Tradeo ReviewOpen Demo Account
Founded in 2011, Tradeo is an online CFD and social trading broker operated by UR TRADE FIX Ltd and based in Cyprus. The broker offers Contract for Difference (CFD) trading in over 120 tradable assets, according to the asset sheets linked to from its website, although it also claims on its website to let you trade in over 200 assets.
Caters mainly to retail traders, especially those who wish to engage in social trading because they are somewhat new to trading and wish to follow those who are more experienced. Furthermore, this is not a forex review, since the only forex-related products you can trade are CFDs.
If you are interested in how we review, then read further to determine if the broker meets your trading requirements and whether it would be a good idea to open an account today.
- Supports the popular MetaTrader 4 (MT4) platform
- Provides access to multilingual customer service via live chat, phone, website messaging and email
- Offers social trading
- Uses a straight-through-processing broker model
- Competitive, variable dealing spreads and no commissions
- Not FCA regulated
- Charges an inactivity fee
- Fewer assets to trade than some other brokers
What can you trade?
Tradeo CFD Review
Tradeo offers a rather limited selection of Contract for Difference (CFD) instruments you can trade in, although its straight-through-processing (STP) broker model and transparent fixed spreads make it quite competitive in the markets it does offer access to.
The broker’s CFD range includes around 40 currency pairs, about six cryptocurrency pairs, and a few spot commodities like precious metals and energy products. If you want to trade equity-related CFDs, then the company provides access to around 10 spot indices and roughly 65 individual stocks from the U.S.A, France, Spain and Germany. The broker does not seem to let you trade CFDs on UK stocks other than on the UK FTSE100 Cash Index.
The broker also provides some basic educational assistance, such as a glossary and a few eBooks and tutorial videos aimed at beginners. You can also open a free demo accounts to practice trading. Also lets you use trading robots implemented via MetaTrader 4 (MT4), and you can use both hedging and scalping strategies at them.
Tradeo Social Trading Review
Social trading at Tradeo includes its collaboration with MT4 and the associated community of Trading Signals providers, as well as the network of traders who provide copy trading services via their own web-based social trading platform called Social Web Trader.
You can use either of these platforms to access a network of other traders whose trades you can copy in your own account if you wish. You can also review their past performance that can be ranked according to several relevant criteria. While some signals are free, the copied traders typically get paid for the signal service they provide.
Social Web Trader has some great features for those interested in social trading. They include social feeds, one-click trading, free trading signals, technical indicators and free market alerts. In addition, they offer a useful trader market sentiment tool on its website that provides real time information about the positioning of the traders in its network for a variety of popular currency pairs and other assets.
Tradeo Cryptocurrency Review
When it comes to cryptocurrencies, Tradeo has a few CFDs on cryptocurrencies that traders might want to operate in. Trading CFDs on these digital coins against the pound sterling is not yet supported.
The cryptocurrency pairs available for trading CFDs on include: Bitcoin (BTC) quoted against the U.S. dollar and the euro, as well as Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and DASH (DSH) quoted versus the U.S. dollar. A maximum leverage ratio of 2 to 1 is available for these cryptocurrency pairs.
You can trade any of these cryptocurrencies in an account that lets you use either MT4 or The Tradeo Z Web Platform. This means you have access to all of those platforms’ many features and benefits that include social trading.
What did our traders think after reviewing the key criteria?
Clients of Tradeo pay no commissions on trades, but they will generally need to pay away the dealing spread on a trade whenever they enter or exit a position. These spreads are variable and start at 0.9 pips depending on the asset being trade.
Their dealing spreads seem quite competitive. Also, since they are an STP broker, that means your transactions are executed at the prevailing market price formulated from various liquidity providers and entirely without the broker’s intervention.
Those who use their supported social trading services might also need to pay fees for copying some of the better signal providers’ transactions in their own account. In addition, you will pay an inactivity fee if your account was inactive for over 90 days of £15, €20 or $22.
While deposits incur no fee, making withdrawals involves a small fee that depends on what method you use. Wire transfers up to $/£/€10,000 are charged $/£/€30 units, while higher transfers are charged 0.3% of the amount withdrawn. Credit card withdrawals cost $/£/€15, and fees for e-wallet payment methods are 1% with a minimum cost of $/£/€15.
Furthermore, those who hold forex positions overnight may be subject to rollovers or swaps the value of which depends on the interest rate differential between the two currencies. Rollover charges are incurred when you are long the lower interest rate currency in a pair when the spot value date changes.
This is due to the fact that the position then needs to be rolled over to the new spot settlement date, which is generally one business day further. Keep in mind that these rollover fees tend to be higher on Wednesdays due to the need to roll the position out for an additional two days over the weekend.
On its Account Types page, broker lists two different Platinum account types, one for MT4 users and one for traders who use the Z Web Platform. Both account types have a minimum initial deposit of $/€/£250 to open them and a maximum leverage ratio of 30 to 1, although many products have lower maximum leverage ratios than that.
The MT4 account has variable spreads that start from 0.9 pips, and you can use MT4’s mobile app for transactions. You can also get education from a Senior Account Manager and can trade in a wide range of tradeable assets.
The Tradeo Z Web Platform account lets you access an Executive Account Manager, although the range of assets you can trade is notably limited compared to the MT4 account.
You can also open a free demo account funded with digital funds that you can use to practice trading and test strategies in. The broker does not mention offering Islamic accounts on its website, so you can probably safely assume that does not provide swap-free accounts that comply with Sharia law.
Tradeo supports the popular, sophisticated and easy to use MT4 platform, in addition to its social trading feature called Trading Signals. MT4 has a desktop platform designed for PCs that can also work on Macs, as well as a web-based platform and mobile apps that work on both Android and iOS devices.
Also has its own mobile app, in addition to its Z Web Platform and web-based Trading Floor complete with charts and the ability to make transactions that is shown in the screenshot below.
Tradeo’s official website has an attractive and easy-to-read format featuring bright purple, blue and green menu bars, buttons and imagery and legible black text on a white background.
The menu at the top has links to all the basic topic areas you might have questions about, which include Trading Floor, About, Tools, Learn and Contact Us tabs. There are also Login and Sign Up buttons at the top right of each page, and a set of links, regulatory information and legal documents at the bottom of each page.
In addition, the broker has a helpful FAQ to answer common questions. Its Learn menu tab also features weekly market review videos, a glossary and some informative eBooks, although you will need to sign up for a account before downloading them.
They provide its customers with multilingual support via the standard contact options of email, phone and website messaging. The broker also provides a useful Live Chat feature on each page of its website that you can use to make general enquiries and get technical support on a 24/5 basis during standard forex trading hours.
One of the big benefits is that it provides clients with support from professional account managers who are able to give individual coaching sessions. Those with an MT4 account get access to a Senior Account Manager, while those who open the Z Web Platform account type can speak to an Executive Account Manager for assistance.
Furthermore, the broker’s technical support personnel are available around the clock to help you during the trading week. You can also leave a message over the weekend to be contacted when support hours resume. The image below shows the broker’s Contact Us page.
Tradeo has clients around the world, so it provides clients with a variety of payment channels they can use to make deposits with as follows:
- Credit and debit card payments: accepts card transactions from all major issuers.
- Bank wire transfer: Wire transfers can be made, although banks may charge a fee for such transactions. Processing wire transfers can also take several days.
- E-wallets: Tradeo supports Neteller and Skrill, as well as SafeCharge that can support other popular e-wallets depending on what country you live in.
Along with many other online brokers, Tradeo offers a free demo account that many traders will find useful to practice trading in. In addition, they provide some free signals you can follow without paying a fee.
Offers some useful learning materials like e-Books, training videos, webinars and a glossary. You can also find some helpful tools on their website like an economic calendar powered by FXEmpire, as well as price charts and quotes for the assets it lets you trade CFDs on.
When it comes to social media accounts, broker has several you can follow, although none of them seem especially active. The broker’s Facebook Page presently has almost 17,000 followers and its Twitter account has almost 3,900 followers despite being rather inactive. Also, its YouTube channel has a couple of informational videos and market reviews, but it only has one subscriber when reviewed.
Regulation and Deposit Protection
Tradeo is based in Cyprus and submits to regulatory oversight by the Cyprus Securities and Exchange Commission (CySEC). The broker is also regulated in Belize by the International Financial Service Commission (IFSC).
Since operates in the EU, must do so under the Markets in Financial Instruments Directive II. This means broker must segregate its funds from its clients’ money, restrict leverage to 30 to 1 and offer negative balance protection.
Since this broker does not have a UK office, traders residing in Great Britain are not protected against broker defaults under the Financial Services Compensation Scheme (FSCS). Those who trade with the Cyprus-based entity are protected up to €20,000 under the Investor Compensation Fund (ICF) of Cyprus.
When it comes to data security, broker uses AES-256 encryption on all transmissions that go via its SSL-secured platform, also thet are using bank-grade encryption, and all servers are carefully monitored and managed. Personal data and trading information is never shared with third parties.
Tradeo has been around for some time, but the broker has not apparently won any awards. There are none evident on their website, and none showed up after an online search. The broker does link to some mentions of its services in the industry press, but the lack of awards seems unusual.
Looking over some of the Tradeo client reviews posted on other websites like Forex Peace Army and Trustpilot revealed quite a few complaints about pushy salespeople, inadequate customer service and hidden account charges. You therefore might want to check out how this broker behaves once you start trading by making a small margin deposit before entrusting them with a larger sum of money.
Tradeo is an online CFD broker headquartered in Cyprus. The firm, operated by UR Trade Fix Ltd offers clients the opportunity to trade in over 120 financial instruments comprising FX, commodities, cryptocurrencies, shares and indices. The trading platforms include the broker’s Tradeo Z web and mobile apps besides the MetaTrader 4. Some of the key features offered by the STP broker are manual, automated and social trading, low spreads, zero commission, and multilingual customer support.
You can withdraw funds from Tradeo via bank wire transfer, debit/credit cards and eWallets such as Neteller, Skrill, SafeCharge and others. Depending on your withdrawal method, the broker charges a small fee. They include-
- Wire transfers- $£€30 for up to $£€10,000. For transfers >10,000, a charge of 0.3%.
- Credit card withdrawals- $£€15.
- Payouts via eWallet- 1% or $£€15, whichever is higher.
The regulators monitoring Tradeo include the Cyprus Securities and Exchange Commission (CySEC) and the International Financial Services Commission (IFSC). The broker’s European regulatory framework comes under the Markets in Financial Instruments Directive II (MiFID-II), making them extremely safe in terms of investor protection and security of deposits. Besides, retail clients in Europe receive up to €20,000 in insurance claims via the ICF. For data protection and security of transmissions, Tradeo uses the AES-256 encryption through its SSL secured platform.
Opening a demo account with Tradeo may take longer compared to other brokers. First, you have to initiate the account opening procedure. Once done, the broker leads you to the client area. Here, you can upload your proof of identity, residence documents, deposit funds and also view the broker’s Live proprietary web platform. However, to access a demo account, you would have to request for it via the live chat or speak to your account manager.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.