I Trade24-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

Trade24 is an online ECN broker which is based in Switzerland, which offers a variety of accounts for the trading of Forex and CFDs. Finding a reputable Trade24 review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding Trade24 to help you make an informed decision before opening your account or trading on their platform.

The broker offers its services to clients globally, providing a trading environment that supports a variety of trading styles, levels of expertise, and trading strategies.

Trade24 was first established in 2007 in Switzerland, where the broker is still headquartered today.

While the broker does offer its services to numerous traders around the world, prospective clients should note that Trade24 does not fall under the authorization of any regulatory body at this stage.

At this stage, Trade24 is not able to provide its clients with a safe and secure trading environment, due to its lack of regulation.

While it remains to be seen whether the broker will become regulated in the future, considering the long period in which it has operated without regulation, this seems unlikely.

A lack of proper regulation is a serious drawback for many traders on the highly volatile forex market, which by its very volatility requires that brokers instate some form of client protection measures.

MARKET INSTRUMENT

Trade24 provides traders with access to two asset classes, namely forex and Contracts for Difference, or CFDs.

As such, this product portfolio might prove too limited for many investors, although pure forex traders would be sufficiently catered for. That said, the broker does not provide any information regarding the number and type of currency pairs available.

ACCOUNT AND LEVERAGE

Trade24 provides an impressive selection of six different account types, which each come with their own trading conditions.

Classic Account

• Minimum deposit: $500

• Leverage: 1:200

• Spreads: fixed at 2.8 pips for EUR/USD

Silver Account

• Minimum deposit: $2000

• Leverage: 1:200

• Spreads: fixed at 2.8 pips for EUR/USD

Gold Account

• Minimum deposit: $5000

• Leverage: 1:200

• Spreads: fixed at 1.8 pips for EUR/USD

Platinum Account

• Minimum deposit: $20 000

• Leverage: 1:200

• Spreads: fixed at 1.3 pips for EUR/USD

Mega Account

• Minimum deposit: $50 000

• Leverage: 1:200

• Spreads: fixed at 0.8 pips for EUR/USD

ECN Account

• Minimum deposit: $50 000

• Leverage: 1:200

• Spreads: fixed at 0.2 pips for EUR/USD

• Commission: $15 per standard lot

All of these accounts are offered commission-free, except for the ECN account, although the brokers spreads are significantly wider than those offered elsewhere, starting at 2.8 pips for the Classic Account with a minimum deposit of $500.

SPREADS AND COMMISSIONS

Trade24 offers commission-free trading on all of its accounts except for the ECN Account, which is charged at $15 per standard lot.

This commission-free trading would be more of an advantage to traders if the brokers spreads were tighter, but as such, accounts with competitive spreads can only be accessed with an extremely high minimum deposit.

TRADING PLATFORM AVAILABLE

Trade24 provides one trading platform, namely MetaTrader 4. Though this might seem like a limited offering, MT4 has become renowned with traders around the world due to its advanced suite of analytics and trading capabilities.

The MetaTrader 4 trading platform is designed for Forex and futures trading. With MetaTrader 4, traders can analyze financial markets, perform advanced trading operations, run trading robots (Expert Advisors) and copy deals of other traders.

DEPOSIT AND WITHDRAWAL

As already noted, Trade24 has a relatively high minimum deposit requirement, however, the broker does not provide any information regarding the available methods for making either deposits or withdrawals.

Many brokers provide a variety of deposit and withdrawal methods, including bank wire transfer, credit or debit card, and a number of popular e-wallets such as Neteller or Skrill.

These payment options are important in determining the potential effects they could have on the profitability of a trade, through additional bank costs, as well as the time it takes to make a withdrawal, as e-wallets are usually faster than bank wire transfers.

CUSTOMER SERVICE

Trade24 is reported as providing customer support 24 hours, 7 days a week, with available contact methods including telephone, or by using a live chat function for more pressing queries.

However, the broker‘s client portal was inaccessible at the time of writing, so that these details could not be verified, with this lack of inaccessibility being a worrying aspect of the broker’s dealings.

This lack of adequate customer support will present serious problems for those who need to resolve pressing issues that affect their trades, particularly when considering the fact that the broker is not regulated.