- What Is the Best Possible Time to Trade - October 26, 2020
- How To Identify Seasonal Patterns in The Stock Market - September 16, 2020
- The Best Way To Manage Risks in Trading - August 26, 2020
TraderOnline is a globally recognized Forex and CFD broker that has gained massive popularity within a short time. TraderOnline is currently unregulated. It was established in February 2018, and as of 2019, it has a customer base of 20,000+, which is a big achievement for such a young brand.
It has an innovative platform with more than 200 tradable assets available to both new and veteran traders. Its offerings include foreign currency trading, crypto trading, futures, and CFDs on stocks, commodities, indices, and crypto coins. The brand has over 23 currency pairs and altcoins such as Bitcoin, Ripple, Dash, and Litecoin. It provides excellent customer support available 24/7 and a lot of educational resources.
TraderOnline is operated by Zola Ltd, a holding company located in the Republic of the Marshall Island, and uses the financial services of Ivy Capital Company. Though the platform is not regulated, it utilizes the latest security protocols such as Comodo SSL Certificate, SSL Trust, McAfee Secure, iDeal, andTruste to ensure that your data is safe at all time. If you are considering opening an account with TraderOnline, read this review. You will get all the information you need to decide whether it’s the right platform for you.
Commissions and Fees
While registering on TraderOnline is completely free; you will be required to fund the account with a minimum of 250 USD. The platform has three different types of account each with unique features.
The critical thing to note when it comes to leverage is that although high leverage can help you make huge profits even with small deposits, the risk is significantly high. Even a small, adverse change in the direction of the market can quickly deplete your funds. Consequently, seasoned traders, aware of this fact, rarely trade with leverage above 1:100. That said, the leverage provided by TraderOnline of 1:100 is vast enough to accommodate traders of all sort.
However, the required minimum deposit of $250 is exploitatively high. Bear in mind that other Forex Broker such as IG and FBS which are older and with better trading platforms, allows you to create an account and start trading with as low as $5. In fact, most new Forex and CFD brokers are hitting the market with no set minimum deposit. This is one area where TraderOnline can seriously improve.
Trust, Security, and Safety
Every online trading business entails risks. The operators of TraderOnline understand this. The website is certified by Comodo SSL Certificate, SSL Trust, Norton, Truste, iDeal and McAfee Secure. However, it is essential to note that security when trading forex goes beyond encryption. The best Forex brokers are fully licensed and regulated by reputable government agencies and owned and managed by recognized brands.
Traderonline is operated by the reputable, Zolarex Ltd, which has offices in Sofia. It has physical offices in the Marshal Islands at Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, MH96960. Marshal Island is a popular location with lots of unregulated offshore Forex Brokers. Other brands that reside here include TraderX1, iForex24, Novatrades, PBN Trade, FXG Investment, Intelligent Capital, AValInvestments, and more.
The Bulgarian financial regulations require all CFD and Forex broker to register with the Financial Supervision Commission (FSC) of Bulgaria. On the official website, TraderOnline goes mute on whether it has complied with the requirements of the FSC. We went a step further and checked the FSC register, and Zola Ltd is not licensed as a Forex Broker.
TraderOnline offers an excellent user experience on Mac, Windows, and Linux powered desktops and laptops. It flaunts an exclusive blue theme that is easy on the eyes. The charts are powered by Trading View, a firm that is focused on providing informative and easy to use trading charts. However, we were not able to confirm whether the charts provide accurate, real-time trading data.
Another thing we didn’t like about TraderOnline desktop interface is that although there are many, allegedly beneficial add on, the website does not provide information on what they can help traders achieve or even how to use them.
Trader Online is based on the latest HTML5 technologies. This means you will enjoy all the features right on your mobile or tablet device. You can log into your account directly via standard mobile web browsers like Safari, Opera, and Chrome.
Opening an Account
Opening an account with TraderOnline is easy and intuitive. You will find all the information on the homepage under the ‘Sign-Up’ section. To start, click on ‘Sign-Up,’ and you will be redirected to a different page with a registration form.
Some of the key details you will be asked to provide include email, country, phone number, and name. The website has a compliance team that will ensure that all the documents you have provided adhere to the Anti-Money Laundering (AML) act. Make sure to provide genuine documents, un-edited in any way.
Upon submitting the completed form, you will receive a verification link into your email address. Verify the email and then start trading. The brand will allow you to choose the account type that suits your needs and style. You can choose either, Take-Off at $250 – $2499; Booster $2500 – $9,999 or Uplift at $10,000 – $49,999.
To be able to start trading on TraderOnline, you need to add funds to your account. This platform accepts instant deposits using debit and credit cards.
The first step is to log in your account and clicks on the ‘Deposit’ option. You will be asked to choose either card payment or a credit card. Alternatively, you can deposit funds using Wire Transfer. If you choose bank transfer, you will need to contact your Customer Onboarding Representative to receive a transfer form.
TraderOnline supports fast and secure options to withdraw your winnings. You can withdrawal money using:
- Debit Card – 25 USD/GBP/EUR withdrawal fee.
- Credit Card – 25 USD/GBP/EUR withdrawal fee plus a processing fee of 10 USD, 5GBP or 7 EUR
- Bank Transfer – 50 USD/GBP/EUR withdrawal fees.
Research Tools, Insights and Education
TraderOnline has an ‘Academy’ section that offers useful resources including guides for both new and seasoned traders. There are three levels in the Academy; Beginner, Intermediate and Expert. You will learn about the currency pairs, trading tips and more. The website provides free webinars where professional financial traders will help you polish your trading skills. The webinar consists of weekly sessions, trading ideas, and is suitable for people on all levels.
The customer support at TraderOnline is unmatched. The brand has dedicated agents available to offer assistance 24/7. The support team is available through email; [email protected], Telephone: +35924372680, or you can follow them on social media platforms like Facebook, Twitter, and LinkedIn.
Whether you are new or experienced Trader, you will find TraderOnline simple to use and more reliable than other Forex websites. You can create an account and access over 200 assets in the palm of your hand. However, it is essential to understand that trading on Forex and CFDs trading with unregulated broker presents a high risk. Unless you are a seasoned trader and you know exactly what being unregulated means, we would recommend you avoid TraderOnline.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Offers free webinars hosted by professional traders
- Newbie friendly with over 200 assets to choose from
- Remarkable customer support from trained and experienced agents
- A learning center with resourceful materials for all traders
- Enhanced security with the latest encryption technology like SSL certificates
- The licensing authority is unknown
- Only traders with Islamic faith allowed to swap free TraderOnline accounts
- They don’t offer negative balance protection to all clients
7 Binary Options review: TraderOnline: 3.5 stars