SocialTRD-Overview of Minimum Deposit, Spreads & Leverage

Note: For some unknown reason, we cannot open SocialTRDs official site (https://socialtrd.com/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

SocialTRD, a trading name of Global Clearing House Ltd., presents itself as a Malta-based brokerage founded in 2018. It claims to provide its clients with online trading of more than 1,000 assets with leverage up to 1:100 and floating spreads from 0.0 pips on the WebTrader, as well as a choice of three different live account types and 24/5 customer support service. Here is the home page of this brokers official site:

As for regulation, it has been verified that SocialTRD does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.27/10. Please be aware of the risk.

Market Instruments

SocialTRD advertises that it offers 1,000+ trading instruments across four asset classes, including forex, commodities, indices and stocks.

Account Types

There are three trading accounts offered by SocialTRD, namely Silver, Gold and Diamond. It requires a minimum of $500 to start a Silver account, while the other two accounts require much higher minimum deposit requirements of $10,000 and $25,000 respectively. However, this broker didnt offer free demo accounts.

Leverage

In terms of trading leverage, SocialTRD offers different leverage for different financial firms. If you choose Global Clearing House Ltd (GCH), the maximum lever you will be able to trade is 1:100, while FH Ever JSCo (FH Ever) requires maximum leverage of 1:30 for the majors.

Spreads & Commissions

Spreads and commissions are significantly affected by what type of accounts you are holding. The spreads in the Silver account start from 2.1 pips, the Gold account from 1.5pips and the Diamond account from 0.9 pips. No commission for forex, commodities and indices. However, please note that there is a commission on stocks, and you will be charged €2 per transaction, regardless of the amount traded.

Trading Platform Available

When it comes to trading platforms available,SocialTRD provides its traders with a web-based platform which does not require any software installation.

Deposit & Withdrawal

There are three deposit options on the menu: bank transfer, credit/debit cards and e-wallets like Skrill and Trustly. What is worth mentioning is that withdrawals are paid only to the same account that has been used by the client to deposit money. The minimum initial deposit requirement is said to be as high as $500.

Customer Support

The SocialTRDs customer service can be reached by telephone: +35627780744, e-mail: cs@socialtrd.com. Location of customer service department: Abacus Business Centre, Dun Karm Street, BKR 9037, Birkirkara, Malta.

Pros & Cons

Reviews

Mr Ashok Sah- Jan 28th, 2022

Fake and complete scam, don't pay a single penny, they will show like they are putting your hard-earned money in stocks but the payment gateway buys crypto which never will be able to get you money back.

John- Jan 6th, 2022

Watch out this is a scam.

See the official UK financial services authority warning.

Unauthorized firm - SocialTRD

This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.

Johann Michl- November 29th, 2021

I got scammed by them. I put 600 in to start, but it went up to 2,000 plus I overspent and needed £200 to cover bills for the month. I asked Mathew if I could draw 200 out, and I was advised to wait till Monday. However, when Monday afternoon came, no phone calls and 0 in my account. Dont trust them.

Andrew from Wales- Oct 2nd, 2021

I was dubbed into investing above the initial £200. The usual start of earning 20%, then asked to invest more money and I would have a bonus of £300 did this, told me that I was still earning money and if I invested another £1,000, I would get a 50% bonus, I refused within a day my account went from supposedly30% profit to zero, I lost the lot. This is my experience I recommend that you dont invest, Jordon Belmont springs to mind.

Dani Sep 13th, 2021

This company is not regulated. They have good words for you and try to make you send them more money so your account will grow. If you catch the wrong account manager, you are likely to lose all the money! And if they give you a bonus, they wont allow you to withdraw your money! Watch out! I have lost a good amount of money with them.