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TradeFW Review - is it scam or safe?

TradeFW review - Is tradefw.com scam or good forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz TradeFW
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TradeFW is a CySEC regulated forex and CFD broker offering over 40 forex pairs, as well as CFDs on indices, spot metals, commodities and crypto coins on the MetraTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
ECN standard $250 1:100 3,2
ECN VIP $10 000 1:100 1,7

 

TradeFW Advantages:

 

Sound regulation

 

TradeFW (formerly BO360) is a trade name of iTrade Global (CY) Ltd, a Cyprus based company, regulated by the Cyprus Securities and Exchange Commission (CySEC). 

 

Trading with a properly licensed broker is crucial for the safety of any investment. Among other benefits for the customers, regulated brokers are obliged to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

Under the CySEC backed Investor Compensation Fund for example, in case something with the broker goes wrong, traders can receive back up to 20 000 EUR of their capital. Similar compensation scheme with the Financial Conduct Authority (FCA) in the UK guarantees traders up to 50 000 GBP of their investment. Here you may check our list of brokers, also licensed by CySEC:

 

>>Forex brokers in Cyprus<<

 

Lots of forex pairs and a couple of crypto CFDs

 

TradeFW offers its clients over 45 forex pairs, including some exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Norwegian Krone, Polish Zloty, Hungarian Forint and Danish Krone. The broker also offers CFD trade on indices, spot metals and commodities, as well as a handful of crypto CFDs, including on Bitcoin and Ethereum. Still, here you may check our list of brokers, also trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:100

 

Leverage of up to 1:100, as offered by TradeFW on all account types, is perfectly sufficient to fit any trading strategy. Have in mind that the higher the leverage, the higher the risk of loosing your funds much faster. Professional traders, knowing that well, rarely trade with leverage exceeding 1:100.

 

MetaTrader4 supported

 

You have a choice of a web based, mobile and a deck top version of the all time classic trading platform – the MteaTrader4. The platform is well known and preferred by experienced and beginner traders alike.  It has intuitive interface, grate charting tools and more that 50 integrated market indicators. 

However, the feature MT4 is best know for, perhaps is the algorithmic trading option, where you can run automated trading sessions with the help of Expert Advisror bots, which can be easily modified on a proprietary scripting language – the MQL4. Here you can check our list of brokers also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Support in Italian

 

Besides English, TradeFW website is supported in Italian as well.

 

TradeFW Disadvantages:

 

Uncompetitive spreads

 

Spreads as high as 3,2 pips with the ECN standard account and 1,7 pips with the ECN VIP, although no commission on the trade is taken, in our view are totally uncompetitive. Just have in mind that with a standard account traders are used to spreads starting form about 1 pip or even less, so here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Higher than usual minimum deposit requirements

 

To open a standard ECN account with TradeFW you will have to invest at least 250 USD and that in our view is a bit excessive, as with most brokers you can open a trading account with a hundred dollars or so, while with some well established players like XMFXTM and IG you can start trading with just 5 USD. 

 

Besides, to open an ECN VIP account, which offers much better trading conditions, you will have to invest at least 10 000 USD.

 

Popular e-wallets not accepted as payment methods

 

Although you can deposit or withdraw funds at TradeFW with all major credit or debit cards like VISA and MasterCard and also with PaySafe, other e-wallets like Skrill, Neteller and PayPal are not available. So here you may want to check our list of brokers, accepting Skrill as a payment method:

 

>>Skrill Forex brokers<<

 

Conclusion:

 

TradeFW is a CySEC regulated broker, offering lots of forex pairs, including some exotic currencies and even crypto CFDs on the MetatTrader4 platform. All that said, we should note that spreads are far form impressive and the payment methods are rather limited.

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Traders` reviews for TradeFW

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Stay away from Trade FW

This is not an opinion but an experience.
I've been a customer to these company. A Cysec regulated company, as they like to let you know. But why then are they operating from Spain and not from Cyprus?
Because they operate thoriugh another company: Alef & Kiai, that is not regulated at all and that can be closed at will, if they want, letting all the money disappear in the glimp of an eye.
But let's see the facts.
In 14th Nov. I made my firs deposit of 500 Euro (600 $).
They called my on the phone in no time and Danilo, the account manager helped me made 2 operation in the forex market.
after a week, the first operation brought me back 27 Eur (30 $) in revenue. After many days of insistence I've deposited other 250 Eur (280 $).
And finally the second operation lost 45 Euro (48 $).
So I decided to withdraw all the money and let go everything.
Since then they started to call me and email me asking me a bunch of non sense document as the screenshot of my bank account from the mobile app, only to be sure that I was me.
They never asked this when I deposited the money.
Anyway, after 3 weeks o continuos emails and bad answer from their customer "care", today (3rd december) I've received an email with the approval of transfer for 229 Eur (270 $). They say that the rest of the money will come later because that's the way I deposited the money.
In the contract that they let you sign, is written that they can ask any documentation they think is useful to guarantee the security of the customer, so basically they could ask for something that does'nt exist and if you won't supply it the can't send you the money.
I don't think Cysec works this way.
Stay away from these scammers

Francesco col 12/03/2019
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