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TradeNext Review

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TradeNext Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this TradeNext Review.

TradeNext Review

Clients of TradeNext can sign up for one of 3 basic account types, all of which offer floating spreads, and commission-free forex trading on both MetatTrader 4 and FlexStation. Micro tradeable lots are available on Micro accounts. This broker, however, offers no Swap-free accounts designed for clients of Islamic belief.

The Company. Security of Funds

Company Country Regulation
TradeNext Limited UK FCA

TradeNext is a London-based brokerage firm, providing online financial trading in wide range of currency pairs, various CFDs, as well as spread betting. Founded back in in 2010, the broker now has a global reach, focusing largely on the UK, EU and Asian markets.

TradeNext Limited regulated by the Financial Conduct Authority (FCA) since January 2012. The broker also has an institutional arm- TradeNext Prime.

FCA is famous for the strict rules and supervision it applies to license holders. For example, UK-based brokers are obliged to hold at least €730 000 and are subject to the client money rules set by UK’s financial watchdog and must keep all client money separated from the company`s own funds into segregated accounts. Besides, licensed companies are obliged to report to the commission on a regular basis and adhere to a number of other standards and procedures.

What is probably most important with regard to safety of funds invested in FCA-regulated firms is the Financial Services Compensation Scheme (FSCS) coverage. In the event of company insolvency, FSCS is able to cover your investment loss up to a maximum of £50,000.

Despite its strong regulation, TradeNext’s overall reputation is not so good. There are plenty of negative user reviews for this broker and the Forex Peace Army recommends a high level of caution dealing with it (as It appears that someone at this company left three fake 5 Star reviews).

Trading Conditions

Minimum Initial Deposit

The minimum deposit for opening or maintaining a trading account with TradeNext is $100, which is average for the forex market. Nonetheless, other FCA-regulated brokers require less or none at all – for example, with leading UK broker IG, one can open an account by investing just $1.

Average spreads & Commissions

TradeNext offers commission-free trading and floating spreads, which vary by account category. Spreads on Micro and Standard account types are average, typical ones falling within the range of 1.0 – 1.5 pips for the EUR/USD. Premium account holders, on the other hand, may benefit from spreads averaged below 1 pip, which is a good offer.

In comparison, IG offers average spreads of 0.8 pips on EUR/USD on its commission-free accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here.

Leverage

The maximum leverage rates at TradeNext are up to 1:300, which is average for the industry. Many brokers offer leverage equal to or higher than 1:500, however that is probably about to change in UK, as FCA has proposed leverage to be capped to 1:50 (Like it is in the US).

Leverage is a double-edged sword – it may multiply your earnings on a small deposit, but it can also lead to heavy losses, exceeding initial investments.

Trading Platforms

When trading with TradeNext, you will be offered their in-house web FlexStation and the renown Metatrader 4 (MT4). In 2013 this was the first broker to launch the Tradeable platform, but it appears that it is no longer supported.

FlexStation offers a customisable work space with maximum speed and efficiency due to the Cloud server connection. The platform allows trading from the charts and perform all trading activities including orders using advanced charting functionality. Besides, it offers a Fully open API.

In fact, this platform is built in the X Open Hub environment and provides a complete trading solution with a web-based trading platform, integrated social trading, an apps marketplace and back office technology.

Like most forex brokers, TradeNext supports the most popular front-end application in the industry – MT4. It is preferred by most experienced traders, as it provides all the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, or create and use automated trading strategies (EAs). Here is a list of more forex brokers offering MT4 platform.

Methods of Payment

Clients of TradeNext can make deposits to and withdrawals from their accounts solely via credit/debit cards and bank wire transfer. Popular e-wallets such as Skrill & Neteller are not available with this broker.

TradeNext is a well-regulated broker, offering trading in various currency pairs and CFDs on two trading platforms

Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

TradeNext Review Conclusion

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