For a broker to be a foremost choice for traders and investors, it must win their trust. At the same time, the financial service provider has to be worthy of their faith and funds. It must be committed to providing fulfilling services and functionalities. A substantial amount of hard work, efforts, and planning is required on the broker’s part. Regretfully, this is not quite the case with the broker we are to review today. TradeLTD can be seen as running after high degree profits, charging traders at every step possible, without providing any safe and secure trading environment to its clients.
TradeLTD Scam or safe?
One of the most crucial factors that depict whether the broker is safe for trade or not is how well it is regulated in the trading world. Clear and high-quality regulations help solve all kinds of grievances and hold the broker accountable for its malpractices.
Well, TradeLTD is registered in Estonia but is not regulated by the Financial Supervision and Resolution Authority in Estonia or any other country.
The Financial Supervision and Resolution Authority in Estonia has issued a warning to not trade with TradeLTD. What else has to be started anyways when the top regulatory authority tells traders to keep at bay from the broker? We do not think TradeLTD is a safe choice. Please think gazillion times before you put your money with the broker.
- We could not entirely infer what the broker wanted to bring out of the multiple account types with similar features in each one. In the standard account types, very minimal features are offered. Such an account cannot suffice even a fresh trader or investor. If we compare the standard account of TradeLTD with other brokers like HFTrading or T1Markets, the services offered are dissatisfactory and quite outdated.
- The minimum deposit starts from 250 dollars which are relatively high looking at the services offered. The leverage goes up to 1:200, which is significantly less.
- Even though there are multiple accounts, each one’s services are more or less the same. 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.
No Demo Account
TradeLTD offers no free demo account. Therefore, no trader will test the skills and strategies before going live in the market. It becomes even more challenging and hard for new traders and beginners to enter the market without practising their trades. One cannot just go on risking their money. Therefore, it is a significant drawback that the broker does not offer a free demo/ practise account.
The broker offers web and mobile trading via the MT4 trading platform. We could not decipher why the broker has stuck to an old technology when many brokers have moved to a more technologically advanced trading platform that offers better features; MT5.
Also, the user interface of the mobile application is pretty convoluted. The features and functions are not adequately organised, which created a messy navigation experience. Many traders may find it hard to understand the whole structure.
The account opening process of TradeLTD is quite confusing and unclear. The broker will ask you to fill up all personal details in the first step without stating what comes next. This instils doubt and hesitation in potential clients’ minds, and they may refrain from going forward. Many reputable brokers give a brief about what the account opening process holds and how it will pan out.
Trading products and instruments
TradeLTD offers only two kinds of trading instruments; forex and stocks. Additionally, the assets under each category of product are pretty limited and restricted too. This can lead to utterly poor diversification of the portfolio. Such a narrow range cannot even equip for adequate mitigation of risks.
When you check how many currencies or stocks the broker provides on the website, you will find a mere introduction to forex or stock trade. A financial service provider’s website’s main aim is to brief potential clients about its work and functionalities. Well, one or the other way, TradeLTD fails to address it.
Spreads, commissions, and fee
When compared to other brokers or financial service providers, the spreads and commissions charged by TradeLTD are immensely high. The spreads start at 2.2 pips. Only if you own an expensive VIP account, then you pay spreads starting from 0.9 pips. The commission is charged per lot, making the overall fee hefty and can eat up the most part of the trader’s profit.
Other charges include overnight rollover and inactivity fee.
For the standard account, the leverage goes up to only 1:100. On other accounts, whether it is gold, silver, platinum or VIP, the leverage does not reach beyond 1:200. Many brokers render leverage up to 1:500. This low leverage rendered by TradeLTD does not suffice the trading standards.
Research and education
For research and educational purposes, TradeLTD offers sparse tools and materials. Most of the material is quite outdated and needs a significant upgrade. There are no calendars, calculators, webinars, VODs available with the broker. Both research and educational materials are valuable assets of the trading process.
Education and knowledge about trading help traders make knowledgeable and sound trading decisions. Similarly, research tools help find the most profitable trading opportunities and depict the most righteous entry and exit points.
Conclusion: Reasons to not trade with TradeLTD
We could not find any tangible advantages associated with TradeLTD, but here is a list of all the reasons why we think the broker is not the right choice:
- The broker is not correctly regulated, and there is a warning issued by Financial Supervision and Resolution Authority in Estonia to not trade with TradeLTD.
- There is no free demo account available with the broker. Mostly, all brokers and financial service providers offer a free demo account. Well, sadly, that is not the case with TradeLTD.
- The broker provides trade-in just two instruments. Also, the assets under each category are pretty limited too.
- The website of the broker lacks good detail and information.
- The user interface of the mobile application seems quite off and chaotic.
- The broker charges a hefty minimum deposit, spreads, and commission.
When we reached on to TradeLTD, all we could find were dark sides and loopholes. We would recommend other well-regulated brokers like HFTrading, T1 Markets, TradeATF. Thes brokers offer better services at way lesser trading charges.
What is the minimum deposit of trading with TradeLTD?
One has to pay a minimum deposit as high as 250 dollars to facilitate trade with the broker.
What are the cons of trading with TradeLTD?
- No clear regulations
- High minimum deposit and trading charges
- Low leverage
- Just two trading instruments
- No free demo account
- Ambiguous account opening process
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