In 2021, the online trading industry is flooded with scams. While some industry veterans may be able to tell the difference, many newcomers are much more likely to fall for these traps. We are here to help you discern the good ones from the bad. Traderia is a new brokerage that was founded fairly recently. Having no history in this industry, anyone should feel suspicious at first, and in our Traderia review, we tried to break down all of its pros and cons and give you a comprehensive overview. By the end, you should have a good idea of whether this brokerage is good for you or not. Be sure to stick around until the end, because, as in each of our reviews, we separate our findings into several very important categories. Let us start with the most basic set of features, and the first impression Traderia leaves on its potential clients.
Quality of service
Traderia website is a decent looking one. Nothing too special about it, but it certainly isn’t filled with alluring promises of getting rich quick schemes. It’s somewhat modest in its presentation, and it falls in the middle of the line compared to its competitors. Where it manages to stand out is its set of educational tools.
The Academy is placed at centre stage on their website. However, it is not the only source of education at Traderia. There are several account types that offer a varying degree of content, depending on which tier you select. Highlights include webinars, seminars (although during the Covid-19 Pandemic time, we can hardly imagine anyone giving actual seminars that require actual attendance) and “premium daily analysis”. These are designed to give you a better understanding of the market and are intended for intermediate and advanced users.
If you are a complete beginner, then you should head directly to the Academy. Economy calendar, forex calculators and real-time charts are definitely useful, but novice traders will without a doubt prefer exploring video tutorials. These are excellently produced, including both the theoretical aspect and real-life implementation. The only gripe we have is that there simply isn’t enough of these. Only the small aspect of a traders life is described, without any means to find out more. We would have even loved for there to be a paid version that would include more of these videos, but we are out of luck. We contacted Traderia representatives to find out if more of these are coming in the future but were unable to get a straight answer, so it seems is that what you see is what you get at least for now.
Speed of response
Speaking of Traderia representatives, we can’t say that we were satisfied with their customer support team. In this area, they fall way behind the industry standards. Basically, you only have three means of talking to someone, and not all of them are equally efficient.
There is a call centre located in England, but it seems to be understaffed, because every time we tried, the phone lines seemed to be down. It could be that we were just missing the official working hours, but we failed to locate that information anywhere on the site. You will be much better using the on-page form that is located on the contact us page. Waiting time will sadly still be disappointing. While the entire industry is trying to cut down on the response time, Traderia makes you wait for several days. This is unacceptable from a 2021 brokerage. Alternatively, there is a chatbot, but it is not very useful, because the only thing it does, is forwarding you to the F.A.Q. page. It would be much more beneficial if it were operated by an actual human, but sadly, this is not the case.
Traderia takes on the positive and the negative aspects of Meta trader platforms by adopting its MT4 version as the only choice for traders. There is even a mobile version for those who prefer to take their trading on the go. The mobile platform is the full version of that you would get on desktop, and that is a blessing and a curse at the same time. The processors on phones and tablets don’t have the raw power necessary to run MT4 smoothly, so if you insist on using Traderia mobile trader, we advise you to just check your portfolio, and make small adjustments if completely necessary.
The situation is slightly better on the desktop version. You do get a lot more tools to play around with, but it does come with a price and a hefty one at that. MT4 is an old platform that can easily be overwhelmed by the amount of data, and in many cases, you will experience a severe slowdown, which is horrible in a fast-paced industry such as this one. This is precisely why many brokerages, new and old, try to develop their own solutions that are much smoother in their execution. Traderia decision to stick to old ideas might prove to be a tragic one in the long run. Time will be the best judge, but from this perspective, we would advise everyone, regardless of their experience level, to seek our better alternatives.
Traderia essentially is transparent in their operations, but you will have to dig quite deep to find this information. In order to help you better understand what you will be dealing with, we have highlighted the most important information from their terms and conditions.
Traderia does require a minimum deposit but that amount does vary by funding type. The minimum deposit amounts are: Credit card: $250 / Electronic payment: $250 / wire transfer: $500. There is a maximum deposit amount that varies by deposit method. This is the relevant information for credit card users: Daily limit: $10,000 and Monthly limit: $ 40,000. All deposits can be made using any of the following: US dollar, British pound, Japanese yen, or the euro. And finally, when it comes to withdrawals, these are the charges you will encounter: Credit card: 3.5%, Debit card: 3.5%, Wire transfers: $30, €25, £20 (Some banks may also make an additional charge on each transaction). There is no minimum amount for withdrawals made to credit cards, Skrill or Neteller. However minimum limits apply for withdrawals made by wire transfer: $100, €100, £80, ¥10,000 (jpy), 700 (cny), 7,000 (rub).
If you are absolutely in need of a regulated broker, then Traderia is not for you. Similar to what many new brokerages decide to do, Traderia decided to invest in other areas primarily and to attract a wider crowd of traders. This isn’t a huge red flag given how common this practice is, but if you want to be extra careful, there are many other brokerages who do a much better job of selling you a piece of mind. We contacted their support team to check whether this was a short term solution, or whether they prefer doing business this way, but we didn’t receive a clear answer. While we had no issues trading with Traderia, we feel trading in dark like this has way more drawbacks than benefits, and this is why we would recommend you skip this brokerage entirely.
Variety of Payment Methods
As we previously mentioned, you can make your deposits and withdrawals in several ways. The most surprising is the absence of any crypto coin solution. So, if you are used to using your eWallets, you are, once again, out of luck. At Traderia, the only viable payment methods are credit cards, debit cards and bank wire transfers. Using these bank-related options may sound secure, but in our experience, is anything but efficient. Depending on which bank you are using, your withdrawal waiting time can be as big as a full week. This is unacceptable given the industry standards in 2021. Having your funds trapped for such a long period could end up costing you a lot, given how trends are unpredictable and depend on good timing.
At the end of our Traderia review, we have to note again how inconsistent our experience was. For every positive aspect, we would encounter two negative ones. Traderia’s excellent presentation is undercut at almost every corner with numerous issues. The unreliable support team, non-regulated business practices, lacking payment methods and high commissions make it hard to recommend it over any other brokerage in the market. This is why at the moment of writing, we have to advise both seasoned and novice traders to stay away from Traderia because there are far better options in the online trading world. Save your time and money and look elsewhere. You can check some of our other reviews to get a better idea of who you should commit to.