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.
Account Types
Traders Trust offers three account types to their clients. We have outlined some of their main features below.
Classic Account
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.
Pro Account
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.
VIP Account
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.
Platforms
Leverage
Trade Sizes
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.
Trading Costs
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.
Assets
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.
Spreads
Minimum Deposit
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
Customer Service
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
Email: support.int@ttcm.com
Demo Account
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.
Countries Accepted
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.”
Conclusion
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.