For a broker to come out trustworthy, it has to be diligent and consistent with its efforts. A substantial amount of hard work, planning, and commitment is required to provide the best services to the clients and traders. Sadly, this isn’t the case with TradeLTD. Many brokers like Trade LTD are just focused on money-minting caring less about competent functionality and services. In this review, we will discuss various reasons to not trade with the broker.
TradeLTD Scam or Safe?
One of the major factors to determine whether the broker is safe or not to trade with is the regulation it entails. A broker which is regulated by top tier authority can be seen as a safe broker to trade with. Even though TradeLTD is registered in Estonia, it does not involve any regulations from the country or any other place. An unregulated broker can be seen as a high-risk broker. Also, a warning is issued by the Financial Supervision and Resolution Authority in Estonia to not pursue trade with TradeLTD. What else is needed to understand that your capital is at high risk with the broker? We would advise all traders and investors to think twice before investing with the broker.
Account Types
The broker offers trading via multiple account types but all these accounts have minimal differential factors. Very few features are involved in a standard trading account so the beginners may not find the services up to the mark.
The minimum deposit of all accounts is 250 dollars which are very high compared to the low-quality services rendered by the broker. The leverage for most of the assets and securities is as low as 1:100. The lifetime deposit of a standard account is as low as 1000 dollars.
There are other brokers like TradeATF, HFTrading, and T1Markets which offer better services at lower costs.
Demo Account
TradeLTD offers no free demo account for its clients and users. All new traders want to test their strategies and skills before entering the actual market and a demo account lets them do that without intaking any real risks. It is very important for traders to take an informed and practised step in the market. Otherwise, things can go quite hayway. One cannot just directly step in the market risking his or her hard-earned money. Knowing that TradeLTD does not offer a free demo account for its traders was highly disappointing.
Trading Platform
TradeLTD offers trading via MT4 trading platform on desktop and mobile. We do not understand why the broker has to bank on an outdated technology when others have already moved towards a more advanced trading platform called MT5.
The website trading with TradeLTD is pretty complicated and havoc. Too many tabs with multiple functionalities create confusion and chaos in its operations. We do not think that beginners and fresh traders would be able to easily adapt to the problematic interface.
Products and instruments for trading
Only two instruments are offered for trade by TradeLTD; forex currencies and stocks. Moreover, the assets and securities under each category are quite limited and restricted too. This limits the trading and profit-making opportunities for traders and investors. One cannot even decently diversify a portfolio with such a small number. These low numbers are unacceptable and entirely dissatisfactory.
Account Opening
Account opening process of TradeLTD is quite cumbersome and time-consuming. One has to go through multiple steps that include elongated tests, questionnaires. The document verification can take up to hours. We can infer that a quick and swift account opening process is not a forte of the broker.
Customer Service
The customer support and service is nothing like what the broker claims on the website. The response time of calls is extremely delayed, emails are answered in weeks, and live chat feature seldom functions. Poor customer service is another major drawback of TradeLTD.
Research and Education
For research purposes, sparse and conventional tools are available. There are no advanced calculators like pivot or Fibonacci available with the broker. Research tools are crucial to depict the precise entry and exit points in the trading positions.
For educational purposes, there are just some articles available and nothing more. There are no VODs, webinars, courses, ebooks available with TradeLTD. It seems like the broker does not care about the education and growth of its clients.
Disadvantages of trading with TradeLTD
- No regulations
- No security softwares or features available
- Limited and outdated research and educational material
- Poor user interface
- No MT5
- Restricted trading instruments and products
- No demo account
- High minimum deposit
Conclusion
We do not think TradeLTD is at all the right choice for traders and investors. First of all, the broker is not regulated and does not offer any security features to keep the data and information of its clients safe and secure. There are other highly reputed and regulated brokers like HFTrading, ETFinance or PrimeFin that offer better services with lesser minimum deposits.
Moreover, the services offered by TradeLTD are pretty outdated and conventional.
