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Launched in February 2018, Trader.Online is a non-regulated forex broker offering a user-friendly CFD trading platform and live accounts from $250. Trader.Online is owned and operated by ‘Zola’ Ltd, a Bulgarian company registered to the office address at Sofia 1000, Sofia District, Sofia Municipality, 8 Todor Alaksandrov Blvd with the company number 203876075. However, the operational address is Ul. Pirotska No.2, Flat 4, Apartment Office number 12.
Trader.Online Trading Account Types
Depending on their individual requirements, clients can choose from three trading accounts at Trader.Online, each with built-in negative balance protection. This is a very important feature that ensures traders don’t lose more than they have in their personal account balances. The trading accounts have the following inspirational names: ‘Take Off’, ‘Booster’ and ‘Uplift’, differentiated by wide ranging minimum deposit requirements and trading advantages. That said, we saw that all three account types have access to 24/7 customer support, as well as entitlement to webinars on a regular basis. Moreover, all account holders are alerted to promotional offers at Trader.Online through regular Emails sent directly to their mail boxes. We saw that new customers are required to submit all documents needed to open a trading account, as soon as registration is complete at Trader.Online. Personal documents include an official ID and proof of residence, necessary to comply with anti-money laundering rules. Subsequently, 24 hours are needed to validate the compliance documents and finalise the process of opening a live trading account at Trader.Online.
Trader.Online Take Off Account Features
To set up a ‘Take Off’ account requires a deposit of between $250 and $2,499. We saw that a welcome bonus up to 25% of the initial deposit is available to clients who wish to accept it (bonuses have terms and conditions that must be fulfilled before they can be withdrawn). Clients are allocated a personal customer success manager, receive weekly market updates and enjoy the right to participate in webinars held at Trader.Online.
Trader.Online Booster Account Features
With an initial deposit of between $2,500 and $9,999 traders can open a Booster account at Trader.Online. A welcome bonus up to 50% of the first deposit is offered. However, the bonus has wagering requirements described in the bonus terms and conditions. These should be considered carefully before accepting the bonus, as withdrawals are subject to the bonus rules. The Booster account features a personal customer success manager, weekly market updates and access to charting tools as well as entitlement to webinars taking place regularly at Trader.Online.
Trader.Online Uplift Account Features
With an opening balance of between $10,000 and $49,999, clients at Trader.Online can open an Uplift account. Notably, customers are entitled to a welcome bonus up to 75% on the initial deposit amount. Other account features include a personal customer success manager, advanced charting tools and access to regular webinars scheduled by Trader.Online. Additionally, Uplift account holders receive forex guides and E-Books as well as daily market updates.
Trader.Online Swap Free Account
Followers of the Islamic faith are entitled to set up a Swap free trading account at Trader.Online by contacting customer support. Importantly, no interest is charged or received, and swaps are removed from the account trading software.
Trader.Online Trading Platform Features
Traders at Trader.Online can opt to use the secure and transparent multi-asset Forex platform, gaining access to the global forex exchange market. Importantly, Trader.Online is directly accessible from the web through the browsers of PC, Mac and mobile devices, irrespective of operating systems. The minimum investment amount to trade is $10 and traders can choose to trade CFDs in currencies, cryptocurrencies stocks, indices and commodities. Traders can view and analyse charts with real time data for every asset and customise the platform according to personalpreferences. Notably, traders who want a simplified version of the forex trading platform can opt to use the Simplex tool by clicking on the Simplex tab in the top right-hand corner of the forex trading platform. We saw that the Simplex tool allows traders to set up risk sensitivity on the trading platform and use stop-loss and take-profit features to further reduce risk. Whilst the Simplex platform is very easy and straightforward to use, it is appropriate for advanced as well as novice traders.
Leverage Limits at Trader.Online
Clients trading in CFDs for currencies and commodities can access leverage up to 1:100 at Trader.Online. The maximum leverage for trading in stocks is 1:25 and for trading indices, the maximum leverage is 1:50. Notably, the maximum leverage for trading cryptocurrency assets is relatively high at 1:20.
Trading Fees and Commissions at Trader.Online
Trader.Online is a CFD trading platform and CFDs trading everywhere is usually subject to commission payments for the service provided by the broker. At Trader.Online, rates are calculated by multiplying the amount invested by the leverage used, and the commission percentage indicated on the Trader.Online FAQs page. Commission is taken by the broker as soon as a trade is executed. Significantly, clients trading on the Trader.Online Forex platform pay 0% commission on currency and commodity trading, and only 0.1% commission on trading stocks. However, clients trading on the ‘Simplex’ trading platform pay 0.1% commission on stocks, currencies and commodity trades as well as 1% commission on cryptocurrency trades.
Trading Education at Trader.Online
We saw that Trader.Online offers clients free access to a ‘learning’ section from the dashboard on the website. Brief Forex trading lessons are provided in the Academy section for ‘Beginners’, ‘Intermediate’ and ‘Expert’ traders. Additionally, traders can access trading insights and an economic calendar.
Trader.Online Customer Support
Traders can access customer support 24/7 through the live chat function on the interface, Email and by phoning a UK number. We found the FAQs page at Trader.Online very useful and our first ‘help’ choice. Bearing in mind that all traders at Trader.Online have a personal customer success manager allocated to them when they set up a live trading account, support is always directly available.
Trader.Online Payment Methods
Customers can fund their accounts in EUR, GBP and USD. Deposits made in other currencies are converted to one of the three base currencies for trading. Payment methods include popular credit/debit cards (Visa, Mastercard, Mastercard Secure Code), E-Wallets and bank wire transfer. We saw that funding a trading account by bank wire transfer is a lengthy process. Firstly, clients need to request a transfer form from a ‘customer onboarding representative’ at Trader.Online. Subsequently, take the completed form to their bank and make the transaction, duly noting the transaction reference number. Finally, the completed form must be scanned and returned to the customer onboarding representative at Trader.Online.
The minimum withdrawal amount is £€$100 for credit cards and E-wallets and £€$500 by bank wire transfer. Withdrawal fees of £€$50 are charged on bank wire transfers and £€$25 on credit card transfers and E-payments. In addition to the transfer fee, a credit card processing fee of $10 or £5 or €7 is charged. Moreover, the maximum withdrawal amount by credit card is $20,000 per transaction and $50,000 per month. Nevertheless, clients can register up to 3 credit cards with each trading account at Trader.Online.
Withdrawal requests take up to 3 business days to process and usually up to 7 days for funds to be delivered to customers’ personal accounts. Importantly, withdrawal requests can only be finalised once all compliance documents have been submitted to Trader.Online and approval has been given over the phone to the client (to avoid fraud).
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