- Great looking trading platform
- Plenty of deposit options
- Not regulated
- No viable reputation
- Very limited tradeable assets
- Misleading and wrong information
TradeToro is yet another new cryptocurrency trading brokerage that was established during the massive hype around cryptocurrencies in the beginning of 2018. Since TradeToro is such a new online trading brokerage, it’s unclear how reputable and professional the brokerage really is. Already in their short span of existence, the brokerage changed their entire product offering from the trading of Forex and CFDs to just Cryptocurrencies. The brokerage is based offshore in Estonia with their headquarters located at Tornimae 5, Tallinn, 10145 Estonia. As TradeToro is an offshore online trading brokerage, they do not follow any licensing or regulations and traders should therefore approach this broker with extreme caution.
TradeToro is not like a traditional cryptocurrency exchange, but rather is more like a traditional forex and CFD trading brokerage. Traders don’t actually buy cryptocurrencies on the platform, they buy and sell CFDs on cryptocurrency assets. This method of cryptocurrency trading has its advantages and disadvantages and is really up to the trader to decide if it’s right for them. Numerous traditional online trading brokerages have begun offering CFD trading on cryptocurrencies as they have gained the attention of investors and traders from all over the world. However, can the TradeToro online trading brokerage be trusted? And how do the services they provide stack up to the competition? Find out in our in-depth review below.
TradeToro features their very own proprietary web-based trading platform that’s accessible across all desktop computers via the web browser. The platform is quite sophisticated and offers traders more trading tools, order types, and a better charting package than most standard cryptocurrency exchanges. Traders can conduct one-click trading directly from the charts and benefit from lightning fast trade execution. The entire trading interface is intuitively designed and easy to navigate. The platform appears to be best suited for beginner to intermediate traders but will accommodate experienced traders as well. All in all, the TradeToro trading platform is a simple yet sophisticated online trading platform.
One thing worth mentioning here is in regard to the mobile trading application TradeToro claims to provide. On the TradeToro website, they claim to have an advanced mobile trading application that can be downloaded from the Apple App Store and Google Play Store, however, this app is no where to be found. Therefore, we found it odd that TradeToro is advertising this but doesn’t even have this platform. Therefore, we are skeptical about other things TradeToro claims on their website.
When TradeToro first launched they claimed to offer the trading of a wide variety of tradeable assets including forex, commodities, indices, and more. However, now TradeToro only offers the trading of CFDs on cryptocurrency assets. The cryptocurrencies available to trade include; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Their website can be confusing as they show live prices of additional cryptocurrencies including; Stellar (XLM), Bitcoin Cash (BCH), EOS (EOS), IOTA (MIOTA), and Tether (USDT). However, none of these cryptocurrencies are available to trade on the TradeToro platform. All in all, the markets offered by TradeToro are very limited as cryptocurrencies are the only asset class and there are very few of them available to trade. Also, TradeToro makes it seem as if they offer more crypto assets on their website than they actually do. Therefore, this is another misleading aspect of TradeToro.
Fees and Commission
Yet another unsettling aspect of the TradeToro CFD cryptocurrency exchange is that there are absolutely no details regarding fees or commissions. We found this very odd as the brokerage explains in great detail how to make a deposit, but nothing regarding fees. Also, traders are required to make a minimum deposit of $500 to begin trading. This is rather high for a brokerage of this kind and raises some red flags. Another thing we found odd is on the main page of the TradeToro brokerage they advertise that they have zero spreads and no commissions. We found this hard to believe as this is not mentioned anywhere on the brokerages FAQ page.
Security and Fairness
TradeToro is not a regulated trading brokerage and are located offshore. The brokerage is very new and has not built up a reputable reputation as of yet. The security measures of the TradeToro trading brokerage are unknown as they do not disclose any of this information. All in all, we are largely uncertain how fair or secure the TradeToro brokerage is.
The customer support provided by TradeToro is available 24 hours a day, 7 days a week and support representatives can be reached via email or telephone. Additional methods of support include an extensive education center that only becomes available once you register your account and deposit funds. All in all, the level of support is unimpressive and the education center only being available upon account registration is a turn off.
Upon reviewing TradeToro, we have come to the conclusion that this broker should not be trusted. The TradeToro website has too much false and conflicting information that we are unsure what to believe about this CFD Crypto broker. The brokerage is very new and therefore we believe it’s better to let them build up a reputation before trading with TradeToro. As of right now, we are not certain whether the brokerage can be trusted or if they provide viable cryptocurrency trading services.
The following are the common questions that customers inquired about TradeToro.
Is TradeToro regulated?
No, it is not regulated by any reputable regulatory authorities.
Is TradeToro a scam?
Uncertain, TradeToro appears like it could be a scam and we advise traders to stay away from TradeToro.
Where is TradeToro based?
TradeToro is based at Tornimae 5, Tallinn, 10145 Estonia.