S2trade is a broker company that seems to be hiding a lot of important information about itself. First, there is no licencing or regulation data, which leads us to believe that they are not regulated at all. Our suspicions have been proven right upon further investigation. It is important to note that the company is established in Tallin, Estonia. And the fact that this is a European market should not confuse you – this is an off-shore area which is well known for harbouring unregulated and scamming broker companies. It certainly seems like S2trade is one of them.
Let’s see what else is in store for you if you wish to trade with S2trade, shall we?
Quality of Service
Since the S2trade company is not regulated, it was kind of strange to us to learn that they provide the MT4 platform, which is almost exclusively used by the regulated and respected names in the trading industry. However, S2trade seems to be providing just that, so let’s go with it. Also, there is the web-based option which provides a variety of stocks, currency pairs and indices – around 200 of them in total. This is great, but we were surprised to find that the leverage is 1:200, which is quite high. Some may even call it impossible to achieve, especially when you consider that with the higher leverage come much higher risks.
The company seem to be compensating for this by offering you the chance to trade with a fully automated software. This option is supposedly the best one for beginners, as well as the professional traders who want to get the very best use of the latest technology on the market.
Speed of Response
From our experience, as well from what we’ve learned from other clients, it is safe to say that S2trade does not have a well-functioning customer support team. Namely, they are only available on certain days and time frames, but that wouldn’t be so bad on its own. However, they go even further with the total absence of dedication and respect for their clients. There have been numerous complaints about the company agents dodging the questions about the clients’ funds missing or not being paid out at all. This is a quite poor business practice.
There have been numerous complaints within this section as well. They are mostly regarding the unusually long amount of time for a transaction to be processed. For example, the e-wallets usually take about a few minutes or even a few hours in some cases. However, here the clients have reported that they were left to wait several business days for a single transaction. Also, it should be noted that the waiting times are nowhere to be found on the S2trade website, so you are basically making a gamble if you try to trade with them.
Considering what we’ve seen so far, we were quite surprised to find that the fees and commissions policies are displayed clearly on the website. Also, they are quite modest even on big amounts of money, which is quite encouraging. Namely, the fee for $100K can go between only $2 and $8. What a bargain, huh?
S2trade is an unregulated company, despite being based in Europe, which is one of the toughest markets to date. So, what does this mean for you? Like with any other unregulated broker, you are risking your funds and your data with each trade that you make. Since there is no regulatory body to make sure all the rules are being followed by the company, you are left to pick up the pieces on your own if something bad happens to your account. This is why it is smart to trade only with regulated broker companies.
Variety of Payment Methods
There is a wide selection of banking options for your deposit and withdrawal needs. First, you can use the classic ones – credit and debit cards. Then, there are several e-wallets available as well, from Neteller and Skrill to WebMoney.
This is a pretty satisfying range of choices. However, the minimum deposit can go from $500 to $50.000, which is quite a lot even for the pro traders.