What Can You Trade with Traders Home?
With Traders Home you will be able to choose between Global Currencies, Spot Commodities, Spot Indices, Spot Energies, Cryptocurrencies and Spot Shares. The selection is good, the broker offers over 90 pairs of Global Currencies that you can trade 24 hours a day, five days a week. When it comes to commodities, you can trade Gold and Silver, while the energies segment allows you to choose WTI Crude Oil, Natural Gas, etc.
Overall, the selection is good, and this is the first part that we like about Traders Home. Unfortunately, the rest of the service this broker provides is the complete opposite of tradable assets and we will explain that right away.
Traders Home Trading Accounts Offered
Once you take a look at the account types, you’ll be surprised by the selection. Traders Home offers six account types to its clients, which is amazing. Unfortunately, things are not that good once you look at those accounts and analyse them. Why? Well, we can show you everything step by step.
The Student Account
Here, you need to deposit at least $250. That’s completely fine, but for that amount of money, you receive practically nothing. The min lot size is 0.01 and as a benefit, they listed 24-hour trading, mobile trader and TH trader. Just to be clear, trading platforms is not a benefit. It’s just a place where you trade and no matter the account, you will have access. So, this is just a list of random things that have to be included. We are not talking about special trading conditions that are expected.
The Starter Account
From $250 we jumped to $2,500 as an initial deposit. This is not a small difference and yet, the list of benefits is practically the same. Min. lot size is the same and the only different thing is that you get a chance to open an Islamic account if you go with the Starter one. Once again, all those things that are listed as benefits are nothing but a regular thing that you have to get. Don’t let a broker fool you by listing that as a good opportunity for you, because if you are new to the Forex market you can fall for that trap.
The Premium Account
With the Premium account you will have to deposit $10,000 and what do you get in return? Well, almost nothing. In addition to those things we mentioned earlier, you will have a right to an account manager. That’s it. This is not enough for a minimum deposit of $10,000 especially if we keep in mind that other brokers will provide you with an account manager even for the smallest account.
The Advanced Account
The minimum deposit requirement this time is $25,000 and all those conditions are the same. If you ask us, it is a problem when a broker offers min. lot size 0.01 for each account. In a normal situation, that should vary from account to account. Aside from that, you will have daily analysis and that’s it. We doubt that anyone could be satisfied with an account like this once they deposit $25,000. For that amount of money, you deserve much better trading conditions.
The Pro Account
The Pro account has a minimum deposit requirement of $50,000. The only different thing with this account is that you get fixed spreads. So, if we sum up everything, there are just three things that are different in the smallest and the biggest account. On the other hand, the minimum deposit requirement is extremely different, and we do not see a reason for that. Within those accounts, there is nothing you can get that can justify the money difference.
The VIP Account
The only thing we know about the VIP account is that you have to deposit at least $100,000. For every further information, you have to ask your account manager. Needless to say, this is unacceptable. A broker has to be transparent and clients deserve to know every information before they make a deposit. So, we are quite disappointed with those accounts. Trading conditions are terrible, and the non-existing transparency is even worse. Compared to other brokerage companies, Traders Home has nothing to offer so far.
Traders Home Withdrawal and Funding Methods
As a payment method, you can use a Credit/Debit Card, e-Wallet or Bank Transfer. Once you choose the desired method, Traders Home needs one business day to process your money and add it to your account. This is the first thing we dislike because deposits have to be instant. There is no need to wait one business day just to start trading.
When it comes to withdrawals, the request process lasts from one to five business days. That’s not a lot, but there is one problem. When you visit the withdrawal section, there is a statement saying that a broker is not responsible for any loss or delay that may occur after the funds have been released by the Company from the Client’s account.
It’s not a normal thing for a broker to write that there is a chance your money will be lost, and we believe this is a red flag that says you to stay away from Traders Home.
Education Resources at Traders Home
If you believe that learning is a big part of Forex trading, you should skip Traders Home. Yes, education is the most important thing you can do for yourself and without it, you cannot make a success. Every broker knows that and that’s why you can find different education centres filled with eBooks and video lessons.
In this case, there isn’t an education centre. You won’t find a single article about trading and the only available things are Economic Calendar and Expirations Calendar. We don’t even have to say this is not enough. As a client, you deserve to have proper education from a broker. There is no need to deposit money somewhere and then look for a trading academy to help you learn. But if you decide to go with Traders Home, you will have to find another website to provide you with educational material and ensure your skills are improved.
Customer Support at Traders Home
If you need help, there is a support centre on the main menu. Everything looks good, there is a Frequent Questions section that allows you easy access to some important questions such as how to open an account and start trading, or some other details about the leverage and accounts in general.
Of course, chances are high that you won’t find every answer here and that’s why you have to contact support. You can do that using email, phone line, contact form or Live Chat. Well, that’s what Traders Home wants us to think. In reality, Live Chat is not working so you cannot use it and you will never receive an answer if you send an email. So, this is not a support that we want to see.
To see if customer support is responsive or not, we sent an email. There were some unclear things that we wanted to find out, but unfortunately, we never received a reply. This leads us to one conclusion, if you need help with your account, there is not a single chance to receive one. In that case, your money could be lost, or your account deactivated because nobody will help you solve the issue that occurred.
Is Traders Home a Good Broker?
Unfortunately, the time has come to give our final judgement. We said unfortunately because the overall impression can be described with two words — complete disappointment. This broker does not offer good trading conditions, it’s not ready to subordinate everything to clients, which means you won’t get proper customer support if you need it. If you are an experienced trader, we are certain that you realised everything at the beginning of our review. But if you are just stepping into the Forex world, remember one thing. This is not how a broker should treat its clients. There are so many other Forex brokers that offer much better conditions, constant support and security to clients. So, there is no reason to open an account at a risky place that will scam you, when you can deposit money and trade with a secure Forex broker that will help you improve your trading knowledge and skills.