Traders Home is a Forex broker company, established in 2018. It is a young company, but for now, we cannot say this broker managed to make a famous name that will be recognised all around. That said, we are writing this review to see all the pros and cons about Traders Home that can help you decide if this broker deserves your attention or not.
The first thing we can say is that Traders Home promises to put clients in the first place. Actually, this broker prioritizes client’s interest and financial goals by providing excellent service. According to their words, everyone who opens an account can count on goal-oriented and professional guidance alongside the friendly trading platform.
We have to say, this sounds more than attractive and if it turns out that every promise is fulfilled, we will have an excellent broker. So, let’s not waste any more time. We can go straight to the platform to see how friendly it is.
Platform and Execution SCORE: 60%
There is one thing we dislike in the platform and execution section. Traders Home doesn’t allow you to see how the platform looks. We don’t ask for a demo account, but we want to see the platform before we register. Here, that’s not an option.
There is a web-trader, downloadable option and a mobile phone app. You have to decide what suits you the most and download the proper solution. We won’t be able to tell you a lot about the platform, it’s simple and it offers different asset classes. You can select commodities, indices and cryptocurrencies, depending on your personal preferences.
Our final thoughts are not that good, since we believe each client has a right to see the platform before making a decision. So, if you want to trade without knowing all information, you can open an account. But if you like to be informed and familiar with everything, Traders Home is a place for avoiding in that case.
Account Type SCORE: 20%
When it comes to accounts, the selection is excellent at the first glance. There are six options, which is more than enough, and you can choose depending on the minimum deposit you want to make. The Student Account has a requirement of $250 and the min lot size is 0.01. The main problem we have is that you do not receive anything. This broker added the list of trading conditions and wrote that Student Account owners get TH Trader, mobile trader and 24-hour trading.
Just to clear up some things, the platform is the place where you trade, and you need to have access no matter the account. So, this is not a benefit, it’s the most normal thing to have.
A starter account has a minimum deposit requirement of $2,500 and also 0.01 minimum lot size, but this time you can open an Islamic Account, too. The Premium account is practically the same, except that you have an account manager, but you have to deposit at least $10,000. With an Advanced account, the deposit has to be $25,000 or more and as an addition, you get daily analysis.
The next account is called Pro and you need to deposit $50,000. In return, you will get all those things we already mentioned alongside the fixed spread. Lastly, there is a VIP Account. The only thing we know about it is that you have to deposit at least $100,000. Other information is hidden, and you need to have a dedicated account manager who will tell you more about it.
So, it’s time to give you our final thoughts about those accounts. At the first glance, everything looks perfect, we have an excellent selection that is supposed to satisfy even the pickiest clients. In reality, things are completely different. As we already mentioned, those trading conditions are nothing but tricks to make things look better. You won’t receive any benefits. The account manager is available only if you deposit at least $10,000 which is unacceptable. Other brokers will provide you with an account manager even if you deposit $1,000 or less. Everything that Traders Home mentioned is nothing compared to other brokerage companies who create an offer that will fulfil the needs of their clients.
Overall, we are completely unsatisfied with the offer and trading conditions and we could never suggest you choose one of those accounts.
Withdrawal Speed SCORE: 60%
It really is unbelievable how Traders Home manages to make things complicated. To find out about deposits and withdrawals, you have to open so many tabs, which means that the website is not user-friendly.
Deposits will be on your trading account within one business day. We were surprised to see that since deposits are usually instant. Of course, withdrawals need more time and before the approval, you have to be sure every information is provided. The request process lasts from one to five business days but there is one questionable statement. Once you make a request, you accept that the company 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. We fail to understand why the money would be lost, but if you ask us this is a big red flag.
Support and Assistance SCORE: 50%
The support section is neatly done. There is a separate part for Frequently Asked Questions, that can always come in handy. If you have concerns about leverage, how to open an account or how to start trading, just visit this page and you will find all answers.
If you do not find an answer, you can reach out to someone from customer support. There is a contact form, email option or phone support. Simply choose the method that suits you and send your request. They also left a link to their Facebook page, so we assume you can send a message there as well.
For the purpose of this review, we decided to send an email. Usually, we prefer a Live Chat method, but this time there isn’t one, so we had to use another option. Actually, we have to explain a Live Chat part. There is one on the landing page of the website, but it doesn’t work. So, practically you cannot use that option.
We sent an email to see if the customer support is responsive and polite, but unfortunately, we never got a reply. Apparently, they are not responsive and if you need any help, it’s safe to say that you are not going to get it. Honestly, after everything, we saw that doesn’t surprise us at all. So, keep in mind if you decide to open an account here because you won’t be able to count on customer support. Nobody will guide you through your training journey and if something happens, you are completely on your own because this is an unlicensed broker and there isn’t any governmental body that will be able to help you.
Education and Tools SCORE: 10%
In this part, we will be quick. Not because we don’t want to spend time talking about educational material. We do, in fact, and that is our favourite part. But because Traders Home doesn’t offer a single educational article.
We searched the whole website, spent time looking for something that could be informative. But, without any luck. This broker apparently doesn’t think learning is important and that’s why you can only find Economic Calendar and Expirations Calendar.
Needless to say, this is not enough. If you want to be a better broker, the only way is to improve your skills and gain new knowledge. Yes, we know you can find a proper trading academy and enrol in a course, but that’s not a point. If you deposit money and give your trust to some broker, at least you deserve to have help and improvement. That said, we cannot say Traders Home is a good broker, that will help you boost your potential.
To conclude this Traders Home review, there is only one thing we can say. Read other reviews on our website and find another broker that will pay attention to your needs and trading goals. Traders Home is not a broker who will subordinate everything to its clients, no matter what they say at the beginning. So, to save yourself from any trouble and unpleasant situations, we advise you to skip opening an account here. There are so many other places that are eager to help you learn and become a better trader.