Tradovest is a forex and CFD broker with a wide range of assets. They list over 1,000 and from what we can tell they may not be lying, there are a lot of assets to trade here. Tradovest is owned and operated by Celestial Trading ltd., Registered address: Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles. Payments via credit cards are processed CELTIC PAY LTD. Dept 1308, 43 Owston Road, Carcroft, Doncaster, United Kingdom, DN6 8DA. To be clear, this is a non-regulated forex and CFD broker.
Is Tradovest A Scam?
Tradovest is new, they are not regulated, they are located in an offshore banking haven and don’t have a great platform but it is likely they are not a scam. Why? Because it is a forex broker and forex brokers have to follow, to an extent, global banking regulations. This doesn’t mean it’s a broker you should go running to join so be sure to do your due diligence before sending them any money.
Editor’s Note: Why Doesn’t Tradovest Suck
Tradovest doesn’t suck because they are a full-service broker. They have forex and CFD’s on every asset or cross worth trading and an easy platform to use. Everything you need is at your fingertips, all that is left is for you to make a good trade.
Why Tradovest Sucks
This broker might suck because it is an offshore based, unregulated broker. This doesn’t mean it’s a scam but it does mean you may not have recourse in the event of a problem. It also might suck because the platform is not as clean as it could be, it looks like a kid coded it for a school project.
Should I Open An Account With Tradovest?
Tradovest is a full-service forex and CFD broker. They offer over 1000 assets in 5 categories including stocks, indices, forex, commodities, and cryptocurrency. Forex can be traded two ways, standard forex, and FXSimplified which merely does the work of setting stop-losses and take-profit for you. Cryptocurrency can also be traded two ways, forex style or CFD but in reality are the same thing.
The platform is set up in a straightforward manner. To the left is a list of assets that can be scrolled and toggled by category. In the middle is a trading chart with live prices and to the right is the order tab. The charts are very simple, they do include some tools and indicators but are not large and do not provide an adequate view of price movement. The order tab is easy to use but also not very clean, you’ll feel like you’ve gone back in time when you use it. It reminded me of the ’80’s and old school video games.
The website has some information on it. There is some education and the ever-present FAQ’s but there isn’t a whole lot. Deposits are easy, as they always are, but you will have to wait a week or more for any withdrawals. There was no mention of bonuses or cash-back programs so no fear your deposit will get tied up at least.
Tradovest is much too new to have many complaints, they just opened in January of 2018. On the flipside, there are quite a few positive reviews on the web, as far as you can trust those. I am sure some complaints will surface in the near future, rest assured we will track them down. In the meantime, it looks like this is a not a scam broker, just a crappy one.
Trading Bitcoin With Tradovest
You can trade Bitcoin and a wide variety of cryptocurrency at Tradovest. They are not a cryptocurrency exchange, you will be trading CFD’s, but you can trade with leverage for added return. Most tokens are paired against the dollar, euro or pound but there are also a number of Bitcoin-denominated pairs as well.
User Friendliness 15/20
The platform isn’t unfriendly it just isn’t top of the line. In fact, it reminds me a lot of the old first generation binary options platforms, simple and sketchy. It comes in a number of languages though and can be used on mobile so there is that.
Number of Assets And Expiry 20/20
For real, any broker that actually has over 1000 assets listed gets a full score. Lots of brokers say they have a long asset list but most are just saying that to get your attention. The expiry time is unlimited so no worries there, its forex and CFD’s after all.
Commissions, Support And Effective Return 15/20
Again, not a bad broker but not a good one either. Commissions are non-existent but there is a spread to overcome. Support is there but it took a long time to answer and effective returns are what you make them.
Deposit, Payment And Bonus 15/20
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. There is also a 3.5% withdrawal fee to be aware of, the minimum fee is $30 and the max is $3500. Bonuses do not exist, thank goodness, but you can get rewarded for referring your friends.
Website Extra’s 10/20
Not much to call extra here but I’ll give them credit on the number of assets and having cryptocurrency.
Tradovest Overall Ratings = 75/100