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Trade.com brokerage reviews

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  • First Post: Dec 16, 2019 3:03pm Dec 16, 2019 3:03pm
The general rule when you choose a brokerage is to watch out for registration and licenses. But can't they just tell they've got certain registration and license and in fact it cvan turn out they don't have one.

Does CySEC and FCA have some official lists of brokerages they really confirm to be good to go? Trade.com assures it's registered with both of these regulators but how can one find out they really are?

I'd also appreciate any personal experience reviews on Trade.com here. I don't really trust regular review platforms much. Nice to know the real community opinion. Thanks!
It is a murky business.

The important thing is to read carefully all the legal stuff written on the contracts.

MahiFX just told their clients to close all positions within 5 days as the trading platform to an undisclosed company. Yes - this means losses for the clients and profits for MahiFX. And yes - they can do it.

More info here: This is goodbye MahiFX and hello HFTrading (https://mahifxdavidcooney.wordpress.com/2019/12/15/this-is-goodbye-mahifx-and-hello-hftrading/)
Quoting Andrew56
It is a murky business. The important thing is to read carefully all the legal stuff written on the contracts. MahiFX just told their clients to close all positions within 5 days as the trading platform to an undisclosed company. Yes - this means losses for the clients and profits for MahiFX. And yes - they can do it. More info here: This is goodbye MahiFX and hello HFTrading (https://mahifxdavidcooney.wordpress.com/2019/12/15/this-is-goodbye-mahifx-and-hello-hftrading/)
Not exactly what I wanted to find out about in this thread. Unfortunately not only the trading business has got murky nowadays. SEO deserves this description no less
Quoting Andrew56
It is a murky business. The important thing is to read carefully all the legal stuff written on the contracts. MahiFX just told their clients to close all positions within 5 days as the trading platform to an undisclosed company. Yes - this means losses for the clients and profits for MahiFX. And yes - they can do it. More info here: This is goodbye MahiFX and hello HFTrading (https://mahifxdavidcooney.wordpress.com/2019/12/15/this-is-goodbye-mahifx-and-hello-hftrading/)
Sure enough they've got those lists. Official website is the key. But this is of most importance not only to find out whether the company is in the white list with a regulator. This is much more important for how long it's been there. Its not that difficult to pay fees and match regulator's expectations once. Much more difficult is to stay in the list while keeping up working for years. CYSEC site says Trade.com has been listed under their license since 2014. 5-6 years is not the best result in the world, but IMHO good enough to build up some trust. You've got the idea and I hope you can check with the other regulator yourself. Paying attention to details is a necessary skill for any trader and investor
From what I see Trade.com offers really small leverage for retail clients. I don’t think 30X can be enough for forex trading. It’s even worse for commodities and other assets. Didn’t you consider other brokerage with at least 1:300 for currency pairs?
I’ve already opened an account at Trade.com and signed up for Silver type. I’ve made a careful research prior to opening it (as it was advised above ) and I found out leverage limitations are due to the EU regulations on retail clients. All brokers who comply with EU laws on financial markets must provide segregated accounts for keeping their client’s funds and also limit leverage usage. So you choose either to work with a regulated brokerage and keep 100% of your funds on safe accounts, or get better leverage working with unregulated suspicious brokerages. I definitely prefer the first option.
What’s wrong with 1:30 leverage? If you invest $100 in a trade, its same as if you traded with $3000. Good enough to be making worthy profits on accounts of $1000 or even less than that and good enough to keep risks under control. If you use 1:300 leverage or more, even an intraday uncontrolled move of the mrice can drain your small account. This is actually why EU and US have limited leverage for retail clients. People don’t always understand how significant the leverage is and view it only as a mean to increase profits, but don’t think of risks that lie on the other side. The only thing I don’t like about these limitations - cryptocurrencies trading gets only 1:2 leverage, which is ridiculous. Crypt is not that volatile anymore, they could get more flexible with requirements for these assets.
In addition, if you need better leverage with a regulated brokerage, you can apply for professional status and still get it.
that’s quite interesting! I mean the professional status.Is it difficult to get one? What are the requirements?
I don’t know. I didn’t try to find out the requirements. I’m OK with the current leverage, so I don’t see the point. The argument about crypto-leverage of being only 1:2 is not really disappointing. I’m not interested in trading crypt at all. Even if I was, nothing interesting is gonna happen there while Bitcoin is yet in a range. American stocks, gold and crude oil - that’s the scope of my interest.
I think I might get interested in getting pro status if I plan to attract investors and trade with somebody else’s funds. That’s when you will definitely need that if you wanna comply with all those regulations on your side as well.
Correct, you will have to go pro if you want to legally manage someone else’s funds.There are two ways to go professional. The first method is to invest above $500000. The easy one, LOL. The other method is to prove that you’ve been trading for many years with a legal brokerage and have been doing enough trades. Not sure about the exact number of trades you’ll need to show of with, but the # is not that big.This is actually another reason why you should take care of working with a regulated brokerage. If your plans are BIG, you will need this to prove your professionalism when attracting investors.
BTW, what did you mean by Bitcoin being in a range. Everyone is speaking of the new up-wave?
Thanks for telling! To tell the truth I didn’t think of managing anyone’s funds yet, but we’ve got to be optimistic here, huh? The bigger plans you’ve got, the better results you’ll get even if you don’t reach the top of your expectations. That’s right! Here’s what I’ve meant about Bitcoin. Today the situation is still doubtful. The worst place to enter the market ever in my opinion. There is a wide range on a daily chart. Price is locked between 6500 and 10500. At the moment price is locvated on a multi-pivot level (red horizontal on the pic). Multipivots are normally a strong support/resistance level, but once its located in the middle of the newly formed range, I expect price to form another range near this line, kinda chewing this price. No hope to enter the market here with a decent stop loss.
Attached Image (click to enlarge)
Click to Enlarge Name: BTC analysis feb 2020.jpg Size: 103 KB
Jeez, just a few weeks and such a huge difference in the charts! But you know what, this is rather interesting that you’ve said it’s dangerous to dive in a trade without serious support or resistance being near. These days I’ve read like over a dozen of stories how traders have lost all they had on accounts. And these are just the stories that people have chosen to share! How many of them we don’t even know about?
Anyway, the point is that it’s good when traders know when its lime to step out of the game.
Can agree, but these times give many opportunities as well. I’ve seen some crying emojis in trader’s chats these days, but I’ve also seen some very impressive trades. Price moves twice as much as it used to a month ago. This is a risky business, but opportunities are also around the corner. Just mind spreads and possible slippages. My broker makes me sad regarding these issues.
Absolutely! Some people get rich, others lose savings. Personally, I view the situation as opportunities time. Thanks god, Tradecom has some good mechanics (servers or whatever equip is responsible for that) and slippages don’t get that bad as well as spreads. I’ve got a couple times in an unpleasant situation, when had a slippage on my stops, but you know, the good trades cover all these inconveniences.
Just hope all this mess will end up fine. In a meanwhile, I’ll keep trading just as I usually did. Stops got little bigger, but so did the profits, so I’m ok with that.
Quoting Sainrad754
Can agree, but these times give many opportunities as well. I’ve seen some crying emojis in trader’s chats these days, but I’ve also seen some very impressive trades. Price moves twice as much as it used to a month ago. This is a risky business, but opportunities are also around the corner. Just mind spreads and possible slippages. My broker makes me sad regarding these issues.
Who are you currently trading with?
Quoting 7Shun
Absolutely! Some people get rich, others lose savings. Personally, I view the situation as opportunities time. Thanks god, Tradecom has some good mechanics (servers or whatever equip is responsible for that) and slippages don’t get that bad as well as spreads. I’ve got a couple times in an unpleasant situation, when had a slippage on my stops, but you know, the good trades cover all these inconveniences. Just hope all this mess will end up fine. In a meanwhile, I’ll keep trading just as I usually did. Stops got little bigger, but so did the profits,...
Had a look at Trade.com. Couldn’t get what is the difference between their CFD account and DMA. Can anyone explain please?
Well, dma stands for direct market access, which means the broker is capable of sending your orders directly to the exchange, where your order will meet the other side for execution of the deal. Fascinating because if better executions, favorable trading fees, etc.Trade.com uses Interactive Broker’s platform to support DMA trading. But normally DMA will require significant investments and position sizes. I did not inquire how much exactly they are, but I suspect that its a A LOT.
Support says you can open a DMA account with any amount, but you can start DMA trading only if you’ve got above $5K on account.
Oh, that is a great offer in this case. I have less than $5K, but will definitely consider this offer in future. For now I guess I need to keep growing my regular CFD account. Fingers crossed in a little while can switch to DMA.
Do you use MT4 for tradecom account? I tried using the web interface and didn't find it convenient enough.
And one more question, sorry if that’s off the topic. Do you guys think the retracement in SnP500 is over and the trend is up again? I mean those were the bottoms that we’ve seen there in 2200 area?
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