Trader.Online is a relatively new broker that has recently popped up on our radar. Financial services are provided by Zolarex Ltd company number 78978 with registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960. The website is operated by Zola Ltd company number 203876075, with the registered office: Sofia 1000, Sofia District, Sofia Municipality, Todor Alaksandrov Blvd., 8, Bulgaria. Operational Address: Ul. Pirotska No 2 fl. 4 , Apt.Office number 12. This company is not regulated.
Is Trader.Online A Scam?
There is not a lot of evidence to suggest that Trader.online is a scam but let’s face it, it’s a new broker operating offshore in an unregulated market so there is the reason to be wary. A big warning sign is a welcome bonus, up to 75% on accounts up to $49,000. With a turnover of 90X the bonus that means a trader could be looking at millions in turnover requirements.
Why Trader.Online Might Not Suck
This company might not suck because they are trying to offer a clean, easy to use, beginner friendly platform for cryptocurrencies.
Why Trader.Online Sucks
This broker sucks because they are operating offshore and unregulated, use a welcome bonus to tie up accounts and even charge a tariff (their word) on withdrawals if you don’t reach a minimum account turnover of at least $200! They also charge a lot of other fees so beware.
Should I Open An Account With Trader.Online?
Trader.Online is a full-service forex and cryptocurrency brokerage set up on the Tradologic platform. The platform lists a full array of CFDs from forex to stocks, indices, commodities, and 20 major cryptocurrencies. They list over 200 assets and from what I can tell most are actually available for trading.
The platform itself is fairly easy to use but way to simple and little buggy in my opinion. They use a standard layout with charts in the middle and account info off to one side. Trading is easy, simply choose an asset and its information and chart will show up in your trade platform windows. Once you choose your direction, risk tolerance (leverage) and set stop-loss/take-profit levels the trade can be entered.
Trader.Online gets a lot of complaints dating back to the companies founding in early 2018. Complaints are diverse and point to one thing, this is not a broker we want out traders using. Complaints range from cold calls, pushy salespeople, trouble withdrawing and the bonus… just like all those old binary options brokers… makes you wonder who’s running this business.
Trader.Online Regulatory Warnings
Trader.Online is so new there are no warnings listed as yet but we are sure there will be some soon. In the meantime, check out the SECs warning about unregulated brokers, this one certainly fits the bill.
Trading Bitcoin With Trader.Online
You can trade Bitcoin with Trader.Online using CFD’s. They list 20 top-ranked cryptocurrencies that can be accessed through the web-based platform or mobile app. They also offer leverage up to 1:200, much higher than EU regulated brokers.
Trader.Online Ratings 67/100
User Friendliness 15/20
The platform is decent but nothing a serious trader is looking for. The amateurish layout and features are perfect for scamming people who don’t know what they are doing.
Number of Assets And Expiry 18/20
They have a wide range of assets, and cryptocurrency, so they score points here. Expiry is open-ended on spot positions and spreads are tight.
Commissions, Support And Effective Return 12/20
Commissions are the name of the game with this broker. They use a spread from which they make money and then they charge you a fee every time you make a withdrawal. Other things that can earn a fee include account inactivity and not meeting minimum turnover requirements before you make a withdrawal. Support is there to help you deposit (that’s about it) and returns are what you make them.
Deposit, Payment And Bonus 12/20
Deposit is easy and can be done by wire, credit card or eWallet. Payments are safe but may take up to two full weeks before they show in your bank account if you use a wire. There is a welcome bonus but don’t take it! It will not tie up your deposit but it will tie up all your profit and open your account to risk.
Website Extra’s 10/20
Nothing is extra on a white-label platform, we’ve seen all this before.