TradeFw is an online trading platform which claims to offer the best financial trading experience to clients. But unfortunately, the broker fails to provide advanced services, and most importantly, the firm is not safe to trade as it holds limited licenses that can’t assure its authenticity. The broker website has an intricate design, and beginners might face grave difficulty understanding all the features and services. There is no research section with the broker, and the education content is of low quality. The trading platform offered by the broker comes with a low level of features and services.
TradeFw Scam or Safe?
TradeFw is considered Scam broker as it doesn’t provide utter clear notice about its services. The broker holds the licenses from some doubtful financial authorities, so it’s not acceptable to ensure complete safety. The broker doesn’t use the segregated bank accounts for depositing the client’s fund.
Further, the broker is not part of EU, MiFID, or ICF. Investors Compensation Fund (ICF) makes sure that no client is exposed to any fraud broker or activity and provides up to 20,000 euros insurance to every user account.
Overall, we cannot assure the safety of the TradeFw due to incompetent regulations. We suggest our valuable client’s to do their ramification before trading with this broker.
Account Types:
The broker’s account types are minimal and don’t offer adequate services required for the trading. All the accounts fail to fulfil the customer’s demands and has little offering than other similar trading sites. The expense of trading one round lot is much higher than the average price per round offered by the industry’s top brokers.
The number of base currencies offered is very few, and the traders might face difficulty in deposits and withdrawals. The clients can also trade via a demo trading account, but the account is offered only 30 days.
Trading Platform:
The broker provides a commonly used trading platform. The platform fails to offer many services and would resemble frustrating to traders. The UI/UX design is complicated and difficult to understand, and newcomers might not operate smoothly. There are limited signals, indicators, timeframes, charts, and technical analysers for users, and the results from the available tools might give inaccurate outcome or predictions.
Markets and Products:
The broker expedites a limited range of financial instruments for trading and limits profit potential. The site does not give a clear picture of trading instruments that it offers CFDs and not actual assets possession. It marks the end of trust and transparency on the trading site for all the users.
Apart from it, there is no clear information on the varied leverage for different countries. For example, the UK’s FCA doesn’t allow brokers to provide more than 1:30 margin on trading but if the site follows it or not is yet to get clear.
Account Opening:
The account opening process is challenging and confusing and fails to clear the intent for taking information. The broker doesn’t explain the process anywhere on the website, and the clients need to provide details without understanding the further process of verification.
The processing time for activating accounts is much longer than other top trading brokers, and the user needs to wait for more than multiple days. It can discourage professional users and waste newcomers time which would have been used for practice and learning.
Commissions and Fee:
The broker charges high Commission, spreads, and seems to have several hidden charges that are not mentioned clearly on the site.
We discovered some of the top hidden charges were inactivity penalty, withdrawal charge, overnight swap fee, and other additional costs, none of which were clearly mentioned on the broker’s website.
Deposit and Withdrawal:
The firm offers limited payment methods, and none of them is widely recognised. At the same time, the broker also has several hidden charges and fee for withdrawals. Note that the processing is long, with deposits taking more than one day and withdrawals taking up to several days. The delay in payments can be tumultuous for traders, and the process is unclear and challenging. There are several limitations for withdrawals on the amount, number of transactions, and more.
Research:
The trading site offers limited research material for analysis. That can be a significant setback as the research content is useful for analysing the market and make better trading decisions. The tools enhance clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use.
Education:
The broker’s educational material is of low quality and can be discovered from anywhere on the internet. The broker should offer a good range of valuable educational content that can help the newcomers learn the market dynamics.
What are the disadvantages of trading with TradeFw?
Trading with TradeFw will lead to the following major disadvantages:
High charges and trading fees
Limited trading and research tools
Limited educational material
Poor user interface
Low leverage
Unclear regulation
No banking license
Poor and delayed customer service and support
Customer Service:
The broker’s customer service is pathetic, and the executives fail to clear client doubts. The firm boasts 24/7 customer service everywhere, but no calls were answered, and the email response took extended time than usual. The standard response time was longer than multiple days which gets frustrating for an average trader.
Conclusion
Overall, the TradeFw is not safe to trade and has limited licenses that can’t assure its authenticity. The trading tools and services offered by the broker are not up to the mark. Valuable customers can get much better options than T1Markets, ETFinance, PrimeFin, and Brokereo, which provides a wide range of trading instruments through core types of accounts and trading platforms. The commission and spread charges are comparatively low. Most importantly, all these brokers are the safest ventures for traders and investors to trade as the leading financial institutions regulate them.
