The business of trading Forex has growing in popularity for many years now. Parallel with the increase of popularity of Forex trading, the number of brokers that offer Forex trading to traders also increased. Today, more than 400 brokers offer the services to people who want to maximize the effects of their Forex trading business. With so many different brokers available in the market, it gets really hard to choose what broker to use. Because of that this review might make the decision a bit easier as well as reduce the number of brokers that you are considering as your first choice. OneTrade Forex broker is one of the companies that specialized in offering Forex trading to their clients. This broker has been operating since 2011. Since then, the company has grew a lot and currently there are 57 employees who take care of the business in the company and all for one purpose of providing the clients with the best possible options for Forex trading.
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Background and Regulation
OneTrade is the Forex broker that is based in the United Kingdom. The options that this broker provides to their clients include currency pairs, commodities, indices, binary options and many other options. FxStat Ltd. was the founder of the OneTrade broker and since FxStat Ltd. is subject to the FCA it also means that OneTrade broker is also a subject of this Agency. OneTrade broker as well as all other Forex brokers that are located in the United Kingdom are regulated by the FCA or the Financial Conduct Agency. In the world of Forex broker regulations, Financial Conduct Agency is known for its strict regulations and rules that it imposes on brokers. Besides the rules and regulation, this Agency also deals with the supervision of the brokers and their business conducts. In order to OneTrade Forex broker to obtain a license from this Agency, it had to had €730 000 as a minimal amount in order to prove to the Agency that they are financially stable enough to conduct this business. Some of the other regulations from this Agency include regulations such as the regulation that the funds that the client deposits into his or her account must be kept in a separate bank account as well as that the broker has to regularly report to the Agency.
Since the company that established OneTrade broker works with the MT4 platform it was believed that OneTrade Forex broker will also operate on the basis of MT4 platform. This Forex broker is available to clients no matter what devices they are using. Whether it is a desktop computer, laptop, mobile devices such as mobile phones and tablets, clients will be able to use this broker. One of the biggest advantages of this platform is the fact that it enables the fully automatic trades for the clients who do not want to spend time doing analysis and many other things required for the successful trade. MT4 platform is for sure one of the best platforms that is available for the Forex brokers today. As such, it provides many different technical indicators that are available for the clients to use when conducting business on the brokers that use this platform. Besides these technical indicators, MT4 platform used by OneTrade broker also provides the options for analysis as well as package that includes interactive charting.
OneTrade Account Types
One of the biggest issues that the clients indicated in relation to this Forex broker is the fact it provides clients with only one type of the account. This account is actually the NDD/STP account that enables clients to trade in 90 and more instruments for trading and the leverage with this account is 1:1000. This account also provides a tight variable spreads. This type of account also provides those clients who are not ready to spend a lot of money with the Micro lots. OneTrade Forex broker will also provide their clients with the demo account that will enable a client to try out the broker with the 10,000 dollars of virtual money and in that way enable that client to see what the broker is offering.
OneTrade Forex broker is one of the rare Forex trading brokers that does not provide bonuses for the clients who sign up to this broker. This might be a serious issue when it comes to the attracting new clients because those clients would rather prefer to receive any kind of bonuses when signing up with some Forex brokers.
Just like many other Forex broker traders, OneTrade Forex broker provides many different deposit as well as withdrawal methods. Some of those methods are:
- Wire Transfer
- Credit Card
- Debit Card
- Union Pay
OneTrade broker also provides the clients with the opportunity to use different currencies when depositing and withdrawing funds from the accounts and those currencies are USD, EUR, and GB. The minimum deposit that OneTrade broker is requiring is $500. On the other hand, the minimum lot size is 0.01 while the maximum lot size for this, OneTrade Forex broker is 1000.0.
OneTrade Forex broker provides their clients with the 24/7 customer support services which means that a client can contact them any time he or she wants. A client is able to contact the customer support of OneTrade broker through several different ways that include e-mail, phone, and live chat. One of the most important aspects of the customer support is the fact that it provides the services in English, Russian, Arabic, Farsi and Urdu language.