LetsTrade Review

LetsTrade is a foreign exchange broker registered and authorized in Cyprus by the Cyprus Securities and Exchange Commission (CySEC). LetsTrade claims to be one of the largest Straight Through Processing (STP) brokers on the Metatrader 4 platform. They excel is resources and stability, offering top quality services to their clients and partners. Throughout this review, we will look into the services being offered to see if they live up to this expectation and so you can decide if they are the right broker for you.,

Account Types

It seems that there is just the one account on offer, if this is wrong then we will outline any differences throughout this review, so let’s look at what the account offers.

Account Features: The minimum deposit is $500 and this can be in a base currency of USD, GBP, EUR or CHF. The funds are segregated and there is negative balance protection. The margin call level is set at 100% with the stop out level being set at 50%. It uses STP execution and can have leverage up to 1:400. Hedging is available and both scalping and expert advisors are allowed to be used. There are over 1000 instruments available to trade (we will look at them later in the review). There are no added commissions but swap fees are present, it uses the MetaTrader 4 trading platform and execution speeds are under 2 milliseconds.

Platforms

MetaTrader 4 is the sole platform on offer from LetsTrade. This is one of the most popular trading platforms in the world due to its reliability, adaptability, and it is easy to use. It is also highly accessible as you can use it as a desktop download, a web trader or as an application for your mobile devices. MetaTrader 4 is compatible with thousands of expert advisors and indicators to make your trading and analysis as easy as possible. Normally being stuck with a single platform is a negative, but there could be far worse platforms to be stuck with.

Leverage

The maximum leverage is 1:400 which can be selected when you open up a new account. If you wish to change the leverage on the account you have already opened, you will need to send your request to the customer service team/

Trade Sizes

Trade sizes start from 0.01 lots (known as micro-lots) and go up in increments of 0.01 lots, the maximum trade size is 1000 lots which is a bit too high, we would recommend not trading anything over 50 lots in a single trade. There is no indication of the maximum number of open trades at any one time but we would expect it to be quite high considering the maximum lot size is so high.

Trading Costs

There are no added commissions, instead, everything is done on a spread based system that we will look at later in this review. There are swap charges which are an interest charged for holding trades overnight, it can be both positive or negative and can be viewed within the MetaTrader 4 trading platform.

Assets

Lets trade have a lot of tradable assets and instruments, they have broken them down into a number of different categories which we will now look at.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFHUF, CHFJPY, EURAUD, EURCAD, EURCHF, EURCZK, EURDKK, EURGBP, EURHUF, EURHKD, EURJPY, EURNOK, EURNZD, EURPLN, EURRUB, EURSEK, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPDKK, GBPJPY, GBPNOK, GBPNZD, GBPPLN, GBPSEK, GBPSGD, GBPUSD, NOKSEK, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, TRYJPY, USDCAD, USDCHF, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, SUDPLN, USDRUB, USDSEK, USDSGDM USDTRY, USDZAR. ZARJPY

Metals: Gold and Silver

Commodities: Brent Crude Oil, London Gasoil, US Cocoa, US Coffee, US Cotton, US Sugar, WTI Crude Oil, BNatural Gas, Platinum, High Grade Copper

Bonds: Bund, US 10 Yr T-Note

ETNs and ETFs: We won’t outline them all but three examples are Ishares MSCI EMG Markets, Ishares South Korea Index and, Ishares NASDAQ Biotech.

Stocks: There are far too many for us to list, but they include the likes of Admiral Group, Aviva, Adidas, Allianz, Aegon, Amadeus IT Holdings, Auto Trader, Anglo American and that is just a few of the ones beginning with A.

Indices – Cash: A few of them include Australia 200 Index, Euro 50 Index, UK 100 Index and, US Dow Jones Index.

Indices – Futures: China A50 Index, German 30 Index Futures, US Dollar Index, Singapore Blue Chip Index, US Dow Jones Index Futures and, US 500 Index Futures are just some examples of what is available.

Cryptocurrencies: Bitcoin (BTCUSD)

Spreads

The spreads seem to be the only information in relation to trading conditions that seem to be missing, we understand that they are variable which means they move with the market and when the markets are being extra volatile they are seen higher, but we do not have a starting figure or any examples of live spreads to give.

Minimum Deposit

The minimum deposit required to open up an account is 500 USD / GBP / EUR / CHF. It is unknown if this amount reduces once an account has already been opened.

Deposit Methods & Costs

There isn’t a funding or deposit page on the website so the details of the deposits are unknown. At the bottom of the site are some pictures of Visa, MasterCard, Maestro, Skrill, Safecharge and Sofort, so our understanding is that these methods are available to deposit with.

There is also no mention of any fee s on the site, so we are not clear if there are any or not,m, either way, be sure to check with your bank or processor if you do deposit if they charge any fees of their own.

Withdrawal Methods & Costs

Just like with deposits there is no information surrounding withdrawals,m we suspect the same methods of Visa, MasterCard, Maestro, Skrill, Safecharge and Sofort are available to withdraw with either. There is also no mention of any fees for withdrawals, but al ono mention that there aren’t any.

Withdrawal Processing & Wait Time

We do not know the exact processing expectations of LetaTrade, however, depending on the method used it should take between 1 to 7 working days for your withdrawal to fully process.

Bonuses & Promotions

There is something called a new customer reward, this gives you a bonus on top of your first deposit, the rewards are as follows:

The reward is not a lump sum, instead, it is a rebate of the spreads charged throughout the accounts trading life, the rebates are paid monthly.

Educational & Trading Tools

The educational side of the site isn’t really an education, the only information available is a glossary of trading-related terms and some brief information about different contract types. If you are looking to learn anything you will need to look elsewhere. There is something called The LetsTrade Club which is based around education and analysis, but it costs £2,000 to enter so we do not know what it is like.

Customer Service

The customer support team is available 24 hours a day from Sunday 22:00 to Friday 21L00 (UK time). You can get in contact by using the online submission form to fill in your query and submit or by using the address or phone number we have provided below.

Head Office: 40 Bloomsbury Way, London, United Kingdom, WC1A2SE
Phone: +44 02079808803

Demo Account

Demo accounts are available from Lets Trade when signing up a simply select demo account and then you can get a choice of account currency (EUR, GBP, USD or CHF) and a balance of between 500 and 5,000,000. It will use the same conditions we have mentioned in this review but there is no mention of an expiration time so hopefully, it will stay open indefinitely.

Countries Accepted

The following is available on the site: “Regional restrictions: JFD Group Ltd is allowed to serve only clients whose residence is in the EEA or in a country where the company has a legal permission to do so (such as Belarus, China, Switzerland, Turkey, UAE, and Ukraine) whereas JFD Overseas Ltd is allowed to serve only clients whose residence is in another third country. A restriction on offering investment services applies to residents of the United States of America, Russia and to residents of other countries whose domestic regulations classify such investment offering as prohibited.” If you are not sure of your eligibility, we would recommend contacting the customer service team to see if you are able to sign up or not.

Conclusion

LetsTrade seems to be offering quite a lot when it comes to their services, there is just one account to choose from which makes things simple, along with that just the one trading platform so you know exactly what you are getting yourself into. There is a slight issue of not knowing what the spreads are, and that to us is the all-important aspect as there is no added commission.

The spreads are what decides the trading costs, so not knowing them means we cannot know what it will cost us. The other issue is the lack of deposit and withdrawal information, it is vital for clients and potential clients to know how they can get their money in and out and also how much it will cost them, without these pieces of information, LetsTrade could be the best broker available, but we cannot recommend them without knowing the things.