 3.8, 2.8 and from 0.2 pips for the three types of accounts, respectively. The broker also charges commissions on the Pro Trader account. The Private and Capital trader accounts also garner commissions of $10 per orders of less than 100 000 currency units (1 standard lot). It could be said that those commissions are somewhat high, on top of the relatively high fixed spreads.
Other brokers, like FXTM for example, have similar spreads, and even lower, but do not charge commissions on them.
Besides, those trading costs practically defeat the purpose of the no minimum deposit requirement for the Private Trader account, as the high fixed spreads and $10 commission on small trades would put off the potential retail clients.
On the other hand, the CHF 75 000 minimum deposit requirement combined with the same trading costs for the Capital Trader accounts are even more off-putting.
The full list of spreads on all instruments can be found on Corner Trader’s site.
The maximum leverage Corner Trader offers for Private and Capital trader accounts, is 1:50, depending on the forex pair. This is rather low, compared to other forex brokers like GrandCapital, which gives leverage of up to 1:2000.
Corner Trader says it offers the trading platform called Cornertrader, which suggests it is proprietary. Upon login, however, it becomes clear that Cornertrader is actually Saxo Bank’s trading platform SaxoTraderGo, which is used through a white label partnership, along with more than 100 financial institutions across the globe. It provides Saxo Bank’s partners with access to the bank’s multi-asset trading and back office infrastructure through its own Open API.
It is a multiasset platform for forex, CFDs, stocks, futures and bonds. It is supported by desktop and mobile devices and also has a web version. The desktop and the web version of the platform support its full features: fast order execution, advanced charting, technical analysis tools, market news and analysis, economic calendar, flexible workspace. The mobile version supports only the main functions.
Unlike other forex brokers with proprietary platforms like FXCM who also offer the MetaTrader 4, Corner Trader only provides its own trading platform.
Methods of payment
Corner Trader accepts deposits only through a bank transfer. There are no options for deposits through debit/credit cards or online payment systems like Skrill, which is not very typical of the forex brokers in general. Regulated brokers like XM and FX Choice, for example, accept payments through many means.
Corner Trader is a well-regulated Swiss multiasset broker, which has a very large portfolio of forex pairs and this is probably the most impressive feature of the company.
Some other features, however, are definitely raising brows. First off, there is the no minimum deposit requirement for the Private Trader account, which, it seems is geared for the small retail traders. The trading costs – the relatively high fixed spreads, plus the $10 commission for traders on less than a lot – are rather forbidding for ordinary traders who wish to make some extra money on the side. Then there are the same trading costs, plus the whopping CHF 75 000 or equivalent, minimum deposit requirement for the Capital Trader account.
There is also the fact that Corner Trader does not offer one of the popular forex trading platforms like MetaTrader 4 or 5. This makes trading for novice traders somewhat problematic.
On the other hand, Corner Trader uses Saxo Bank’s trading platform SaxoTrader GO, which has rich features and allows for trading in numerous other assets besides forex. So if traders are keen on using this platform, perhaps they should simply become clients of Saxo Bank, instead of Corner Trader. Probably the Danish bank offers better trading conditions.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Corner Trader Review Conclusion
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