Selftrade is a global trading platform which operates in 194 countries including some in Europe, Asia, Oceania, and Africa. This broker manages to give their traders a massive amount of data from their market news section which pulls the latest market updates from Alliance News Ltd.
Choose your quick section of our Selftrade review below.
A Quick Overview of our Selftrade Review:
- ✔️Selftrade at a glance
- ✔️Who is Selftrade?
- ✔️Safe or scam
- Pro and cons
- Leverage
- Accounts
- Market instruments
- Fees
- Deposit and withdrawal
- Trading platforms
- How to open an account
- Customer support
- Education
Selftrade can be described as a company that gives traders all the latest information on the FTSE 100, 250, as well as the Dow Jones.
Selftrade at a glance |
|
| Broker’s name | Selftrade |
| Headquarters | UK |
| Year founded | 2000 |
| Regulating authorities | FCA |
| Countries not accepted for trade | US and others |
| Demo account | No |
| Islamic account (swap free) | No |
| Institutional accounts | No |
| Managed accounts | yes |
| Maximum leverage | Not specified on their website |
| Minimum deposit | No minimum deposit |
| Deposit options | Credit and Debit cards, Skrill and Neteller |
| Withdrawal options | Credit and Debit cards, Skrill and Neteller |
| Platform(s) provided | Selftrade custom platform |
| OS compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad. |
| Tradable assets offered | Mutual Funds (Unit Trusts)
Fixed Income Investments Stocks and Shares ETFs Investment Trusts IPO |
| Languages supported on website | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, Russian |
| Customer support languages | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, Russian |
| Customer service hours | From Monday to Friday from 7:45 to 19:00. |
Who is Selftrade?
According to research in South Africa, Selftrade was founded in 2000 by Antoine de Rochefort and its head office is in the United Kingdom.
The company assists its clients to invest and trade in shares, funds and assets. They enable their traders to manage daily investments and they offer prices and quotes for international markets, ETPs, and funds.
Safe or scam
One of the best benchmarks to measure the safety of a broker like Selftrade, is to establish which regulating authorities are watchdogs over its actions. Selftrade is regulated by and is checked for conduct by the Financial Conduct Authority (FCA) regulatory body in the United Kingdom.
Pro and cons
| PROS | CONS |
| No minimum deposit required | Platform appears confusing |
| Excellent research tools available | Slow customer service |
| Well-regulated and award-winning company | Website not specific about costs |
Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades; otherwise your trading account will be fully hedged.
Selftrade’s website does not stipulate a maximum leverage that can be used by their traders. More information should be available from their customer service department.
Accounts
A forex account at Selftrade is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.
Selftrade offers the following types of accounts:
Dealing Accounts
Stocks and Shares ISA
Personal Pension (SIPP) Accounts
Child Trust Funds
Market instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodities
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management.Investing in contract-based tradable goods is a reliable wayto mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
Selftrade offers the following of the above:
Mutual Funds (Unit Trusts)
Fixed Income Investments
Stocks and Shares
ETFs
Investment Trusts
IPO
Fees
Cost depends on different factors, like spread and margins, and Selftrade clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
Selftrade offers tight spreads but does not specify if they are variable or fixed and how much they are.
Their withdrawal fees vary depending on a trader’s selected withdrawal payment method.
Selftrade does charge a fee for inactive accounts but the website does not specify how much.
The broker does charge commission on CFD instruments, but the website does not specify an exact amount.
Deposit and withdrawal
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
In the case of Selftrade, the broker does not require a minimum deposit when opening a trading account.
Withdrawals and deposits can be done via credit and debit cards and e-wallets such as Skrill and Neteller.
Trading platforms
The forex trading platform provided by Selftrade to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes.The decision about which platform to choose will usually depend on what a client would like to trade.
Selftrade provides a custom trading platform that permits traders to follow their portfolios, monitor the current markets, find trade ideas and place trades.
The Selftrade platform also lets them filter through the financial marketplace for trade opportunities and examine opportunities with actionable research and stock evaluations.
The Selftrade platform is available as a downloadable application or online through the cloud.
How to open an account
Similarly to a bank, to register a forex trading account with Selftrade for the first time, you will be required to go through a basic “know your customer” process, which will allow Selftrade to ascertain that your submitted details and ensure the safety of your funds and account details.
Customer support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of Selftrade customers can reach the support team via email or via telephone. There is no live chat option found on their website.
The customer services are available from Monday to Friday from 07:45 to 19:00 and can assist customers in the following languages:
English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, Russian
Education
Before starting to trade, potential clients of Selftrade should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
Selftrade offers a wide variety of educational tools that include readings about how the markets and trading works. Their platform also assists new traders about trading on the markets although it might not be ideal for the absolute beginner.
Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With Selftrade they have access to Selftrade’s Market Insight and Research tab which is simple to navigate and has a wealth of information available.
Selftrade also has the normal market activity monitors on their website which is controlled by Morningstar.
Awards
Being an awarded company instils extra confidence by traders. Selftrade can show awards accumulated during its years in business, including the following: 2018 award from Shares Magazine for ‘Best Investor Education’.
Conclusion
Selftrade is at the moment attempting to make their site easier and more manageable for beginner traders. They do offer a comprehensive selection of articles and advice for first-time investors available on their investing platform. However, there have been numerous complaints about their customer service team not been available or taking long to respond to requests.
Disclaimer
Selftrade warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with Selftrade, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
Selftrade warns that margin trading involves the potential for profit as well as the risk of loss and those movements in the price of foreign exchange and commodities are very unpredictable, hence Selftrade cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
FAQs
Trading enviroment
How many instruments can I trade with Selftrade?
You can trade several different instruments with Selftrade, which include the following:
Mutual Funds (Unit Trusts)
Fixed Income Investments
Stocks and Shares
ETFs
Investment Trusts
IPO
Which platforms are supported by Selftrade?
Selftrade provides its own custom trading platform.
Does Selftrade offer leverage?
Selftrade does not stipulate information about leverage on its website.
What spreads can I expect with Selftrade?
Selftrade’s website states that they offer tight spreads but does not specify if they variable or fixed and how much they are.
If details on the website is not comprehensive, more information can be obtained from the customer support service.
Does Selftrade charge commission?
Yes, Selftrade does charge commission on CFD instruments. More information on commissions can be obtained from the customer support service.
Is Selftrade regulated?
Yes, Selftrade is regulated by the Financial Conduct Authority (FCA).
Is Selftrade a recommended forex trading broker for experts and beginners?
Selftrade offers a fair trading environment for all types of traders.
What is the overall rating out of 10 for Selftrade?
7/10
Accounts
What is the difference between a demo and live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.
Does Selftrade offer a demo account?
No.
How long is the demo account valid?
There is no demo account offered on their website.
Which live trading accounts does Selftrade offer?
Dealing Account
Stocks and Shares ISA
personal pension SIPP account
Child Trust Fund
What are the available deposit currencies for a live trading account?
USD and other currencies.
Deposits and withdrawals
What is the minimum deposit for Selftrade?
There is no minimum deposit required.
How do you make a deposit and withdrawal with Selftrade?
Selftrade offers the following deposit and withdrawal methods:
Credit and Debit cards
Skrill
Neteller
Does Selftrade charge withdrawal fees?
No, but fees from financial institution may apply.
How long does it take to make a withdrawal?
Depending on bank services it may take several days for the money to be available.
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