ForexMinute brings you an exclusive review of forex brokerage firm Tradeo. In here, we would be discussing the company’s trading platforms, account types, commission and spreads, and several others features.
Tradeo is a forex trading platform, owned and operated by Hogg Capital Investments Ltd. Hogg Capital Investments is a renowned investment services company, authorized and regulated by the Malta Financial Services Authority (MFSA). Tradeo was founded in 2012 and has since become one of the fastest growing social trading platforms in the financial markets. Their head office is located at Shackleton Tradeo Building, Blue Harbor, Ta Xbiex Seafront, Ta Xbiex, Malta XBX 1027.
Social Webtrader and MT4
Tradeo has indeed something unique to offer when it comes to trading platforms. At this forex brokerage firm, traders are provided to trade on Social Trader, a free-to-use trading platform that amalgamates traditional trading with a social media interface. Tradeo also offers traders an opportunity to conduct trade through MT4 platform. Traders can, meanwhile, also choose any other platform of their choice as well.
However, their Social Webtrader platform offers traders a list of very interesting options such as the ability to imitate and follow other traders while leaving the choice to perform or enter commands entirely to users. Traders can also follow a group of trading leaders, and may select individual exchanges if necessary.
Tradeo also brings a range of its forex trading platforms on mobiles, making sure to bring a desktop-like environment on those little devices. The forex brokerage firm currently offers its mobile applications for iOS and Android users, through which traders can access trading platforms they choose — Social Webtrader or MT4 platform.
In addition to forex trading, the Tradeo mobile platform features a business news section, economic calendar, education materials, and a trading discussion forum. Traders also have access to interactive graphics, which include various tools such as several economic indicators and drawing tools.
In terms of account types, Tradeo has a very little to offer compared to its competition. The platform offers only “Standard Account”, which requires traders to deposit a minimum of $100 to start trading. However, Tradeo also offers an attractive demo trading account, through which novice traders can practice forex trading in a real-time interactive environment. He is given $50,000-worth dummy currency to sharpen his skills before going pro.
Commissions and Spreads
Tradeo imposes no restrictions on the use of Hogg Capital Investments Ltd as broker. Traders can choose the brokerage service they wish to use from the platform. Therefore, the nature of the fees charged to the user may differ from one broker to another; the same can be said about the spreads.
However, for traders directly using Webtrader platform and Hogg Capital Investments Ltd as brokerage service, spreads range from 2.2 pips for EUR/USD to 21.75 pips for the USD/MXN. The broker also provides leverage up to 200:1, and does not impose fees for exchanges that are left open during the night on the social trading platform.
Trading Tools and Resources
At Tradeo, traders can trade CFDs and Forex market products. The broker has selected a list of products from around the world, featuring some of the most popular and liquid financial instruments.
Tradeo has further developed a range of comprehensive trading resources, which consist of an education, glossary and FAQ section. The broker also offers videos and seminars (archived and online) where traders can learn different strategies to improve their social trading experience.
Deposits and Withdrawals
Traders can deposit and withdraw funds from their trading account via wire transfer, as well as via credit or debit cards. The minimum deposit is $100. For withdrawals, traders should submit copies of several documents such as utility bills, credit cards or debit cards (partially covered) to verify their identity and physical address. Generally, withdrawals are processed within one business day, but it may take 3 to 5 working days before the payment arrives at the bank account of the trader for international bank transfers.
At Tradeo, traders can contact the customer service via phone, email and online chat.