WikiFX report: TradeFW Review 2020: Does This Broker Have Much to Offer?

The online broker TradeFW lets users invest in both forex and CFDs. The broker has previously operated under the name BO360. The parent company iTrade Global Ltd operates out of Cyprus, and as such, maintains registration with CySEC.

This broker has another clone company in Cyprus – TradedWell, registered under the same company name.

TradeFW‘s Passable Asset Selection

TradeFW has an above-average selection of currency pairs compared to similar online forex brokers. There are 45 in total, and among these are a few less common currencies like the South African Rand and the Norwegian Krone. The selection is much better than that of comparable broker YorkCG. The broker’s CFD offerings are about standard for a CySEC registered broker, featuring a section of stocks, indices, and commodities, along with a few cryptocurrency options.

Spreads Not Great, Even for VIP Clients

TradeFWs spreads are very unappealing, especially for users with a standard account. These spreads are often as much as double what a trader would expect from a similar broker. Those who put down the whopping $10,000 deposit required to set up a VIP account fare a little better, but not by much. The VIP spreads are still uncompetitive, just not obscenely so.

Risky Leverage for Novice Traders

Setting up a standard count entails putting down a minimum deposit of $250, not incredible but not unheard of. The broker gives leverage of up to 1:100. This is several times more than the limit mandated by the ESMA, which is 1:30. This is unacceptable for a CySEC registered broker. New traders who don‘t know what they’re doing shouldnt have this kind of leverage at their disposal. It opens them up to way too much risk.

Don‘t Hesitate to Start Your Refund

With the rise of online investing has come a parallel surge in online investment scammers. These fraudsters operate shady brokers intending to make off with their clients’ funds. If you are unable to withdraw your funds from your broker, dont wait. Contact us today for a free consultation to discuss your options.