It can be utterly shocking how brokers can hide things behind a pretty looking websites. Therefore, one needs to conduct thorough research before investing money with a broker. A similar kind of experience took place while we were conducting research about TradeFW Review. Many times, scammers put a lot of glitter and confetti on their websites to make them seem like the fair ones. But when looked closely, one can always decipher the wrongdoings. We urge our readers not to get enticed by a website and think logically before putting your hard-earned money with a broker. In this review of TradeFW, we will give you legitimate reasons to not go with the broker.
TradeFW does not stand up to the mark. The minimum deposit is 250 dollars which additional commissions, swap and spreads charged. A withdrawal fee is also charged by the broker which varied depending on the amount to be withdrawn. TradeFW offers trade in just two instruments; forex and CFDs.
TradeFW Scam or safe?
It is tough to say whether the broker is a scam or safe. There is some suspicion associated with TradeFW Review and its regulation. The broker claims that it is regulated by the renowned and reputed authority of CySEC – Cyprus Securities Exchange and Commission. But the broker also claims that is it based in Austria, so both the situations do not match or suffice each other. This leaves us in utter confusion of whether to declare broker scam or safe.
- Multiple accounts are offered by TradeFW. But all the accounts lack any significant difference. A trader might get confused and find it challenging to choose an account to trade with.
- In a standard account, there are minimal services offered. Therefore, beginners may not find he functionalities up to the mark. Even though the broker claims that there are no commissions charged on a standard account, there are high commissions depending on the country you trade from. For example, In France, Germany, and Italy, about 10 Euros of commission is charged. In Sweden, the commission can go up to 70 SEK.
- Leverage on standard, gold and VIP accounts is as low as 1:30. Leverage up to 1:500 is only available on the professional account. This limits traders from opening up large positions.
- As compared to other brokers in the league like HFTrading or Oinvest, the functions and services offered are minimal and dissatisfactory.
- The minimum deposit on accounts is as high as 250 dollars. This deposit seems extravagant looking at the leverage offred, spreads and swap fees charged.
- Demo account: There is nothing mentioned about a demo account on the website of TradeFW. This makes us assume that the broker does not offer the service of a demo account. Again, this is a significant drawback for new traders and beginners. All traders should be able to test their strategies and game plan before going live in the market.
- We are a bit relieved that TradeFW at least tried to provide MetaTrader4 platform for the users because we were not even expecting that, looking at the lack of commitment of the broker with respect to customer satisfaction.
- But again, why to bank on an old, passed technology when many other brokers are offer MetaTrader5 with best of features. With a similar kind of deposit or even less, many brokers are in the market offering MT5. Why not go with them instead.
- At the same time, when we looked at the user interface on the mobile application, we were disappointed. The whole application seems very difficult to get accustomed to. There are multiple tabs put together without any structure. Many new traders may find it really hard to understand the functionalities.
The account opening process of TradeFW seems very confusing. When one clicks on “open an account” tab on the website, a small page pops up asking for necessary details like your name, email address, creation of a password, etc. but what lies ahead? No one knows. A broker should at least put a structure or map on their website for users or potential clients to understand how the process will pan out. Otherwise, users will be pretty ambiguous and hesitant in going ahead with the broker.
Products and instruments for trading
- TradeFW offers trade in just two instruments; CFD and forex trading. It is improbable for a broker to just focus on two trading products. The best broker would at least focus on five to sex trading products on their platforms. Due to limited instruments offered for trade, traders would not be able to diversify their portfolios.
- At the same time, the securities, currencies offered under each category of the instrument is pretty limited. Thus, traders are bound to miss out on ample opportunities.
- Also, when you click on the tab on any currency or instrument, the website takes you to a page where TradeFW talks about the instrument, and basic information regarding it. Instead of telling traders what all the broker entails for a particular currency (spreads, swaps, or leverage), they give you an overview of the instrument. Anyone can learn about the instruments on the internet. We do not need a broker for that.
Commissions, fee, and spreads
- The spreads and commissions charged by TradeFW are pretty high as compared to other brokers in the market. The commission on CFD is exceptionally highest and depends on the location of the trader.
- Spreads are pretty loose and can go up to 3 pips.
- The commission is charged on each trade, which makes the overall price pretty expansive.
Deposit and withdrawal
- With TradeFW, one can deposit and withdraw funds using credit/debit cards, wire transfer, etc.
- The withdrawal system of TradeFW seems very cumbersome. The withdraw can take more than 24 hours with TradeFW. The thing is that there are not many users or clients associated with TradeFW at the moment, and still, the broker takes this long to adhere to the withdrawal process. That seems a bit suspicious. Many reputable brokers hit about 2 to 3 million withdrawal requests each day and complete them within 24 hours.
- There is a fixed withdrawal commission charged by TradeFW. For beginners, the profits can, therefore come up to negligible. What if you make a profit on 10 Euros on your trader and a commission of 5 Euros a charged by the broker, what will you be left with.
On the standard, VIP, and gold account, leverage is as low as 1:30. Only if a user opens a professional account with TradeFW Review, then he or she can encounter leverage up to 1:500. This limits the opportunities for traders to open up large positions with small capital and make huge profits.
Research and Educational tools
- For educational purposes, TradeFW offers limited options.
- There are no research tools available with the broker. This is another major disadvantage as it is very crucial for a broker to include research tools for the traders.
The broker claims to offer 24/5 dedicated customer service and support via chats, phone, and mail. But when tested practically, there are no answers to the calls or emails.
Conclusion: Why not trade with TradeFW
Let us summarise all reasons on why you should not go with TradeFW:
- Ambiguity on regulation
- Does not offer a trade in major countries like the USA, Iran, Japan, Canada, and Israel.
- Poor user interface
- No trading and research tools
- Loose spreads
- No MT5 trading platform
- Restricted leverage
- Only two instruments available for trading
We advice our readers to think twice before going withTradeFW Review. There are plenty of other brokers in the market offering better functions and advantages. For alternatives, you can see HFTrading, PrimeFin, T1markets, HFTrading and several others.
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