TradeBerry Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TradeBerry Review.
TradeBerry a single, commission-free account type with leverage up to 1:50, fixed spreads and the option to trade in micro lots on its proprietary web-based social trading platform.
Keep in mind that the broker does not provide services to cients from USA, Canada and Belgium.
The Company. Security of Funds
R Capital Solutions Ltd.
TradeBerry is a relatively young forex and CFD brand with a special focus on social trading. It provides pure STP trading environment and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company behind the brand also operates the CentroFX for customers looking for a standard Meta Trader solution.
CySEC requires licensed companies to hold a minimum of €730 000 in order to prove their financial stability, to keep client funds separately from the company’s operational assets, to regularly report to the Commission.
In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
What is more, CySEC-regulated companies are authorized to provide their services across the EU under the MiFID regulations.
Minimum Initial Deposit
TradeBerry accounts require a minimum deposit of $500, which is a bit high for the industry. In comparison, eToro – a pioneer social trading broker (licensed by both CySEC and FCA), requires just $50 from its clients as a start.
Average Spreads & Commissions
TradeBerry offers fixed spreads amounting to 1.6 pips on EUR/USD, which is a quite competitive pricing. Most fixed-spread brokers offer 2.0 pips spread for the EUR/USD pair, and eToro’s spread is even higher, fixed at 3 pips for this pair.
Following CySEC’s Regulations from December 2016 regarding the provision of CFDs to retail clients with high leverage levels TradeBerry has set the default leverage of all trading instruments to 50:1. Higher leverage is available only upon client’s request and at broker’s sole discretion.
Higher leverage levels indeed may lead to heavy losses in excess of your initial investments. Nonetheless, if you are willing to take the risk, many Cyprus-based brokers still offer higher leverage ratios: eToro – up to 1:300, and FXTM – up to 1:500. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
If you TradeBerry uses solely its web-based proprietary platform that runs on TOOMIT technology and has advanced copy trading options. This may be a bit of a downside for those traders who are used to the MetaTrader 4 with its EAs.
TradeBerry’s platform is interactive and creates an environment where users can see other traders’ activity, analysis, news, copy or get copied by others
Methods of Payment
There are several ways to deposit money into your TradeBerry account or to withdraw from it: by bank transfer and by online funding (credit/debit card and payment service providers).
Account base currencies are: EUR, USD, and RON.
Keep in mind that Bank Wire Funds sent by wire transfer usually take between 2-7 working days.
TradeBerry is a well-regulated FX and CFD broker that places a focus on social trading. It offers tight fixed spreads.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TradeBerry Review Conclusion
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