Trade Financial is an interesting Forex broker. You won’t find a lot of reviews online, but you will find different comments written by registered users. Most of them are negative, just to warn you from the beginning. Of course, we will go through the whole website and see every part of this broker, but first, let’s see what people think about Trade Financial.
Some of them say you need to make payment after payment to request a withdrawal and in the end, that never happens. They are scamming people and cancelling their withdrawal requests. Others say there are a lot of fees that appear out of the blue and you need to pay them if you want to make a withdrawal. So, hidden fees are a common thing on this website. There are also a few comments that say Trade Financial asked them to pay money for taxes and after that, they just stopped answering emails and phone calls. So, no communication at all as soon as you make some profit.
This is a major red flag and we are going to take it seriously because if some of this is true, we are dealing with a scam broker.
Platform and Execution SCORE: 10%
Trade Financial created a platform with cutting-edge tools, rapid traders’ execution, fast withdrawals and online support. At least that’s what this broker claims. In reality, the trading platform is not working and no matter how you try, there is not a single chance to access it.
That said, we won’t be able to discuss the platform because we have no idea how it looks and works. The worst part is, this broker doesn’t give you an option to use MetaTrader, so you don’t have other options when the first one fails.
To sum up, our thoughts about the platform are completely negative and we cannot find a single good thing about it. We can just hope that other parts of the service are much better.
Account Type SCORE: 60%
Trade Financial will allow you to choose between five different accounts. This selection is excellent, but we have to see if the trading conditions in all those accounts are equally good or not. Oftentimes, brokers add numerous accounts just to make the whole thing more professional, but those accounts end up being completely the same.
The smallest account is Basic, and you have to deposit $500. Within this account, you will have access to 150 tradable assets and widget alerts. Honestly, this is not much and for $500 we expect to see a better offer.
Silver account is the next one and you need to deposit $5,000 to open this account. It provides you with daily and weekly market review, dedicated ARM, the optional trading bonus, email alerts and one private analyst session (Chapter 1 - Important Terminologies). This offer is better than the previous one, but we are still unsatisfied with the education. If you deposit $5,000 you need to have proper education and not just one lesson.
Until now, we cannot recommend any of these accounts. The next one is labelled as the best value, so we hope that conditions will be much better than in Basic and Silver. To become a Gold member, you have to deposit $10,000. For that amount of money, you will get everything that we mentioned but as an addition, there are Analyst views (for 20 assets), SMS alerts, private analyst sessions (Chapter 1 - Important Terminologies and Chapter 2 - How to use Trading Central Research). Well, we wouldn’t agree this is the best value for the money since you get an offer that is similar to the previous accounts.
Platinum is your next option, but you will have to deposit at least $25,000 if you want to choose it. As an addition to this account, you will get lower spreads, analyst views for 50 assets, private analyst sessions (Chapter 1 - Important Terminologies, Chapter 2 - How to use Trading Central Research and Chapter 3 - Risk & Money Management) as well as priority withdrawal and loyalty store. This is not a bad offer but keep in mind one thing. An offer like this can be found in other places for a much lower deposit.
Lastly, there is a VIP account that has a $100,000 deposit requirement. You can count on analyst views per 150 assets, education Chapter 5 - Timeframe & Candlestick Analysis, Chapter 6 - Support & Resistance, Indicators and Chapter 7 - Price Patterns. An interesting thing is that we have no ideas about leverage or spreads. We know spreads are lower on the last two accounts, but what does that mean, we have no idea.
Overall, the account type offer is good, but the trading conditions could be much better. This is not something we could recommend to our readers since other brokers are ready to give you better conditions and accept lower deposits.
Withdrawal Speed SCORE: 70%
The first step of each withdrawal is the verification process. You have to send scanned documents, such as a colour copy of ID with a photo, Credit Card, proof of address and other required documentation. Once the whole team approves that, you will be able to proceed with the request.
As a withdrawal method, you can choose Credit Card, Bank Wire and Bitcoin transfer. But keep in mind that you have to use the same method you used for the deposit. So, if you deposited with a Credit Card, you cannot choose a Bitcoin transfer. This is the most normal thing among Forex traders, and we are happy to see that Trade Financial also follows the procedure.
The minimum withdrawal amount is 25 USD/EUR/GBP and it will be converted from USD according to the rates published by the European Central Bank on their website while the minimum for Bitcoin withdrawal is 250 USD/EUR/GBP. The processing time takes around five business days, but there is one problem. This is a time they need to approve your request, but we have no idea how long it takes to receive money to your bank account.
Support and Assistance SCORE: 10%
Support is not the best part about this broker. There is a Contact page but an only method is an online form, which is not enough. There isn’t live chat, email or a phone number. So, we filled the online form to see if we will get a reply.
People already complained that Trade Financial does not answer your requests and we realised that. Days passed and we didn’t get a reply. So, if you need help this broker won’t provide you with one.
Education and Tools SCORE: 40%
Unfortunately, Trade Financial doesn’t offer free educational material. Not a single article, so you won’t be able to familiarize yourself with their way of teaching before opening an account. Every part of education is reserved for registered users, but we saw at the beginning that each account type has a different level of education. To us, this is not enough. Even if you open an account one lesson is not enough, you need to have constant improvement if you want to have good skills and this broker is not ready to help you improve.
Our final thoughts are not that good. We started this review positively surprised but all those negative comments from clients turned out to be true. Trade Financial doesn’t offer good trading conditions nor do you get a proper education. Support is non-existent and if something goes wrong you cannot count on their representatives. The worst thing of all, this broker will probably scam you, take your money and guess what, you won’t be able to complain to authorities. Why? Because Trade Financial is an unlicensed Forex broker and you made a decision to trade with them. So, remember this before you open an account and find some other broker who wants to give you a complete service and ensure the security of your funds.