Trade24 Review

WHO IS TRADE24?      

According to research in South Africa, Trade24 is an ECN Switzerland-based broker that was established in 2007 and facilitates the trading of Forex and CFDs with traders from right around the world.

Trade24 offers traders with a choice in several accounts which can be used in conjunction with some of the most advanced, cutting-edge trading platforms, with trading conditions that suit the needs of beginner, advanced, experienced, and professional traders.

Traders, however, need to note that Trade24 is neither licensed nor regulated, and this may compromise the security of funds and may lead to substantial losses as fund security cannot be guaranteed.

SAFE OR SCAM?

When evaluating different brokers, it is imperative for traders to research and thoroughly compare brokers firstly based on regulation before considering several other factors.

Trade24 is not regulated or licensed through any regulatory entities and this is a crucial factor when considering that trader funds may be compromised as the broker has no measures in place to ensure the security thereof.

There is also no regulatory entity that governs Trade24’s operations to ensure that it is fair, and that trader funds are solely used for trading activities, and that funds are kept in segregated accounts separate from that of the broker.

Traders need to evaluate the risks involved with using the services of brokers such as Trade24 through which to conduct trading activities as personal information and funds may be compromised and there is no compensation in case this broker is a scam.

PRO AND CONS

LEVERAGE

Leverage is an extremely useful tool which can be used to increase the chance of gains and profit by allowing traders to open positions much larger than their initial deposits.

Simultaneously, leverage also exposes traders to substantial losses that may exceed their initial deposit if risk management tools such as stop loss and take profit, trailing stop, and others are not applied, in addition negative balance protection also offers extra safety.

Trade24 provides leverage of 1:200 which is quite average when compared to what other brokers offer. This ratio is a decent starting point, but there are, however, regulated brokers that offer higher ratios.

ACCOUNTS   

Trade24 offers a choice between six different accounts, including:

• Classic Account – minimum deposit of $500, leverage up to 1:200 and fixed spreads of 2.8 pips on EUR/USD.
• Silver Account – minimum deposit of $2,000, leverage up to 1:200 and fixed spreads of 2.8 pips on EUR/USD.
• Gold Account – minimum deposit of $5,000, leverage up to 1:200 and fixed spreads of 1.8 pips on EUR/USD.
• Platinum Account – minimum deposit of $20,000, leverage up to 1:200 and fixed spreads of 1.3 pips on EUR/USD.
• Mega Account – minimum deposit of $50,000, leverage up to 1:200 and fixed spreads of 0.8 pips on EUR/USD.
• ECN Account – minimum deposit of $50,000, leverage up to 1:200 and variable spreads from 0.2 on EUR/USD along with commissions of $15 per standard lot.

While Trade24 offers a variety of accounts, the minimum deposits required are exuberant when comparing these accounts with similar trading conditions from other brokers who offer more competitive conditions without such high minimum deposits.

One advantage that Trade24 has with the majority of its accounts, is that five out of six account options are commission-free with fixed spreads that are not subjected to changes in market conditions.

There is no mention of whether Trade24 makes provision for a demo account, or for an Islamic Option for Muslim traders governed by the Sharia Law that prohibits that interest, such as overnight fees, be paid by its followers.

Providing traders with a demo account is imperative as it provides a way for traders to explore the broker’s trading conditions in a risk-free environment and it also serves the purpose as a practice account for beginners and traders testing their strategies.

MARKET INSTRUMENTS

Trade24 only facilitates the trading of Forex and CFDs.

There is no additional information on the currency pairs that traders can expect to trade or which CFDs are available as the Trade24 website is inaccessible and previous reviews done on the broker do not provide this information.

FEES

When considering the minimum deposits that Trade24 requires when traders register a live account, they are substantially higher than what the majority of brokers who have similar trading conditions require.

The minimum deposits start from $500 on a Classic account and steadily increase to a maximum of $50,000 when opening an ECN Account.

The spreads that Trade24 offers are wide on the majority of accounts, from between 1.3 pips and up to 2.8 pips when trading EUR/USD, although the ECN account features relatively average, tight spreads which are variable and start from 0.8 pips on EUR/USD.

One advantage that Trade24 however has, is that most of the accounts offered are commission free, with relatively low commissions of $15 charged on the ECN account per standard lot.

There are no additional fees that can be noted for Trade24 as the broker website is inaccessible and previous reviews do not mention any other fees, but traders can expect, and will need to enquire about, the following possible fees:

• Overnight or swap fees
• Inactivity fees
• Account maintenance and management fees
• Deposit and withdrawal fees, and
• Conversion fees

DEPOSIT AND WITHDRAWAL

There is no mention of the ways through which deposits and withdrawals can be made, but it can safely be assumed that Trade24 will support the following commonly used methods:

• Bank Wire Transfer
• Credit/Debit Cards
• Neteller, and
• Skrill

In addition, the supported deposit currencies are not mentioned, but traders can expect that currencies such as USD, EUR, and GBP should be supported.

TRADING PLATFORMS

Trade24 supports the use of one of the most popular, commonly-used, user-friendly, and highly customizable trading platforms namely MetaTrader 4.

MetaTrader 4 hosts an array of features that provide traders with the best trading environment along with a unique, comprehensive trading experience.

MetaTrader 4 can be downloaded onto the following devices:

• Desktop PCs that run either Windows, Linux, or Microsoft.
• Mobile devices that run Android or iOS operating systems, or alternatively,
• The trading platforms can be accessed through any web browser.

HOW TO OPEN AN ACCOUNT

There is no information on how an account with Trade24 can be opened as the website cannot be reached and previous reviews make no mention of this process, but traders can expect general procedures pertaining to account applications.

General application processes involve an online form which has to be completed with the trader’s basic information, contact numbers and a valid email address, financial information, residential address, and trading experience.

Traders are, however, warned in divulging such sensitive information, especially when considering that Trade24 is an unregulated broker and traders are typically warned to rather open an account with a reputable, reliable, and well-regulated broker.

It can be expected, in opening an account with Trade24, that there is a ‘Know Your Client’, or KYC, process which involves the submission of documents to prove and verify the trader’s identity and their residential address.

CUSTOMER SUPPORT

According to previous reviews done on Trade24, customer support operates 24/7, and assistance can be obtained either telephonically, or by using the live/instant chat function yet this cannot be verified due to the inaccessibility of the broker’s website.

EDUCATION       

According to previous reviews, Trade24 offers traders with a variety of e-books to aid traders, especially beginners, with understanding Forex and CFD trading along with the respective markets.

RESEARCH         

Trade24 only provides technical analysis as a research tool. Other tools and resources cannot be verified as the broker’s website is inaccessible and previous reviews do not offer more substantial information on this.

AWARDS

There are no rewards indicated for this broker.

CONCLUSION  

Trade24 has competitive trading conditions, but there are various brokers who offer similar conditions that are more favourable with lower minimum deposits, who are additionally also well-regulated.

Traders are duly cautioned against unregulated brokers due to the lack of guarantees pertaining to client fund security in addition to compensation provided should Trade24 become insolvent or bankrupt, or in any other way, unable to fulfil financial obligations.

Trade24 offers wide spreads on most of the accounts, although these accounts are commission free, there are regulated brokers who offer more attractive trading conditions.

There is exceedingly little information on this broker, and a lot of factors can therefore not be verified, which greatly questions Trade24’s legitimacy.

DISCLAIMER

Trade24 warns traders of the risks involved with the leveraged trading of CFDs and other financial instruments as these risks may lead to the incurrence of substantial losses of initial capital, although negative balance protection is offered.

In addition, these risks may not be suitable for all traders and traders need to ensure that they have adequate risk management protocols in place to mitigate such risks and minimize their losses subsequently as losses may exceed the initial deposit of the trader.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with Trade24?

You can only trade Forex and CFDs.

Which platforms are supported by Trade24?

Metatrader 4.

Does Trade24 offer leverage?

Yes. Trade24 offers leverage of 1:200.

What spreads can I expect with Trade24?

Spreads from 0.8 pips.

Does Trade24 charge commission?

Yes. Commissions are charged at $15 per standard lot on the ECN Account.

Is Trade24 regulated?

No. Trade24 is not regulated or licensed.

Is Trade24 a recommended forex trading broker for experts and beginners?

No. Trade24 is not recommended at all due to the lack of regulation and the lack of information pertaining to the broker and its trading conditions.

What is the overall rating out of 10 for Trade24?

1/10

ACCOUNTS

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does Trade24 offer a demo account?

Unsure. This information cannot be verified.

For how long is the demo account valid?

This information is not available but when generally comparing demo accounts between brokers, the frequent term is 30-days.

Which live trading accounts does Trade24 offer?

• Classic Account – minimum deposit of $500, leverage up to 1:200 and fixed spreads of 2.8 pips on EUR/USD.
• Silver Account – minimum deposit of $2,000, leverage up to 1:200 and fixed spreads of 2.8 pips on EUR/USD.
• Gold Account – minimum deposit of $5,000, leverage up to 1:200 and fixed spreads of 1.8 pips on EUR/USD.
• Platinum Account – minimum deposit of $20,000, leverage up to 1:200 and fixed spreads of 1.3 pips on EUR/USD.
• Mega Account – minimum deposit of $50,000, leverage up to 1:200 and fixed spreads of 0.8 pips on EUR/USD.
• ECN Account – minimum deposit of $50,000, leverage up to 1:200 and variable spreads from 0.2 on EUR/USD along with commissions of $15 per standard lot.

What are the available deposit currencies for a live trading account?

The supported deposit currencies are not mentioned, but traders can expect that currencies such as USD, EUR, and GBP should be supported.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Trade24?

$500.

How do I make a deposit and withdrawal with Trade24?

There is no mention of the ways through which deposits and withdrawals can be made, but it can safely be assumed that Trade24 will support the following commonly used methods:

• Bank Wire Transfer
• Credit/Debit Cards
• Neteller, and
• Skrill

Does Trade24 charge withdrawal fees?

Unsure – there is no mention of withdrawal fees.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.