Tradesto is a foreign exchange broker based in Saint Vincent and the Grenadines but also with offices and corporations within the United Kingdom. Tradesto Corporation is supervised and regulated by the authorities of Saint Vincent and the Grenadines, regulated by the Vanuatu Financial Services Commission (VFSC) and registered under the Australian Securities and Investments Commission (ASIC). Some of the main features offered by Tradesto is their fund security, easy payments, tight spreads, and excellent service. This review will be looking at the services being offered to see if they manage to achieve this and so you can decide if they are the right broker for your trading needs.
There are six different accounts available however we will only be looking at the first three as we are not interested in the MAM account, joint account or corporate account, so what are the features of the three accounts we are looking at?
Standard Account: With the all-time classic forex account, the Standard Account at Tradesto offers traders a wide range of features suitable for all traders, from the beginner to the experienced. This account type was the first to offer traders the ability to trade standard lots in the forex market.
Islamic Account: Forex Islamic accounts are also known as swap-free accounts for clients following the Muslim Faith as they imply no swap or rollover interest on overnight positions. The account is 100% Shariah-compliant, it has no interest/swap charges on overnight positions and positions can be held with no time limit.
ECN Account: Tradesto offers ECN Account with real market spreads as low as zero pips, along with no re-quotes execution on the MT4 trading platform. Clients can choose to trade over 50 currency pairs, spot metals, and commodities. Spreads as low as 0 pips, can use MetaTrader 4 as a trading platform and, there is a low commission charged (USD 10 per standard lot).
Tradesto uses MetaTrader 4 (MT4) as its only trading platform, MT4 is one of the world’s most used trading platforms, hosting the trading of millions of traders. You can trade anywhere and at any time as MT4 comes as a desktop download, web trader and as applications for your mobile devices. A user-friendly interface makes it easy to put powerful charting features, real-time quotes, advanced technical analysis, and automated trading capabilities to work for you. While it would be nice to have a choice of platforms, you cannot go wrong with using MetaTrader 4.
We may have been going blind but we could not locate this information on the website, after scouring the internet it appears that the maximum leverage available is 1:500, we are not sure if this is relevant to all account types though.
Trade sizes start from 0.01 lots and go up in increments of 0.01 lots so the next trade would be 0.02 lots. There is no mention of the maximum trade size, however, whatever it is, we would not recommend trading over 50 lots as it can become increasingly hard to execute larger trades without slippage and to perform the trade quickly. It is also not known what the maximum number of open trades you can have at any one time is.
The ECN account has a “low” commission of $10 per lot traded added to the account, while Tradesto calls this low, it is actually considerably higher than the industry average of $6 per lot traded. The other accounts do not have an address commission as they use a spread based system instead.
If you are using a normal account then swap charges are also present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice. If you are using an Islamic account then these swap charges are not relevant to your account.
Tradesto has very handily made their assets available to view so we have a full breakdown of the available tradable instruments, let’s see what is available.
Forex: AUDCAD, AUDCHF, AUDJPY, AUDDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, USDMXN, USDTRY, USDZAR.
Spot Metals: Gold and Silver.
CFDs: AUS 200, CHN 50, German 30, WU 50, FRA 40, HK, Italy 40, Japan 225, Spain 35, SUI 20, UK 100 (FTSE), Nasdaq (US 100), Dow Jones, SP 500, UK Brent Oil, Natural Gas, US WTI Oil.
As you can see there isn’t a huge selection so it would be good to potentially see this list grow in the future.
Tradesto has spreads as low as 0.1 pip, this is for the ECN account, it is not clear to us what the spreads on the Standard or Islamic accounts are. The spreads are variable which means they move with the markets when there is added volatility in the markets they will often be seen higher than when there isn’t. Different instruments also have different spreads so while one such as EURUSD may have a spread (example) of 1 pip, other instruments slike EURCAD will have a slightly higher starting spread.
The minimum amount required to open up an account is $100, this will get you the standard account. It is not known if there is a different requirement for Islamic or ECN accounts. After an account has been opened the minimum deposit for top-ups is $25.
Deposit Methods & Costs
There are plenty of ways to deposit, unfortunately, there are also fees, so we have outlined the deposit methods, along with any applied fees below.
- Bank Wire – Bank fees
- Neteller – 2%
- Fasapay – No Fee
- i-Account – No fee
- Bitcoin – 1%
- Shop2Pay – 3.4%
- Help2Pay – 2.5%
- China88Pay – 1.8%
Withdrawal Methods & Costs
We are a little confused as to which methods are available to withdraw with, there is only a tick next to Bank Wire Transfer and fasapay, however, there are withdrawal fees stated for different methods also, so we believe they may also be available, the methods we think are available are:
- Bank Wire – Bank fees
- Fasapay – 0.5% + 0.5%
- i-Account – 3 USD
- Bitcoin – Transaction fee
Again, it is not clear if the other methods are available, they may well be but we cannot say. It is a shame to see so many fees for both deposits and withdrawals as many brokers are now looking to get rid of transaction fees. It would be good to see Tradesto do something similar.
Withdrawal Processing & Wait Time
The withdrawal processing time is not known, but depending on the method used you should expect your withdrawals to be fully processed between 1 to 7 days after the request is made.
Bonuses & Promotions
It does not appear that there are any active promotions or bonuses at the time of writing this review, if you are interested in bonuses then we would recommend getting in touch with the customer service team to see if there are any upcoming promotions you could take part in.
Educational & Trading Tools
There isn’t a whole lot when it comes to education or trading tools. There is the usual economic calendar that details upcoming new events and which currencies they could have an effect on. There is also a page containing daily forex analysis which is currently being updated daily. If you are looking for a proper education then you will need to look elsewhere on the internet.
If you need to contact Tradesto for whatever reason you can do so in a few different ways, you can use the online submission form to fill in your query and you should then get a reply back via email within 1 business day. You can also contact the Tradesto corporation or UK Limited via phone or post.
Address: Suite 305, Griffith Corporate Centre, P.O.Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
Tradesto UK Limited:
Address: 7 35-37, Ludgate Hill, London, England, EC4M 7JN.
It seems like a demo account should be available, but at the time of writing this review when you click on the open demo account button it loads up a “Page Not Found” error, this may be a temporary thing we are not sure.
Demo accounts allow potential clients to test out the servers and trading conditions while also allowing experienced traders to test out new trading strategies without risking any of their own capital.
Tradesto does not specify which countries are allowed to trade with them and which are not, so if you are thinking of signing up we would recommend contacting the customer service team to check your eligibility prior to signing up.
Tradesto offers a lot of information on their site, however, there is a lack of information specific to the account types so we had to either dive deep into the site or look to other websites in order to find the relevant information. All info should be made readily available as it can put off potential clients if they cannot find something they need to know. There are not a lot of tradable assets which is a shame and there is not a whole bunch of deposit methods either, there are also fees for deposit and withdrawals which is always a little disappointing to see.
Tradesto looks like they offer decent trading conditions but we could not test them as the demo account sign up page was down. While Tradesto could be a good broker to sue, there are too many small issues for us to be able to fully recommend them at this time.