Tradeo is a revolutionary trading platform specialized in social trading. What does this mean? That in addition to being able to invest in the Forex market and CFDs on different assets (commodities, currency pairs, stock shares and stock market indexes) you are also able to copy the trades made by other traders automatically, taking advantage of their knowledge and experience. In this way, you can be on autopilot, and choose those traders who you consider to be the best. Then you can automatically invest in the same things they do (CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money).
Social trading is a very new concept, Tradeo was founded in 2012, and ever since it has grown at a staggering rate to become one of the main online brokers in 2017. There is no doubt that the services offered by Tradeo can be very interesting and advantageous to their clients. For this reason, we will carry out a review of Tradeo by answering key questions to see whether it is a good idea to choose Tradeo as your online broker.
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Regulation: is it Reliable? Is it a scam?
Tradeo is not a broker as such, but rather, it is a partner of FXGlobe Ltd. To see whether Tradeo is reliable we must first investigate the reliability of FXGlobe.
FXGlobe is a broker from Cyprus, this implies that in order to comply with the minimum safety requirements, it must be regulated by CySEC, and indeed, it is. Although this is already enough to tell us that this broker is trustworthy, it is worth mentioning that it is also registered in another country, in this case the United Kingdom. By consulting the British , you will be able to see that FXGlobe is registered with them and that their reference number is 611742.
What’s more, Tradeo complies with the MiFID norms. So we feel that it is safe to say that Tradeo is a reliable broker.
All brokers have strong and weak points. As far as paying out to their clients is concerned, Tradeo is surely not the best broker of them all. Why do we say this? From what we have been able to determine from looking at various comments made on specialized trading and investing forums, in some occasions Tradeo delays paying their clients for several days after a request has been made. We have not found any cases where clients have not been paid at all, but in some cases Tradeo has delayed the payouts for several days.
If you were lucky enough to have claimed the 25 dollar welcome bonus (this is no longer available, but there are other welcome bonus offers available elsewhere. Click here to read about the most up-to-date offers), you will know that you were not able to withdraw it in the form in which it was given to you. This seems obvious. However, some investors tried to withdraw the 25 dollar welcome bonus immediately, something which is not allowed.
Fees and spreads
Tradeo is an STP broker, which means that it does not have its own trading desk, instead, it transmits its clients’ trades directly to the operators who provided the liquidity to the brokers. What does this mean? Several things, one of which is that Tradeo does not earn any profit when its traders lose, and for this reason they are always on the side of their clients. Another interesting point is that Tradeo’s fees are low, since it is to their advantage that their clients make the most possible number of trades.
Although Tradeo’s fees are, generally speaking, very advantageous, this broker also has a handicap, they charge their clients a fixed amount for withdrawing funds. In 2017 this amount is 20 dollars or 15 euros.
How it Works
Many people have heard of the Forex market and that billions of pounds are traded on the currency markets every day. However, not everyone is capable of making money trading on these markets, and only the experts are able to have consistent success and to make a living from trading. In order to democratize the financial markets, Tradeo created their social trading platform, making it very easy for novice investors to copy the trades of more experienced ones. In this way, Tradeo offers the following options:
Talk to Other Investors
It seems so obvious now, but until Tradeo came along, no trader had though to make it possible for one investor to speak to another through the trading platform in order for them to discuss and explain their opinions on market behavior. In order to make this possible, Tradeo implemented a personalized chat.
Consult with Each Other
There is another more advanced feature which allows traders to share graphics, to make it easier to discuss the concrete aspects of a particular trade.
Copy Each Other
This is the most noteworthy feature of them all, and amounts to automatically copying the trading behavior of another trader. In order to do so, Tradeo’s clients have the ability to search for the users with the highest returns on their investments and the most successful trades. It is then possible to copy the behavior of those traders: either permanently and automatically or only for certain trades.
Since Tradeo has an enormous network of investors of all types, traders are able to copy the behavior of other investors for many different types of assets, such as shares in Facebook or Twitter or commodities such as gold. It goes without saying that this service is entirely free, and the only cost paid by traders is in commissions as we will discuss in more detail later. Click here to see how Tradeo works and how to copy the behavior of other traders.
We should emphasize that this feature is one of Tradeo’s main advantages since other brokers, such as Plus500, Markets.com or Avatrade do not have an option which allows their clients to imitate other traders.
Forex and CFDs
On top of copying what other traders are doing, with Tradeo we are able to make our own investment decisions by placing trades on the Forex market, on various stock and commodities markets or by using CFDs. If you are trading for your own sake, you can do so with a maximum leverage of 1:30 by default – for all assets. Obviously, the traders you are replicating can also use leverage.
If you would like to start trading Forex and CFDs right away, you can create a real money account, whether you choose to replicate other traders’ behavior or not. You can also take your first steps in the world of trading by opening a demo account. By using this type of account you will be able to invest a virtual currency in order to practice different trading strategies and to elaborate one of your own. In this way you will be able to better understand how the currency and stock markets vary in response to news events and to see how the economic calendar affects your open positions, so that you can learn the best moments to enter and exit a particular market.
Tradeo’s platform is also known as “Tradeo’s Social Trading Platform”. It is therefore evident that this broker offers a proprietary platform for investing in financial markets, in addition to the well-known MetaTrader 4 platform.
Tradeo’s proprietary platform is called Social WebTrader. It is really easy to use and has many useful tools. There is no need to download the platform and it can be used on any smartphone, regardless of whether it uses an iOS or Android operating system. Of course, it can also be used on a PC, Mac or tablet.
As we already mentioned, it is also possible to use the MT4 trading platform, and as far as platforms are concerned, Tradeo ranks very high among online brokers.
Some years ago, when you signed up with Tradeo, while making an initial minimum deposit of 250 euros/dollars, they would also give you a 25 dollar welcome bonus. However, the rules have changed, and this bonus is no longer available. Instead, you can take advantage of these other promotions by following this link.
Knowing the opinions of its clients towards it is indispensable for knowing whether or not to contract with a particular broker. We have already spoken about Tradeo’s services, conditions and general characteristics. Now we would like to talk briefly about the various opinions shared by some of the investors who use this online broker.
For example, on the internet and on some specialized forums we were able to find people expressing both positive and negative opinions regarding the system which allows traders to copy one another. In the end, this is the feature which makes this broker special. We also found many positive comments about the trading platform as well as this broker’s safety.
Among the negative comments, there are people complaining about the time it sometimes takes for payouts to be processed. There are also many people complaining about the fact that it is not possible to make deposits or withdrawals using PayPal. It goes without saying that you can perform these transactions via bank transfer, and also with debit and credit cards such as Visa and Mastercard. Among the virtual payment options, you will find: Skrill, Neteller and many others.
Review Summary and More Information
As the last element in our review, we would like to conclude with a summary of our opinion regarding this broker. Tradeo seems to be a reliable broker, offering very unique features such as being able to imitate other traders – which is a kind of extension of social media sites like Facebook and Twitter – when making your own investments. For investors looking to use a social trading system, Tradeo is a very interesting option (CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money).