Established in 2018, TradersHome is a Forex brokerage that is registered in St. Vincent and the Grenadines. Users of this site are provided with the MT5 (MetaTrader 5) trading platform and a leverage of as much as 1:100. The brokerage requires you to make a minimum deposit of $250, which is in line with the industry standard, but the site does not seem to show the spread.
Account Types
the broker offers different types of trading accounts. Users can choose from the Student, Starter, Premium, Advanced, Pro and VIP.
Users can choose from one of the six account types, depending on their experience and skill in trading, as well as their budget. For the higher-end account types, clients will have their own account managers to help them with their trading, the option of an Islamic account as well as daily analyses of the markets they choose.
Security in Trading
The brokerage promises secure funding, as well as security of user information, both personal as well as financial. Considering the levels of cyber threats today, this is definitely a plus.
TradersHome states that it provides funding systems secured by SSL encryptions, with all clients’ information stored individually.
Added to that, clients’ and TradersHome’s funds are stored separately, so that there is transparency in all transactions and there is no conflict in case there are financial issues. This is a key detail for brokerages. In case a brokerage loses money, clients’ funds will be safe, as they are secured separately.
MetaTrader 5 Platform
The MetaTrader 5 trading platform is the most popular as well as user friendly in the world today. In fact, almost 80% of all Forex traders prefer this platform.
Providing users access to this platform is always considered a huge plus since traders then not only have access to fast trading, but also to key features such as over 100 market indicators, trading bots that can be customized, and even account managers.
The MT5 platform is available for TradersHome clients on Apple, Android and Windows operating systems.
Withdrawals
According to the brokerage, it promises fast withdrawals, with no charges attached. Traders have the option of using e-wallets such as Skrill or Neteller, traditional cards such as Visa and MasterCard, and wire transfers via Western Union as withdrawal and deposit options.
While the company states that it charges no fees for withdrawals, there are no detailed explanations about banking methods for traders which raises a red flag.
Free Tools & Market Analyses
TradersHome also provides its users with free educational tools to help traders at varying levels of proficiency to learn about the Forex market and the tricks of the trading.
The site also offers free market analyses to help users trade better.
Wide Range of Financial Instruments
The brokerage also offers its customers a wide range of financial instruments. This includes over 90 pairs of global currencies, spot trading for commodities such as silver, gold and crude oil, spot indices across all market segments, spot trading in energies such as Brent crude, West Texas Intermediate crude, Natural Gas and so on.
This site also allows you to trade in both the traditional equities markets as well as the newer and more volatile cryptocurrency market.
Flexible Leverage
The average leverage is 1:100, which is quite generous by industry standards. However, TradersHome offers a leverage that can go as high as 1:400, depending on the account type you choose.
TradersHome: Disadvantages
The biggest disadvantage that raises a huge red flag for TradersHome is its lack of regulation. TradersHome’s website states that the brand is operated and owned by TradersHome Limited, which is based in St. Vincent and the Grenadines (SVG). The company’s registration number is 25183IBC2018.
The challenge is that the government of SVG has publicly stated on multiple occasions that it doesn’t oversee Forex trading. For example, Forex brokerages in the United States are regulated by the CFTC (Commodity Futures Trading Commission).
A brokerage that is not regulated actually exposes its clientele to a substantial amount of risk. This is because regulating agencies ensure that consumer interests are protected. Strict regulations prevent unscrupulous brokers from defrauding traders. Added to that, in case a brokerage goes bankrupt or is proven to be a fraudulent operation, then there are laws in place to help with compensation for the traders.
The fact that the company is offshore is another red flag that raises concerns, especially when there is a hugely glaring issue of a lack of regulation. While it doesn’t mean that all offshore companies are scams, the fact that a rather large percentage of them are tends to make offshore brokerages suspect.
So, if a brokerage is not regulated by your country’s financial regulator, or is an offshore company, it may be best to stay away.
Conclusion
TradersHome is a fairly new Forex brokerage, having been established in 2018. Since then, it has gone global, and has attracted quite a large customer base. However, there are both very positive as well as very negative reviews about this brokerage, with some customers giving it a 5-star rating, and others a 1 star.
While the company has advantages, the key factor that can be held against it is that it is not regulated by relevant authorities. And while the company may not be a scam, the issues of it being an unregulated and offshore brokerage make this a risky deal.
You would be advised to treat carefully if you are planning to trade on TradersHome, as there is no guarantee that your money is safe, or, in the event of a bankruptcy or fraud, that you would get some compensation.
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