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TradingForex.com Review - Is it scam or safe?

TradingForex.com Review - is tradingforex.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS TradingForex.com
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads (& commission)
STP/ECN  $1000 0.01 1:200 0.4 pips + $5 per lot round trip
All Inclusive $1000 0.01 1:200 0.9 pips

 

TradingForex.com provides 2 types of trading accounts: a commission-free one as well as an account with tighter spreads that involves a commission. Otherwise the trading conditions on both account types are the same: STP execution with variable spreads, leverage up to 1:200 and the ability to trade in micro lots.

 

This broker also offers swap-free (Islamic) accounts and MAM (Multi Account Manager) accounts.

 

The Company. Security of Funds

 

TradingForex.com is a pure STP forex broker, established in 2012. It offers online trading in around 40 currency pairs and precious metals on the widely used MetaTrader 4 platform.

 

TradingForex.com is a domain owned and operated by TTCM TradingForex.com Capital Markets Ltd., a Cyprus-based company, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). It also operates the brand Traders Trust.

 

CySEC forex broker regulation is not among the world’s tightest, but currently it is one of the most popular in Europe. There is no cap on leverage, nor ban on hedging. Besides, all brokers regulated in Cyprus are authorized to provide financial services throughout the EU under the MiFID Passporting Regime.

 

In order to achieve a license from the Cypriot watchdog, forex brokers have to hold at least €730,000 as a proof of financial stability, and this minimum capital requirement should be maintained. Besides, regulated companies must keep client funds in segregated accounts and to report regularly to CySEC.

 

In addition, the CySEC applies a compensation scheme as additional guarantee to clients’ funds. All licensed companies are members of the Investor Compensation Fund, which protects clients’ funds in case of company insolvency up to £20,000 per person.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with TradingForex.com, traders have to invest at least $1000. Such minimum initial amount is comparatively high, however its clients access a pure STP trading environment. Other Cyprus-based brokers, like FXTM and XM, demand just $5 from its clients as a start. FxPro requires a minimum of $500.

 

Spreads & Commissions

TradingForex.com offers only variable spreads and in fact, trading cost on both account types offered is the same, amounting to around 0.9 pips for the EUR/USD pair, which is quite a competitive pricing.

 

In comparison, FxPro also provides average spreads of 0.4 pips on the EUR/USD for its cTrader accounts, but charges $4.5 per standard lot traded. So, average trading cost for FxPro clients is around 1.3 pips for this pair per lot. For further information, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage provided byTradingForex.com is average, up to 1:200. If you need higher levels, many Cyprus-based brokers offer such: FxPro – up to 1:500, and XM – up to 1: 888.

 

Keep in mind the higher leverage, the higher the risk of losses, which may even exceed initial investments.

 

Trading Platform

 

TradingForex.com supports the robust MetaTrader 4, coming in desktop and mobile versions.  

 

MT4 is popular worldwide for its user-friendly interface, innovative on the go trading capabilities, advanced charting tools, numerous technical analysis indicators extensive back-testing environment and automated trade options with Expert Advisor strategies (EA).  Here is a list of more forex brokers offering MT4 platform.

 

What is more, TradingForex.com has partnered with Myfxbook in order to provide quality Copy Trading services on its AutoTade platform.

 

Promotion

This brokerage offers cash rebates of $5 per standard lot traded round turn up to $5000 to new live account holders. This basically means that if you open a STP/ECN account, you will be able to trade commission-free.

 

Methods of Payment

 

TradingForex.com’s clients can make deposits to and withdrawals from their accounts via wide range of payment methods: credit/debit cards (Visa, MasterCard), wire transfer and e-wallet systems, such as Neteller, Skrill, WebMoney, FasaPay, OKPAY, and bitcoin.

 

Withdrawals are instant, except those made by Bank Wire Transfer and credit/debit cards, which are processed within 3-5 business days.

 

Payments via WebMoney, bank wire and bitcoin are not charged by the company, while the rest of the payment methods involve certain fee.

 

Conclusion

 

TradingForex.com is a Cypriot forex broker, offering really good trading conditions.  However, we find that some popular instruments are missing in its offering: CFDs on indices and stocks. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated No CFDs on indices & stocks available for trade
Tight spreads Comparatively high minimum initial deposit
Pure STP broker   
MT4 available  
Advanced autotrading options available  
Cash rebates offered  

                                                                                                                                                            

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Traders` reviews for TradingForex.com

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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