Tradeo Broker Review
Commissions & Fees
Education and Research
If you’ve been considering using Tradeo broker then this is the review you want to read. Tradeo is a prime forex broker that has many traders hooked already. Read our in-depth review to learn about Tradeo broker and all they have to offer.
Tradeo was founded in 2012, and although the company changed hands in 2017, they continue to go from strength to strength in terms of growing a secure user base and further expanding their product offering to encompass a broader spectrum of traders.
Initially launched as a social copy trading platform, Tradeo has adapted to offering a more traditional forex broker experience through the ever-present MT4 platform and its own new and improved Tradeo Z. Tradeo is regulated by both the IFSC in Belize, and CySEC in the E.U.
Tradeo Account Opening
Tradeo offers just two account types to its users. These are a demo account, and a real trading account. This straightforward offering keeps everything within the broker very focused and allows the trader to avoid the distractions associated with having a wide variety of options. This style is particularly suited to new traders who simply wish to activate their account and begin trading with the minimum amount of fuss possible.
The minimum deposit in order to begin trading with Tradeo is 50 USD/EUR/GBP.
Availability and Ease of Opening
Tradeo accounts are available to the residents of most countries. There are a few exceptions to this, notably, residents of USA, Canada and Brazil cannot trade. This is in addition to Afghanistan and North Korea.
When it comes to account opening, the process is very swift indeed. Opening a Tradeo demo account can be done in just a few minutes by inputting your basic personal information. The process is precisely the same with opening a live Tradeo account, with the exception of a few additional questions and registration of your deposit method and verification documents. These documents can be quickly uploaded electronically for approval.
With Tradeo, even if you have not completed verification, you can still trade, but your deposits will be limited to 2,000 USD/EUR/GBP until you have verified your residency and identity documents.
Tradeo offers a broad range of products across a number of trading markets. These are led by their forex offering which includes a total of 41 currencies. These currency range from all of the major pairs which a trader would expect to find, along with many minor and exotic forex currency pairings.
Alongside this strong range of forex trading options, the broker also provides for extensive CFDs trading in a number of markets. These encompass indices, metals, commodities, cryptocurrencies, and a wide range of stock CFDs. The broad offering ensures the availability of products and markets to a diverse range of traders who engage with Tradeo.
Tradeo Commissions and Fees
Tradeo typically operates on a commission-free basis. They do feature a marginally increased spread which allows then to profit, but their STP/NDD model of operation allows them to offer competitive spreads to traders. These spreads are fixed and typically start from around 2.5 pips.
In terms of non-trading fees, Tradeo features a few which are commonly noted among many brokers. Whilst deposits are free of charge besides any fee charged by your financial institution, withdrawals are charged as follows:
- Wire transfers – 30 USD/EUR/GBP
- Credit cards – 15 USD/EUR/GBP
- Other methods – 1% (minimum 15 USD/EUR/GBP)
The broker also charges conversion fees of up to 0.5%, and an inactivity fee of 22USD/20EUR/15GBP per month on accounts which have been inactive for more than 90 days.
Platforms and Tools for Tradeo
Tradeo offer several trading platforms currently. These are the MT4 WebTrader, and their own proprietary Tradeo Z. Both are web-based trading platforms, with MetaTrader 4 being an already well known and received quantity in the industry. MT4 is also available on both desktop and mobile, however, Tradeo Z is still be adapted for mobile release.
Web Trading Platform
Both MT4 and Tradeo Z are web-based platforms. The functionality of MT4 and its robust nature on desktop translates in a similar fashion to the web-based option. Still packed full of professional charting tools and indicators, it controls in much the same way as its desktop counterpart with a market watch window on the left side charting all of the day’s movements and a fundamentally concise ordering system with the highly customizable charts displayed in the center window. This option will no doubt appeal to more seasoned traders who have grown to know and become experienced using MT4 over the years.
Tradeo Z is somewhat comparable, although of a much more fluid and user-friendly nature. Everything about the platform is intuitive and designed to lure the trader in with its eye-catching visuals which are super easy to navigate.
All the options for trading are at your fingertips with a comprehensive selection of all available markets and products on the left side of the window, an order window to the right, and another highly customizable charting display in the center. This display can easily be enhanced with all the most popular technical indicators and edited to extraordinary levels with the plethora of drawing tools made available.
Mobile Trading Platform
As Tradeo are currently in the process of revamping their trading platforms with the release of Tradeo Z, they are still adapting it for release in mobile format. According to company representatives, this trading platform will be available for both Android and iOS download soon.
The broker does offer MT4 for mobile however. This encompasses much of the excellent functionality of the desktop and web-based varieties, being very intuitive, and allowing for easy access to charting data, economic calendar, and easy switching between brokers within the same applications.
Although it is the sole mobile platform available currently, it already possesses a strong reputation and should suffice for many new or experienced traders alike as we wait for the mobile release of the Tradeo Z platform.
With seven years in the industry, Tradeo has adapted from its original approach as a social/copy trading broker to encompass broader aspects of the forex broker market and increase its target market. This stands out as a positive differentiator in that the company is willing to observe the marketplace within which it operates and adjust to the needs of traders. This has been especially prevalent since its 2017 takeover.
From a traders perspective, the operation is also very much streamlined. From the initial signup, you can be actively trading in minutes using either of the web-based trading platforms. This is a much more fluid and expedited process than some brokers have in place.
With their focus very much on creating a positive trading experience and atmosphere, top-quality regulation is vital. This is something which Tradeo recognize and have put in place. Being regulated by bodies in both Belize and Cyprus allow traders a greater deal of flexibility and an added feeling of surety when trading through the broker.
Tradeo customer support is available through several avenues. These are, phone support, email, and web-based live chat. All of the methods listed are available on a 24/5 basis and are responsive to questioning in an effective manner.
For support outside of market hours or for other generally helpful information, the broker features an extensive FAQ section on their website. This charts all of the most common basic questions which traders may have, and acts as a positive starting point for customer support issues.
Trust is an ever important feature of any top broker and it is something which Tradeo has worked hard to establish. They have successfully achieved this through a stellar regulatory network. Being regulated by both the IFSC in Belize, and CySEC for the EU immediately instills a sense of trust among traders and the forex community.
Having established within the industry in 2012, the broker also has been active and progressive within the sector for long enough to ensure they have become completely trusted. Whilst traders may have their own subjective opinions on other areas of the brokers offering, trust is something which is steadfast at the core of Tradeo and any other major broker in the industry.
Conclusion for Tradeo
Ultimately, Tradeo has established itself as a major force within the forex broker industry. Their recent change of ownership in 2017 has also breathed a sense of rejuvenation into the company. When considering all aspects of what makes for a positive broker experience, Tradeo fulfils many of the categories.
The broker is both secure and trustworthy thanks to their pro-active regulatory approach, features easy to use platforms incorporating both a proprietary and popular third-party option, and they make available a wide range of products to traders. Taking this into account, along with the fact that their process of registering to trading is extremely streamlined, Tradeo can be considered a very good option for traders who wish to jump right into the sector. This convenience and the social aspect of the broker are elements which will satisfy both new and experienced traders.
- Regulation through the well-respected CySEC is a big advantage for many traders and one which service to indicate the high level of trust and transparency with which Tradeo operates.
- The web-based nature of both trading platforms make trading extremely accessible and in a much shorter space of time. Eliminating these barriers to entry is sure to be enticing to new traders.
- The social trading capabilities upon which the broker was founded, and the extensive range of trading products they make available are all testament to a user-focused broker.
- The broker website is difficult to source in-depth information for first time traders.
- The spreads are quite high when compared with other brokers in the industry. Additionally, there is little clear indication of these spreads to new traders.
- The non-trading fees could be considered expensive and excessive to many traders.