WikiFX Review: Something you need to know about The SR Trades

About The SR Trades

Registered in the United Kingdom, The SR Trades presents itself to be an online forex broker, offering a series of trading instruments, including forex, indices, CFDs, Metals, Energies, Cryptocurrencies, and Futures. The physical address for this broker is 71-75 Shelton Street Covent Garden London WC2H 9JQ United Kingdom.

Regulation: Is The SR Trades legit？

According to WikiFX, The SR Trades is not a regulated broker. Even more, WikiFX has given this broker a very low score of 1.19/10. Investing in an unregulated broker with a low WikiFX score is considered risky.

Account Types

The SR Trades offers four trading accounts designed for both retail and professional investors: Micro, Standard, Premium, and ECN accounts. The minimum initial deposit for four trading accounts is quite high, it seems like The SR Trades is ready to extract investors money at the very first by letting them deposit more funds.

To open a Micro account, the most basic one, traders need to fund at least $100, much higher than most reputable broker requirements, $10 or even less. The minimum initial deposit to open a Standard, Premium, and ECN account is $500, $2,500, and $10,000, respectively.

Leverage

The SR Trades allows traders to utilize the average of up to 1:1000, which is much above the levels considered appropriate by many regulators to protect retail traders. However, bear in mind that leverage can magnify your gains or losses by the same factor, so use it with caution. As the ratio of borrowed funds to available resources increases, so does the level of risk taken on by the investor.

Spreads & Commissions

When it comes to trading, the spread is set by the accounts you use. More account balance you have, the more competitive spreads you can enjoy. For instance, the Micro account with the minimum deposit of $100 gives you a minimum spread of 2 pips, slightly higher than the industry standards. The Standard Premium accounts offer spreads from 1.5 pips, and 1 pip, respectively. The ECN account offers the most competitive spreads, from 0.2 pips, yet with a certain amount of commissions charged.

Trading Platform

The SR Trades offers clients MT5 as its main trading platform.

Customer Support

Conclusion

WikiFX does not advise you to trade with The SR Trades as it may take your money away fraudulently. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android and IOS systems, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.