Traders Trust is a foreign exchange broker that was incorporated in Bermuda, they claim to offer a number of advantages such as transparency, competitive prices, negative balance protection, competitive lowe spreads, advanced trading software, speed of execution, high-quality support, the safety of funds, daily technical analysis, access to MetaTrader 4 and iPhone and iPad trading. We will be looking into the services on offer to see if they do provide all of those and how they compare to the competition.
Traders Trust offers three account types to their clients. We have outlined some of their main features below.
This account requires a minimum deposit of at least $50, it uses STP / NDD and market execution. The account comes with a spread starting from 1.5 pips and there are no added commissions. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:500 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.
This account requires a minimum deposit of at least $2,000, it uses STP / ECN / NDD and market execution. The account comes with a spread starting from 0 pips and there is an added commission of $3 per side which is $6 per lot traded. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:500 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.
This account requires a minimum deposit of at least $20,000, it uses STP / ECN / NDD and market execution. The account comes with a spread starting from 0 pips and there is an added commission of $1.5 per side which is $3 per lot traded. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:200 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.
Just the one platform available, but thankfully it is a good one. Metatrader 4 (MT4) is the world’s preferred forex trading platform due to its user-friendly interface and easily comprehensible programming features. The MT4 trading terminal is highly customizable where you can use the platform’s extensive list of indicators and charting tools. Some of its many features include the market watch window, navigator window, multiple order types, a variety of pre-installed indicators, access to analysis tools and multiple chart setups, automated trading, multiple order execution capabilities, it is hedging and scalping friendly, and expert advisor friendly. It is also highly accessible as you can use it as a mobile application, web trader, or as a desktop download.
The classic and Pro account c can be leveraged up to 1:500 while the VIP account can be leveraged up to 1:200. The leverage can be selected when first opening up an account and can be changed by sending a request to the customer service department.
Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. These continue to increase until the maximum of 1,000 lots is reached for forex pairs. CFDs have a maximum trade size of 50 lots, commodities 50 lots, and cryptos also have a maximum trade size of 50 lots. We do not know how many trades you can have open at any one time.
The Pro account has an added commission of $3 per side of a lot, which means $3 when opening trade and $3 when closing it, so the overall commission per trade is $6 per lot traded. The VIP account has a commission of $1.5 per side so $3 per lot traded. Both of these are in line with or under the industry average of $6 per lot traded.
There are also swap fees, these are charges that are added to your trade for holding trades overnight, they can be both positive or negative and can be viewed within the trading platform you are using.
The assets have been divided up into different categories that we will now outline for you.
Forex: EURUSD, GBPUSD, USDCHF, USDJPY, NZDUSD, AUDUSD, USDCAD, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADSHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGPBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, EURNOK, EURSEK, EURTRY, EURPLN, USDNOK, USDSEK, USDDKK, USDTRY, USDHKD, USDMXN, USDPLN, USDSGD, USDZAR, USDCNH, NOKSEK, SGDJPY.
Indices: EU 50, ES 35, FR 40, DE 30, US 500, US 30, UT 100, JP 225.
Commodities: Gold, Silver, WTI Crude Oil, Brent Crude Oil, Natural Gas, and Copper.
Cryptocurrencies: BTCUSD, BTCEUR, BTCJPY, BTCGBP, BTCCNH, ETHUSD, ETHEUR, ETHJPY, ETHCNH, LTCUSD, LTCEUR, LTCJPY, LTCCNH, BCHUSD, XRPUSD.
The spreads depend on the account you are using along with a few other factors. The Classic account has spreads starting from 1,.5 pips while the Pro and VIP accounts have them starting as low as 0 pips. The spreads are variable which means they will move with the markets. The more volatility that there is the higher they will be. The different instruments also have different starting spreads so while EURSUD may be at 0.3 pips on a Pro account, GBPUSD may be at 0.9 pips.
The minimum amount required to open up a new account is $50, this is also the minimum amount allowed by all payment methods except for Bank Wire Transfer, once ana account is open, you can deposit as little as you want via Bank Transfer, all other methods remain at $50 as a minimum even for further top-ups.
Deposit Methods & Costs
There are a number of different methods available to deposit with, we have listed them below along with the accepted currencies. There are no added fees for depositing but you should check with our own bank or processor to see if they add any transfer fees of their own.
- Bank Wire Transfer – USD, EUR, GBP, JPY, CHF, CNY, PLN
- Visa / MasterCard – USD, EUR, GBP, JPY
- Skrill – USD, EUR, GBP, JPY, PLN
- Neteller – EUR, USD, JPY
- Bitcoin – USD, EUR, GBP, JPY
- bitWallet – EUR, USD, JPY
- WebMoney – USD, EUR
- FasaPay – USD, IDR
Withdrawal Methods & Costs
The same methods are available to withdraw with, we have outlined them along with their currencies and any potential fees.
- Bank Wire Transfer – USD, EUR, GBP, JPY, CHF, CNY, PLN – $25/€20 or any fees incurred by sending and correspondent bank.
- Visa / MasterCard – USD, EUR, GBP, JPY – No added fees
- Skrill – USD, EUR, GBP, JPY, PLN – No added fees
- Neteller – EUR, USD, JPY – No added fees
- Bitcoin – USD, EUR, GBP, JPY – No added fees
- bitWallet – EUR, USD, JPY – No added fees
- WebMoney – USD, EUR – No added fees
- FasaPay – USD, IDR – No added fees
Withdrawal Processing & Wait Time
If a request is made between 09:00 and 18:00 GMT+2 then requests will generally be processed by Traders Trust within 6 hours, if not then it will be processed the next working day. It will then take between 1 to 5 working days for the transfer to fully process depending on your own bank or processors processing speeds.
Bonuses & Promotions
There are one bonus and one competition, we will outline them so you get an idea of the sort of promotions that take place at Traders Trust.
Cashback Rebate: You can receive up to $2,000 cashback every day from trading. The more you trade the more you receive, for instance, if you trade between 10 lots and 19 lots you will receive a cashback of $5, trade between 20 lots and 29 lots and you will receive $20 cashback, this continues up to 1,000 lots where you get $2,000 cashback.
Live Trading Competition: You can receive a prize between $2,500 and $50,000 for taking part in this competition. Simply, the person who trades the best and gains the most % on their account will win.
Educational & Trading Tools
There isn’t too much when it comes to education, there are some pages explaining what each currency is and how it works and also some Webinars which seem to run each week, we do not know how good they are or if they are worth attending though. You are able to get a free VPS, you will need to have a certain account balance and trade enough lots, otherwise, the VPS will be charged to your account.
You can contact Traders Trust using the online submission form, or you can use the provided postal address, phone number, or email.
Address: 5th Floor, Andrew’s Place, 51 Church Street, Hamilton HM 12, Bermuda
Phone: 0044 203 1295899
Demo accounts are available and allow you to trade with no risk. You can choose an account that mimics either the Classic account or the Pro account and can also choose the leverage between 1:50 and 1:500 and the account balance. We do not know if there is an expiration time on the accounts though.
The following statement is present on the site: “The information on this website is not directed on residents of certain jurisdictions/countries including but not limited to Australia, New Zealand, Canada, Iran, Iraq, North Korea, USA, Cuba, Syria, Sudan, Afghanistan, Guyana, Lao People’s Democratic Republic, Uganda, Yemen, Venezuela, and Puerto Rico or to any jurisdiction where such distribution would be contrary to local laws and regulations.”
Traders Trust offer two very distinct account types, the spread based account and the commission-based account. Trading costs for both seem very reasonable and competitive. There are plenty of assets available to trade and in terms of funding methods, there should be something there that suits your preference. There are also very few fees which are a real positive. The information provided by Trader Trust makes them look like a reasonably good broker to sue, the decision to use them though is up to you.