TradeTime South Africa
TradeTime may be a forex broker operated by the Silver Group Ltd, a corporation 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 therefore the reliability of the broker. the highest reason for this is often that the licensing by the Republic of Vanuatu doesn’t follow strict measures just like the ones adopted by European licensing companies.
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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 considered 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 doesn’t involve frequent reports on activities the way the FCA does. The FCA also will enforce several rules to make sure the safety and safety of clients’ funds. The FCA also requires brokers registered thereunder to be a 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 frequently create a conflict of interest since the signals come from the trading company.
While most of the highest industry brokers offer trading on the MetaTrader 4, MT4 trading platform, Trade Time offers trading on its web-based proprietary platform. The platform features a crisp and intuitive charting package, but its analytical capabilities aren’t the simplest .
The platform also has few technical indicators, but you’ll import custom indicators. It also lacks the automated trading systems.
So, while the web site promises a platform offering fast executions, advanced custom indicators and charts, instant responses, and integrated trading signals, the features aren’t as sophisticated as those on the MT4 platform.
Trading Accounts and Conditions.
TradeTime doesn’t offer sophisticated services as seen in their limited range of services, and therefore the incontrovertible fact that the broker only has one sort of account for its traders.
The broker offers a custom account to its traders. To trade, you’ve got 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 comparatively high barrier of entry, considering the prevailing market conditions. With brokers competing for clients everywhere , this broker could be losing many purchasers thanks to its high minimum deposit.
Spreads and commissions
Unfortunately, the determination of the TradeTime spreads is difficult given the custom account types, also because the availability of fixed spread and ECNs. While the demo account hardly paints an accurate picture of a trading platform, this broker seems to supply a hard and fast spread of 1.8 pips on the EUR/USD. This spread isn’t too high, and you’ll enjoy even more favorable conditions once you increase the dimensions of your deposit
This broker offers a maximum leverage of 1:400 and therefore the custom account creation strategy won’t change the utmost leverage. When it involves leverage, you ought to , before you play, understand the consequences of leverage on your risk management strategy and therefore the size of the danger .
You can deposit or withdraw funds from TradeTime using your debit or credit cards, also as online payment solutions. It is not, however, mentioned on the web site 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’ll type in your question within the Support Center. The Support Center may be a huge resource base with trading information, also as in troubleshooting account issues.
- Low spreads within 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 therefore the charting indicators aren’t impressive
- The website is quite vague
- The trading conditions aren’t revealed well
- Limited payment options
TradeTime is an offshore forex broker with a really interesting system for account creation and a singular trading platform.