Looking for a Broker Promising to Keep Spreads Low? Read our TradingForex Broker Review
TradingForex is a Forex service provider, located in Limassol, Cyprus. TradingForex is actually the brand name of a Cyprus Investment Firm that is licensed and regulated by CySEC, known as TTCM Traders Trust Capital Markets Ltd It operates under the guidance of MiFID, and is also EEA authorised in a number of other countries, including the UK. This particular broker hasn’t been around for as long as many of the other brokers we choose to review, but we didn’t let that stop us.
Before we go any further however, we should mention there is another broker that has been operating that claims to have ties with TradingForex. This issue was flagged up when we were checking the FCA website for the company’s registration. The FCA have called it a clone firm and it goes by the name of Traders Trust Capital Markets Ltd. So, if you decide to give TradingForex a chance, be sure you are dealing with the legitimate broker, and not one that is part of a scam. One way of doing this is by calling the contact number that is listed on the FCA’s register.
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Instruments available for trading are a little limited
TradingForex offer foreign currency pairs and precious metals for trading. This in itself is not a bad thing, because many of you reading this review will only be interested in these particular assets. There are more than 50 available, including major and minor pairs, and spreads start at 0.4, for the EUR/USD currency pair. However, they do vary and can be higher than 50 pips for minor pairs.
TradingForex offers a choice of four accounts
To suit the needs of a broad range of customers, brokers will often offer a number of different accounts, each with its own special features. Aside from the demo account, which is always a welcome option, TradingForex have 4 different accounts to choose from.
STP/ECN account – Minimum account opening balance is $1000, account is based in USD and EUR, average EUR/USD spread ranges from 0.0 to 0.4 pips, minimum trade size is 0.01 lots. ECN commission is $2.5 per side per lot, EAs and scalping are allowed, leverage is 200:1, available for trading are 38 currencies and metals
All-inclusive account – Minimum account opening balance is $1000, account is based in USD and EUR, average EUR/USD spread from 0.5 with an average of 0.9 pips, minimum trade size is 0.01 lots, there is no added commission charge, leverage is up to 1:200, EAs and scalping are allowed, 38 currency pairs and metals are available for trading
Islamic account – No interest is charges on swaps from open overnight positions, but a storage fee of $5 per day is charged as a storage fee, and this rises to $15 for exotic currency pairs
MAMM account – This is the perfect account for managing a number of different accounts, making it all more manageable and efficient
TradingForex give traders the edge with the MT4 trading platform
MetaTrader 4 is a well-known trading platform that is preferred by a large number of traders. The good news is it is offered by TradingForex. What is it that makes it so popular?
- safe and reliable trading platform
- A good variety of analysis tools and multi-chart setups
- Suits multiple order types and works with foreign currency and spot metal trading
- Has a good selection of preinstalled indicators
- User-friendly interface
- Operates on a good range of devices including smartphones, tablets, desktops and iOS systems
- One-click trading
- Support available in a range of languages
You can learn the basics and more with TradingForex
It seems that TradingForex haven’t forgotten there is so much for traders to learn if they want to be successful. There is a great selection of educational material available, and it’s in a number of different languages. There is a beginners course, MT4 tutorials, a Forex eBook, trading tools, trading strategies, and even a section on the economics of market trading.
If you like the sound of TradingForex and are interested in opening an account, we’d better fill you in on the options for funding your trading account. The minimum initial deposit is $1,000 and there are a number of methods available. Although we should also mention that a number of them will incur a charge. You are able to use debit or credit cards, international bank wire, OKPAY, WebMoney, Neteller, Skrill, and even Bitcoins. The methods for withdrawing are a little more limited, but there should be one that suits.
Our first impressions of this broker are that it is obviously a newcomer to the world of Forex trading, with a long way still to go before it can measure up to some of the more experienced brokers. However, for some of you this will be just what you’re looking for. After all not everyone is impressed with lots of bells and whistles. If you want to take the plunge we’d advise you to start with a demo account, and you’ll be able to see for yourself whether this broker offers just what you’re looking for.