TradeFW Review 2023
TradeFW is a forex and CFD broker offering the MetaTrader 4 platform.
and 4 more
TradeFW offers over 30 currency pairs, including EURUSD, USDJPY and GBPUSD
TradeFW offers CFDs on over 100 global stocks.
Leveraged CFD products are available on stocks, indices and commodities.
- Best Forex/CFD Provider - Global Banking & Finance Review
- Best Performing CFD Provider - Global Banking & Finance Review
TradeFW is an online broker specialising in forex and CFD trading. In this review, we’ll cover all aspects of its services, from customer support to leverage. Plus, we’ll review its mobile trading app, test account, and more. Read on to find out whether TradeFW is the right broker for you.
TradeFW is an online forex and CFD brokerage that has been operating since 2018, previously trading under the name BO360. The platform markets itself primarily towards European clients based in Italy, Spain, and the UK. Its parent company, iTrade Global, is registered in Cyprus.
TradeFW has received a number of industry awards, including “Best Forex/CFD Provider” and “Best Performing CFD Provider” by Global Banking & Finance Review. The company operates as an ECN and STP broker, serving both retail and professional clients.
As an EU-based firm, the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC imposes stringent rules on brokers with the aim of protecting traders. Among other safeguards, it ensures compensation schemes are available to clients.
TradeFW provides clients with MetaTrader 4 (MT4), the most popular platform for forex and CFD trading. MT4 is renowned for its wide range of features and quick, reliable service. The platform suits traders of all abilities as it is intuitive, easy to use, and comes with a solid variety of technical tools.
It is available as a desktop app (for Windows and Mac PCs), a web-based service, and a mobile app on iOS and Android smartphones.
With TradeFW, users have access to 85 pre-installed trading indicators. Plus, customers can purchase additional indicators and Expert Advisors (automated trading robots) through the MetaTrader market. Other features of the MT4 trading app include:
- One-click trading
- Interactive charts
- Multiple timeframes
- Detailed historical data
- Customisable Indicators
TradeFW does not impose any trading restrictions, allowing clients to hedge, scalp, and use automated trading strategies.
In addition to the desktop service, TradeFW customers can use the web-based platform: WebTrader. This can be accessed from any PC with a browser and internet connection. MT Webtrader is known for being safe to use and dependable, featuring all the same tools available on the desktop platform.
MT4 is available on both iOS and Android tablets or smartphone devices. The mobile app is equipped with interactive charts, hundreds of financial instruments, and a full set of trade orders. This allows TradeFW customers to trade from anywhere in the world.
TradeFW offers over 170 currency pairs and CFDs, as well as some indices, metals, commodities, and stocks:
- 10+ ETFs
- 120+ CFDs
- 10+ Indices
- 2 precious metals
- 30+ currency pairs, including majors, crosses, and exotics
TradeFW’s range of currency pairs and CFDs is fairly typical for an online forex broker and will be suitable for most traders. However, the platform does not support cryptocurrencies like Bitcoin.
Spreads & Fees
TradeFW’s spreads are generally higher than other brokers. The standard account starts at 2.7 pips, larger than the industry average of around 1.5 pips. Plus, spreads on the popular EURUSD currency pair start as high as 3.2 pips. The TradeFW Gold and VIP accounts have spreads starting at 2 pips and 1.7 pips respectively.
Spread data is not listed clearly on TradeFW’s website – clients have to calculate it themselves. This lack of transparency isn’t particularly encouraging. The large spreads possibly imply that TradeFW has liquidity issues (or, as an STP broker, works with individual providers with a significant markup). Larger brokers, like Pepperstone, can offer tighter spreads because of their strong partnerships with liquidity providers.
TradeFW does not take a commission on forex, indices, or commodities. However, for CFDs on stocks, the platform charges a fee of 0.1% (or a minimum of 10 units of the base currency).
The broker’s commission rates and high spreads mean that it is not the most cost-effective broker. However, TradeFW does not charge commission on deposits or withdrawals, unlike some of its competitors.
Leverage up to 1:30 is available depending on the asset being traded. While other brokers do offer larger leverages, which could be attractive to some, highly leveraged positions are riskier. Generally, limits of 1:30 are considered sensible, in line with many global regulators’ recommendations.
- Forex – Up to 1:20 or 1:30, depending on the pair
- Commodities – Up to 1:10
- Indices – Up to 1:20
- CFDs – Up to 1:5
- ETFs – Up to 1:5
TradeFW accepts deposits made by credit card, wire transfer, or using an e-Wallet. The broker advertises zero fees on deposits, but upon further reading of their legal documentation it appears that they charge a 3% handling fee “at their discretion”. Clients can make payments via:
- Visa, Mastercard, or Maestro – Instant
- Bank wire transfer – 3 – 5 business days
- Trustly – 1-2 business days
- Sofort – 1-2 business days
- Neteller – Instant
- Skrill – Instant
The minimum deposit is 250 currency units (EUR/USD/GPB/AUD/CAD/SGD) for the Standard account. This is a larger deposit than most other online forex brokers require. Accounts can have base currencies of EUR or USD only, so deposits made in GBP/AUD/CAD/SGD will be converted using the standard conversion rate on the day of deposit. There may be conversion charges.
TradeFW has a strong service when it comes to withdrawals. In contrast with other brokers in the market, TradeFW does not charge commission. It also aims to process customer funds within one working day, which is faster than most brokers. However, traders should be aware that, in line with anti money laundering regulations, withdrawals must be made via the same method as deposits.
Unlike many of its competitors, TradeFW does not offer a demo account. These can be a great way for new and experienced traders to test strategies. Particularly if you’re new to the trading platform, it’s important to trial executing positions before using real funds. It’s disappointing that TradeFW lacks this service.
TradeFW has a fairly minimal range of educational tools available, with a few web pages explaining the basics of CFD and forex trading, as well as a glossary of trading terms. It also provides a blog that can be accessed via the company homepage.
The broker claims to run a series of trading webinars, although none are currently scheduled on their calendar. Unusually for a broker, TradeFW does not have any technical tools available, such as a pip calculator or trading calendar, but some of these features can be found on the MT4 platform.
TradeFW’s retail clients have access to three tiers of account:
- Standard Account – This type of account has a minimum deposit of $250. Spreads start at 2.7 pips, with a maximum leverage of 1:30. The minimum contract size is 0.01.
- Gold Account – The most popular account for retail traders. Clients can trade with tighter spreads than the Standard Account, starting at 2 pips. There is a minimum contract size of 0.05.
- VIP Account – This account offers spreads as low as 1.7 pips. The minimum contract size is 0.1.
TradeFW also offers a professional account with lower spreads and high leverages. The broker uses the STP model on this service and does not act as a market maker.
As a CySEC-licensed broker, TradeFW has a legal duty to keep its clients and their investment capital safe. This means that all funds are housed in top-tier EU banks (such as the Bank of Cyprus), and client money is segregated from that of the business’. The broker is also a member of the ICF (Investor Compensation Fund), which means capital is insured in the case of an extraordinary event, such as broker liquidation.
Furthermore, TradeFW complies with risk disclosure guidelines, adequately displaying this across their homepage.
TradeFW’s customer service team is contactable 24 hours a day, 5 days a week (Monday – Friday). Support is available in English, Italian, or German.
The support team can be reached by:
- Contact Number – UK (+44) 203 097 21 49, Italy (+39) 023 057 90 40, Germany (+49) 302 099 447 07
- Email – email@example.com, firstname.lastname@example.org (Head Office)
- Online feedback form – can be found on the ‘Contact Us’ page
- Head office contact number – (+357) 25 262 043
- Live chat
TradeFW follows standard trading hours. These vary by asset but are 24 hours a day, Monday – Friday for forex. The company website lists information about trading holidays when hours may be reduced.
- CySEC-regulated broker, meaning client funds are secure
- No trading restrictions, clients can hedge and scalp
- Automated trading enabled
- Negative balance protection
- Good customer reviews
- Fast withdrawals
- Secure login
- High spreads & fees
- No cryptocurrency trading
- Limited educational resources
- No test/demo account
TradeFW is a solid forex and CFD broker, with a good range of products across stocks, currency pairs, and ETFs. The broker provides access to the MT4 platform, complete with the iOS/Android app for mobile trading. As a legitimate CySEC-regulated broker, TradeFW is not considered a scam, though the platform’s leverage limits, high spreads, and lack of a demo account may put some traders off.
Does TradeFW Have A Mobile App?
Customers can use the mobile version of the MT4 trading platform, which allows traders to check in on their account and execute orders. The app is available on iOS and Android devices.
Is TradeFW A Regulated Broker?
TradeFW is licensed by CySEC, the regulatory body of Cyprus. This ensures that client funds are well protected by providing investor insurance and segregated accounts.
What Leverages Does TradeFW Offer?
TradeFW has leverage limits of 1:2 to 1:30 on most currency pairs. Leverage up to 1:5 is available for CFDs and ETFs. With that said, trading on margin is risky, so novice traders should consider whether this strategy is right for them.
Can I Trade Bitcoin With TradeFW?
TradeFW does not support cryptocurrency trading on its platform, including for Bitcoin.
How Can I Contact TradeFW’s Customer Support Team?
The contact number of TradeFW’s head office in Cyprus is (+357) 25 262 126. Otherwise, they can be reached via email at email@example.com. A live chat facility can also be accessed via the broker’s homepage.
TradeFW accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use TradeFW from United States, Canada, Pakistan, Israel, Japan.
|Minimum Trade||0.01 Lots|
|Mobile Apps||Yes (iOS & Android)|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Expert Advisors (EAs) on MetaTrader|
|Guaranteed Stop Loss||No|
CFD Trading Details
|FTSE Spread||0.3 pips|
|GBPUSD Spread||0.11 pips|
|Oil Spread||Not Available|
Forex Trading Details
|GBPUSD Spread||0.11 pips|
|EURUSD Spread||0.6 pips|
|EURGBP Spread||0.9 pips|
Compare TradeFW with similar brokers that accept traders from your location. Among available brokers these are the most similar to TradeFW:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Go to World Forex
TradeFW Comparison Table
|TradeFW||IG Group||Just2Trade||World Forex|
|Markets||Forex, Stocks, Commodities||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||CySEC||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||SVGFSA|
|Bonus||None||–||Up to $2,000 for professional accounts||100% Deposit Bonus|
|Platforms||MT4||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5|
|Leverage||1:30||1:30 (Retail), 1:250 (Pro)||1:20||1:1000|
Compare Trading Instruments
Compare the markets and instruments offered by TradeFW and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|TradeFW||IG Group||Just2Trade||World Forex|
TradeFW vs Other Brokers
Compare TradeFW with any other broker by selecting the other broker below.
|TradeFW is a forex and CFD broker offering the MetaTrader 4 platform.|