SocialTRD – Great Forex Brokers Review

SocialTRD.com – What is it about?

Recently, more and more brokers and platforms are offering so-called social trading or copy trading. This is a mode where you copy each deal of the chosen investor, who obviously must be an experienced trader with a long trading history. One of these sites is SocialTRD.com. A community of experienced traders offer you the opportunity to copy their trades at the expense of a small commission you pay for it. The SocialTRD website offers online trading of more than 1,000 assets for customers from over 140 countries. CFDs on forex, indices and ETFs, commodities, and shares are available through its own, customer-tailored platform. You can start trading by investing USD500.

Account Types

SocialTRD offers three types of live accounts. Unfortunately, we were unable to find a way to open a demo account, so if you want to test the platform, this should be done by opening a real account. There is a table presenting all live accounts and you can compare their properties.

Silver Account – This account requires the least investment, and you can open it by depositing USD500. In return, the spreads are not so tight and the one for the pair EUR/USD starts from 2.1 pips. All available instruments can be traded in any account type.

Gold Account – The minimum initial deposit jumps to USD10,000 and if you invest such a sum, you will be offered spreads from 1.5 pips for the pair EUR/USD. You will be classified to receive some materials for your education.

Diamond Account – The name indicates that trading conditions will be the best here. Of course, you must deposit at least USD25,000. In return, the spreads for the EUR/USD pair will start from 0.9 pips. You will also receive a senior account manager and trade signals tailored to your needs.

What Do Legal Documents Show?

Here we will save you the annoying digging through large documents and show you the most important things. The Order Execution Policy files show that you will deal with a market maker, which is the counterparty to all customer’s transactions.

There is a clause of slippage – when you use market execution mode and the price has changed during the order fulfillment, it will be executed at the next available market price. However, we found out here that stop loss orders are not subject to slippage. They always will be executed at the requested price at no additional costs, which means stop loss orders are guaranteed.

Another important thing is that you will never lose more than you have in your account. All retail clients are covered by a policy of protection against negative balance and if your balance becomes negative due to market movements, it will be covered to zero.

Are there any other Fees?

Traders should know that brokerage companies derive their profit from the fees they collect. There are some common fees, such as spreads, swaps, and rollovers. Some brokerage companies impose additional fees such as the inactivity fee. So if you don’t open new positions or make a deposit within 30 days, you may be charged an inactivity fee of 1% per day of your account balance.

How Can you Deposit and Withdrawal?

There are four ways to deposit funds into your account – by bank transfer, credit or debit cards or e-wallets such as Skrill and Trustly. The initial amount of your deposit depends on the account you have opened. If your bank or payment provider charges you for a deposit or withdrawal, these fees will be covered by you. There is some good news – you will be reimbursed for these fees with a bonus. Please note that this bonus cannot be withdrawn – it can only be used for trading.

Withdrawals are paid only to the same account that has been used from the client to deposit money. Withdrawal fees are covered by customers as well. Withdrawal requests are processed within one business day.

What is the Platform and how Convenient is it?

The platform is web-based and does not require any software installation. Owners of Android devices can download the application Google Play. The terminal is simply and easy to operate and you can trade more than 1,000 instruments through it. In addition to all common features, you can choose an investor to follow and start copying its deals with a few clicks. Some sophisticated features available in MetaTrader, for example, are not presented here, but beginners will use the platform with ease.

What Assets can you Trade?

Forex – More than 100 currency pairs can be traded, including exotic ones. As we noted, spreads depend on the account type and the lowest value you can receive for majors is 0.9 pips.

Commodities – Over 50 commodities are available for trading. They include Gold, Platinum, Brent Oil, Crude Oil, food, and agricultural products. The spread for Gold is fixed at USD1.9 and the one for Crude Oil starts from USD0.098.

Indices and ETFs – Spots and futures CFDs on more than 40 indices and ETFs are available for trading. They include the most traded – DAX (Germany30), FTSE100 (UK100), DJIA(US30), etc. The minimum value of the spread for the DAX index is 5.4 point and for the DJIA index it is 9.5 points.

Shares – Over 400 CFDs on shares of global companies are available for trading. Please note that there is a commission, and you will be charged EUR 2 per transaction, regardless of the amount traded.

Conclusion

SocialTRD is a website mostly used for social trading. Stop loss orders are guaranteed for no additional costs and you cannot lose more than you have invested. You have a choice to trade a wide range of instruments via its own web-based platform. There are 3 different types of accounts that differ in the required minimum deposit and offered spreads. You can open a real account with at least USD500.