It is very crucial to pursue thorough research before trusting your funds with any broker. A broker may seem all good and fair, but it might be just another money minting machine when examined closely. One such broker is TradeFW. The broker has made its website all roses, but we could decipher the wrongdoings by examining the broker in detail. In this review, we will portray an accurate picture of the broker.
What is TradeFW?
TradeFW is an online broker that provides trade-in just instruments; CFDs and forex. The minimum deposit of the broker is as high as 250 dollars with numerous charges. The features provided by the broker are pretty outdated and conventional. We do not think that the broker is worthy of your funds and money. There are a lot of confusions, ambiguity, and suspicion associated with TradeFW’s functioning and services. Therefore, think through before investing your hard-earned money with the broker.
TradeFW Scam or Safe?
There is a lot of ambiguity and suspicion attached to whether the broker is a scam or not. First of all, the broker claims that it is regulated by the Cyprus Securities Exchange and Commission (CySEC). But the broker operates from Austria. So the two things do not match up. This creates utter suspicion.
Moreover, the broker does not render any SSL and Firewalls or other safety softwares to secure and safeguard user’s data and transactions.
Therefore, we do not think it safe to trade with TradeFW.
Even though the broker offers multiple account types, there are no serious variations in each account. This can confuse traders and investors to make the correct choice. In the standard account, the functionalities offered by the broker are not up to par. The broker states commission-free trading in the standard account, but there are high commissions charged depending on the country you pursue trading from when looked closely. For instance, if you trade from Germany, Italy, or France, you need to pay a commission of 10 Euros. Trading from Sweden can land you up in a commission as high as 70 SEK.
The minimum deposits seem extravagant looking at the features, extra trading costs, low leverage, and more.
No Demo Account: The broker has mentioned nothing about a demo account on its website. Therefore, we assume that it does not offer one. This can be one major drawback for beginner traders and investors as now they cannot test their skills and strategies before trading in the live market.
No matter what account type you go with, leverage is as low as 1:30. Leverage up to 1:500 is only available in professional accounts. This low leverage can put up numerous barriers for average and low-funds traders as they may not be able to open up large trading positions.
The broker is banking on the old technology of MetaTrader 4 to provide web and mobile trading. Many competent brokers and financial service providers have moved to MetaTrader 5. Moreover, the user interface of the TradeFW mobile app seems extraordinarily complicated and all over the pace. There are multiple functionalities out together without any structure or system. A new trader may find it very hard and challenging to navigate through the application.
Trading products and instruments
The broker offers to trade in just two instruments; forex and CFDs.
A good broker would at least focus on five trading instruments. Such a small range will not lead to any fair diversification and mitigation of risks. Moreover, the trading products under each instrument category seem pretty low. Such small numbers are unacceptable and dissatisfactory. This way, one can miss out on many profitable trading opportunities.
Instead of educating potential clients about trading assets, leverage, and swap charges, the broker just talks about what trading forex and CFDs are like. One can get educated about that anywhere on the intranet. Therefore, the website of the broker fails to fulfill the real purpose of providing the correct information about the broker’s operations and business.
The broker’s spreads and commission charges are quite expensive compared to other brokers in the league. The commission charged on CFD trading is exceptionally hiked up and depends on the trading’s location and country.
The loose spreads are high and can go up to 3-5 pips. The commission is charged per lot and can chink up a considerable part from the trader’s earnings.
Research and Education
For educational purposes, the broker offers a limited range of material under the categories of blogs, webinars, or articles.
At the same time, there are no research tools, calculators, or calendars available with the broker. This just depicts how less the broker cares about the growth and profitability of its traders.
Deposit and Withdrawal
The broker renders limited deposit and withdrawal methods. Most of the ways are outdated and conventional. The withdrawal process can take up to 24 hours. There are not so many clients associated with the broker at current times, and still, it takes so much longer to process withdrawals. We do not get it. There are brokers catering to millions of clients and processing two to three million of withdrawals each day. We do not understand what is stopping TradeFW.
The broker charges fixed withdrawal commissions which are high. Most of the time for new traders, the profits can come out as negligible.
The broker claims to offer 24/5 customer support from the trader, but it seems otherwise when tested. The response time for calls is quite extended, emails are not answered back in days, and the live chat feature dysfunctions most of the time.
Final Verdict: Why one should not trade with TradeFW
There are numerous reasons for us to say that you should not go with TradeFW. But here is a list of some major ones:
- Ambiguous and suspicious regulation
- Does not render trade in super countries like Japan, Canada, USA, Israel, and Iran
- No MT5 trading platform.
- Restricted and low leverage
- High trading charges, spreads, and commissions.
- No research tools available
- Only two trading instruments
- Poor user interface and navigation system
What is the minimum deposit associated with TradeFW?
To open an account with TradeFW, a minimum deposit of 250 dollars is required.
Does TradeFW provide a demo account?
The broker does not provide the services of a demo account.
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