To win traders and investors’ trust, the broker needs to be diligent and structured in its operations and functioning. It requires hard work, efforts, planning, and a real commitment to providing the clients’ best services to be seen as a trustworthy platform for trading. Sadly, this is not the case with TradeLTD. Like TradeLTD, many brokers are chasing high profits and not adhering to the standard set for safe and secure trading.
TradeLTD Scam or safe?
One of the significant factors determining whether a brokerage firm or trading platform is safe for trade or not is the regulation. A broker which is regulated by a well-known regulatory body can be considered safe for business. TradeLTD is held and operated by Company Board OU. The registered address can be traced to Tallinn, Estonia. Even though the broker is registered in Estonia, the company is not regulated by the Financial Supervision and Resolution Authority in Estonia or any other country.
Moreover, a warning is issued by the Financial Supervision and Resolution Authority in Estonia to not trade with the Financial Supervision and Resolution Authority in Estonia. What else is needed to prove that TradeLTD is an utter scam? We would recommend all brokers and traders to think twice or numerous times before putting your hard-earned money in TradeLTD.
TradeLTD is a forex and share broker registered in Estonia. The company is held and operated by Company Board OU.
The registered address can be traced to Tallinn, Estonia. Even though the broker is registered in Estonia, the company is not regulated by the Financial Supervision and Resolution Authority in Estonia or any other country for that matter.
The broker claims many advantages on its official website, with embedded positive reviews, but the whole system seems like plastic draped in gold. The claims look really pretentious and seem unreal. Moreover, they just facilitate trade in two instruments; forex and stocks.
- TradeLTD offers multiple account types, namely, standard, silver, gold, platinum, VIP account. There are very few advantages offered in a standard account, so beginners may not be able to find the services up to the par.
- As compared to other popular trading platforms and financial service providers, like TradeATF or HFTrading, the services on the basic standard account are significantly less and dissatisfactory.
- In all the account types, the minimum deposit is the same, i.e., 250 dollars, which is enormous as compared to the spreads and leverage offered.
- In the standard account, the leverage is as low as 1:100. This isn’t different in other four accounts that offer the leverage of just 1:200, which is significantly less. Even though there is variation in account types, the services offered are more or less the same.
- Also, it becomes difficult for traders to choose one that is best because of so many account types. The reason is that most of them offer similar services with very few variations.
- Different account types come with different limitations with the maximum amount that can be deposited in the lifetime. The lifetime deposit for a standard account is limited to just 1000 dollars.
TradeLTD offers no free demo account. All new traders and beginners want to test their skills before entering the live market. It is very crucial to take a well-informed and practised step in the market; otherwise, you can incur heavy losses due to negligence. One cannot just go on and risk his or her hard-earned money in any market. When we learnt that there is no free demo account offered by TradeLTD, we were deeply disappointed, and therefore we mentioned it separately in the review. Most brokers offer free demo accounts for their clients. But this feature is yet again absent in TradeLTD.
At the same time, on the website, they are offering their MT4 trading platform for download. But not a free demo account? How is that even possible. This leads to a lot of suspicion with respect to how TradeLTD actually works and operates.
- The TradeLTD offers MetaTrader4 trading on desktop, android, and iOS. Yes, MT4 offers a wide range of functions, but when many platforms and financial service providers have moved to MetaTrader5, why stick to an old, passed technology.
- At the same time, the website and trading with TradeLTD are very complicated and not at all user friendly. There are so many tabs with multiple functions. It feels that functionality is randomly set and the usability has not been kept in mind. Many beginners and new traders may need some time to adjust with the interface because the application and platform are not dynamic and adaptable in nature.
- The process of opening an account on the website seems pretty ambiguous and confusing. You will be told to fill in all the personal details. One might hesitate since it is very unclear what the next step holds. Many reliable trading platforms first explain the whole process so that users become comfortable going about it.
- They also ask you to agree wIth terms and conditions. But one cannot see any conditions mentioned on the page of sign up. This is another major red flag.
- The minimum deposit, which is 250 dollars is very high as compared to other brokers. With many reputable brokers, you can open an account with just 78 dollars. So investing 250 dollars for no additional advantages and services seems pretty illogical.
- The whole process of document verification with TradeLTD is very cumbersome and time-consuming. The instant account opening is not an advantage that TradeLTD can offer.
Products for trading
- The only instruments offered by TradeLTD are forex and stocks. Moreover, the securities and currencies in each category are limited too. This curbs and limits the profit-making opportunities for traders and investors. Many brokers like T1 Markets, HFTrading provide a wide range of instruments like crypto, commodities, indices, and many more. When the instruments are limited, your trading opportunities cannot be expanded.
- On the website, it is not mentioned how many foreign exchange currencies are provided for trade. When you open the forex tab on the website, there is a mere introduction on what forex trade entails. Anyone can view that on any educational site. Instead of being clear and straightforward with their services and the currencies they offer, they are going round about ambiguity.
- Similarly, when you choose the product “stock” to know what kind of stock TradeLTD provides, but again, you encounter the same education and preaching about shares and how the market works. Are we seriously looking at a blog website? The whole purpose of opening a website to know about trades is absent in TradeLTD.
Commissions, fee, and spreads
- The spreads and commissions charged are much more as compared to other trading platforms. The spreads start from as high as 2.2 pips, which are too much. If you own a heft, expensive VIP Account of TradeLTD, then only you will have spreads that start from 0.9 pips.
- The commission is charged per trade which makes the overall commission very high.
Deposit and withdrawal
- The minimum deposit associated with TradeLTD is as high as 250 dollars. Many top brokers offer to trade with lesser deposits. TradeLTD does not entail and deposit charges, but payment processors can charge some amount. At the same time, no withdrawal fee is charged by the broker.
- The three options for payment methods are Credit, debit cards – Visa and Mastercard, and Bank wire transfer. These are a minimal number of options when other financial service providers and brokers provide a wide array of payment options. Skrill, Neteller, eWallets, or Bitcoins.
- They do not provide any notice about payments, so one has to make sure with the banks.
- With debit and credit cards, the base withdrawal is 50 units, and with a bank wire transfer, the base withdrawal goes up to 100 units.
On the basic, standard account, the leverage is as little as 1:100. On other accounts, be it gold, silver, platinum, or VIP, the leverage does not go beyond 1:200. Many brokers offer leverage up to 1:500 on forex trade. And when TradeLTD says they only trade in forex and stocks, one expects at least better leverage in forex trade as it is known for high leverages.
Leverage helps traders and investors to open large positions with low capital. But at the same time, trading with high leverage can increase risks for traders and investors. The reason is that if your trade fails, you not only have to bear the loss of your capital but have to repay the money you leveraged from the broker with interest.
Disadvantages of trading with TradeLTD
We could not decipher any major advantages apart from the fact that the commission is average and leverage is not that bad. But we have a list of verified disadvantages that you must know of before you trade with TradeLTD.
TradeLTD is regulated in Estonia. They don’t even mention this on their website. However, the home base of the broker seems to be Austria. With further investigation, we found out that the broker is not regulated by any authorised Entity, neither in Austria nor in Estonia. Why trade with an unregulated broker when you can pursue trading with a regulated one entailing much safe trading experience.
No free demo account
Mostly all trading platforms offer free demo accounts from at least some days. But that is not the case with TradeLTD. No new trader wants to jump in hands and legs without testing various demo accounts’ strategies and indicators.
the spreads are as high as 2.5 pips for major currency pairs like Euro/ US Dollar. This spread range seems a little too steep for most traders. Many brokerage firms offer half the spread offered by TradeLTD.
TradeLTD offers trade-in just foreign exchange and the stock market. Moreover, the number of assets provided in each kind of trade is also limited.
Poor website and absenteeism of vital information
the website of TradeLTD seems very off and doesn’t enlist proper details required to be stated by any broker platform. They do not mention how many, and what kind of securities are traded. Nothing is said about the protection and encryption of client’s data.
Research tools help in analysing profit and keeping you updated with happenings of the market. TradeLTD offers a very sparse and limited range of research tools.
TradeLTD claims that customer service is offered from 24/5. But why is this claim proven otherwise in practicality? They claim that the support team works from Monday to Friday, 8:00 (GMT +2) to 22:00 (GMT +2). But when tested practically, the response time seems hugely longer. Most of the time, no one picks up the phone. There is no response to the emails sent.
Live chat option is also available but seldom works. One can also send in a query on the website by entering the name, phone number, email address, and message.
For educational purposes, TradeLTD offers some few options. webinars can only be accessed once by the users. The main thing is that not much is available in each category except for Videos. But when you look at the option of ebooks, it is sadly empty.
Educational tools are a must for novice and beginners. Without these tools, one can find it difficult to operate in markets that are new to them.
When we researched about TradeLTD, all we could find were loopholes everywhere. Apart from being unregulated, this broker seems to have nothing advantageous for any trader or investor to consider them. There are many well-reputed and regulated brokers that offer many good features and advantages to traders and investors. PrimeFin, 101investing, Global Trade ATF are one of the best brokers you can pick for your investment.
Does TradeLTD provide educational material?
Yes, the broker provides education material in some aspects, but these materials are limited as compared to other brokers.
What is the minimum deposit for TradeLTD?
The broker’s minimum deposit is as high as 250 dollars with the commission that is charged per trade.
Do TradeLTD offer Metatrader 5?
No, the broker does not provide trading on MetaTrader 5. The conventional trading platforms of the broker include Meta Trader 4.
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