CornerTrader Review – Are They Suitable For Forex Trading?
CornerTrader is a Swiss Forex broker that has been involved in the financial markets since the early 1950s. The company only recently introduced its online services in 2012, but at the outset, it is evident that the company has a pretty good idea of what is required to stay ahead in the Forex trading business. CornerTrader is registered as a bank in the Swiss financial markets and is regulated by the FINMA, which is a top Swiss regulatory authority that is responsible for supervising the activities of financial brokers in the country. The FINMA has very strict laws that require Forex brokers to be registered as banks with significant capital requirements for ensuring that they can withstand the volatility in the Forex market. It is no mean feat that Swiss Forex brokers have managed to withstand numerous volatile market with virtually minimal after-effects, while several well-established Forex brokers from other major economies have ended up in bankruptcy or insolvency. Forex brokers in Switzerland often have its branch offices in other parts of Europe, Asia, and the Middle East, while its European licenses are regulated by the European MiFID and the European Central Bank. Even though Switzerland is not a part of the European Union, the FINMA works with the ECB and other top regulators in the region for ensuring cross-border sharing of services and for protecting the integrity of the European financial markets. Switzerland has traditionally been a politically neutral country, but it does have excellent trade agreements between the largest economies in Europe and across the world to ensure that the country has access to the best deals in the global economy.
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CornerTrader Account Features, Minimum Deposits, Spreads, & Leverage
CornerTrader offers three different types of trading accounts for its clients, the Private Trader, the Capital Trader, and the Pro Trader. The Private Trader account is the primary account offering with a minimum deposit requirement of $5,000, which seems to be the standard initial deposit for Swiss Forex brokers. Regardless, the broker has limited its leverage offering to 1:50 for Forex currency pairs, with several other currencies having higher margin requirements. 1:50 is the leverage provided by US Forex brokers, and there is no reason why CornerTrader leverage has been lowered to the US level. Other Swiss Forex trading companies offer a minimum of 1:100, but professional traders rarely use the full amount of leverage available to them. Most established Forex traders and money managers use a maximum of 1:20 leverage, but it would have been sensible for the company to offer 1:100 for smaller traders. The Private Trader account also comes with a higher CornerTrader spread of 4 pips on the EUR/USD currency pair, which only increases for other currencies. 4 pip spread is certainly way too expensive for retail traders, immaterial of the lack of commission or other hidden fees. If you want a slightly reduced cost of trading, you can receive 3 pip spread quotes for the Capital Trader account, which stipulates a minimum of CHF 75,000 initial deposit. In our opinion, depositing a huge amount of money to enjoy a 1 pip reduction in the spread is certainly not a good choice, especially when regular market maker brokers offer tight spreads starting from 1.5 pips on major currency pairs. The Capital Trader account does come with other account features such as free trading signals, and some other benefits, but such an account is in no way recommended due to the high cost of trading. For real ECN conditions, traders must choose the Pro Trader account, which has an even higher minimum deposit requirement of at least CHF 100,000, which does qualify for ECN spreads starting from 0.2 pips and a small commission of $10 per million traded. The Pro Trader is the only sensible account option as far as the cost of trading is concerned, especially since the account offers access to several free services and benefits that are not available on the Private Trader and Capital Trader accounts. Nevertheless, the company warns its clients about hidden fees, which may become prominent for customers that do not transact the required number of lots during a given month. Pro Trader accounts are specifically reserved for high-volume traders, and failure to transact the minimum amount of volumes will lead to hefty maintenance fees. You should not worry about the safety and security of a higher CHF 100,000 minimum trading capital requirement, as under the FINMA regulatory framework, all Swiss FX broker clients are guaranteed of CHF 100,000 compensation from the Swiss Government if a broker ends up insolvent. On the contrary, you should be committed to transacting the minimum volumes per month, which may require you to deviate from your trading strategy and over trade.
The CornerTrader Platform Review
CornerTrader offers a multi-asset platform that gives access to Forex, equities, futures, and CFDs, providing the much-needed versatility in the financial markets. All three trading accounts are accessible through three different CornerTrader trading platforms, each designed for individual platforms for desktop, mobile, and browser trading. The Full CornerTrader platform is an installable interface for the desktop that offers the most comprehensive list of features and indicators that are available in the market. If you are not a fan of an installable interface, or if you don’t have access to a dedicated trading system, you may choose the CornerTrader Web trading platform, which has all the features and functionalities of the desktop interface without any compromises. However, the broker has also created mobile trading access for CornerTrader mobile trading clients through their proprietary Mobile trader interface, which can be accessed through the web browser on your smartphone or tablet. Unfortunately, there aren’t any dedicated mobile apps for the iOS or Android operating system, which are hugely popular among modern traders.
CornerTrader Customer Support
CornerTrader does lack the professionalism and the efficiency in its customer service department, with customer access restricted to web contact form, email, or direct phone numbers to its office in Switzerland. Traders do require 24 hours live support for all of their concerns, which is sadly not available with the broker. Email and web contact forms have a noticeable delay between interaction and response, which may lead to further issues between the broker and their traders. For the kind of minimum deposit requirements sought for a CornerTrader account, traders can open a cost-effective ECN account at other mainstream brokers that not only offers an excellent trading environment but may also qualify for excellent deposit bonuses. CornerTrader is certainly one of the most expensive options in the market, and we haven’t seen any evidence to support the company’s offering of higher spreads and the various restrictions on trading. We recommend opening an account at other leading Forex brokers that do not inconvenience their clients in any manner.