Trade111 is a Forex and CFDs brokers offering a wide range of Forex pairs and CFDs on commodities, stocks, indices and even Crypto currencies. In addition to this, the broker offers different types of trading accounts on the MT4 platform. These accounts relatively fair trading conditions but not as good as what these brokers are offering. However, we also have issues with their lack of regulation and credibility. These are real concerns, and if you want to know whether or not this broker is a reliable one, you should read this review thoroughly.
As always, these brokers will have something to hang on so that even when they have various disadvantages of trading with them, they can seemly look like good brokers. When testing their demo, we found out that this broker has a number of exotic pairs for trading such as Danish Krone, Hungarian Forint, Israeli Shekel, Norwegian Krone, Romanian Leu, Swedish Krona, Brazilian Real, Honk Kong Dollar, Indian Rupee, Mexican Peso, Polish Zloty, Russian Ruble, Kuwaiti dinar, Singapore Dollar, Turkish Lira, South African Rand and Chinese Yuan.
In addition to this, they have a good variety of CFDs which include stocks, indices as well as precious metals like Silver, Gold, platinum and palladium. With regards to energies and commodities, they offer oil, natural gas, copper, wheat, rice, corn, cotton, soybean, cocoa, sugar and coffee. As for Crypto currencies, you should expect a wide range of coins like Bitcoin, Ethereum, Ripple and Litecoin.
Basically, Trade111 has a nice collection of trading instruments and it is no doubt that if they can sort out other issues affecting their reputation, they can be considered one of the best brokers offering the widest range of trade able assets. In the meantime, check out what these brokers have to offer. They are all regulated and so it shouldn’t be a big deal signing up for an account with them.
One of the most critical points here is that Trade111 offers leverage of up to 400:1. While this kind of leverage is good for a trader who uses aggressive techniques, excessive leverage in your trading account can always ruin you. This is the reason why brokers in some developed countries have been forced to reduce this risk by making sure that traders can use more than 200:1.
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For example, in the beginning of August last year, the European Securities and Markets Authority decided to cap the maximum leverage of Europe based brokers to 30:1. On top of this, similar restrictions have also been imposed on brokers who are based in countries like the US and Japan.
Also, the availability of MT4 platform is a good addition to this broker’s numerous features. This is something that shouldn’t be considered as extra ordinary since many brokers do offer MT4 as their default trading software. The reason why most traders prefer it over other platforms is because it has been around for edges, and secondly, its user friendly, convenient and versatile. You can use any kind of expert advisor on this trading platform. The charting package is also very good. So if you are the kind of trader who uses technical analysis, this should be very helpful to you.
Trade111 does not hold any regulator’s license, and this is something that lowers their credibility. Even though they are providing a wide variety of trading instruments, regulation is one of the most important factors when it comes to establishing whether a broker is safe to trade with or not.
Brokers who are registered in the US, UK, Japan and even Australia are registered with strong financial regulators in their respective countries. In the case of Trade111, they are owned and operated by a company based on the Marshal Islands. The company is called Black Parrot Limited. This company is also owned by Blonde Bear OU in Tallinn, Estonia. These two companies are not regulated, and this cast a shadow of doubt on the credibility of Trade111.
Now, if you hear that a broker is situated in an off shore region and they are not regulated, the safety of your funds will only depend on the integrity of the people running that brokerage. The problem is that there is no way to establish their integrity if in the first place they refused to establish their brokerage business in a regulated location.
Bonuses are very dangerous and you must never accept them from unregistered brokers because they usually use bonuses as a trap. So when you sign up with this brokerage and accept the bonus, you will be required to accomplish a certain volume of trades before you can be able to withdraw the bonus. In the case of Trade111, they require you to trade 1 lot for every $10 of the bonus. This simply means that you will take a very long time to reach this volume.
It is quite expensive to trade with Trade111 broker since a pair like EURUSD attracts a fixed spread of 3 pips. This is considered very expensive compared to what we majority of regulated brokers are providing out there. For this pair, floating spreads start at 1.5 while fixed spreads don’t exceed 2 pips. Therefore, to say that you are providing 3 pips for this pair is like robbing traders in broad daylight.
Basic account for Trade111 requires a minimum of $500 which is unusual considering that they are not regulated and secondly, those who go for basic trading account often want to test the broker’s trading conditions and are always not ready to part with this big amount. A good broker should let you start with something like $100 or less in their basic account.
The main concern is lack of regulation, and this is why most traders would want to avoid the services offered by this broker. If they can solve this problem, perhaps their ratings will go up. But in the meantime, you will need to stick with these regulated ones.
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