de | cn | ru
Forex

TradeBerry Review - Is it scam or safe?

TradeBerry Review - Is tradeberry.com scam or good forex broker?

RATING: 3 / 2 REVIEWS
Find Better Forex Broker

Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Standard $500 0.01 1:50 1.6 pips, fixed

 

TradeBerry a single, commission-free account type with leverage up to 1:50, fixed spreads and the option to trade in micro lots on its proprietary web-based social trading platform.

 

Keep in mind that the broker does not provide services to cients from USA, Canada and Belgium.

 

The Company. Security of Funds

 

Company

Country

Regulation

R Capital Solutions Ltd.

Cyprus

CySEC

 

TradeBerry is a relatively young forex and CFD brand with a special focus on social trading. It provides pure STP trading environment and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company behind the brand also operates the CentroFX for customers looking for a standard Meta Trader solution.

 

CySEC requires licensed companies to hold a minimum of €730 000 in order to prove their financial stability, to keep client funds separately from the company’s operational assets, to regularly report to the Commission.

 

In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.

 

What is more, CySEC-regulated companies are authorized to provide their services across the EU under the MiFID regulations.

 

Trading Conditions

 

Minimum Initial Deposit

TradeBerry accounts require a minimum deposit of $500, which is a bit high for the industry. In comparison, eToro – a pioneer social trading broker (licensed by both CySEC and FCA), requires just $50 from its clients as a start.

 

Average Spreads & Commissions

TradeBerry offers fixed spreads amounting to 1.6 pips on EUR/USD, which is a quite competitive pricing. Most fixed-spread brokers offer 2.0 pips spread for the EUR/USD pair, and eToro’s spread is even higher, fixed at 3 pips for this pair.

 

Maximum Leverage

Following CySEC’s Regulations from December 2016 regarding the provision of CFDs to retail clients with high leverage levels TradeBerry has set the default leverage of all trading instruments to 50:1. Higher leverage is available only upon client’s request and at broker’s sole discretion.

 

Higher leverage levels indeed may lead to heavy losses in excess of your initial investments. Nonetheless, if you are willing to take the risk, many Cyprus-based brokers still offer higher leverage ratios: eToro – up to 1:300, and FXTM - up to 1:500.  You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

If you TradeBerry uses solely its web-based proprietary platform that runs on TOOMIT technology and has advanced copy trading options. This may be a bit of a downside for those traders who are used to the MetaTrader 4 with its EAs.

 

TradeBerry’s platform is interactive and creates an environment where users can see other traders’ activity, analysis, news, copy or get copied by others.

 

 

 

Methods of Payment

 

There are several ways to deposit money into your TradeBerry account or to withdraw from it: by bank transfer and by online funding (credit/debit card and payment service providers).

 

Account base currencies are: EUR, USD, and RON.

 

Keep in mind that Bank Wire Funds sent by wire transfer usually take between 2-7 working days.

 

Conclusion

 

TradeBerry is a well-regulated FX and CFD broker that places a focus on social trading. It offers tight fixed spreads. Here are, in a nutshell, the advantages and disadvantages with regards to this broker.

 

Pros Cons
Well-regulated  No choice of trading platforms & accounts, no MT4
Competitive fixed spreads Comparatively high initial deposit
STP broker Mediocre leverage levels
Web-based platforms with social trading options available  

 

Forex
Latest news about TradeBerry
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Seychelles FinaCom MT4 $10 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for TradeBerry

Great project guys, well done

I've been trading with trade.Berry for quite a while now and I have never seen a company so transparent! I got in touch with other people who have the same interest as I have, just because the company's idea is to create an environment only with investors/traders. And it did! My results improved based on communicating with others my ideas and learning day by day. This will change the way everyone will trade. You guys broght this activity to another level. Well done!!!

Alex 06/21/2017

Good impression for almost a year

I'm trading since 2011 and with trade berry since Aug 2016. Good thoughts when it comes to the platform as it's the most different (in a good way) one i've used. Bottom line is that after testing quite a few other brokers here I don't get unnecessary calls from the company cuz they have no sales or retention people, it's a transparent environment where I can put my experience to good use and of course make some money out of it. Find me in the platform under the nickname Costin., send me a message if you need some inside info. Cheers.

Iacovache Dumitru Constantin 06/14/2017
Forex
de | cn | ru