- Relatively low capital requirement to commence trading.
- TradeTime offers the MT4 platform for retail trading.
- Traders have access to the MQL Community website through their MT4 platforms.
- The company has a good social media presence, and well diversified customer support channels.
- Tradetime is not a soundly regulated broker. This will pose challenges for traders as there is no option to seek redress should things go wrong from the broker’s end.
- Customer support does not feature a live chat facility. Therefore, there is no way to get immediate solutions to any challenges faced with the platform or with specific trade conditions.
- Limited number of trading platform versions available to traders.
- There is no compensation fund.
TradeTime is a forex and CFD trading brokerage brand which is owned by a company that operates out of Vanuatu. This company is Silver Group Ltd. There are claims that the company is licensed by the regulatory body in Vanuatu, but in terms of forex regulation, this does not really hold a lot of weight.
What are the trading platforms being offered by the TradeTime team? Are the platforms good enough for its clients to get the best that the market has to offer?
TradeTime Web Platform
TradeTime offers its traders the opportunity to trade on a web browser using the URL of their proprietary web-based platform. The platform interface shows the assets to be traded on the left of the platform and presents the charts and position bars on the right.
The TradeTime web-based platform is an in-house product, developed by TradeTime’s team of programmers to give their client a unique feel of the TradeTime experience. However, this platform is limited in what it can do. There is no facility to enable traders use a VPS or even add expert advisors or custom indicators. They have to make do with what is available on the platform.
TradeTime offers the downloadable version of the world’s most popular retail platform, the MetaTrader4. This platform is available as a downloadable software, suitable for use on Windows computers. Traders can experience the power that this turnkey software puts in their hands for a thrilling trading experience.
With the TradeTime MT4, traders can add expert advisors and custom indicators. They also have access to the MQL Community website where all kinds of products and add-ons for the MT4 are available.
TradeTime also offers the opportunity to trade on mobile. While the software itself is not available as a downloadable mobile app from any of the app stores, the trading engine has been optimised for display on mobile devices. This allows traders to trade on smartphones and tablet devices as if they were trading with an app.
The mobile version of the TradeTime trading engine carries the same functionality of the web-based platform. This is suitable for traders who love to trade on the go.
TradeTime provides dedicated phone lines and email addresses as part of its customer support desk. There is also an online contact form that traders can use to reach the team. There are also social media options. Here is a list of channels through which traders can reach the TradeTime team.
Phone: There are several country-specific phone numbers that can be used.
- New Zealand: +64-48303348
- Australia: +61-284881087
- Spain: +34-917936712
- Sweden: +46-840308827
- Switzerland: +41-315087562
- UK: +44-2031501127
- France: +33-170726507
Email: The available emails can be used for general support, finance issues as well as for verification of accounts.
Social media: You can reach the TradeTime team on social media as follows:
- Facebook: https://www.facebook.com/TradeTime-433301407008483
- Twitter: www.twitter.com/TradeTime_
Security and Fairness
There is no information whatsoever on whether TradeTime is regulated or not. However, most regulatory bodies that supervise the financial markets and companies operating within these markets usually insist that all brokers that are licensed and regulated must display this information boldly on their home pages. Since this information is missing from the website of TradeTime, it is very easy to assume that this broker is not regulated.
However, we dug deeper and found out that this broker is actually regulated to carry out forex business in Vanuatu. However, the conditions under which the licenses for forex are given out in Vanuatu leave much to be desired. The entrance fees/capital requirement fee is only $2,000 and there is no compensation fund for traders in case liquidity problems arise. There is also no segregation of traders’ funds.
The million dollar question to ask is this: if you were to choose a forex broker from the thousands of brokers that exist in the forex market today, would you choose TradeTime? It is very likely that many traders will look elsewhere as there are better options around. The lack of sound regulation, non-sequestration of traders’ funds and lack of provision for trader compensation in case of company liquidation are serious concerns which any forex trader with some experience would have.
The customer support desk of TradeTime is ok, but this does not compensate for the concerns of safety of traders’ funds which have been raised. Any forex company worth its salt and which is willing to compete favourably in this global market such aim for better licensing and at the very least, offer what others are already offering. TradeTime needs a lot of improvement in its product offering to be able to