OneTrade Review South Africa

WHAT IS ONETRADE?

This OneTrade review conducted in South Africa shows that OneTrade is a direct market access broker that was established by a leading social trading network known as FXStat.

FXStat hosts one of the largest social trading networks in the industry and provides a number of investment and trading analytics solutions that enable both investors, as well as professional traders, to create an efficient social trading platform.

As such, the platform works to facilitate collaboration across a wide range of financial products.

OneTrade is designed as a DMA/STP Forex broker that connects traders directly to a large number of liquidity providers and Electronic Communication Networks (ECNs) in the market.

In this way, the company’s clients are guaranteed some of the best trading conditions without broker intervention or conflict of interest.

OneTrade’s no-dealing desk execution brokerage is not only beneficial from a trading perspective, but it also provides numerous advantages such as a lowered cost of trading and instant order execution.

OneTrade’s business model is 100% STP/DMA focussed, meaning the company does not take any risk.

All trades are passed directly into the market and OneTrade earns its revenue from charging commission on the volume of trades executed.

The company chooses to operate exclusively as an intermediary between its clients and Tier 1 Liquidity Providers (bank, non-bank, MTF and ECNs) and Exchanges.

As such, the company’s goal is to preserve its clients’ interests at all times by offering zero conflict of interest, full execution transparency, full post-trade transparency and trading anonymity.

SAFE OR SCAM?

OneTrade is authorized and regulated by the UK’s Financial Conduct Authority (FCA), one of the strictest and most well-regarded regulatory bodies in the industry. This provides clients with one of the highest levels of consumer protection and service standards among leading brokers.

OneTrade complies with numerous rules and regulations as provided by the FCA, including the segregation of its clients’ funds with reputable banks.

Being regulated by the FCA also allows for the company to automatically participate in the compensation fund which covers’ clients’ investments in the unlikely case of broker insolvency.

OneTrade can therefore be regarded as a safe broker for potential traders, with a number of checks and regulations which provide for a secure trading environment.

ONETRADE REVIEW OF PROS AND CONS

LEVERAGE

OneTrade offers a leverage of up to 500:1, which is the industry standard in the UK and EU regions.

Leverage is a useful tool that allows traders to maximize their potential gains, but also carries a high risk of significant losses, particularly for those looking to invest a large sum of money.

It is for this reason that the UK and EU regions made the decision to cap the amount of leverage that brokers operating under their regulatory auspices could provide.

ACCOUNTS

With Octa, traders have a choice between three different account types. The type of account that the trader chooses will also determine which platforms they trade on along with the different fees tied to the account type.

Micro Account

This account is the entry-level account provided which goes along with MetaTrader4 as the trading platform. This account does not have commission charges and neither does it have mark-up.

In addition, this account also has the following features:

• Floating spreads that start from 0.4 pips and fixed spreads starting from 2 pips
• Access to over 28 FX pairs, gold, silver, 4 indices and 2 cryptocurrencies to trade
• Leverage is up to 1:500 for FX, 1:200 for metals, 1:50 for indices and 1:2 for cryptocurrencies
• There is a recommended deposit of $100 to open this account
• Swaps fee applicable
• Overnight commission on this account is either Swap or Swap Free Commission

Pro Account

With this account, traders can use the more advanced MetaTrader5 along with having access to spreads that start from 0.2 pips as well as zero commission charges and no mark-ups. Along with this, the account also features:

• A recommended deposit of $500 is required to open this account
• Access to trade 28 FX pairs, 4 metals, 2 energies, 10 indices and 3 cryptocurrencies
• Leverage is up to 1:200 on FX, 1:100 on metals and energies, 1:50 on indices and 1:2 for cryptocurrencies
• Swaps are not allowed on this account
• The overnight commission on this account is 3 days fee

ECN Account

Traders who choose this account will be able to use cTrader. The purpose of this account is the provision of STP along with the lowest execution latency.

In addition, there are the following features for this account:

• Floating spread which starts from 0 pips
• No mark-up but there is commission charged
• The recommended deposit is $100
• Access to trade 28 FX pairs along with gold and silver
• Leverage of up to 1:500 for FX and 1:200 for metals
• Swaps are not allowed on this account
• Weekend fee charged on overnight commission

In addition, Octa also offers the option for an Islamic account and there is a Demo Account made available.

MARKET INSTRUMENTS

OneTrade offers a good variety of market instruments, including Forex, Precious Metals, Equity and Indices.

Forex

OneTrade’s Forex instruments include the following specifications:

• Spreads from zero pips on major currency pairs
• 100% STP/DMA
• Low minimum deposit required
• Fast execution, ultra-low latency on MT4
• Trade from 0.01 lot
• Manage all your trading and portfolios from one account
• Trade from Windows, Mac and Linux

Commodities

Clients with OneTrade can trade a variety of global commodities including Oil, Gold, and Silver, with the following specifications:

• Trade many commodity markets worldwide
• 100% DMA/STP
• Fast execution, ultra-low latency on MT4
• Trade with confidence 24 hours a day
• Manage all your portfolios from just one account
• Trade from Windows, Mac and Linux

Indices

OneTrade offers a good variety of indices with the following specifications:

• Trade the UK 100, German 30, Dow 30 and many more on tight spreads and competitive margin
• Choose from 11+ global Indices
• 100% STP/DMA execution.
• Low minimum deposit required
• Fast execution, ultra low latency on MT4
• Manage all your trading and portfolios from one account.
• Trade from Windows, Mac and Linux

FEES

Since clients receive market quotes from multiple liquidity providers, OneTrade is able to quote very low spreads that are highly competitive, in the range of 0 to 1 pip on most currency pairs.

The company also charges a commission of $0.40 per mini lot per one side trade, which amounts up to $8 per round lot traded.

The commission is slightly more expensive than other ECN brokers, but should be weighed against the benefits of an OneTrade account.

An OneTrade account costs $100, which is the only type of account available to traders for direct ECN/STP trading.

All clients get access to the same services and platform, regardless of their initial deposit or trading frequency. Traders don’t get access to any OneTrade bonus, while payment options include credit/debit card, bank wire, and e-wallet transfers.

Large account holders that transact a significant amount of volumes are offered a slight reduction in trading costs. This is done by reducing the commission according to the client’s account equity.

Larger traders may be able to cut down the cost of trading by reducing the commission of ECN trading to as low as $0.20 per mini lot, but the company may be able to provide a custom-tailored solution according to individual preferences.

DEPOSIT AND WITHDRAWAL

The minimum account opening amount with OneTrade is 100 EUR/USD/GBP on the first deposit. No minimum applies to successive deposits or withdrawals.

Deposits can be made through bank wire from an account held by the same person as the OneTrade account.

Deposits and withdrawals can be made also by the following popular methods with the following specifications:

Skrill / credit / debit card up to 5000 EUR / USD / GBP per account holder per day. Due to the limitation on deposits by card, these should only be used for urgent deposits.

Withdrawals will be processed using the method that was used for the deposit. Card deposits can only be withdrawn to the same card and only up to the amount deposited by card and within 30 days of deposit.

Bank transfer deposits as well as profits earned at OneTrade can be withdrawn to a bank account in the name of the account holder.

TRADING PLATFORMS

OneTrade offers a range of platforms which are all accessible from the single OneTrade account, including the popular MetaTrader4 platform, One Trade’s proprietary WebTrader, and social trading platforms.

This is quite unique in the marketplace that allows a cost-effective solution for retail and institutional traders, banks, and brokers.

MetaTrader4

MetaTrader4 is one of the most innovative, widely recognised and reliable trading platforms available.

It has established itself as the platform of choice by the retail trading community because of its ease of use, functionality and reliability.

The platform stands out from the competition for its exceptional performance, and is ideal for all types of traders, whether they be a seasoned market participant or new to the foreign exchange market.

OneTrade WebTrader

The OneTrade interactive Web Trader (WT) allows users to trade online anywhere without an installed MT4 client terminal.

The platform synchronizes with MT4 and acts as an alternative trading interface. Additionally all linked accounts will generate an automatic “Performance page” which users can access directly from the platform.

The WebTrader’s key advantages include:

• No downloads
• Low trading latency
• Integrated activity stream to see what others are trading
• One-click trading
• Trailing stop-loss
• One-click close all positions
• Online access 24/7

Social Trading

The Social Investment Platform offers innovative features that can provide users, or their fund, the potential for consistent profits while having a diversified portfolio by investing in Trader Leader Strategies.

Key Features of this platform include:

• Copy the trades of experienced traders directly into the investor’s portfolio;
• Individually set risk parameters e.g., maximum positions, leverage per trade and cut off point;
• Make immediate changes in portfolio according to risk preferences;
• Filter copy trades based on time and day;
• Copy a single instrument (top performing instrument) or an entire portfolio;
• Remove a trader from a portfolio and stop following a trader at any time; and
• Build a diversified; non-correlated portfolio and automatically copy risk-weighted strategies from Trade Leaders into a trading account with full control and transparency.

HOW TO OPEN AN ACCOUNT

The OneTrade review is simple and easy. Opening an account with OneTrade is a 5 minute process which involves filling out an online application, and becoming verified.

Traders also have the option of opening a free demo account in order to become better acquainted with the various aspects of forex trading and also to test out the company’s offering before signing up.

CUSTOMER SUPPORT

OneTrade provides their clients with the 24/7 customer support through email and phone options. However, the company does not seem to offer a live chat option, which many other brokers offer in order to quickly resolve more pressing client issues.

One of the most important aspects of the customer support is the fact that it provides the services in English, Russian, Arabic, Farsi and Urdu language.

EDUCATION

Apart from a free demo account, OneTrade has very little in terms of its educational offering. Clients can use the FAQ page to better understand how to use the company’s site, but there are no Webinars or training manuals as offered by many other brokers in the industry.

This most likely speaks to the fact that the company caters more to institutional and established traders, and beginners would need to train elsewhere before signing up with OneTrade.

RESEARCH

OneTrade does provide a decent research offering, which is integrated into their various platforms. These include a Performance Page and the Social Trading option.

Performance Page

OneTrade’s powerful auto generated trading performance page with more than 200 statistical analytics allows traders to identify their strengths and weaknesses in no time.

Social Trading

This tool makes use of Trade Leader Strategies, so that whenever an underlying strategy (Trade Leader Strategy) places a trade in their own real trading account, the platform replicates it on behalf of the investors (Trade Follower) with minimal latency.

AWARDS

Despite OneTrade’s decent offering, the company has not garnered any industry awards to date.

CONCLUSION

OneTrade is a technology-driven company that offers Direct Access to Market through a range of trading instruments.

The company operates in a highly regulated trading environment under the auspices of the FCA, one of the most reputable regulatory bodies in the industry.

The company differentiates itself by remaining focused on its clients’ interests, providing clear execution with full transparency.

While the company has a strong variety of technological solutions, its slim educational offering might make this a better choice for more established traders.

The company’s support team has received positive feedback, though with limited options for communication.

All in all, OneTrade is a good option for traders who are fairly confident and are happy to trade independently with a range of innovative tools, while those who require more support would likely need to look elsewhere.

DISCLAIMER

Risk warning: Trading leveraged or “geared” products on margin carries a high level of risk and may not be suitable for all investors.

The high degree of leverage can work against you as well as for you so before deciding to invest in Forex or CFDs you should consider your investment objectives, expertise and risk appetite.

You may lose more than your initial deposit and could be required to deposit additional funds.

You should not invest money that you cannot afford to lose and should appraise yourself of all the risks associated with Forex and CFD trading and seek advice from an independent financial advisor if you have any questions.

OneTrade is a trading name of FxStat Ltd and is authorised and regulated by the Financial Conduct Authority in the United Kingdom under FCA Firm Reference Number 537787. FxStat is a company registered in England and Wales under registered number: 07212997.

Disclaimer: The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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