SocialTRD Review

SocialTRD.com in brief

As the name shows, this website is intended generally for fans of social trading. Copy trading (or social trading) has become a modern way for beginners to trade as experienced investors. The mission of SociaLTRD is to introduce an innovative way for traders to join the global markets, the website claims. SocialTRD offers online trading of CFDs on currency pairs, commodities, indices, shares, and cryptocurrencies through its own web-based terminal. The minimum initial deposit is USD500.

Account Types

Customers can open three types of real accounts by choosing the right one for them. They differ mainly in the minimum deposit required and the offered spreads.

Silver Account – The minimum required deposit is USD500 and the spreads for the major currency pairs start from 2.1 pips. You will receive a daily market overview and more than 1,000 instruments available for trading.

Gold Account – You can start trading by investing USD10,000 and the spreads for the major currency pairs start from 1.5 pips. In addition to the features of the silver account, here you will also receive some educational materials and the opportunity to interact with the social trading community.

Diamond Account – The minimum required deposit is USD25,000 and the spreads for the major currency pairs start from 0.9 pips. In addition to the features of the gold account, here you will also receive a senior account manager, personalized trading signals and technical and fundamental analysis.

What Type of Brokerage the Company is?

The Order Execution Policy file shows that the firm acts as principal in all dealings and as the sole execution venue for the client orders. This means that the risk management team defines when to transmit an order for hedging the risk and the financial company is the counterparty to each order of the clients.

The same documents warn about slippage – when the requested price shown to the client is not available, then the order will be executed at the next available market price. However, not all orders are subject to slippage. The paragraph about slippage claims that it may incur to market, limit, entry stop and entry limit orders. About the stop orders – they are guaranteed. It is noted that the difference between the price at which the order has been submitted and the market price at which this order could be executed is covered.

In addition, all retail clients are covered by a Negative Balance Protection Policy. This means that you may not lose more than the amount you have deposited.

Deposits and Withdrawals

Customers can deposit funds to their accounts by bank transfer, credit, or debit cards (VISA and Mastercard) or using payment providers such as Skrill and Trustly. The minimum first deposit depends on the account type and is USD500 for the silver account. The website warns that some banks or the relevant payment provider may charge fees/commissions and they are not covered. It is also noted that when you deposit funds by debit/credit card or e-wallet, you could be charged a fee of up to 4% of the deposit’s amount by the payment operator or e-wallet provider. However, you will receive a bonus equivalent to the amount of the relevant fee, as a compensation. Keep in mind that this bonus cannot be withdrawn – it can be used only for trading.

Withdrawals will be paid directly to the same account that has been used from the client to deposit money. Withdrawal requests will be processed on the same day that they are made. Withdrawal fees for each method of payment are covered by customers.

Trading Platforms

SocialTRD provides its own web-based trading platform that does not require any software installation and can be run on any browser or mobile device. There is a dedicated application for Android devices that can be downloaded on Google Play. It is easy to use and reliable, helping customers to easily trade a huge range of assets. The web platform is the perfect solution for beginners and ordinary investors. Hedging is also allowed. The terminal can easily be used as a platform for copy trading. You can start trading your favorite investor with just a few clicks.

Assets

Currency Pairs – 260 currency pairs including major, minor, and exotic ones can be traded. Spreads depend on the account type and the minimum value for the EUR/USD pair is 0.9 pips.

Commodities – CFDs on 53 commodities are available for trading. They include Gold, Silver, Brent Oil, Crude Oil, other precious metals, cereals, food, and agricultural products. The spread for Gold is fixed at USD1.9 and the one for Crude Oil starts from USD0.098.

Indices – Clients can trade spot CFDs on 40 indices, such as DAX (Germany30), CAC40 (France40), DJIA(US30), etc. The minimum value of the spread for the DAX index is 5.4 point and for the DJIA index it is 9.5 points.

Shares – SocialTRD offers more than 400 CFDs on shares of companies of 19 countries globally, including Apple, Facebook, Google and more. You will be charged a commission of EUR2 per deal regardless of the traded amount.

Summary

Legal documents show you will deal with a market maker but stop loss orders are guaranteed at no additional costs. You have a choice to trade a huge set of instruments via its own web-based platform. There are 3 different types of accounts that differ in the required minimum deposit and offered spreads. You can open a real account with at least USD500.