RECOMMENDED FOREX BROKERS
Trade Nation is big, really big. It offers a lot, yet it never seems overwhelming. To achieve such an effect is an art form, and Trade Nation’s paintbrush is its ability to accommodate its services to all types of users!
We will try to be as clear as possible because Trade Nation is part of a much bigger hierarchy than we thought.
Trade Nation is part of Finsa Europe Ltd, which acts as the main holding company. Finsa Europe Ltd currently trades under 7 different trading names, of which Trade Nation is one. The others are of no concern to us because this review will cover only Trade Nation – URL: tradenation.com.
Trade Nation has 4 separate subsidiaries:
- Trade Nation is a trading name of Finsa Europe Ltd, a company that is regulated by the FCA. Arguably the most renowned and effective of all EU regulators, the FCA has built for itself a reputation as a top-tier regulator. All brokers under its gaze must hold net tangible assets amounting to a minimum of €730 000 if they wish to continue being authorized by the UK watchdog. On top of all the rules and strict guidelines that the FCA demands of its brokers, it also offers a £85 000 Financial Services Compensation Scheme (FSCS), acting as financial reimbursement for all victimized traders. In the UK and EU retail investors can use a leverage up to 1:30, as ordered by ESMA.
- Trade Nation is a trading name of Finsa Pty Ltd, an Australian Securities and Investments Commission regulated company. This government-led body is responsible for maintaining the integrity of the Australian FX market industry, and to keep the industry as attractive for investors as possible. Australian brokers cannot offer a compensation framework, however, they are not limited by ESMA, and so can offer leverages over 1:30 for retail investors.
- Trade Nation Financial (Pty) Ltd is regulated by the Financial Sector Conduct Authority in South Africa. This regulator oversees the non-banking sector, including the FX brokers. Noticeably, the country allows for binary options trading and a higher leverage than 1:30.
- Trade Nation Ltd is regulated by the Securities Commission of the Bahamas. This agency is in charge of regulating the local FX market and making sure that market practices fall into lawful frameworks. All brokers with this license must hold at least $300 000.
In other words, the broker has 4 different regulations from some of the best FX overseers in the world.
The registration process is very simple, rendering it user friendly. A user must choose a country of residence for the broker to apply the most appropriate trading account. Depending on the region a user inhabits, that’s where the relevant regulation will apply and with it the appropriate limitation on trading (most notably the leverage cap).
We opened a practice account because the broker requires a lot more personal information before launching a full live account. We got a very decent spread of 0.6 pips for the EUR/USD currency pair. Let’s hope that the practice account spread is mirrored in the live account. The tradeable assets are forex pairs, bonds, energy, metals, and indices.
The website is available is in English, which is slightly disappointing because Trade Nation seems to cover a lot of grounds.
TRADE NATION LOGIN
CloudTrade is the official trading platform being used here. This seems to be a proprietary software. Here is a pic:
Even though we really like this one, it seems to be lacking in quantity when compared to the MT4. With that said, the CloudTrade comes equipped with hedging, stop-loss and take-profit, customizable graphs, and a simple interface.
TRADE NATION MINIMUM DEPOSIT
Since we did not fully activate our account, the payment area was closed for us. Thus we will have to take all the payment details from the website. Needless to say, the FCA guarantees that all investments will be processed without a problem!
Deposits are made through a credit card, a debit card, and bank transfer.
There is no minimum deposit. The FAQ section reveals that users need to deposit enough funds to cover the margin requirements.
Bank deposits can take up to 5 days, while card ones may take up to 3 days.
Depositing fees are not applicable.
TRADE NATION WITHDRAWAL METHODS AND FEES
The FCA is your guarantee that all withdrawals will go as smoothly as possible!
There is no clearance on a withdrawal minimum. Seeing that the deposit has no limit, we assume that the same is applied to withdrawals.
The withdrawal methods and the withdrawal ones are the same!
Trade Nation endeavors to process every withdrawal request within a day!
The same principle is applied to bank transfer fees, however, Trade Nation does not promise that all bank fees will be covered by it. Credit/debit card charges are not disclosed if any.
Trade Nation is a unique broker that takes a turn for the best. It is simple to use, and the trading conditions could not be better! This is one superior broker that can be a great starting point for many traders!