TradeApp Review 2020

TradeApp is an online Forex and CFD broker that is regulated by the CySEC, the broker offers multiple instruments for trading on its online trading platform. The broker also provides traders with market news, Autochartist analysis and trading signals. However, we did not find TradeApp to have the lowest spreads when compared to the best trading brokers.

TradeApp Review 2020, Pros & Cons
  • Regulated broker
  • Market news & analysis
  • Educational resources
  • Autochartist tool
  • No service to clients from USA, Belgium, Canada & Iran
  • Not the tightest spreads
  • No MetaTrader platforms

In this detailed TradeApp review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

TradeApp is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including TradeApp.

TradeApp Review: Summary

TradeApp was founded since 2011 and it is based in Cyprus where it has offices in Limassol and Nicosia. It also has a branch office in Malaga, Spain. The brand has over 200 instruments for trading on the PROfit platform which is available as web trader and mobile apps.

TradeApp enables traders to start easily as the minimum deposit required to open a live account is small. The platform is powerful and suitable for retail, professional and institutional traders. Trading tools such as updated market news, economic calendar and Autochartist analysis are all provided.

TradeApp Review: Regulation

TradeApp is the brand name of ‘Depaho Limited’ which is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the license number 161/11.

TradeApp Review: Broker Regulation

TradeApp Review: Broker Regulation

TradeApp complies with the Markets in Financial Instruments Directive (MiFID II) of the European Commission which authorizes the broker to offer its services across the EU.

TradeApp is also regulated by the Financial Sector Conduct Authority (FSCA) of South Africa with the license number 47709.

TradeApp is also regulated by the Comisión Nacional del Mercado del Valores (CNMV) of Spain through its Malaga branch with the registration number 3321.

TradeApp is also registered with up to 16 regulatory authorities in other European countries.

TradeApp ensures that clients’ funds are secured by keeping them apart from the company’s own funds in top European banks. This means that TradeApp cannot use these funds for their own operations irrespective of its financial position. In the event of bankruptcy, clients’ funds will be safely returned to them and not used to bailout the broker.

TradeApp is a member of the Investors compensation fund (I.C.F.). This means that retail clients are entitled to compensations up to €20,000 in the event of TradeApp going bankrupt.

TradeApp Review: Countries

TradeApp offers its services primarily to member states of the European Union as well as the United Kingdom, South Africa, Switzerland and Ukraine. The broker does not offer its services to residents of the United States of America, Belgium, Canada and Iran.

Some TradeApp broker features and products mentioned within this TradeApp review may not be available to traders from specific countries due to legal restrictions.

If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.

TradeApp Review: Trading Platforms

PROfit

TradeApp offers the trading platform ‘PROfit’ to its clients. PROfit is a web based platform that has a simple interface and offers charting packages, multiple timeframes and full fundamental and technical analyses tools. Here are some of the features of the PROfit trading platform:

  • The customizable ‘Quotes’ section displays the ‘sell’ and ‘buy’ prices of the trading instruments in real-time.
  • It has account management features including funding options and real-time account balance.
  • Up to 12 chart styles are available including; hollow candles, Heikin-Ashi, OHLC charts, etc. The charts can be displayed on 11 timeframes.
  • It has a charting package powered by NetDania; a fintech firm specialized in streaming price technology, advanced charting package, mobile apps, etc.
  • It has up to 24 analytical objects and over 175 technical indicators.
  • It incorporates the Autochartist; a technical analysis tool that provides trading signals.
  • The news feed regularly update on the platform as the news breaks.
  • It integrates the learning centre.
TradeApp Review: PROfit Platform

TradeApp Review: PROfit Platform

PROfit Mobile App

Clients who are always on the move can make use of the PROfit mobile app for trading and analysis. It has a simple but intuitive interface that can be customized to suit the traders’ preference. Traders can access all the trading instruments available on the PROfit web trader. It features real time market quotes as well as customizable charts. Live news feed is available as well as Market trends which show the general position of traders on a particular instrument. PROfit Mobile App is available for download from the Google Playstore for android mobile devices and Apple Store for iOS mobile devices.

TradeApp Review: Mobile Trading App

TradeApp Review: Mobile Trading App

TradeApp Review: Trading Tools

Economic Calendar

The TradeApp Web PROfit incorporates an economic calendar which contains the dates and time of economic reports and events from around the world. It shows the instruments that will be affected, impact levels, impact history and the predicted forecast. It also shows the actual impact percentage when the event finally happens.

TradeApp Review: Economic Calendar

TradeApp Review: Economic Calendar

Live News Feed

Financial and Economic news are relayed through the News feeds on the web PROfit and mobile app. clicking on the news feed displays the full news for further reading.

Autochartist

The Autochartist is a market scanner that crawls through the financial markets’ charts looking for trading opportunities based on support and resistance levels as well other technical analysis strategies. It is integrated into the web PROfit platform. The Autochartist also features daily market reports that follow market happenings.

TradeApp Review: Autochartist

TradeApp Review: Autochartist

Trading Blog

TradeApp has a blog on its website. It has about 20 articles but it is not regularly updated.

TradeApp Review: Education

Learning Centre

These are a set of video tutorials that explain different concepts involved in forex and CFD trading. The learning centre is incorporated into the PROfit platform and it is made up of seven tutorial videos. But clients can request for more videos from their account managers.

TradeApp Review: Learning Centre

TradeApp Review: Learning Centre

Trading Basics

This is a collection of web articles that focus on teaching newbies the basics of forex and CFD trading. It is made up of 4 articles that are designed to help a beginner have a grasp of what forex trading is all about. It comprise of the following articles:

  • Forex basics: This article has 9 sections dealing with forex trading, how it works, opening positions, leverage, spread, etc.
  • Technical Analysis: This article explains the meaning of technical analysis and introduces the trader to the three commonly used chart styles; bar chart, line chart and candlesticks.
  • Fundamental analysis: This short article introduces clients to the concepts of fundamental analysis and how trading decisions can be made using the strategy.
  • Top 10 Trading Rules: This article lists 10 rules that traders have to abide with in order to boost their trading success. Each rule is followed by a brief explanation.
  • Trading A-Z: This is a glossary of forex and CFD terms. It consists of over 210 terms and their meanings.

What is a CFD?

This page provides detailed explanations of what ‘Contract for difference’ (CFD) is.  It also provides brief explanation of forex and spreads.

E-Book

The TradeApp e-book titled ‘PROfit’ provides a basic introduction to forex/CFD trading, an introduction to technical and fundamental trading analysis and a glossary of Forex/CFD terms. The 39 page e-book also covers the features of the PROfit web and mobile trading platforms and provides tutorials on their usage.

TradeApp Review: Trading e-Book

TradeApp Review: Trading e-Book

TradeApp Review: Trading Instruments

The trading instrument on TradeApp consists of 49 currency pairs, 22 commodities, 7 cryptocurrencies, 29 indices, 14 ETFs and 124 stocks.

TradeApp Review: Trading Accounts & Fees

There is no much information on the separate options specific to each account type but the broker states that a minimum of €29 is required to open a live account. The maximum leverage offered to retail clients 1:30 in compliance with the directives of the European Securities and Markets Authority (ESMA). Professional clients can get leverage up to 1:200. There are no commissions on trades. Generally, the spreads on major forex pairs starts from 3 pips.

The following account types are available:

  • Starter plan: The equity level is €250 – €1,000. This account features 10% spread discount and 10% rollover discount.
  • Silver plan: The spread discount and rollover discount are both 15%. The equity level is €1,000 – €2,000.
  • Gold plan: Both spread and rollover are discounted at 25%. The equity level is between €2,000 and €5,000.
  • Gold Plus plan: Spread and rollover discount is 35% while equity range is €5,000 to €10,000.
  • Ninja plan: The least amount required is €10,000. Account holders are given spread and rollover discounts of 45%.

Clients have access to ‘trading simulator’ on the PROfit platform which acts similar to a demo account. This can be used to practice trading in order to become familiar with the TradeApp environment. Accounts that have been inactive for three months are charged an inactivity fee of €10 per quarter.

As broker fees can vary and change, there may be additional fees that are not listed in this TradeApp review. It is imperative to ensure that you check and understand all of the latest information before you open an TradeApp broker account for online trading.

TradeApp Review: Broker Account Types

TradeApp Review: Broker Account Types

TradeApp Review: Customer Service

TradeApp customer service representatives can be reached through phone, email, contact us form and live web chat. They are available from Monday to Friday between 9am to 7pm CET. On social media, the support team can be reached via Facebook and Twitter.

TradeApp Review: Deposit & Withdrawal

TradeApp usually process deposits and withdrawals within one business day. But the different payment processors could extend the time up to 7 days. Deposits can be initiated by clicking the ‘Deposit’ button on the PROfit trading platform while withdrawals involve filling a withdrawal form on the same platform.

Before you can make deposits on TradeApp, it is important that you go through the compliance process by submitting your documents for verification. TradeApp does not have additional charges on deposit and withdrawals outside charges from payment processors.

Bank Wire

Clients can make deposits and withdrawals through bank wire. Payments could take a minimum of 3 days and a maximum of 7 days.

Debit/Credit Cards

TradeApp accepts Visa, American express and MasterCard debit/credit cards. Deposits are processed instantly with this method.

E-Wallets

PayPal, Neteller and Skrill are the e-wallets that can be used to deposit and withdraw on TradeApp. Deposits are usually processed instantly while withdrawals can be processed in a few days.

TradeApp Review: Payment Options

TradeApp Review: Payment Options

TradeApp: Account Opening

The first step to opening an account on TradeApp is clicking the ‘Sign up’ tab on the brokers website. The Sign-up form will be displayed.

TradeApp Review: Account Opening Form

TradeApp Review: Account Opening Form

If you already have accounts with Facebook or Google, you can click the appropriate button to authorize TradeApp to receive your profile info from these websites and create an account for you. But if not, you can fill the form and click on ‘create an account’. You will be sent an activation email which requires you to click on a button to activate your trading account. Upon successful activation, you will be automatically logged onto the PROfit trading platform. From there, you can fill more forms, verify your account, make deposits and commence trading online.

It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.

TradeApp Review: Conclusion

TradeApp is a fully regulated brokerage that offers its services over the internet. As a CySEC and FSCA regulated broker, it protects clients’ funds by account segregation, verifies all prospective clients and uses modern technologies in all its services.

The Autochartist tool shows how the broker wants to make things easier for traders. It provides updated trading signals on a wide variety of trading instruments as well as expert technical analysis. The news feed is always updating. In fact, it updates several times within an hour. The PROfit platform has the essential tools needed for both technical and fundamental analysis.

But the spread charges are quite high when compared to other brokers. Clients have no other choice but the PROfit platform which does not support auto trading or addition of more features via plugin apps. Investors have no much options and even the education articles, videos and eBook provided are still not comprehensive enough to transform a beginner to an advanced trader.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Min $29 Deposit

TradeApp is a regulated online broker that offers multiple instruments for trading via its online trading platform. The broker also provides market news, Autochartist analysis & trading signals.