TradeFred Review 2020
Established in 2016, TradeFred is an online forex and CFD broker that offer trading in over 100 currency pairs, metal, energies, indices, stocks, and commodities via mobile devices, web, and the MT4 desktop application. The broker charges no commission, but instead has a spread mark-up.
TradeFred Review 2020, Pros & Cons
- No commissions
- Fast withdrawals
- Social trading
- Intuitive trading platforms flexible across multiple devices
- Educational materials for beginners
- No clients from the US, Canada, Japan, New Zealand & Belgium
- International services regulated only by the VFSC, a tier 3 financial regulator
- Spread mark-ups
- No fixed spreads
- $250 minimum deposit for international clients
In this detailed TradeFred 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.
TradeFred 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 TradeFred.
TradeFred Review: Summary
TradeFred is a multi-national online forex and CFD broker founded in 2016. The brand is operated by BrightFX Capital Limited in Cyprus to serve EU traders and also by MagicPath Capital Ltd registered in Vanuatu to serve international clients.
They offer trading in over 100 tradable instruments across six asset classes — forex (including crypto-based pairs), metals, energy, stocks, indices, and agricultural commodities — with instant execution, no commission, negative balance protection, and segregated accounts for clients’ assets. TradeFred has won a few awards, including the Best Newcomer and Newcomer of the Year respectively.
TradeFred Review: Regulation
TradeFred is a brand operated by BrightFX Capital Limited, a Cyprus Investment Firm (CIF) that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the license number 342/17. The broker complies with the relevant EU and local regulations in offering commercial and retail trading services to EU clients.
The brand name is also operated by MagicPath Capital Ltd, which is registered in Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC) with the license number 17910, to serve international clients. While BrightFX Capital Limited is a member of the Investor Compensation Fund (ICF) — an organization that insures clients’ funds up to €20,000 — MagicPath Capital Ltd is not.
TradeFred Review: Countries
TradeFred accepts clients from the EU through its CySEC-regulated firm and serves international clients through the Vanuatu-based company. The broker states that it does not open trading accounts for residents and citizens of the United States, Canada, Japan, New Zealand, and Belgium.
Some TradeFred broker features and products mentioned within this TradFred review may not be available to traders from certain countries because of legal restrictions.
TradeFred Review: Trading Platforms
TradeFred provides traders with three trading platforms: MetaTrader 4 Desktop platform, WebTrader, and TradeFred SIRIX Mobile.
MetaTrader 4 Desktop application
MT4 is one of the most popular trading platforms used by millions of traders around the world, and its desktop application has all the sophisticated trading features of the platform including charting, analytical and automation tools.
This is the web version of the MT4 platform and is compatible with Google Chrome, Firefox, Safari, and other browsers. It gives traders full access to their accounts and trading history through the web.
TradeFred SIRIX Mobile
This is TradeFred’s innovative mobile trading platform which offers you full access to your accounts through your smartphones or tablets so that you can trade on the go. The platform is compatible with iPhone, iPad, and Android devices.
TradeFred Review: Trading Tools
TradeFred has a great selection of tools to help you stay up to date with the market and also plan your trades.
Trading Central tools
Trading Central is a well-known provider of both technical and fundamental forex market analysis, with many interesting tools that make trading easier, such as the WebTrader iFrame, WebTV player, and real-time market analysis. TradeFred makes it possible for you to enjoy all these tools and more from Trading Central by simply adding the Trading Central plugin to your trading platform.
TradeFred daily briefing
The broker releases a daily analysis of the major currency pairs to help you understand what is going on in the market. They also provide an online economic calendar for assisting with fundamental market analysis.
TradeFred provides an extensive social trading network of over 15,000 traders and their trading history through various parameters. So, you have a whole lot of options and the statistical data to choose which trader to follow. Past results are by no means any guarantee of future results.
TradeFred Review: Education
TradeFred has a number of educational resources on its website, including the TradeFred Academy, FAQ, ebooks, and webinars.
The academy section covers a number of basic topics to help new traders understand currency and CFD trading. Some of the topics discussed include trading jargon, technical analysis, fundamental analysis, and how to trade currencies.
TradeFred provides a number of ebooks that are designed to complement their clients’ existing trading knowledge. Most of them come in the form of guides and are accessible to real money account holders for free. One of them — The Complete Guide to Forex — is available to the public though.
TradeFred has a wide range of free educational webinars and video tutorials, and they keep updating their website with details of upcoming webinars. The free online webinars offer you the opportunity to ask their experts some questions and also get to discuss forex and CFD trading with your peers. But, if you are an international client, you can only get access to the webinars if you open the Advanced Account or a higher one.
TradeFred Review: Trading Instruments
TradeFred offers over 100 instruments spread across six asset classes, and they include the following:
- Over 40 currency pairs including the major pairs like EUR/USD and minor pairs like USD/ZAR, as well as crypto-based pairs — BTC/USD, BTC/EUR, and BTC/GBP
- More than 40 stocks of the biggest companies, such as Apple, Google, Facebook, Alibaba, and Amazon
- About eight top indices, such as the S&P 500 Index and DAX 30
- Up to five precious and industrial metals, including gold, silver, platinum, palladium, and aluminum
- Three energy commodities — Brent Crude Oil, Light Sweet Crude Oil, and Natural Gas
- Five soft commodities — cocoa, cotton, sugar, soybeans, and coffee
TradeFred Review: Trading Accounts & Fees
TradeFred offers different types of accounts for its EU and international clients. For EU clients, there are three account options plus the Islamic account:
- Basic account — $100 minimum deposit
- Standard account — $500 minimum deposit
- VIP account — $5,000 minimum deposit
All accounts have zero commission, variable spread, and maximum leverage of 1:30. In addition to these, the Islamic account is swap-free. TradeFred also has a special account for professional traders, the TradeFred Pro Account. The account can have up to 1:200 leverage but doesn’t have the ICF protection available to other EU account types.
The account types available to international clients include the following:
- Basic account — $250 minimum deposit
- Standard account — $500 minimum deposit
- Advanced account — $1,000 minimum deposit
- VIP PRO account — $5,000 minimum deposit
- VIP Premium account — $10,000 minimum deposit
All accounts have zero commission, variable spread, and maximum leverage of 1:50. There are also Islamic accounts, which are swap-free.
As broker fees can vary and change, there may be additional fees that are not listed in this TradeFred review. It is imperative to ensure that you check and understand all of the latest information before you open a TradeFred broker account for online trading.
TradeFred Review: Customer Service
TradeFred provides a multilingual customer support service via multiple channels, including email, phone, live chat, and an online contact form. The customer service team is available 24/5 to provide you with immediate support during trading hours. There are multiple contact phone numbers for international clients.
TradeFred Review: Deposit & Withdrawal
TradeFred accepts a wide range of payment methods for your fund deposits and withdrawals, and they don’t directly charge any fees on those transactions. However, your bank, credit card issuer, or online wallet provider may attach fees to your transactions, which are outside the broker’s control.
Here are the acceptable payment methods:
Bank transfer: It takes 3-5 days to process a deposit through this channel. Withdrawal takes one business day for EU clients and 5 business days for international clients.
Credit/Debit Cards: The broker accepts Maestro, MasterCard, and Visa cards. Deposit is instant, but withdrawal takes one business day for EU clients and 5 business days for international clients.
Online wallets (APMs): Available e-wallets include Neteller, Skrill, Transferrapid, Trustly, WebMoney, and Qiwi. Deposits are processed instantly, but withdrawal takes one business day for EU clients and 5 business days for international clients.
TradeFred Review: Account Opening
Opening an account with Tradefed is easy and doesn’t take up to 30 minutes to complete. All you have to do is go to TradeFred’s official website and hit the ‘Open An Account’ button at the center. It displays the form in the picture below.
Fill the form and click on continue to get to the next page where you provide other details, answer some few questions, and create your password.
You will need to verify your email and then upload your identification documents and utility bills, which may take a few days to be confirmed.
TradeFred Review: Conclusion
TradeFred is a rapidly growing online forex and CFD broker. They offer trading in more than 100 instruments on MT4 platforms, including web and desktop applications, as well as through mobile apps.
While trade execution is fast and commission-free, the broker does not offer ECN accounts. The broker does not have the tightest spreads due to a mark-up that they apply. In Cyprus, TradeFred is regulated by the CySEC and serves EU clients. The Vanuatu company that serves international clients is regulated by the VFSC.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.