TradeFred Review
Trading Accounts
Account type
|
Minimum deposit
|
Maximum leverage
|
Spread
|
Basic
|
$100
|
1:50
|
Fixed from 3.0 pips
|
Standard
|
$500
|
1:50
|
Fixed from 2.0 pips
|
VIP
|
$5 000
|
1:50
|
Fixed from 2.0 pips
|
Official Website : TradeFred.com
Tradefred is a forex broker, which offers three account types to its clients. The company also provides an Islamic swap-free account.
The Company. Security of Funds
Company
|
Country
|
Regulation
|
BrightFX Capital Limited
|
Cyprus
|
CySEC
|
Previously, Tradefred was owned by MagicPath Capital Ltd, a company registered in Vanuatu and regulated by the local watchdog - the Vanuatu Financial Services Commission (VFSC). Currently, however, the broker is operated by BrightFX Capital Limited, a company that is licensed by the Cyprus Securities and Exchange Commission (CySEC).
Due to its well-balanced financial regulation, rather favorable tax regime and well-developed technology sector, Cyprus is currently one of the most popular forex broker centers. On top of that, this sunny island is a part of the EU family. Accordingly, each broker regulated in Cyprus can operate in any country that is a member of the EU or the EEA.
In addition, there is the Investor Compensation Fund, which can pay compensation up to €20,000 EUR per person, if a regulated becomes insolvent.
In order to be able to operate as investment firms and benefit from the above-listed rules, forex brokers licensed by CySEC are required to maintain a certain capital (EUR 730 000), keep client funds in segregated accounts, regularly reports transactions to the Commission and also comply with other regulation.
Besides, there are two more things that raise the Tradefred’ credibility. First, the broker is powered by the Betfred group – a reputable bookmaker (sports betting company), regulated in the UK. And second, Tradefred claims to offer Negative balance protection for all its account types.
Trading Conditions
Minimum Initial Deposit
Tradefred requires an initial deposit of at least $100. This is an average amount to start with in the current industry state. However, other Cypriot brokers, like FXTM, require less (only $5). Do not forget, this should not bother you as much as other factors, when comparing brokers. In order to survive in the dynamic financial markets, you must have sufficient capital and stringent risk management.
Average spreads & Commissions
Tradefred offers fixed spreads, starting from 3.0 pips on EUR/USD, which is considerably above the industry average at the moment, with some brokers offering even better conditions. As an example, the fixed spread on this pair at FxPro is 1.6 pips, although they also offer floating spreads which are usually even tighter.
Leverage
The maximum leverage at Tradefred is 1:50. This is relatively low, in comparison to other brokers.
As you may know, trading with high leverage carries significant risk for your capital. This is one of the reasons why US regulators have set a limit on the maximum leverage, brokers can offer to retail clients are 1:50.
Trading Platforms
Tradefred provides its clients with MetaTrader 4 (MT4) and a web-based platform. As far as MT4 goes, it has withstood the test of time pretty well. The rather old platform is a fan favorite, with its custom indicators and automated systems. The simplicity, combined with great analytical potential make it a prime choice for many brokerages.
When it comes to the web based platform, we got it running for the purposes of this review. It looks like Sirix web, with built in Social stream. Here is a preview:
Methods of Payment
There are several deposit and withdrawal methods at Tradefred. They are: Bank Transfer, Credit/Debit Card, Broker to Broker transfer, WebMoney and Qiwi. Keep in mind bank transfers and broker to broker transfers may take quite some time to get through.
Conclusion
Tradefred is a forex broker and market maker affiliated with the famous sports-betting company Betfred. It is licensed by CySEC, offers its services on two trading platforms and claims to provide negative balance protection. However, its spreads are too wide and some may find the leverage levels insufficient. Here is a list of this broker’s pros and cons:
Pros
|
Cons
|
CySEC license, backed by bookmaking giant Betfred
|
High fixed spreads
|
Negative balance protection
|
Low leverage levels
|
MetaTrader 4, Sirix web platforms available
|
Market maker model
|
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