Basic Information & Regulation of TradoSpot
TradoSpot is an Estonian Forex and CFD broker that offers investors a range of financial instruments, including a large number of cryptocurrencies. tradoSpot is not currently subject to any effective regulation.
Safety Analysis of TradoSpot
TradoSpot is currently an unregulated broker, which means that investors' funds are not compensated or protected in the event that the trader misappropriates client funds or faces bankruptcy. Investors should choose brokers that are regulated by the FCA in the UK and CySEC in Cyprus.
Market Instruments of TradoSpot
TradoSpot offers investors a wide range of financial instruments, mainly Forex currency pairs, indices, commodities, as well as a large number of CFD products for stocks and cryptocurrencies.
Accounts & Leverage
TradoSpot has only one standard account with a minimum deposit of $250, a minimum trade size of 0.01 lots, and minimum trading leverage of 1:100.
Spreads & Commissions of TradoSpot
The fixed spread for EURUSD shown on TradoSpot's official website is 3 pips, which much higher than the industry standard. Wide spread means high transaction cost borne by traders.
Trading platforms Available of TradoSpot
TradoSpot offers traders an in-house online trading platform rather than the most popular MT4 trading platform on the market today. TradoSpot's inability to offer an MT4 trading platform is a major disadvantage.
Deposit and Withdrawal of TradoSpot
TradoSpot takes 14 working days to process customer withdrawals. Please note that regular brokers generally process customer withdrawals within 4 working days. Additionally, clients will have to pay a fee of €20 per withdrawal via credit card and €40 per withdrawal via wire transfer.
Pros & Cons of TradoSpot
The main advantages of TradoSpot are.
1. Wide range of tradable assets
The main disadvantages of TradoSpot are:
1. No regulation
2. Higher initial deposit requirements
3. Non-MT4/MT5 trading platforms
4. High spreads & high transaction costs
5 .Long withdrawal times & high fees
