Minimum Deposit: n/a
Maximum Leverage: 1:200
My Score: 0.8
Tradovest is a forex and CFD broker offering online trading services. The official website has about 20,000 visitors per month. Not very good numbers for a forex broker.
Also the website is quite lacking in terms of information. For example; no information about account types. Normally; almost all forex brokers give information about account types and a comparison table for comparing features. But this does not apply to Tradovest.
So, is Tradovest scam or a reliable broker? What criteria should we look at to analyze this? What are account types offered by Tradovest and trading conditions such as spread, maximum leverage? In this Tradovest review, you can get the answers to all these questions. Also, if you have a question about this broker or have any problems, you can write in the comments section under this article. I will respond as soon as possible.
Let’s start reviewing if you’re ready.
One of the most important issues for Forex traders is regulation. If you open an account with an unregulated broker, there is no authority to complain about a problem. So I strongly recommend you stay away from unregulated brokers.
Normally, brokers share information about regulation in their website. A license number is usually shared, which you can easily query from the website of the related regulator. Or the document related to this license is shared. However, when I visit Tradovest’s web site, I do not see the license number or the license document.
Tradovest is owned and operated by Celestial Trading ltd as a brand and this company registered in the Seychelles. In addition, another company, Celtic Pay LTD, manages the entire payment process of the broker. This is a situation I do not encounter on other forex brokers.
In addition, another company, Celtic Pay LTD, manages the entire payment process of the broker. This is a situation I do not encounter on forex brokers.
Over the past few months Tradovest has been under the spotlight by Austrian financial regulator Finanzmarktaufsicht (FMA). On June 13, 2018, the FMA issued a warning about Tradovest. According to this warning, Tradovest does not have a license for forex trading in Australia. However, Tradovest’s clients base is predominantly from Germany and Austria.
After all this, I can say that Tradovest is an unlicensed and unregulated broker. When you open an account with unlicensed brokers, do not forget that you have high risk of losing money.
Account Types Offered by Tradovest
Tradovest is offering a standard account type. Maximum leverage in this account type is 1: 200. You can use higher leverage on many forex brokers. For example; ASIC regulated Pepperstone and IC Markets offer 1: 500 leverage.
Spread on EURUSD is 3 pips. These spreads are quietly high because the average of brokerage industry is 1.5 pips. You can click the button below to see forex brokers offering lower spreads.
Tradovest offers a wide variety of deposit and withdrawal methods. You can use a wire transfer and credit card as you would in other brokers. My recommendation is to use credit card as the fastest method. In addition, you can use most of the popular e-wallet systems. This is also a positive feature. PaySafe, Neteller, Skrill, WebMoney, QIWI, Yandex Money and AstroPay are available as a payment method.