TradeWiseFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TradeWiseFX Review.
TradeWiseFX Review
Clients of TradeWiseFX are offered a choice of two main account types: commission-free Classic one and ECN Account, offering tighter spreads, but involving commission.
Classic account can be used by beginners or anyone who wants to avoid paying commissions, while the ECN account is the best choice for scalpers, automated traders and other professional forex participants.
What is more, TradeWiseFX offers a special AutoTrade account, requiring higher initial deposit ($1000) and offering lower leverage levels (1:200).
Besides, PAMM/MAM accounts are available with this broker, which allow multiple MT4 accounts to be managed simultaneously from a single interface.
The Company. Security of Funds
TradeWiseFX offers trading in over 64 currency pairs, commodities like gold, silver, crude oil, copper, natural gas, and also main index CFDs like DAX 30, FTSE 100, Dow Jones 30, S&P 500, Nasdaq 100, ASX, IBEX35, CAC40, MIB and SMI.
TradeWiseFX is the trading name of Tradewise Ltd., a firm based in St. Vincent and the Grenadines, serving retail clients worldwide.
The company is registered in St. Vincent and the Grenadines with the local Financial Services Authority (FSA) as an International Business Company (IBC). Consequently, TradeWiseFX `s activity is supposed to be supervised by the FSA, but in fact the SVG regime is one of the most liberal ones. That is why this Caribbean island is a popular jurisdiction to start forex broker business. What is more, the registration procedure is easier and less expensive.
SVG-based brokers don’t face any of the strict requirements UK or US-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; IBCs are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.
Simply put, if you choose to open an account with a SVG-based broker, your funds are far from safe. This is why we advise traders who intend to invest large amounts of money to select among well-regulated brokers with strict reporting and money rules, such as UK or Swiss brokers, where the respective financial watchdogs are always on alert.
We have to point out that despite the above said and the fact that TradeWiseFX is a newly-established broker, it is a reputable one with many positive trader reviews in popular forex reference websites and forums. What is more, it welcomes US clients.
Trading Conditions
Minimum Initial Deposit
TradeWiseFX requires just $25 from traders to open an account and the same minimum initial deposit applies for the ECN one. In comparison, Belize-based FX Choice demands $100 as a minimum for opening an account.
Average spreads & Commissions
Being a STP/ECN broker, TradeWiseFX provides floating spreads, varying by account type. The ones offered on the commission-free Classic account start from 1,2 pips on EUR/USD, which is on the upper end of average. The ECN accounts, on the other hand, offers really tight competitive spreads: averaged 0.4 pips with $2 commission applied, so trading costs on this account type amount to around 0.8 pips for the EUR/USD pair, commission included.
In comparison, LiteForex (which is also registered in the Marshall Islands) provides average variable spreads amounting to 1.1 pips on EUR/USD, and FX Choice – floating spreads averaged 1.2 pips on EUR/USD on their commission-free accounts.
You may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
The maximum leverage levels available with this broker are high, reaching 1:500. ForexBrokerInc also provides leverage up to 1:500 and Lite forex – up to 1:1000. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.
We advise traders to be careful with higher leverage, for it has the potential to enlarge your profits exponentially, but it can do the same to your losses.
Trading Platforms
Like most brokers, TradeWiseFX supports the most popular trading platform, Metatradeer 4 (MT4). It comes in PC, web and mobile versions.
MT4 is the most widely-used trading platform in the industry, because of its user-friendly interface, advanced charting tools, large number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them. EAs allow clients to fully automate their trades and let the program do all the work.
In this regard, the broker has also partnered with MyFXBook in order to offer its clients another copy trading option: AutoTrade, a platform specialized in auto trading, which enables traders to track, compare, analyze and share their trading strategies.
Bonuses System
TradeWiseFX runs a variety of promotions and occasional trading contests. At the time of writing this review the following bonuses are available:
– Cash rebates amounting to $2/$6 per lot traded for ECN/Classic account holders respectively, with minimum $250 deposit. Applies to forex trades only.
– 50% welcome on deposit bonus for clients with deposits of at least $100. Bonus may be withdrawn when certain trading volume is reached.
Methods of Payment
TradeWiseFX offers its clients a variety of payment modes: bank wire transfer, via credit/debit cards or e-wallets Skrill, Neteller, Giropay, OKPay, FasaPay, Qiwi.
TradeWiseFX appears to be a decent broker, offering reasonable trading conditions and attractive promotions. The only thing we don’t like about this broker is its light touch regulation
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TradeWiseFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about TradeWiseFX Review.