Trade24 Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this Trade24 Review.

Trade24 Review

While most brokers usually provide several account types, clients of Trade24 Forex are offered a selection of 6 account types: 5 commission-free fixed-spread accounts, and an ECN one offering tight variable spreads and involving commission.

The main difference between the fixed-spread accounts is the minimum initial deposit required, and the higher the deposit, the lower the spreads offered.

Besides, micro lots are available on all accounts, whiach are usually appreciated by newbies.

The Company. Security of Funds

Trade24’s website site claims the broker was established in 2007 in Switzerland and has offices in Zurich, London and Paris. Earlier in 2016 the site claimed that the company behind the brand, Trade 24 Global Ltd., is registered in the Marshall Islands, and soon after it changed the address to Belize and uploaded a license from IFSC. After the Belize’s International Financial Services Commission (IFSC) warned that the license of Trade24 is a complete forgery, it was removed from the site. According to various user forums, throughout 2015, Trade24 Services has had addresses on the Seychelles, in London and Cyprus. There are numerous complaints that Trade24 is a scam broker and traders cannot withdraw their funds.

What is morе, New Zealand’s regulator, the Financial Markets Authority (FMA) has added Trade24 to its list of “businesses to be wary of”, as it is not properly licensed to provide financial services in the country. The French regulator AMF has also included Trade24 in its forex warning list.

In other words, we would advise you to select another forex broker, as this one is very likely to be a scam. You’d better choose among FCA-regulated brokerages, US-based ones or Swiss brokers, for instance, since in those jurisdictions the respective financial watchdogs are always on alert and your money will be safe.

Trading Conditions

Minimum Initial Deposit
In order to open an account with Trade24 Forex, one has to deposit at least $500, which is a comparatively high minimum initial deposit requirement, considering this broker’s lack of regulation. In comparison, ForexBrokerInc, which is also registered in the Marshall Islands, demands $100 for all account types as a start.

Average spreads & Commissions
Trade24 Forex offers mostly fixed spreads, which vary by account type from 2.8 pips to 0.8 pips on EUR/USD. 0.8 pips spread is a really tight, especially taking into account that no commission fee applies, however in order to get such a spread, one has to pay 50 thousand bucks. The same amount of money is required, if you choose to open an ECN account with this broker and trade with variable spreads, averaged 0.2 pips on EUR /USD. Unfortunately, we would not recommend this option either, for despite the high minimum initial amount required, a commission of $15 per standard lot applies and in fact, trading costs for the EUR/USD pair would amount to 1.7 pips, commission included, which is far from competitive.

In comparison, Belize-based FX Choice offers variable spreads averaged 1.2 pips on EUR/USD on its commission-free account, while the Pro account provides spreads from 0.5 pips on EUR/USD, and a commission of $3.86 per lot (per side). For further information, you may look up real-time spreads of 15 leading brokers here.

Maximum Leverage
This broker offers leverage up to 1:200, which is an average ratio. Most offshore brokers, however, provide higher leverage levels: ForexBrokerInc offers leverage up to 1:500 and Belize-based Colmex Pro – up to 1:400. More forex brokers offering leverage equal to or exceeding 1:500 can be views here.

Please, be advised that higher leverage levels may not only multiply their profits on a small deposit, but also lead to heavy losses in excess of initial investments.

Trading Platforms

Trade24 Forex offers its customers the robust industry preferred MetaTrader 4 (desktop & mobile versions availanle), Sirix-powered Web-Trader, as well as some extra auto trading solutions.

Like most brokers, this one supports MT4, the preferred choice of most experienced traders, as the platform offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.

EAs are advanced automated trading systems written in MQL4, that are able to analyze market conditions automatically, open/close positions and place/modify/delete orders, so that traders are free from manual trading routines.

Trade24`s customized version of Web Trader, WEBTRADE24, is marketed as a browser-based social trading platform. This is no wonder as the platform is equipped with a special social dashboard, where users can follow experienced traders and easily copy their trades.

Moreover, this broker offers two more auto trading solutions: Mirror Trader – a sophisticated trading system based on professional algorithms, and Signal Trader – a user-friendly platform that allows all traders to automatically execute trades based on top performing Signal providers.

Currently this broker offers its traders an on deposit bonus from 30% to 50%, depending on the account type, as well as free weekly or monthly signals trading.

Besides, Classic and Mega account holders are offered free financial trading course, and clients holding other trading account (except ECN one) are provided with a Senior account/ Analyst manager 1×1 trading. Trade24 clearly targets novice traders, as there are a number of web tutorials, trading analysis articles and other educational materials on its website.

VIP and Platinum account holders, on the other hand, are entitled to Trading signals with no time limitations for entire lifetime of account Mirror, Algorithmic trading service.

Methods of Payment

Trade24 offers its clients the following payment modes: bank wire, credit card, e-wallets Neteller, Skrill, Qiwi and Яндекс.

With two regulatory warnings issued against Trade24 in 2016, it is hardly a reputable broker. Despite offering a variety of trading instruments, solutions and accounts, we suspect that not only this broker is not regulated, but it is likely to be a scam.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

 Trade24 Review Conclusion

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