Tradeo , a social trading company is operated using the name UR Trade Fix. It is regulated under the license number 282/15 by CySEC. This means it is regulated against any online fraud and protection of private information making it credible. This STP broker went live in 2012 and it has its headquarters in Malta. When it first began it was a purely social trading network but since 2014 they changed their business model to a broker. Its platform is the first ever to be able to integrate trade executions and social trading under the same visual interface. It allows for trading of forex(FX), indices, commodities and stocks(CFDs).
Accounts
When ready to trade with real money you need to upload your ID and proof of address documents. The signup process is straightforward and the account is activated within 24 hours. An accounts manager will have a one-on-one session with you right after the sign-up through remote screen sharing. They offer one standard account that requires a minimum deposit of $250 and then they have access to close to 100 Forex and CFD Instruments. It is good to note that Tradeo has partnered with FXGlobe Ltd who is the actual providers of the brokerage service. This account is funded and managed in USD, EUR, GBP, and JPY. The traders on this account were able to benefit from a 30%deposit bonus but rule changes in relation to advertising by CySEC, bonuses are no longer offered. They also offer a mini account.
Tradeo also offers the new traders with a free demo account where you can practice before you can commit your money. You can keep it running for as long as you please with no limited period. It also allows you to familiarize yourself with the platform.
Platform Features
Trading on Tradeo can be done both on their website and on their iPhone app. Their platform is heavily invested in the social trading concept. Right on the landing page, there are examples of social trading which presents moving images of how social trading behaves online. Tradeo has also included a wide range of social and messaging tools that allow a lot of interactions. The Tradeo social platform also has an additional commentary that explains strategic moves of one’s choice of partner. You can also set automatic stop-losses for added protection.
The clients are able to see the trading statistics of all public traders, follow them and even copy them free of charge. Traders can even chat directly for a consultation. The SocialWebtrader is an advanced trading platform which is also layered with social data. The Tradeo social chart is also a bit special as it includes real sentiments and indicators on volume that you can easily switch either on or off.
Tradeo.com platform also offers a built-in economic calendar that you can filter according to the currency. It is able to offer free signals in case of any important information.
Withdrawals and Deposits
One of the advantages of Tradeo is the fact that there is no maximum deposit and deposits are done either via credit cards, wire transfers, Skrill and Neteller. The law mandates that there is specific documentation that should be gotten from any clients by brokers that service the global traders. Tradeo insists on filling of this file at the beginning before any deposits and withdrawals.
Spreads and Leverage
The Tradeo broker does not charge any commission on any forex trading. It uses a spread of 2.5 pips for major pairs of currency. The leverage is limited to 200:1. All the host connections follow a strict STP processing protocols so there is no need for a dealing desk on this platform.
Bonuses are also offered of up to $5000 at any given time.
Beginner and Customer support
The Tradeo social trading platform has a FAQ service that has a number of questions for the users to understand how to set up their accounts plus different other trading aspects. There is an additional commentary that explains strategic moves of your choice of partner. With each mirrored trade, there is a lot you can learn too.
Traders have the option of contacting a Tradeo representative via an online message. You can also send feedback through the same way. This broker has a support personnel that is available through live chats, email or even call directly to their phone number. Support is offered in a number of languages.
Advantages of using Tradeo
- This is by far one of the best for social trading. It is able to offer a number of tools that are very helpful for this kind of trading. The platform is also designed for this.
- There are a number of platforms that you can trade on which is very good
- This platform offers STP execution. This means tighter spreads with more transparency.
- The minimum deposit is quite low and most traders can afford it when starting to trade.
- There is a full non-expiring demo account to practice trading on.
- There is an active social community which is very good for a social trading platform
Disadvantages of Tradeo
- It is difficult to view the full trading history and there is no provision for downloading an offline analysis
- The WebTrader platform is not mobile responsive. You have to download the app on the phone.
- The spreads are quite high and are limited to 200:1
Conclusion
In terms of social interaction features, this is one of the best platforms. The features that enable trade evaluation and historical performance are however fairly basic. This is most suited for the traders who enjoy engaging with other traders but not for passive investors who do not monitor their positions. You need to consider though that the customer support is not immediate and the fact that the spreads are not so tight as compared to the other brokers.