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Trade111 Review - is it scam or safe?

Trade111 review - Is trade111.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Trade111
Trade111 is an offshore broker. Your money is not safe.

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Trade111 is a forex and CFD broker, offering a wide variety of forex pairs and CFDs on commodities stocks, indices and even crypto coins. The broker offers a choice of five account types on the MetaTrader4 platform with relatively attractive trading conditions. However, we have some issues with the Trade111 regulatory status and their credibility as a whole, so if you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $500 1:400 3 pips, fixed
Standard Account $1000 1:400 n/a
Silver Account $2 500 1:400 n/a
Gold Account $10 000 1:400 n/a
VIP Account $25 000 1:400 n/a

 

Trade111 Advantages:

 

Good choice of trading instruments, lots of exotic currency pairs

 

We tested the Trade111 trading platform with a Demo Account and we found a really good variety of forex pairs, including a number of exotic currencies like Danish Krone, Hungarian Forint, Israeli Shekel, Norwegian Krone, Romanian Leu, Swedish Krona, Brazilian Real, Honk Kong Dollar, Indian Rupee, Mexican Peso, Polish Zloty, Russian Ruble, Kuwaiti dinar, Singapore Dollar, Turkish Lira, South African Rand and Chinese Yuan. 

 

We also found plenty of CFDs on stocks, indices, precious metals like silver, gold, platinum and palladium, energy and agricultural commodities like oil, natural gas, copper, wheat, rice, corn, cotton, soybean, cocoa, sugar and coffee and even crypto coins including Bitcoin, Ethereum, Ripple, Litecoin. 

 

Still, as crypto assets are getting more and more popular lately, here you may check our list of brokers offering Bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 400:1

 

Although higher leverage may be attractive to some traders with more aggressive trading stiles, we should note that risks, associated with it are significant and many regulators in the developed world have moved to reduce those risks. 

 

In the beginning of August the European Securities and Markets Authority caped the maximum leverage allowed with forex trade on the European market at 30:1, while similar restrictions are already in place in the US and Japan.

 

MetaTrader4 available

 

The presence of MetaTrader4 has always been good news. The platform is light and intuitive, supporting an excellent charting package, numerous market indicators and the option to run automated trading sessions with the help of customizable trading robots or Expert Advisors. Besides, here you may check our list of brokers, supporting the MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Trade111 Disadvantages:

 

Trade111 does not have a license

 

Unfortunately Trade111 does not have a license to provide financial or brokerage services and this significantly lowers the brokers credibility. We should note that regulation is the single most important factor for the safety of any investment. 

 

Besides, all brokers, providing financial services in EU, the US or Japan are required to be registered and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the National Futures Association in the US or the Cyprus Securities and Exchange Commission (CySEC).

 

In the case of Trade111, the broker is owned by Black Parrot Limited – a company, based on the Marshall Island and is operated by Blonde Bear OU, a company based in Tallinn, Estonia. Neither of the two companies is licensed and that makes the safety of your investment with Trade111 doubtful. 

 

Have in mind that with unregulated, offshore brokers the security of your funds depends solely on the integrity of the people behind those brokers.

 

Properly regulated brokers on the other hand are obliged to to follow strict financial and ethical rules, among which to make regular reports, to allow external audits, to maintain a certain minimum operational capital and to keep all clients money in a protected form creditors, segregated account. With some regulators brokers are even required to insure traders money.

 

Thus, for example, in case of insolvency of the broker, traders with FCA regulated brokers are entitled to a compensation of up to 50 000 GBP, while traders with CySEC brokers can receive back up to 20 000 EUR of their trading capital. So here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

If you have accepted a bonus by Trade111, in order to withdraw you will have to reach a certain minimum trade volume, equal to one standard lot for every 10 USD of the bonus. Have in mind that 1 standard lot is 100 000 currency units and reaching such a trading volume might prove quite challenging.

   

High spreads

 

As tested with a Demo Account the benchmark EURUSD spread on Trade111 trading platform was fixed at 3 pips, which is significantly higher than what is considered acceptable with a standard account. 

 

Have in mind that acceptable floating spreads usually start below 1,5 pips, while starting, fixed spreads should not exceed 2 pips. Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

For a Micro Account Trade111 asks for a minimum investment of 500 USD and that is simply unacceptable. Have in mind that with most broker you can start trading with about 250 USD, while some big, well established players like FBS and IG do not have a minimum deposit requirement at all.

 

Neteller and Skrill not available as payment methods

 

While most brokers accept popular e-wallets like Neteller and Skrill, at Trade111 you can fund your account only with a credit card, bank wire and a few other e-wallets like OKPay, Payeer, Klarna, QIWI and PayPal. Still we miss NetellerSkrill and we miss the option to pay with Bitcoins. So here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Our main issue with Trade111 remains its regulatory status – the broker does not have a license and that makes any investment with it quite risky. As we already said, we strongly advise all potential traders to invest with properly regulated brokers only.

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Traders` reviews for Trade111

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