RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We appreciate the ease if access that T4Trade provides, which is further complimented by a user-friendly interface and an overall great website design.
There are three account types, and we can confirm that none of them have commissions on spreads. However, we opened a demo account, on which we got a 0.7 pips for the EUR/USD currency pair. The leverage is capped at 1:1000; this may lead to extreme profits as fast as it can lead to sudden losses!
This is the demo cost of trade, which is very likely to be quite different from the live one. For one, the website suggests that the average spread for the standard account is 2.1 pips, which is not great but we have seen worse. While another section of the site, details that the average EUR/USD spread is 1.7-1.8 pips. It might seem confusing, but the truth is that T4Trade is within its right to advertise these spreads for they reflect on the different account types it offers. Overall though, these are industry standard values, even the 2.1 pip one.
The available tradeable assets are forex currency pairs, metals, indices, commodities, futures, and shares.
T4TRADE REGULATION AND SAFETY OF FUNDS
The broker is fully regulated by the Seychelles Financial Services Authority. Among many requirements, some of the most crucial ones are that all Seychelles-based brokers must hold at least $10 000 in capital, and at least 2 shareholders and 2 directors on site. Other than that, it functions like most offshore regulators although it might offer slightly better licensing grounds than others.
However, there are bonuses which are prohibited in many countries, but not in the Seychelles; this is one of the advantage of an offshore regulation, the other major one being a higher leverage cap
The bonus predicament is further exacerbated by the fat that users are forced to chose a bonus; there is no way around it. This way, the broker forces the client to comply with bonus terms and conditions which are never good and very tricky. Be very careful. This bonus scheme is the worst part about T4Trade.
The most crucial thing about bonuses is that there is always a turnover requirement that must be met before attempting to withdraw, otherwise the client will be forced to pay a commission.
T4TRADE TRADING SOFTWARE
The MT4 is available here on all frontiers. Desktop, web, mobile, you name it, the broker delivers.
And what’s even better is the MT4 itself, which is one of the best software’s around with hundreds of superb features allowing for an almost unlimited room for customization.
T4TRADE DEPOSIT/WITHDRAW METHODS AND FEES
The official payment methods (withdrawal and deposit) are Skrill, Neteller, bank transfer, ChinaUnionPay, digital assets, and a “local agent”. The latter has not been explained clearly, and we think it may mean some sort of transaction that requires contacting the broker, but we may be wrong. The minimum deposit is $10.
The broker makes it clear in the terms and conditions, that if the client’s margin falls below 20% the broker has the right to start closing up positions on the trading software
There are undisclosed fees that have been mentioned in the terms and conditions that strike us as unwelcome. For one, the broker’s reason behind these fees is that:
These fees can be changed and the user will be informed. It has not been made very clear what these expenses are or how and why they occur.
A 3% tax may be deducted from any deposit or withdrawal request if the user has not had any trading activity in her account. There is also a $60 chargeback fee applied to all users that file for a chargeback. Other fees and commissions apply, including bank deposit/withdrawal ones, and we encourage users to read up on those.
Honestly, these fees can be a deal breaker for many, and we have lowered the score of the broker because of them. An legit broker is really pushing its luc with such fees. Otherwise, everything here seems decent.
Alan Ramos
I don’t know how you find the bonus scheme controversial. The broker is not obligated to provide them in the first place. No one gives you free money in financial markets, you just have to keep up with the terms and conditions, know what the criteria to be eligible and just try to meet them. It is like the industry standard. As for T4Trade, I know many traders who completed the requirements ot be eligible for that. If you factor in what’s necessary like the robustness of the platform, the execution and the cost of trading structure, it comes off as a favorable broker to me.
Kevin Rosa
Broker offers a nice pack of services and a handy trading platform.