Trade Platinum is a foreign exchange broker and managed investment firm looking to provide their clients with the most robust service available from a dedicated support team to educational material. We will be using this review to dive into the service on offer so you can decide if it is worth signing up with Trader Platinum.
Account Types
Plenty of choices when it comes to accounts at Trader Platinum, in fact, there are 6 different accounts on offer. We will briefly outline the different features they offer now.
Basic Account: This account requires a minimum deposit of $250, it comes with access to the desktop, and mobile trade as well as video tutorials, base currencies, exotic currencies, indices, commodities, stocks, CFDs, Crypto, and leverage up to 1:100.
Standard Account: This account requires a minimum deposit of $2,500, it comes with access to the desktop, and mobile trade as well as video tutorials, base currencies, exotic currencies, indices, commodities, stocks, CFDs, Crypto, and leverage up to 1:150. It also has a choice of floating or fixed spreads and access to an account manager.
Premium Account: This account requires a minimum deposit of $20,000, it comes with access to the desktop, and mobile trade as well as video tutorials, base currencies, exotic currencies, indices, commodities, stocks, CFDs, Crypto, and leverage up to 1:200. It also has a choice of floating or fixed spreads, access to an account manager, PRIME contracts, and an extra deposit bonus of up to 100%.
VIP Account: This account requires a minimum deposit of $50,000, it comes with access to the desktop, and mobile trade as well as video tutorials, base currencies, exotic currencies, indices, commodities, stocks, CFDs, Crypto, and leverage up to 1:400. It also has a choice of floating or fixed spreads, access to a personal account manager, PRIME contracts, and an extra deposit bonus of up to 200%. There is also the addition of news and signals, express wire transfers, and a referral cashback program.
Tailored Account: You will need to contact an account manager to get this account opened and so the minimum deposit is not known. The account comes with access to the desktop, and mobile trade as well as video tutorials, base currencies, exotic currencies, indices, commodities, stocks, CFDs, Crypto, and leverage up to 1:400. It also has a choice of floating or fixed spreads, access to a personal account manager, PRIME contracts, and an extra deposit bonus of up to 200%. There is also the addition of news and signals, express wire transfers, and a referral cashback program. You also get the ability to participate in company events and have access to social trading, the dealing room, and the ability to meet other traders.
Robot Account: This account is intended for those that wish to use the robots provided by Trader Platinum, The account requires a minimum deposit of $5,000 and has access to the desktop and mobile platforms. There are additional robot and algo trading support and a discount on the available robots, the account can be leveraged up to 1:100.
Platforms
The only platform available is the Microsoft Windows-based MetaTrader 4 platform that was released by MetaQuotes in 2005 and has become one of the most used trading platforms on the planet. MT4 It is accessible anywhere as it can be used as a desktop download or mobile application. You can execute trades manually or with preloaded indicators and automated robot trading strategies (or Expert Advisors). Alternatively, MT4’s highly customizable, advanced software allows you to create your own trading strategies using its unique MQL4 programming language. Take advantage of MT4’s one-click functionality to make sure your trades are executed fast, every time.
Leverage
The leverage that you receive is based on the account type you are using. We have outlined them below.
- Basic: Up to 1:100
- Standard: Up to 1:150
- Premium: Up to 1:200
- VIP: Up to 1:400
- Tailored: Tailored amount
- Robot: Up to 1:100
Leverage can be selected when opening up an account for the first time, should you wish to change it on an already open account then you can do so by contacting the customer service team with the request.
Trade Sizes
Unfortunately, this information is not available on the site however we would assume that the minimum trade size is 0.,01 lots, and would go up in increments of 0.01 lots. We can’t speculate on what the maximum trade size is or how many open trades you can have at any one time.
Trading Costs
This is another aspect that we cannot comment on, there is no mention of commissions or even spread on the site so we do not know what the costs are. We also do not know if there are any swap charges but we would assume that there are.
Assets
There is not a full breakdown or product specification available, what we can see is that there are Forex, Indices, Commodities, and Bonds available, there are a few examples of each but that is it.
Forex: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD.- Indices: SPX 500,m Nasdaq 100, Dow Jones, Nikkei 225, DAX, FTSE 100.
- Commodities: E-Mini S&P, Euro, Gold, Crude Oil, Natural Gas, Corn.
- Bonds: Eurodollar, T-Bond, Ultra T-Bond, Euro Bund, Euro BTP, Euro BOBL.
Spreads
This is another aspect that we do not know about due to this information not being known the overall trading cost is also not known to us.
Minimum Deposit
The minimum deposit required to open up an account is $250 which will get you the Basic account, if you want a higher tier account then you will need to deposit at least $2,500 for the Standard account.
Deposit Methods & Costs
You can use a few methods including Credit/Debit Cards, Wire Transfer, WebMoney, and Local Payment Methods. We do not know of any potential fees that come with depositing but be sure to check with your own bank or processor to see if they add any fees of their own.
Withdrawal Methods & Costs
We do not have any concrete information on withdrawals but we would expect the same methods to be available, the main method preferred by Trader Platinum is Bank Wire Transfer. We also do not know of any potential fees added by Trader Platinum.
Withdrawal Processing & Wait Time
We also do not know anything about the processing of withdrawal requests, it states that you can do it anytime you want but no timescales are offered, we would hope that it would be between 1 to 7 days from the date of the request.
Bonuses & Promotions
There is a bonus available up to 200% as stated on the account comparison page however it is not mentioned anywhere else on the site and so we do not know what the full terms of the bonus are or how easy it is (if at all possible) to convert the bonus funds into real funds.
Educational & Trading Tools
There are a few different sections relating to tools and education, the first is some eBook, they cover subjects such as Forex Chart Patterns and Day Trading, there are 6 in total to download. There is then a glossary that tells you the meaning of trading-related terms so if you come across anything you do not understand you can refer to this page.
In terms of analysis, there is a news section that was last updated in December 2019, there are also live signals, these are simple buy or sell indicators taken from TradingView. The economic calendar provides you with information about upcoming news events and any potential impact they have on the markets. Next up are some live charts which you can guess, are just live charts of the markets and the final section contains some calculators including pips, position size, profit, and a currency converter.
Customer Service
The usual methods of contact are available, there is an online form to fill in, there is also a postal address available along with an email and phone number. We do not know what the opening times of the support department are though.
Demo Account
It does not seem like demo accounts are available from Trader Platinum.
Countries Accepted
This information is not present on the site, so if you are thinking of joining we would recommend contacting the customer service team to see if you are eligible for an account or not.
Conclusion
TraderPlatinum offers a wide range of accounts each having different perks but just the one trading platform in the form of MetaTrader 4. There is a lot of information missing from the site in regards to trading conditions as well as tradable assets, there is also enough information missing regarding the funding and withdrawals from the account to make us suggest looking elsewhere for your trading needs.