The traders today do not follow the broker just because of their brand name. All seasoned and neophyte traders look for excellent platforms and technologies which can surge their trading standards. Trade.com is one of the oldest firms but disappoints traders by its sad and outdated features.
In this Trade.com review 2021, we have listed everything you need to know before thinking of this brokerage firm.
Is Trade.com Scam or safe?
Trade.Com falls on the list of a scam broker. There are numerous vital data which the broker has not mentioned on its official website or has not made public. It opens the doors for many doubts related to the legitimacy of the firm.
The official website of Trade.com
There are two ways to provide your entire information about the broker: firstly, the official website, and reviews. Both these seem to be misleading in the case of Trade.com. The entire data and the design of the official website resembles that of fraud websites.
By no way, the website looks like financial trading websites. Alternatively, you can only find some unusual photographs on it. The interface of the site is complex and as mentioned above, resembles scam websites. The first impact is the last impact you must have heard. Therefore, the first visit to the website gives a sense of negativity.
Coming to the information provided on the website, it seems to be misleading and disappointing. It looks like the broker is only promoting itself in each line instead of explaining the services offered and how these services can help traders to boost its trading standards.
The home page is the mirror of any platform or firm which reflects its features in brief. We do not find much information on this page about the assets available for trading.
The broker is only paying heed towards seizing numerous irrelevant charges and commission from traders. Instead of helping them out, it is playing with their sentiments.
Types of trading account
The broker has nowhere mentioned the account types offered by it for trading. Instead of mentioning this detail directly, it has kept everything behind things like spread betting and CFDs.
Spread betting is extremely risky for trading, and very few countries around the world permit it. You can clearly see the fraud of the broker through its spread betting account. It has offered an individual account for such a risky financial tool. It is just a way to trap novice traders who do not understand anything about them. By offering assets like ETFs and options, the broker tries to grab a larger amount from traders.
The next account offered is a DMA account which is relatively less flexible compared to other account types. The broker’s services and features for this account are not up to mark and pretty conventional. The charges are also exceptionally high.
Research and equational resources
The broker is least interested in enhancing the trading knowledge and building strong financial fundamentals of its clients. The firm has nothing to offer in this arena. It is the most vital tool which pushes you towards success, but the broker has blocked all the ways of your trading success.
We searched every single page of the official website, and we found nothing for research and market analysis. Several renowned firms offer an economic calendar, latest news, and trading signal, which further helps make a potential decision. But, unfortunately, the broker disappoints in this field also. Trading, determining exit and entry points, checking all financial market events and keeping yourself up to date with market news is up to you.
Markets and tradable instruments
The broker claims to offer more than 10,000 assets. But, it has nowhere shown the entire list of products offered. It reflects that the broker is hiding them from a trader and trapping or luring the trader by showing this build-up number. Moreover, the markets available are restricted.
Therefore, the brokerage firm completely fails to diversify the trading portfolio of traders. It is better to choose other better firms over Trade.com.
Spreads and Commissions
The broker does not allow commission-free trading. There is a high commission associated with many trades. Also, the spreads demanded are relatively high and keep on enhancing while executing a trade.
Apart from this, there are various high, additional and hidden charges associated with each trade. These are not revealed on the official website. It is illegal. Traders have the right to know everything beforehand.
Trade.com: Trading platforms
All renowned brokerage firms have shifted their operation to MetaTrader 5, and the broker is still facilitating trading though outdated and conventional MT 4. It also looks like the brokerage firm has opted for the cheapest package of MT 4 as it lacks many vital and basic features. We don’t know why the broker has not taken any initiative to upgrade its platforms over the years.
Account opening
The process of account opening with Trade.com is time-consuming and complex. It asks for much sensitive information which you might not feel comfortable providing. Moreover, the broker’s verification process is relatively slow and takes several days to offer you an online trading account.
Customer support service
The customer support service of the broker is the worst ever. It does not provide a quick response and precise answer to your queries. They do not answer calls and take three to four days to revert email. The live chat option remains offline many times, and a robot handles the entire option. Thus, it also fails to provide relevant answers.
What are the disadvantages of opting for Trade.com?
Trading with Trade.com may result in the following significant disadvantages:
- High trading fees and commission
- Numerous hidden charges
- Limited research tools
- Lacks educational resources
- Poor leverage
- Poor user interface
- Unclear regulation
- Does not hold a banking license
- Delayed and poor customer support service
- Limited markets and products for trading
The Bottom Line
The broker, as seen from the above points, is a complete scam. There is so much useless and baseless information on its official website. Also, it hides vital details, such as tradable products and account types form traders. This open doors of suspicion. Moreover, the services are not up to the mark, platforms are outdated, the leverage offered is poor, and charges are extremely high. It seems like the broker only wishes to expand its wealth, keeping sentiments of traders at the side.
It is better to go with some reliable, renowned and advanced firms such as T1markets, HFTrading, ETFinance, and Global TradeATF. Not only their services are astounding, but also their trading charges are affordable.
Frequently asked questions
Is Trade.com safe?
No, the firm is not safe for trading. It has not revealed financial, legal and regulation information on its official site. So, think before investing with such a firm which hides sensitive and vital details from traders.
Where else I can trade?
You can choose some reliable and renowned brokerage firms over Trade.com. It includes firms like T1markets, HFTrading, ETFinance, Global TradeATF, Brokereo.
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