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OneTrade Forex Review, Rating and Comparison

OneTrade Forex Broker Review and Rating

RATING: 3 / 0 REVIEWS OneTrade Forex
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Spread 
Standard STP $100  0.01 1:100

Average 0.3 pips+ commission from $8 per standard lot (round turn)

 

OneTrade offers a single NDD/STP account, through which its clients can trade in more than 90 trading instruments with 1:100 leverage and tight variable spreads. Micro lots are available for trade for those unwilling to risk too much money.


Of course, there is also s free demonstration account with virtual $10,000 to begin trading.


The Company. Security of Funds


OneTrade is a UK-based No Dealing Desk broker, which provides trading in more than 90 instruments - currency pairs and commodity and indices CFDs through the popular MetaTrader 4. In fact, the brokerage was launched in 2015 by the popular UK regulated social network for traders FxStat and is naturally focused on social and copy trading.


FxStat Ltd. is authorised and regulated by the Financial Conduct Authority (FCA), and FCA regulation its renown for the stringent rules and supervision it applies. To acquire a license from the FCA, UK-based brokerages must hold a minimum of €730 000 in order to prove their financial stability, and also to meet numerous other requirements. For example, clients` funds shall be kept in segregated bank accounts and companies must regularly report to the UK financial watchdog.


Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the Financial Services Compensation Scheme (FSCS). FSCS is the UK’s compensation fund of last resort for customers of regulated firms, where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent or ceases trading.


Trading Conditions


Minimum Initial Deposit
This broker requires $100 from its clients in order to open a live account, which is an average initial amount to start with. In comparison, HY Markets requires $50 and FxPro - $500.


Average Spreads & Commissions
OneTrade offers competitive variable spreads, averaged 0.3 pips, incurring a brokerage fee of $8 per standard lot round turn. So, trading costs with this broker amount to around 1.1 pips per standard lot for the EUR/USD, commission included, which is a good offer.


In comparison, FxPro charges $4.5 per lot and offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts. For further information, check out and compare real-time spreads of 15 leading brokers here.


Maximum Leverage

The maximum leverage rate offered by OneTrade is just 1:100, which is a low rate for the forex market, as most brokerages offer at least 1:200. In fact, many FX brokers provide leverage levels equal to or higher than 1:500, in order to tempt traders by the opportunity of making striking profits on a small deposit. Keep in mind, however, that the reverse is also true - the higher the leverage, the greater the risks.


Trading Platforms


FxStat works with the MT4, so it’s no surprise that OneTrade supports this popular platform. Clients may use desktop, web and mobile versions. Developed by MetaQuotes, MT4 platform offers a number of built-in technical indicators, analysis options and interactive charting package. It is highly regarded by the online trading community mostly because it allows users to fully automate their trades, either by downloading ready-made or creating their own automated trading strategies (EA). Here is a list of more forex brokers offering MT4 platform.


As the mother company is a social trading network, this broker naturally focuses on social and copy trading. Clients have the opportunity to use FxStat’s network to copy the trades of other traders (not only in the OneTrade community), as well as to share their own trades and ideas.


Methods of Payment


OneTrade offers its clients the following ways to deposit/withdraw their funds: bank wire, debit/credit cards, and Skrill.


The accepted currencies are GBP, USD, and EUR.


Conclusion


OneTrade is a FCA-regulated broker, part of the social trading network FxStat, which offers STP execution and tight spreads. To sum up the above, here are the Pros and Cons with regard to OneTrade:

 

Pros  Cons
FCA-regulated, MiFID compliant Relatively low leverage (only 100:1)
MT4 available No choice of trading platforms & accounts
Tight spreads  
STP/NDD execution  
Forex Signals and Social trading available  

 

Latest news about OneTrade Forex
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Traders` reviews for OneTrade Forex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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