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Tradefred Review: Scam or Legit Broker?

Tradefred Review: Scam or Legit Broker?

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Tradefred is a broker offering Forex and CFDs trading instruments. The platform claims that it is designed to offer a product that suits every investor’s style of trading. They offer dedicated personal account managers and a customer support system which ensures that they can achieve their business goal.

In case you’re looking for a customer friendly broker who is interested in acquiring and retaining their customers, this list has some of the best in the industry. If you are new to trading, you will need a broker aside from a Forex robot or a skill that enables you to trade like a professional. If you don’t have a Forex robot yet, go here and sign up. 

Tradefred Review

Tradefred is affiliated with the famous sports betting company, Betfred. This is licensed by CySec and offers their services on two platforms while claiming to offer negative balance protection. Since Tradefred is regulated, many traders might assume that their service is really good and reliable but that is not always the case. One of the requirements that come with these regulations is that funds of their clients must be held in segregated accounts. This ensures that the Forex broker is successfully implementing the negative balance protection as claimed on their website.

While Tradefred offers features that some traders might find convenient, this broker is not free from the usual setbacks which are common with most brokers in this industry. One of the features offered on this platform is social trading. Through this social trading feature, the broker is forming a community of traders who can share their skills and successes with other traders who have less experience in trading. However, it is important to note that social trading on this platform is anonymous because users don’t give their personal details or their trading accounts.

Based on this feature alone, Tradefred believes that it is the best trading platform for both novice and experienced traders. It offers a chance to join a community of like minded traders and also the chance to learn from the best. The question is this, if these traders are anonymous, how can we effectively engage them? That is the question that many of you might be asking at this point in time.

Trading platform

A web based platform is offered in addition to the usual MT4 platform. MT4 is highly favored and for some traders, they can’t do without it. The main advantage of this platform is that it is so versatile that it supports a vast array of trading indicators and expert advsors including custom ones. The options are unlimited. As for their web based trading platform, we discovered that this was something that looked like Sirix web. It is equipped with social stream feature which agrees very well with the social trading feature which the broker has put in place.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

Tradefred

Leverage

Leverage offered by this broker is up to 1:50. This is quite low considering that most brokers are now offering up to 1:500. But you must also understand that trading with high leverage carries a certain risk with it. This is why US regulators decided to set a limit on the maximum amount of leverage that traders can access with their brokers. According to them, the maximum should be 1:50.

Minimum deposit

To open an account with Tradefred and actually start trading, the broker requires a minimum investment of $100. This is considered an average that most brokers will ask you to open an account with. However, there are some brokers who have lowered this limit and can accept $50 or less. Under funding your account is not a good thing though because it is one of the reasons why traders fail.

For you to survive in a dynamic Forex market place, you must have sufficient funding. Or else, just one trade will kick you out of the market just before it can head to the right direction. It is therefore never safe to under fund your trading account and trade the live market anyway.

Spreads and commission

Tradefred claims that they are offering fixed spreads for currency pairs like EURUSD. The spread for this particular pair is 3 pips. This is not a good spread by all means because most professional brokers won’t go beyond the 1.5 pips mark unless they are looking to steal from you. This is by no means a fair trading condition. Whether fixed or floating, you should look for a broker that is offering favorable spreads for trading. These can be found on this list in case you are looking for a good broker that gives you fair trading conditions while respecting your rights as a customer.

Funding methods

Tradefred offers a number of funding methods on their platform. This is for the convenient of their customers. These methods include Bank Transfer,  Credit/Debit Card, Broker to Broker transfer, WebMoney and Qiwi. However, you have to be aware of the fact that broker to broker transfers or bank transfers usually take longer. So if you don’t wish to wait a little longer, the best method to utilize is credit card payments because you are also covered by the consumer rights as stated in the policies of the credit card issuer.

Customer reviews

Is Tradefred a scam? To find out, we consulted a number of customer reviews on the same. Some customers claim that the broker does not process withdrawal requests whatsoever and we know that this is a common problem with many brokers out there especially if they are of dubious nature. They simply ignore client requests once those clients have deposited funds on their platform.

This worries us a lot concerning the conduct of Tradefred and we believe that the devil is in the details. These customers can’t be wrong and are definitely not speaking lies.

Our best advice for you

While their features seem attractive to newbies, its spreads are too wide. We feel this is a rip off. On top of that, their maximum leverage is insufficient. Please stick to these brokers if you can.

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