LetsTrade-Overview of Minimum Deposit, Spreads & Leverage
Abstract：LetsTrade is a forex and CFD brokerage that is a part of the JFD Group. It appears to offer a good variety of forex & CFDs on the MetaTrader4 platform, but no choice of different trading account types. The broker also claims to provide STP execution and Negative balance protection.
GENERAL INFORMATION AND REGULATION
LetsTrade is a forex and CFD brokerage that is a part of the JFD Group. It appears to offer a good variety of forex & CFDs on the MetaTrader4 platform, but no choice of different trading account types. The broker also claims to provide STP execution and Negative balance protection.
LetsTrade is a part of the JFD Group, whose prominent member JFD Group Ltd. (operating JFD Brokers) is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).The other group member, JFD Overseas Ltd, is an offshore entity, authorized as a Dealer in Securities by the Vanuatu Financial Services Commission. Letstrade.com is an approved domain of JFD Group Ltd., however it seems that some of the brokers clients are serviced by the offshore entity.
Our main concern with LetsTrade is that there are two companies behind the brokerage brand, one of which is registered offshore. Besides, the costs of trading with it are slightly above the average. Otherwise, the broker is a member of the JFD Group, the domain is approved by the CySEC and the other company behind the brand is regulated in Cyprus (and Europe).
MARKET INSTRUMENT
Lets trade have a lot of tradable assets and instruments, they have broken them down into a number of different categories which we will now look at.
Forex: With offering more the 50 currency pairs.
Metals: Gold and Silver
Commodities: Brent Crude Oil, London Gasoil, US Cocoa, US Coffee, US Cotton, US Sugar, WTI Crude Oil, BNatural Gas, Platinum, High Grade Copper
Bonds: Bund, US 10 Yr T-Note
ETNs and ETFs: We wont outline them all but three examples are Ishares MSCI EMG Markets, Ishares South Korea Index and, Ishares NASDAQ Biotech.
Stocks: There are far too many for us to list, but they include the likes of Admiral Group, Aviva, Adidas, Allianz, Aegon, Amadeus IT Holdings, Auto Trader, Anglo American and that is just a few of the ones beginning with A.
Indices – Cash: A few of them include Australia 200 Index, Euro 50 Index, UK 100 Index and, US Dow Jones Index.
Indices – Futures: China A50 Index, German 30 Index Futures, US Dollar Index, Singapore Blue Chip Index, US Dow Jones Index Futures and, US 500 Index Futures are just some examples of what is available.
Cryptocurrencies: Bitcoin (BTCUSD)
ACCOUNT AND LEVERAGE
LetsTrade Offers only one Standard account, and in order to open a Standard account with LetsTrade, one has to deposit at least $500, which is a bit high initial investment. By comparison, most forex brokers require something in the range of $100 – $250 as a start. With other brokers, you can register a live account by investing just $5.
On its website LetsTrade says it provides high leverage ratios, reaching 1:400. However, such leverage levels can be provided only to non-EU residents by the offshore company within the JFD Group. As some of you are probably aware, in August 2018 the European Securities and Markets Authority (ESMA) restricted the maximum leverage allowed for retail forex traders on the European market to 1:30 due to investment protection concerns.
Demo accounts are also available from Lets Trade when signing up a simply select demo account and then you can get a choice of account currency (EUR, GBP, USD or CHF) and a balance of between 500 and 5,000,000. It will use the same conditions we have mentioned in this review but there is no mention of an expiration time so hopefully, it will stay open indefinitely.
TRADE SIZE
Trade sizes start from 0.01 lots (known as micro-lots) and go up in increments of 0.01 lots, the maximum trade size is 1000 lots which is a bit too high, we would recommend not trading anything over 50 lots in a single trade. There is no indication of the maximum number of open trades at any one time but we would expect it to be quite high considering the maximum lot size is so high.
SPREADS AND COMMISSIONS
The spreads information in relation to trading conditions seem to be missing even in LetsTrade website, we understand that they are variable which means they move with the market and when the markets are being extra volatile they are seen higher, but we do not have a starting figure or any examples of live spreads to give.
TRADING PLATFORM AVAILABLE
Clients of LetsTrade are offered trading on the ever popular MetaTrader4 (MT4). This trading terminal offers superior charting and wide range of professional trading tools and features, such as wide range of technical analysis indicators, automated strategies (Expert Advisors), and more. Besides, it is easy to use and provides many customization options.
DEPOSIT AND WITHDRAWAL
There isnt a funding or deposit page on the website so the details of the deposits are unknown. At the bottom of the site are some pictures of Visa, MasterCard, Maestro, Skrill, Safecharge and Sofort, so our understanding is that these methods are available to deposit with.
There is also no mention of any fee s on the site, so we are not clear if there are any or not,m, either way, be sure to check with your bank or processor if you do deposit if they charge any fees of their own.
CUSTOMER SERVICE
The customer support team is available 24 hours a day from Sunday 22:00 to Friday 21L00 (UK time). You can get in contact by using the online submission form to fill in your query and submit or by using the address or phone number we have provided below.
Head Office: 40 Bloomsbury Way, London, United Kingdom, WC1A2SE
Phone: +44 02079808803
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