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Place a Trade Spreads, leverage, minimum deposit Revealed

WikiFX | 2022-11-09 10:18

Abstract：Place a Trade, a trading name of Focus Markets LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with over 800 tradable financial instruments with leverage up to 1:500 and floating spreads from 0.5 pips on the MT4, MT5 and SmartTrader platforms via 2 different live account types.

　　Risk Warning

　　Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

　　General Information & Regulation

Feature	Detail
Regulation	No Regulation
Market Instrument	over 800 instruments across FX, Shares, Commodities, Indices, and Cryptocurrencies
Account Type	Standard and Raw
Demo Account	yes
Maximum Leverage	1:500
Spread	Standard: 1.5-1.8 pips \| Raw: 0.5-1.0 pips
Commission	Standard: $0 \| Raw: $3.5 per standard lot traded
Trading Platform	MT4, MT5 and SmartTrader
Minimum Deposit	$100 AUD or equivalent
Deposit & Withdrawal Method	MasterCard, Visa, Poli, Neteller, Skrill and Wire Transfer

　　Place a Trade, a trading name of Focus Markets LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with over 800 tradable financial instruments with leverage up to 1:500 and floating spreads from 0.5 pips on the MT4, MT5 and SmartTrader platforms via 2 different live account types. Here is the home page of this brokers official site:

　　As for regulation, it has been verified that Place a Trade currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.27/10. Please be aware of the risk.

　　Market Instruments

　　Place a Trade advertises that it offers access to over 800 instruments across FX, Shares, Commodities, Indices, and Cryptocurrencies.

　　Account Types

　　Apart from free demo accounts, Place a Trade claims to offer 2 types of live trading accounts - Standard and Raw, with the same minimum initial deposit requirement of $100 AUD or equivalent.

　　Leverage

　　The maximum leverage provided by Place a Trade is up to 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

　　Spreads & Commissions

　　All spreads with Place a Trade are a floating type and scaled with the accounts offered. For example, the typical EUR/USD spread on the Standard account is floating around 1.5-1.8 pips, while 0.5-1.0 pips on the Raw account. As for the commission, there is no commission charged on the Standard account, while the Raw account has to pay a commission of $3.5 per standard lot traded.

　　Trading Platform Available

　　Platforms available for trading at Place a Trade are the most notable and preferred trading platforms the market offers - MetaTrader4, MetaTrader5 and SmartTrader. The MT4 and MT5 are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.

　　Deposit & Withdrawal

　　From the logos shown at the foot of the home page on Place a Trades official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of MasterCard, Visa, Poli, Neteller, Skrill and Wire Transfer. The minimum initial deposit requirement is said to be $100 AUD or equivalent.

　　Customer Support

　　Place a Trades customer support can be reached by telephone: +61 383758802, email: support@placeatrade.com or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram and LinkedIn. Company address: 1st Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, VC0100, St. Vincent and the Grenadines.

　　Pros & Cons

Pros	Cons
• Multiple instruments and payment options offered	• No regulation
• Demo accounts offered	• Commission charged
• Variable spreads from 0.5 pips
• MT4 & MT5 supported

　　Frequently Asked Questions (FAQs)

Q 1:	Is Place a Trade regulated？
A 1:	No. It has been verified that Place a Trade currently has no valid regulation.

Q 2:	Does Place a Trade offer demo accounts？
A 2:	Yes.

Q 3:	Does Place a Trade offer the industry-standard MT4 & MT5？
A 3:	Yes. Place a Trade offers MT4, MT5 and SmartTrader.

Q 4:	What is the minimum deposit for Place a Trade？
A 4:	The minimum initial deposit with Place a Trade is $100 AUD or equivalent.

Q 5:	Does Place a Trade charge a fee？
A 5:	Like every forex broker, Place a Trade charges a fee when you trade - either in the form of a commission fee or spread fee.

Q 6:	Is Place a Trade a good broker for beginners？
A 6:	No. Place a Trade is not a good choice for beginners. Although it says to offer free demo accounts on the leading MT4 and MT5 trading platforms, it lacks legitimate regulation is the unchangeable truth.