In case you wish to trade with Brighter Trade, ensure that you trade through FXMasterBot. By doing so, you will be able to use this free and trusted online trading software that connects you directly to Brighter Trade and to all the brokers that are available in your country, so that you can choose the one you prefer.
Established in April 2018, Brighter Trade is a licensed Forex broker providing retail services in 190+ financial assets, including cryptocurrencies, on an easy to use trading platform suitable for both novices and ‘pros’. Customers at Brighter Trade can start trading seamlessly with as little as $250, straight from the browser of any desktop or mobile device.
Brighter Trade offers three types of trading account designed to meet the requirements of traders globally. Moreover, setting up a trading account is easy and totally free, with clients receiving a ‘welcome’ email after submitting an account registration form. Subsequently they get access to the trading platform as soon as they deposit funds to their new account.
Traders are not charged fees or commissions by Brighter Trade, as the cost of trading is built into the spreads between the Sell and Buy prices of the tradeable assets. We saw that Brighter Trade offers fixed, floating or market spreads according to the trading account type, leaving it up to the individual trader to decide.
Leverage made available by Brighter Trade, for trading with larger amounts of money than customers have in their trading accounts, is indicated on the trading platform, with each tradeable asset. Importantly, leverage ratios are not determined by the type of trading account but by the asset class selected. Traders can access leverage up to 1:400 to trade Forex currency pairs, but for cryptocurrency trading, leverage is capped at 1:5. It’s important to realise that cryptocurrency trading carries a higher risk than traditional currency trading, due to the greater volatility of cryptocurrency markets, hence the lower leverage ratio.
Brighter Trade Basic Account Benefits
Customers must make an initial deposit of at least $250 to open a Basic account. The account gives access to the trading platform where 90 tradeable assets are available for trading, with fixed spreads. Clients with a Basic account receive free trading alerts and a daily market review.
Brighter Trade Standard Account Benefits (Analysts Choice)
An initial deposit of at least $5,000 is required to open a Standard account. Clients get access to all 190 tradeable assets on the trading platform with floating spreads. Importantly, customers are assigned a personal account manager and receive a financial plan with protected capital as well as a risk management plan. Moreover, Standard account holders receive free trading alerts and a daily market review. We were pleased to see that a Standard account entitles clients to priority withdrawals.
Brighter Trade PRO Account Benefits
To open a PRO account requires a minimum initial deposit of $10,000. Traders are assigned a personal account manager and invitations to VIP events. Moreover, PRO account holders get access to webinars and a personal analyst as well as to all tier trade rooms. The advantages of the PRO account are numerous including, market spreads on 190 assets, daily market reviews, a risk management plan, trading alerts, priority/rushed withdrawals as well as a protected capital and financial plan.
Brighter Trade Trading Software and Assets
Whilst Brighter Trade does not refer to the software brand used as a trading platform, we deduced from images on the website, that the broker uses the reputable and secure, TraderSoft platform. Notably, traders have access to CFD, Forex and FXsimplified asset categories, with multiple financial instruments listed under each asset class. Under the CFD category, traders can invest in stocks, indices and commodities, whilst the Forex category covers traditional currency pairs as well as cryptocurrencies. The FXsimplified section is especially designed for traders seeking a simple, straightforward, trading environment for trading currency pairs, commodities, indices and stocks. We were impressed to see that the software features multiple charts, an economic calendar and real time market quotes with instant trade execution on a customizable, intuitive interface.
Brighter Trade Risk Management Tools
Clients choosing to trade on the FXsimplified platform at Brighter Trade can take full advantage of the risk management tools. Importantly, traders can set the risk tolerance levels according to personal ‘risk appetite’ and place Stop-loss and Take-profit orders, on the trading platform. It’s important to realise that setting stop-loss parameters enables the software to close positions automatically if prices fall below the pre-determined price chosen by the trader. Moreover, setting Take-profit parameters, enables traders to lock in profits automatically, by closing positions when prices reach a pre-set level chosen by the trader. In our experience, risk management tools are valuable to beginners and advanced traders alike, especially in highly volatile cryptocurrency markets. By utilising risk management tools, traders can remove emotions out of trading decisions and subsequently trade more objectively.
Brighter Trade Customer Services
The Brighter Trade customer support team is available between 6 am and 6 pm, Monday to Friday GMT. We found the fastest and most convenient way to contact customer services is over the live chat function on the platform interface. Alternatively, clients can phone the UK phone number given on the contact page or send an email to the support team. However, customers who like to check out the FAQs, should be impressed by the comprehensive range of legal information provided by Brighter Trade on their website. Further support is offered to customers in the Education Centre through a Premium Education Kit. Importantly, traders can improve their skills with free professional tutorials and E-Books as well as advanced analytical tools and charts.
Brighter Trade Payment Methods
Trading accounts at Brighter Trade can be maintained in USD, GBP or EUR depending on individual preferences. Moreover, customers can choose to fund their live trading accounts via bank wire transfer or with Visa/Mastercard credit cards. We were pleased to see that Brighter Trade also supports EFT and Skrill digital payment methods. However, clients should bear in mind that bank wire transfers are charged a $25 commission by Brighter Trade and the smallest transaction amount accepted is $500. Nevertheless, clients can deposit as much as they want, with each bank wire transfer, whilst the maximum deposit per transaction using credit cards depends on the payment provider’s deposit rules. Notably, online security is taken very seriously by Brighter Trade, with the company using advanced 256-bit SSL encryption protocols to protect customer data and credit card transactions made over the web.
It’s important to realise that as soon as a trading account is registered with Brighter Trade, customers are obliged to submit colour copies of an official ID document and a utility bill or bank statement showing the customer’s home address. Clients funding their account with a credit card are also required to copy the front and back of the card, after obscuring the CVV security code and all but the last four digits of the card number. Providing these documents is not particular to Brighter Trade, but in line with international anti-money laundering regulations applicable to all reputable financial services providers. Importantly, withdrawal requests made by customers to Brighter Trade can only be processed once the account has been verified and proven to be compliant with AML regulations.
Traders who accept bonuses from the rewards system operated by the company, must complete the bonus wagering requirements in full before withdrawing money from their trading accounts. We suggest that customers always read the bonus terms and conditions carefully on the Brighter Trade website before accepting any type of bonus offer.
We saw that it takes up to 14 days for funds to appear in clients’ accounts after processing of withdrawal requests is complete. Moreover, withdrawals can only be made to credit cards or by bank transfer and must be a minimum of $100. Profits made by traders at Brighter Trade, exceeding the amount deposited to the trading account, can only be withdrawn by bank transfer.
BrighterTrade is owned and operated by Ingoten OU, a company registered in Estonia as a Virtual Currency Exchange Service, by the Police and Border Guard Board, under license number FVR000058. The operational headquarters are located at Harju Maakond, Tallinn, Kesklinna Linnaosa, Roosikrantsi tn, 2-K367, 10119, Estonia.
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