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TradersHome Review - is it scam or safe?

TradersHome review - Is tradershome.com scam or good forex broker?

RATING: 1 / 0 REVIEWS TradersHome
TradersHome is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


TradersHome is an offshore broker offering several account types on the MetaTrader5 platform. Unfortunately the broker does not have a forex license, so if you are thinking about opening an account with them better read this review first.

 

Account type Min. deposit Max. leverage Spreads
Student Account $250 1:400 3 pips
Starter Account $2500 1:400 n/a
Premium Account $10 000 1:400 n/a
Advanced Account $25 000 1:400 n/a
Pro Account $50 000 1:400  
VIP Account $100 000 1:400  

 

TradersHome Advantages:

 

Good selection of currency pairs and other trading instruments

 

TradersHome offers quite a variety of trading instruments - indices, shares, spot energies including WTI Crude Oil, natural gas and Brent, commodities, spot metals, some crypto coins - Ethereum, Bitcoin, Litecoin and Ripple and over 50 currency pairs, plenty of which exotic - USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDRON, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD, USDDKK, USDCZK, USDCNH and USDBRL. Besides, if you are interested in  trading crypto you can check our list of brokers trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Generous leverage

 

Leverage of up to 1:400 as offered by the broker is not that common on the market these days, after the European Securities and Markets Authority caped the maximum leverage allowed with forex transactions fore retail clients at 1:30, following a similar move by the authorities in the USA and Japan. In practice, currently the only regulatory hub still allowing trade with unrestricted leverage is Australia, so here you may check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

MetaTrader5 available

 

Some years ago MetaQuotes Software launched MetaTrader5 with the idea to replace MetaTrader4. MT5 allows execution of orders in several financial markets and stock exchanges through a single trading account. The newer platform, however, still remains in the shadow of its predecessor, mainly because of the huge amount of trading software – market indicators and trading robots, developed specifically for MT4. 

 

Otherwise the two platform share common features like the advanced charting tools and user friendly interface, along with the option to run automated trading sessions. Besides here you may check our list of brokers offering MetaTrader5 as well:

 

>>MT5 brokers<

 

Acceptable minimum deposit requirement

 

You can open a trading account at TradersHome with an initial deposit of just 250 USD and that is fine as most other broker would ask you for the same amount. Still, have in mind that some big well established players like FBS and IG does not have a minimum deposit requirement at all.

 

You can pay with Neteller and Skrill

 

TradersHome says they accept payments with major credit or debt cards like VISA and MasterCard, bank wire transfers, e-wallets including Neteller and Skrill, and Western Union, a money transfer service. Still we do not see the option to pay with crypto coins so here you may also check our list of brokers, accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

TradersHome Disadvantages:

 

No license 

 

TradersHome is owned and operated by TradersHome Ltd. - an offshore company based on  St. Vincent and the Grenadines. However, neither the company nor the broker is registered and authorized by an official financial regulator, which means they do not have legal right to offer financial and brokerage services on regulated markets such as the EU, Australia, the UK, Japan or the USA. 

 

In addition we should note that most unregulated brokers are involved in scam and trading with such entities has always been unreasonably risky.

 

Trading with a licensed broker on the other hand is completely safe, because all companies regulated by official financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) are subject to very strict oversight. 

 

On top of that all traders with EU regulated brokers get an insurance of up to 20 000 EUR, while with FCA regulated brokers your funds will be protected up to 50 000 GBP, even if your broker files for bankruptcy. Beside here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unspecified withdraw conditions

 

Let us note that the practice of attracting clients by offering trading bonuses has always been highly controversial and is actually banned on many regulated markets like for example Europe. That is because trading bonuses are always linked to some special withdraw conditions, most commonly some minimum trade volume requirement.

 

In the case of TradersHome they do offer trading bonuses, but do not specify what the required trade volume will be. They just say that “The Client acknowledges that he/she must meet the required trading volume as determined by the liquidity provider which changes from time to time.”

 

 

Actually the liquidity provider here is TradersHome, because they act as a market maker. That means they simply reserve the right to change the minimum trade volume requirement on their sole discretion.

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips – twice higher than the levels traders would usually expect with a standard account. Besides, here you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

TradersHome is a low credibility offshore broker, without a legit license to provide financial services on regulated markets like Europe, the UK, Australia or the USA. Our usual advice in such cases is to choose from properly regulated brokers only, because the safety of your funds can not be guaranteed any other way.

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Traders` reviews for TradersHome

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