Trade.com Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Trade.com Review.
TRADE.com offers its clients a choice of three basic account types: Classic, Gold and Premium.
Holders of the Standard and Premium accounts receive SMS signals and daily market analysis. The Premium account also offers exclusive customer support.
In addition, TRADE.com offers demo accounts, as well as swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn interest for religious reasons). The Company warns that it may add commission upon each and every one of the trades executed on the Islamic Account and/or prohibit customers from hedging their positions.
The Company. Security of Funds
TRADE.com is a foreign exchange and CFD broker founded in 2009. It offers trading in a wide range of instruments including over 45 currency pairs, commodities, precious metals, major indices, stocks, bonds and CFDs.
TRADE.com is a brand name of Leadcapital Markets Ltd., an investment company, operating several online trading brands, such as forexyard.com, optionsclick.com, Excellence Option, and Prestigeoption.com. The company is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies a set of rules and supervision to license holders in order to provide certain level of security in the provision of financial services. For instance, customer funds must be held in segregated accounts. Besides, in order to operate legitimately, Cyprus investment firms must hold a minimum of €1,000,000 as a proof of their financial stability.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to covered clients up to 20,000 EUR, If the company is becomes insolvent. Similar compensation schemes apply in other jurisdictions, in UK for instance the maximum compensation cover by the Financial Services Compensation Scheme is £50,000 per person per FCA-regulated firm.
Moreover, each CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
There isn’t much solid and clear information about trading conditions on different account types on the broker’s website and the customer support isn’t helpful either.
Minimum Initial Deposit
In order to open an account with TRADE.com, traders have to invest a minimum of $1000. Such minimum initial amount is a bit too high, as other Cyprus-based brokers require less. For instance, FXTM demands just $5 from its clients as a start.
Spreads & Commissions
According to the information on its website, account types with TRADE.com are commission-free, since the brokers receives compensation for its services through the bid/ask spread.
TRADE.com offers both variable and fixed spreads and both values are comparatively high: 3 pips fixed and 2.2 pips variable on EUR/USD.
In comparison, fixed spreads offered by Exness amount to 2 pips on EUR/USD on its commission-free Classic accounts, and XM provides variable spreads from 1 pips on majors and also doesn’t charge any commission.
For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by TRADE.com is 1:200, which is average. In case you need higher leverage ratios, many Cyprus-based brokers provide such. FXTM, for example, offers leverage up to 1:1000, and Exness – up to 1:2000 (one of the highest on the forex market). You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
Nonetheless, we advise traders to be careful when trading on margin, as higher leverage involves greater risk of losses, which may even exceed the initial deposit.
This broker supports two trading platforms: the renown MetaTrader 4 (MT4) and WebTrader, powered by Sirix.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: a number of technical indicators, extensive back-testing, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own EAs and let the software do all the work.
MetaTrader 4 is available to clients of TRADE.com as desktop and mobile versions. More brokers using the MT4 can be viewed here.
This broker also offers WebTrader powered by Sirix, a web-based trading platform coded in HTML, which works on most browsers. The platform has social trading functionality built in, which allows you to see what other traders using the platform are doing and copy their strategies, however it lacks in-depth analysis. WebTrader is easy to use and is mostly tailored to newbies.
Unlike most brokers, TRADE.com does not provide VPS – a virtual server that you can use for hosting your MT4 EAs, providing extra protection when trading forex.
Methods of Payment
The following payment methods are available to TRADE.com’s clients: credit/debit cards (Visa, MasterCard, Maestro, etc.), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and CashU.
TRADE.com is a EU broker, regulated by CySEC, that offers online trading in forex currency pairs and CFDs through both the famous MT4 and Sirix WebTrader.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Trade.com Review Conclusion
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