First, it is important to note that the TradeTime broker is not the same as Forex Time, the established forex broker.
TradeTime is a forex broker operated by the Silver Group Ltd, a company incorporated in Vanuatu. This broker/ company is licensed by the local Vanuatu Financial Services Commission, VFSC and unfortunately, this local licensing questions the credibility and the reliability of the broker. The top reason for this is that the licensing by the Republic of Vanuatu does not follow strict measures like the ones adopted by European licensing companies.
So, while the financial sector is strictly regulated in many countries, the regulation in off-shore regions like Vanuatu makes a broker licensed there look less trustworthy and unreliable. The Republic of Vanuatu has been regarded as the hub of loose licensing/ regulation. While UK’s FCA, Financial Services Commission charges a high fee of 730,000 euros for registration, Vanuatu only charges brokers $2,000.
The other loophole that results from Vanuatu registration is that the VFSC does not call for frequent reports on activities the way the FCA does. The FCA will also enforce several rules to ensure the security and safety of clients’ funds. The FCA also requires brokers registered under it to be part of the Financial Services Compensation Services (FSCS), a system that guarantees every client’s trading capital if the broker becomes insolvent.
The other glaring issue in TradeTime is that it provides trading signals which often create a conflict of interest since the signals come from the trading company.
While most of the top industry brokers offer trading on the MetaTrader 4, MT4 trading platform, Trade Time offers trading on its web-based proprietary platform. The platform has a crisp and intuitive charting package, but its analytical capabilities are not the best.
The platform also has few technical indicators, but you can import custom indicators. It also lacks the automated trading systems.
So, while the website promises a platform offering fast executions, advanced custom indicators and charts, instant responses, and integrated trading signals, the features are not as sophisticated as those on the MT4 platform.
Trading Accounts and Conditions.
TradeTime does not offer sophisticated services as seen in their limited range of services, and the fact that the broker only has one type of account for its traders.
The broker offers a custom account to its traders. To trade, you have to deposit a minimum of $250. The account’s maximum leverage is 1:400 and spread is fixed from 1.8 or ECN-based
With an initial minimum deposit of $250, this broker offers a relatively high barrier of entry, considering the prevailing market conditions. With brokers competing for clients all over, this broker might be losing many clients due to its high minimum deposit.
Spreads and commissions
Unfortunately, the determination of the TradeTime spreads is difficult given the custom account types, as well as the availability of fixed spread and ECNs. While the demo account hardly paints an accurate picture of a trading platform, this broker seems to offer a fixed spread of 1.8 pips on the EUR/USD. This spread is not too high, and you could enjoy even more favorable conditions when you increase the size of your deposit
This broker offers a maximum leverage of 1:400 and the custom account creation strategy will not change the maximum leverage. When it comes to leverage, you should, before you play, understand the effects of leverage on your risk management strategy and the size of the risk.
You can deposit or withdraw funds from TradeTime using your debit or credit cards, as well as online payment solutions. It is not, however, mentioned on the website whether or not payment options like Neteller or Skrill are available.
Like most online platforms today, the broker offers customer support services via live chat, and you can type in your question in the Support Center. The Support Center is a huge resource base with trading information, as well as in troubleshooting account issues.
- Low spreads in the advanced account types
- You can customize your account type
- Regulated off-shore
- High minimum web-based platform
- The web-based platform lacks many basic features for trading, and the charting indicators are not impressive
- The website is rather vague
- The trading conditions are not revealed well
- Limited payment options
TradeTime is an offshore forex broker with a very interesting system for account creation and a unique trading platform. Its system is not, unfortunately, as innovative as you’d hope. Its trading conditions vary greatly based on your initial deposit. In short, many other brokers offer better services than what this broker offers. So, it might not be the best choice for anyone trying to trade for the first time.