Minimum Deposit: $250
Maximum Leverage: 1:200
Today I’m going to write a review about Trade LTD forex broker for you. In this Trade LTD review you will find detailed information about the broker. Do not open an account before reading this review. Because you will find information that is important to you and your opinion may change.
Usually, I investigate the website in detail before I start reviewing a forex broker. Because if you’re a forex trader, the broker’s website can give you a hint about a lot. Because forex brokers design their official websites according to the target investor. You can even catch some clues about the company’s working policy.
The website of Trade LTD has a very modern design. Available in 4 languages, they are English, Arabic, Russian and German. Translation of the website in different languages is no longer difficult in today’s world. But many forex brokers still don’t implement it. In this respect, I think it is a positive feature.
However, the content of the website is not as good as its design. The contents are not satisfying or informative. There is also a blog on the website. But the content of the blog is very very limited. Not at a level that would be beneficial to investors.
Also images of people used for testimonials on the website are stock photo. It is clear that there is an action to deceive the investor.
So is Trade LTD scam or is it really one of the reliable brokers? What are the account types and trading conditions like spread, maximum leverage or minimum deposit limit offered by the broker? Which methods can be used for deposit and withdrawal? Is it really worth opening an account? In the next part of my review you will find detailed answers to these questions.
Is Trade LTD Scam or Reliable One?
Unfortunately Trade LTD is one of the unregulated forex brokers. If you have read my previous reviews, you know my views on this. I would definitely not recommend opening an account with Unregulated forex brokers.
Trade LTD is a brand name of BUSHIDO TECHNOLOGIES OÜ company. This information has already been shared with visitors in the footer of the official website. There is also an address in Estonia as the address where this company is registered and an address in Austria for operational purposes.
Despite all this, there is no regulator in which this company is registered and licensed.
You may not receive your money if you are trading in unlicensed forex companies. You also cannot find an authority to complain about. So my suggestion is that you always use licensed forex companies.
If you do trading on forex brokers in the top 5 of my list, you will not experience a withdrawal problem. These brokers are licensed and you can apply to the regulators when you encounter scam.
Trading Conditions Like Spreads, Leverage or Minimum Deposit Limit
Another problem with TradeLTD after the license problem is trading conditions. Unfortunately, trading conditions are pretty bad.
There are 3 different types of accounts offered by the broker. You can see these account types and features in the following table.
|Account Types||Minimum deposit||Min. Trade Size||Max. leverage||Spreads|
|Standard||$250||0.10||1:200||from 2.5 pips|
|Premium||$5.000||0.10||1:200||from 2.1 pips|
Let us now review the advantages and disadvantages of these types of accounts. The maximum leverage ratio for all account types is 1: 200. Many investors will find this leverage ratio low. FxPro, which ranks first in my list, offers a leverage ratio of 1:500.
Another important point is the minimum trade size. The minimum trade is about the minimum lot amount you can use during trading. The minimum trade offered by TradeLTD is 0.10 lot, ie mini lot. However, it is necessary to use micro lots for a good investment strategy. In some brokers such as FXTM or XM, nano lots are available. You can learn forex, or test the broker, without risk, thanks to the nano lot.
For more information about lot size, you can read my article on this subject. I think you will find it useful.
Spreads on EURUSD in standard account type are 2.5 pips. These spreads are quite high and well above the industry average. Normally it is better to see 1.5 pips spread on EURUSD. Spreads are very important for low cost trading.
Another criterion for trading conditions is the minimum deposit limit. The industry average is $100. However, the minimum deposit limit required by TradeLTD is $250 for standard account. If you want to use Premium account type which is more advantageous, you must deposit at least $5000. To use the VIP account type that is the closest to the industry average in term of trading conditions offered, you have to deposit $ 10,000.
In the meantime, I forgot to count the last negativity. This broker does not offer demo account to investors. You heard wrong! Demo account is not available.
If you have already opened an account with any forex broker, you can easily see that these trading conditions are very disadvantageous. To sum up, minimum deposit limit for accounts and the spreads are too high, the leverage ratio is low and the minimum trade size is disadvantageous.
Deposit and Withdrawal Methods
There are no transparent information on the official website about deposit and withdrawal methods. As far as we understand the information on the website, you can use wire transfer, Web money, Neteller, Skrill and credit cards as a payment method.
However you can only use the wire transfer and credit card refund method to withdraw money. You can use wire transfer to withdraw money when your profit exceeds $100. If you want to withdraw money by credit card, this amount is $50.
I’ve also seen some complaints about withdrawal when I’m researching the net. The withdrawal problem is one of the most common problems with such unlicensed forex brokers. We can see that a Norwegian investor cannot withdraw the money he has invested, even though he has made a profit.