The first thing we like to do before discussing a broker is to see what that broker claims. For example, when you visit the Trade Financial page, you will see that this broker claims to be one of the topmost investment educators, since it provides its clients with supreme education tools and a multi-functional platform. Also, people from Trade Financial have collected the most advanced market analysis tools that will help each person elevate trading skills.
All of that sounds great. If things end up being like that, we will have an amazing broker. Unfortunately, there are reasons for doubt once you search Trade Financial on the Internet. There aren’t many reviews, to be honest, but in that small selection, most of them are negative, which is a big problem.
A lot of registered users said they had to make numerous payments to make a withdrawal request and, in the end, that request wasn’t approved. Also, a lot of people complain about hidden fees and some taxes that weren’t mentioned at the beginning. That’s always a red flag and a reason to stay away from a broker. So, it’s time to see if Trade Financial really provides all those things we mentioned at the beginning, or those clients have a good reason to be unsatisfied with this broker.
We will start with a trading platform, because this is one of the most important parts of a broker. Unfortunately, we cannot tell you much about it since it’s not working. Once you visit the page the only thing that appears is the code that says Failure. This is unacceptable and if someone claims to provide an excellent platform, that platform should be visible. Otherwise we have no idea what we are dealing with.
We are sorry to see this review started like this because Trade Financial really gave us a great first impression. The website looks excellent and we expected to see top-notch technology. Since that didn’t happen, we will move on to other parts of the service, to see if this broker provides good customer support and trading conditions.
What Can You Trade with Trade Financial?
Trade Financial claims to offer over 150 tradable assets. This is an excellent selection, but we cannot tell if it’s true or not due to one reason. Whenever you visit the Asset Index page or any other that contains a list of assets, an error will appear, and the page won’t load. Just as with the trading platform.
Trade Financial Trading Accounts Offered
As a potential client, you need to have a good selection of trading accounts. Usually, they vary from your experience which allows you to open an account even if you are just stepping into the trading world.
Things aren’t any different with Trade Financial and the smallest account is named Basic. Within it, you will get 150 tradable assets and widget alerts. Is this enough? Well, not at all. For $500 (the minimum deposit requirement) you need to get more. This is the most basic offer and other brokers will provide it to you for less money. So, we can say that you can get a better offer if you choose other brokers, that’s for sure.
Another account is Silver one and this time you have to deposit at least $5,000. You will still get 150 tradable assets and widget alerts, but as an addition, you will have daily and weekly market review, dedicated ARM, optional trading bonus, email alerts and one chapter of education (Important terminologies). This offer is much better, but it’s still not enough for $5,000. It’s unacceptable to provide clients with just one learning lesson, especially if you promote impeccable education on the website.
The third account is Gold and of course, the minimum deposit requirement is much higher this time. You will have to add $10,000 to your account to become a Gold member. In addition to this account are analyst views lite (20 assets), SMS alerts as well as two chapters of education (important terminologies and how to use trading central research). Once again, this is not enough when it comes to education and we expected to see much better possibilities.
With the Platinum account, you have to deposit $25,000 but of course, spreads are lower this time, you will receive analyst views for 50 assets, two more chapters of education (Risk and money management and economic calendar). Also, you have access to loyalty stores and priority withdrawals. To be honest, this offer is much better than the Gold one although the Gold is marked as Best Value Offer. So, if you decide to open an account here, we would definitely go with the Platinum one.
The last option is VIP and the minimum requirement for deposit is $100,000. With this account, you will be able to enjoy every benefit that a broker can offer. For example, you will get all educational lessons and analyst views for every tradable asset.
Overall, we are glad to see that people have different options, but on the other hand, those are not the best options we have ever seen. They are not the worst ones either, but we believe that Trade Financial could work on that a little bit, to upgrade its service.
Trade Financial Withdrawal and Funding Methods
As expected, before each transaction you need to go through the verification process and identify your account. This is the most normal thing and we appreciate it since it’s one of the many security methods.
When it comes to funding methods, you can use Credit Card, Bank Wire or Bitcoin Transfer but with one condition, you need to use the same method for both deposit and withdrawal. If you go with a Credit Card, there is an option to use multiple cards, which can be helpful sometimes.
The processing time takes around five business days, but it’s not clear whether they are talking about request approval or adding the balance to your bank account. Oftentimes, brokers need five days just to approve the request and after that, we have a certain period of time they need to transfer money. So, things are not very transparent here, we have to say.
There is one thing that we also have to mention — fees. Honestly, we were surprised to see how high they are. For example, there is a dormant account fee and if you do not use your account in 30 consecutive days, Trade Financial will charge you 300 USD/EUR/GBP. Also, there is an overnight fee and according to their words expenses may apply to transaction charges, commissions, fees, prices, premiums, settlement and clearing fees, legal expenses and taxes.
Basically, this broker can charge you for almost everything and now we clearly understand why people are complaining and why they said there are too many hidden fees.
Education Resources at Trade Financial
Although this broker promised impeccable education, things are a bit different in reality. When you go to the Education centre, you won’t find a single thing. No eBooks, Video Lessons whatsoever. Material is reserved for VIP clients only and that’s unacceptable.
Even if you go with the smallest account, you need to have something that will help you learn how to make better decisions. So, our thoughts about education at Trade Financial are quite disappointing.
Customer Support at Trade Financial
If you need any help with trading, we can only say one thing — good luck. There isn’t live chat, email or a phone number although they wrote you can use the Live Chat. The only way to reach out to support is to fill the online form and choose the department you want.
Needless to say, this is not enough, and we cannot emphasize enough how important it is to have proper customer support. Especially once you find all those comments about other people’s problems and how nobody answered them.
Is Trade Financial a Good Broker?
At the end of this Trade Financial review, we cannot say a lot of positive things about this broker. Yes, there is a good selection of account types, but the trading conditions are not that good. Also, you won’t be able to count on support or enjoy the learning process. So, the only thing we can say is to keep looking and try to find a better place that will respect your time and money more.