TradeFW, formerly known as BO360, is an online Forex and CFD brokerage firm that has been in operation since 2018. The site primarily targets European clients from Italy, Spain, and the United Kingdom.
The business has won multiple industry accolades, including the Global Banking & Finance Review’s “Best Forex/CFD Provider” and “Best CFD Provider.” The firm serves both retail and professional clients as an ECN and STP broker.
The Cyprus Securities and Exchange Commission regulates the broker as an EU company. To safeguard traders, CySEC enforces tight requirements on brokers. It ensures that clients have access to compensation systems, among other things.
The MetaTrader 4 trading platform is supplied to clients. MT4 is well-known for its extensive feature set as well as its quick and dependable service. Because it is straightforward, easy to use, and comes with a wide range of technical features, the platform is suitable for traders of all skill levels.
It is accessible as a desktop application (for Windows PC and Mac), a web service, and a mobile application for iOS and Android devices.
There are 85 pre-installed trading indicators available to users. Clients may also use the marketplace to acquire additional indicators and advisers (automatic trading robots). The MT4 trading software also has the following features:
- One-click trading
- Interactive charts
- Multiple timeframes
- Detailed historical data
- Custom indicators
Clients of the broker can utilize the WebTrader platform in addition to the desktop service. Any PC with a browser and an internet connection may access this. MT: The Webtrader is well-known for its security and dependability, and it includes all of the same features as the desktop platform.
The broker offers over 170 currency pairs and CFDs, as well as some indices, metals, commodities, and stocks:
- 10+ ETFs
- 120+ CFDs
- 10+ indices
- 2 valuable metals
- Over 30 currency pairs.
However, the platform does not support cryptocurrencies such as Bitcoin.
Spreads and fees
Spreads are often greater than those offered by other brokers. The usual score begins at 2.7 pips, which is approximately 1.5 pips higher than the industry average. Furthermore, spreads on the widely traded EURUSD currency pair begin at 3.2 pips. The spreads on Gold and VIP accounts start at 2 pips and 1.7 pips, respectively.
The information about spreads is not readily available on the internet; clients must compute it for themselves. This lack of openness isn’t exactly comforting. Large spreads might indicate that the broker is experiencing liquidity issues.
Fees for forex, indices, and commodities are not charged by the company. The platform, on the other hand, levies a 0.1 percent fee for share CFDs (or a minimum of 10 units of the base currency).
The broker’s commission rates and high spreads mean that this is not the most cost-effective broker. However, the broker does not charge any deposit or withdrawal fees, unlike some of its competitors.
Depending on the item being exchanged, leverage of up to 1:30 is allowed. Other brokers may provide a high leverage, which may appeal to some, but high leverage bets are hazardous. Limits of 1: 30 are generally regarded as appropriate, according to the guidelines of various worldwide agencies.
- Forex-up to 1:20 or 1:30, depending on the pair
- Goods (up to 1:10)
- Indices (up to 1:20)
- CFD-up to a 1:5 scale
- ETFs (up to 1:5)
The firm accepts deposits made by credit card, bank transfer, or e-wallet. The broker advertises zero fees on deposits, but further reading of their legal documentation reveals that they charge a processing fee of 3% “at their discretion”. Customers can make payments through:
- Visa, MasterCard, or Maestro Instant
- 3–5 business days for bank transfer
- 1–2 working days of dependability
- Sofort-1-2 working days
- Instant Neteller
- Skrill Instant
A basic account requires a minimum deposit of 250 currency units. Most other online forex brokers ask for a smaller deposit. Deposits in GBP, AUD, CAD, and SGD will be translated using the usual conversion rate on the day of deposit since accounts can only have a base currency of EUR or USD. You may have to pay conversion costs.
There is no commission charged by the firm. It also strives to handle customer funds on one business day, which is significantly faster than other brokers. Traders should be advised, however, that withdrawals must be conducted in the same manner as deposits to comply with anti-money laundering requirements.
The broker offers a limited range of instructional resources, including a dictionary of trading terms and a few web pages outlining the basics of CFD and FX trading. It also has a blog, which can be seen on the company’s webpage.
The broker promises to hold a series of trading seminars, although none are listed on their calendar right now. Technical tools like a pips calculator and a trading calendar are not provided, which is unusual for a broker. However, some of these capabilities may be found on the MT4 platform.
TradeFW retail clients have access to three account levels:
- Standard Account: For this type of account, the minimum deposit is $250. Spreads start at 2.7 pips, with a maximum leverage of 1:30. The minimum contract size is 0.01.
- The gold account is the most popular account for retail traders. Clients can trade with tighter spreads than on a standard account, starting from 2 pips. The minimum contract size is 0.05.
- VIP Account: This account offers spreads of just 1.7 pips. The minimum contract size is 0.1.
The brokerage also offers a professional account with lower spreads and higher leverage. The broker uses the STP model for this service and does not act as a market maker.
As a CySEC-certified broker, this broker is legally responsible for safeguarding the safety of its customers and their investment funds. This implies that all money is held in major EU banks (such as the Bank of Cyprus) and that consumer and company funds are kept separate. “The broker is also a member of the ICF (Investor Compensation Fund), which means that the capital is protected in the case of a rare occurrence, such as the broker’s liquidation.