TradeWiseFX Review

MIN. DEPOSIT €$25
Up to 500:1
Up to 50% BONUS
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TradeWiseFX
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Overview

Company Information Tradewise FX is a new name in the online Forex trading industry which started its platform just a year ago in 2015. The brand is owned by Tradewise… more

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Details

BrokerTradeWiseFX
Website URLhttp://www.tradewisefx.com/
Founded2015
HeadquartersKingstown, St Vincent and the Grenadines
Support Emailinfo@tradewisefx.com
Support TypesE-mail, Skype
LanguagesEnglish, Indonesian
Minimum 1st Deposit€$25
Minimum Trade Amount0.01 lots
BonusUp to 50%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationFinancial Services Authority of St. Vincent & the Grenadines.
Account TypesClassic, ECN PRO, Autotrade
Deposit MethodsVisa, MasterCard, Skrill, Neteller, Bank Transfer, FasaPay, Qiwi, OKPay, Giropay
Withdrawal MethodsVisa, MasterCard, Skrill, Neteller, Bank Transfer, FasaPay, Qiwi, OKPay, Giropay
Types of AssetsForex, CFDs, Metals
Account CurrencyEUR, USD
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Tradewise FX is a new name in the online Forex trading industry which started its platform just a year ago in 2015. The brand is owned by Tradewise Ltd., a company that is registered in St. Vincent and Grenadines. The broker is fully regulated by the FSA in the St. Vincent and Grenadines. This is an STP/ECN type of broker that offers its services to clients from more than 50 countries around the world. Offered trading instruments are Forex, metals and CFD’s. Despite their short history, Tradewise FX has already caught the attention of many traders with their feature rich platform and excellent trading conditions. While many other brokers don’t accept US traders, Tradewise FX allows clients from this country to register. With great educational resources and fast trading execution, Tradewise FX is a broker that can compete with the top names in the online Forex trading industry. Let’s see what account types and features does Tradewise FX offer.

Trading Information

Currently, there are two types of trading accounts offered by the company. The first one is their ECN account, and it offers high variable spreads. It has a relatively small deposit requirement of $25. The minimum spread for EUR/USD is 0.1 pips and the typical is 0.5 pips. The minimum position size is 0.01 lots. There is a commission of $2 per standard lot and for CFD’s its $1 per standard lot. Scalping and hedging are allowed, and expert advisors are also encouraged. The leverages depend on the trading instruments. For Forex and Metals it’s 1:500 and for CFD’s and oil it’s 1:300. The number of currency pairs offered is quite high (82), and it’s above the industry’s average. Margin call level is at 80%, and the stop-out level is at 50%. The Classic account offers very similar trading features and conditions. The spreads are still variable, but they’re much higher than in the ECN account (1.2 minimum and 1.4 typical). However, there aren’t any commissions on trades. Leverages are the same as well as minimum position size and deposit requirement. Finally, swap-free (Islamic) accounts are also available for people who follow the Sharia law.

Trading Platforms

The platform of choice for Tradewise FX is the leading Metatrader4 platform. It’s not a surprise that the company has chosen this trading terminal as it’s the most popular amongst traders. It has excellent charting capabilities, expert advisors, over 30 signals and many more features that other platforms don’t have. The MT4 is the most capable platform regarding trading flexibility. It works with Windows and Mac desktop computers. It’s also available for Android and Apple smartphones and tablets. Tradewise FX has made the extra effort to provide a WebTrader version of the platform. It means that you don’t have to download and install anything on your device. You just log in from a web browser and start trading. Automated trading is also supported using the Myfxbook system. To use it you’ll have to deposit a minimum of $1000 to your account. If you make a $5000 deposit, you can enjoy you own VPS as a gift.

Security and Customer Services

Security at Tradewise FX is great, but they need an SSL encryption on their registration page as personal data is vulnerable and can be stolen. Otherwise, they offer a segregated account option where funds you transfer to your account are deposited in top tier European banks. This way you won’t lose any money if something happens to the company. The customer support is great. You have plenty of contact methods you choose from and get answers to your questions quickly. There are a phone, email and postal address on their contacts page. Alternatively, you can use the live chat system. The FAQ section of the website will help you with the most common question. As we mentioned, in the beginning, there are a lot of educational resources that can help every beginner trader. The news section of the website will inform you of current market changes and offer you different types of market analysis. The website is translated in English and Indonesian, but support is available only in English.

Deposits and Withdraws

There are plenty of banking methods you can choose for your deposit. The most popular credit and debit card options are available along with some digital wallets. Tradewise FX insists on their no deposit fee policy, and they have mentioned it on their website. Processing times for deposits are a bit slower 1-24h to 1-5 business days. There isn’t an instant method available. While deposits don’t have, additional charges withdrawals do have them. Depending on the method you choose there could be a fee from 0.5% to 2% on every amount. Allowed currencies are EUR and USD. If you wish to deposit with another currency, it will be converted. Processing times for the withdrawals are pretty much the same as the deposit.

Deposit Bonus and Loyalty Programs

As a new broker, Tradewise FX is looking to acquire more clients by offering some excellent promotions and affiliate programs. You can become an introducing broker and earn funds on every referral you make. If you just want to refer someone and you already have an account, the “Refer a Friend” program will reward you with $50 for each person that joins the platform. The 50% deposit bonus for the Classic account is another promotion you can take advantage of on the platform. Remember that this bonus is a one-time deal and you can’t withdraw the funds if you don’t meet certain conditions.

 

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