TradeFinancial Review
- Wide range of trading instruments
- No deposit bonus
- Minimum deposit amount is USD500
- Not regulated
- Poor Customer service
TradeFinancial is an Australian based online forex broker that has gained popularity from offering a proprietary binary options platform called TraderSoft. They were regulated by Australian Securities and Investments Commission (ASIC) under license number 422662. In Cyprus it was formed in 2016 and they offer binary options trading service. They have a wide range of trading instruments that traders can embrace for instance; currencies, binary options, stocks, indices, commodities and cryptocurrencies. To open an account with this broker it is a breeze, you will need to fill a form with your details and verify your information. The minimum deposit for you to open a trading account with this broker is $500. It is important to note on February 12, 2018, ASIC warned the public not to deal with this broker. The company also withdrew its CySec license on 21 September 2017. This should worry traders and extreme caution should be take prior using the services of this broker.
Exchange Platform
TradeFinancial uses a custom trading software that can be accessed through the web only. There is no desktop client version. The platform has no mobile version. On PC, you don’t need to download extra programs to get the trading software running. The trading platform has over 190 assets. The trading platform is only accessible through PC, there are no mobile apps nor mobile version of the platform.
Trading with Trade financial offers traders with a wide range of trading instruments. You can trade currency pairs, stocks, commodities, cryptocurrencies and binary options. There are no unique feature about the kind of trading instrument that this broker offers. Their binary options are the common binary options.
Fees
This broker has three different account types. Across the three different accounts the broker charges 2 pips for a currency pair such as EUR/USD. The company hasn’t opened up on how they charge commission on CFD, also there is little information on the spreads they charge. This indicates that traders should exercise cautions since it is not documented of possible charges for dormancy and the exact cost.
Security and Fairness
Trade Financial has lost regulator license of both Cysec and ASIC. As such it implies that it is very risky for a trader to use the services of this online broker. This is because the broker can manipulate market information to their advantage and may engage is unscrupulous practice to fleece traders their capital. An unregulated online broker has no laws to abide to and any person putting his/her money with such a company solely acts on the goodwill of the company.
Trading with Trade Financial doesn’t guarantee traders the safety of their funds. In case the company is declared insolvent, you risk losing your funds since the broker hasn’t insured your money under any scheme. As a rule of thumb, a trader should do a back ground check on the regulation of a broker prior depositing any sum of money to any broker.
Support
You can reach the customer service personnel of TradeFinancial through email and phone support. You can write an email to [email protected] or [email protected]. Alternatively, you can call their customer service on +442033558805. The company has a relatively slow response time and there has been a rise in complaints from customers about their non-responsiveness to email. Their website is scanty with information and can’t be relied as an information source for resources such as eBooks, tutorial videos and many other customer support information that are found on competitor websites.
Conclusion
TradeFinancial is a broker that leaves many questions without answers to many traders. With little or no information available online, it raises even more doubt. By the fact this broker is unregulated reduces its credibility and raises the risk a notch higher. Even though the company has a nice designed website that is user friendly and has over 190 assets, there is a possibility that the company broadcast false derivative prices. Rogue companies do that by broadcasting prices from their own servers and not the real competitive FX prices shown by banks such as Barclays, Citi bank and the rest. The broker custom platform isn’t that very much rich with trading tools. In fact it is very basic. There is a lot to lose using the services of this broker compared to other reputable brokers.
Trade Financial FAQ
Trade Financial is a broker that has raised eye brows among many traders. The following are the common questions traders have asked about this online trading company.
Is Trade financial regulated?
No. The company was previously regulated, however, it lost its CySEc and ASIC license in 2017 and 2018 respectively.
Where is Trade financial located?
Trade Financial has two offices, in Australia and Cyprus. The Australian office is it’s headquarter.
How do I deposit in Trade financial account?
Trade Financial accepts payments through bank wire, credit cards and ewallets.
How do I withdraw money from Trade Financial?
The following are the available withdrawal methods; visa, MasterCard, bank wire, ad ewallets such as webmoney.
Can I trade on Trade Financial with my mobile device?
No, Trade financial trading platform does not accept trading on mobile. The trading platform cannot be accessed on both android and IOs devices. The platform has no app that has been built yet.
Is TradeFinancial reliable?
Trade financial isn’t a reliable broker. It lacks reliability by the fact it lacks transparency in its business, it is not regulated and the customer service and ineffective.
Is Trade Financial a scam?
Yes, the company has legal litigation for fraud. Its directors face travel ban and have an active lawsuit in Australian Court.
