OneTrade review
This broker was not featured in our 2024 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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OneTrade is a direct market access broker that was created by a leading social trading network known as FXStat. FXStat is a familiar name in the Forex trading industry, which is home to one of the largest social trading networks on the planet. FXStat provides numerous investment and trading analytics solutions that enable both investors, as well as professional traders, to create an efficient social trading platform that facilitates collaboration across a wide range of financial products. FXStat was launched in the year 2010, but OneTrade was only recently launched in 2015.
What Are The OneTrade Market Access Protocols?
OneTrade is designed as a DMA/STP Forex broker that connects traders directly to an array of liquidity providers and Electronic Communication Networks (ECNs) in the market. Therefore, OneTrade clients can be guaranteed of the best trading conditions that are free from any type of broker intervention or conflict of interest. Most market maker brokers are unable to match the conditions provided by an ECN account, which is why they fail to offer the best trading environment that modern Forex traders have come to expect from their Forex trading service providers. A no-dealing desk execution brokerage is not only beneficial from a trading perspective, but it also provides numerous advantages such as lowered cost of trading and instant order execution. OneTrade is a prime service offering that FXStat believes would help it to gain a significant market share in the highly competitive retail trading market. Learn more about the broker’s services and products by reading through this highly detailed OneTrade broker review.
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Bonus |
No |
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Regulation |
FCA |
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Mobile |
Yes |
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Instruments |
Forex, Precious Metals, Equity, Indices |
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Website |
www.onetrade.com |
| Not Verified | |
OneTrade Platforms & Market Access
OneTrade offers the MT4 trading platform for all of its financial products, which grants direct market access through dedicated ECN bridges. Since clients receive market quotes from multiple liquidity providers, the broker is able to quote ultra-low spreads that are highly competitive in the range of 0 to 1 pip on most currency pairs. ECN accounts do promise the guarantee of 0 pip spread, but traders should account for slight OneTrade spreads in the course of their trading career. The broker also charges a commission of $0.40 per mini lot per one side trade, which amounts up to $8 per round lot traded. The commission is slightly more expensive than other ECN brokers, but it isn’t too costly when you consider all the benefits that you receive with a OneTrade account. OneTrade mobile traders can choose the OneTrade mobile apps that are available as proprietary MT4 mobile trading platforms for iOS and Android devices. MT4 mobile apps are among the best mobile trading software in the market, which is further reinforced by the highly popular MT4 terminal for the desktop interface. All OneTrade platforms have excellent reliability, especially since the MT4 is known to be one of the most stable platforms available online. Traders can also login into the MT4 WebTrade using their desktop or mobile devices, which grants access to a browser-based trading platform that supports trading on the move. The WebTrader is convenient for all traders that do not have access to a dedicated device, but some traders also use the WebTrader to get access to more features than those that are available on mobile trading apps. A single OneTrade account login grants access to all MT4 platform versions.
OneTrade Forex Trading Account
A OneTrade account costs you $100, which is the only type of account available to traders for direct ECN/STP trading. All clients get access to the same services and platform, regardless of their initial deposit or trading frequency. Traders also don’t get access to any OneTrade bonus, while payment options include credit/debit card, bank wire, and e-wallet transfers. However, if you are a large account holder that transacts a significant amount of volumes, the broker does offer a slight reduction in its cost of trading by reducing the commission according to your account equity. Larger traders may be able to cut down the cost of trading by reducing the commission of ECN trading to as low as $0.20 per mini lot, but the broker may be able to provide a custom-tailored solution according to individual preferences.
Is My Money Safe With OneTrade?
OneTrade is a Forex broker that is based in the UK and regulated by the Financial Conduct Authority (FCA). The FCA is known as one of the top regulators in the Forex market, with the UK having strict laws concerning the conduct of all financial firms dealing in the Forex and CFD products. The UK has only recently quit the European Union membership, but the FCA is still a part of the European MiFID derivatives and the European regulatory policies that govern the operations of all European financial firms. Brokers in the UK are required to conform to all regulatory standards and guidelines that are made obligatory by the ECB and its allied regulatory agencies. FCA has strict anti-money laundering laws that are supplemented by stringent financial policies for ensuring the safety of investors and protection of client capital. All trading funds must be held in top UK banks in segregated accounts, which can only be accessed by the broker for maintaining its customers’ position in the market. Any unauthorized use of client funds will result in strict penalties, as well as a temporary or permanent injunction of the licenses. FCA brokers are also liable for criminal prosecution and other legal measures if they are found to be in direct or indirect violation of all the rules prescribed by the FCA and the UK Government. The FCA also provides an investor protection fund, the Financial Services Compensation Scheme (FSCS), which protects investors in the likely event of broker insolvency. The FSCS is a great insurance scheme for traders, which enable them to receive a compensation of up to £48,000 if a broker winds up its business without warning due to liquidation or bankruptcy. Although the FSCS is in place to protect traders against broker issues, the FCA has devised other regulatory guidelines such as enforcing minimum capital requirements for Forex brokers, performing periodic financial auditing of all financial entities, ensuring complete transparency of broker operations, and making sure that a broker operates in the best interest of its clients. The FCA is very clear on its rules on investor protection and prevention of customer abuse. Traders are free to initiate a complaint against any Forex broker for any issues related to their trading accounts, and investors are even encouraged to approach the Financial Ombudsman or the Court for arbitration or problem resolution. If a broker is found to be guilty of deceiving its clients, it will lose its reputation along with severe fines, which may end up in a ban for grave broker discrepancies. Therefore, it is safe to assume that OneTrade is indeed a reliable broker that will guarantee the security of your funds and offer you an excellent trading environment.
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