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TradeDiect365 Review - is it scam or safe?

TradeDiect365 Review - Is tradedirect365.com.au scam or good forex broker?

RATING: 3 / 0 REVIEWS TradeDiect365
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Trading Accounts & Conditions

Account type  Minimum deposit  Maximum leverage Spread
Standard $0 1:200 From 0.8 pips

 

TradeDiect365 is an Australian forex and CFD broker. The company generally places greater emphasis on the fact they support stock specific CFDs for the local exchange. Our review, as per usual, will focus more on the currency trading aspect.

 

TradeDiect365 Advantages

 

ASIC regulation 

Being overseen by one of the most respected financial watchdogs in the world is definitely a strong sign of credibility. The Australian Securities and Investments Commission offers clients a lot of protections against unethical brokers. We will cover this in details below. 

 

Tight spreads

The EUR/USD spread we saw when testing the TD365 trading platform was consistently under one pip. This is in line with the company’s claims and a very impressive level, when compared to the majority of the industry.

 

A lot of stock CFDs

The number of trading instruments at TD365 is vast. When it comes to the stocks, the local market is covered in great details, with CFDs for a lot of the  publicly traded companies. Cryptocurrency contracts have also been added recently, covering Bitcoin, Ether and Ripple.

 

Two platforms, MT4 available

TD365 allows clients to choose their trading platform. The industry-leading MetaTrader4 (MT4) is one of the options, which the trading veterans will most likely prefer. There are many benefits of trading with this software, including the supreme charting, ease on the hardware and support for custom indicators/automated trading systems. 

 

>>The top MT4 brokers<<

 

We can’t provide a screenshot of the MT4 offered by this broker, as their demo accounts only feature the other platform which we will cover in the negatives section.

 

 

No minimum deposit

Most brokers have set a minimum requirement for the size of your first deposit with them. This is obviously done in order to guarantee, you will be a serious client, worth their time. Nowadays the entry bar has gone down to around $100 on average, but you can open an account with an even smaller investment with TradeDiect365.

 

Leverage of 1:200

This is a decent leverage ratio, which allows one to trade very aggressively. Some may argue, it’s too high for beginners and this will be a reasonable position. All traders must understand the risks involved with margin trading and follow a risk management system.

 

TradeDiect365 Disadvantages

 

The web based platform isn’t impressive

The second trading solution provided by TradeDiect365 is web-based and also has a mobile version. It is called ClouldTrade and at least when it comes to the desktop layout, it isn’t very attractive. The entire interface is somewhat customizable, with “semi pop-up” charts. While they are initially fixed in the window, in which they operate, opening them in a new one is also supported. Here is a preview of the platform, without the charts:

 

The trading terminal at TD365 (click to zoom)

 

When expanded the charts actually seem ok. Here is a preview:

 

The charting package of the ClouldTrade platform (click to zoom in)

 

This solution is much worse than the other platform in our opinion, simply due to the lack of a standalone desktop version. Additionally the position sizing is slightly different – an order for 1 is apparently an order for 1000 currency units. This feels weird to someone who is used to the most popular forex platform (or simply typing the nominal value of each trade). Luckily MT4 is also supported.

 

Only two payment methods

One can deposit funds at TradeDiect365 only via Bank Transfer and BPAY. This is a rather limited pool, if compared to the rest of the industry. Options such as Skrill, Neteller and even Bitcoin have been gaining popularity in recent years.

 

>>Brokers accepting Neteller<<

 

Conclusion

 

TradeDiect365 is an Australian forex and CFD broker, which is regulated by the local watchdog – ASIC. Their offer is relatively extensive and while Australian stock CFDs are a key part of it, the forex side of things also looks decent, with competitive spreads. Two platforms are provided, though we couldn’t test their iteration of MT4. 

 

>>Other ASIC regulated brokers<<

 

The main selling point of this broker, which is always more important than the trading conditions is the regulatory status. Being overseen by the Australian Securities and Investments Commission means TD365 has capital holdings of at least AUD 1 million. Furthermore, they can’t steal your investment and not offer a trading service. Client funds are kept segregated (separate) form the company’ s operating balance. 

 

The strong and weak sides of TD365:

 

Pros Cons
ASIC regulation The web based platform isn’t impressive
Tight spreads Only two payment methods
A lot of stock CFDs  
Two platforms, MT4 available  
No minimum deposit  
Leverage up to 1:200  

 

 

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Traders` reviews for TradeDiect365

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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