There aren’t a lot of nice things we could say about Traders Home, and you should know this right off the bat. Let’s check out some basics, first. The company was established 3 years ago in 2018. And so far, it was not able to improve any of its services or business practices, despite having more than enough time to do so. As you probably already know, it is crucial for broker companies today to stay on topic and keep updated with the latest if they want to attract clients. Unfortunately, Traders Home seems to be missing this point entirely.
Traders Home emphasizes its goal to make its clients feel secure and confident when it comes to their financial future and independence. They do so by providing top-notch service through things like impeccable transaction speed and prioritized processing requests for different positions. Though this sounds great, the reality is a bit different. Namely, Traders Home is all talk and no show. We gathered this by stumbling upon the many complaints about the brand made by their previous clients online.
And though Traders Home is able to draw you in pretty quickly with its big promises, this company seems to be failing to deliver on any of them. So, how can you make sure to protect yourself from this and many other misleading brands in the trading industry today? Keep reading our Traders Home review to find out!
Let’s take a lot at the account offering first, so you can know the basic requirement that you need to fulfill in order to even access the trading platform. There are no less than 6 account types in total, which is a pretty good deal if you really think about it. They differ mostly by the minimum deposit requirements that you will need to fulfill in order to acquire each one. The rest of these features will only be known to you after you’ve made the deposit, which is not at all a good practice in our book.
The first account type that is available to you is called the Student account. We are not sure if this is meant to sound misleading since you have to be at least 18 years old to trade in every country and with any broker company on the planet that you can think of. Still, the offering with this account is fairly small – the company only offers things like full access to the trading platform and 24-hour mobile trading. But that’s kind of a given, isn’t it?
The next account type is called the Starter. Again, kind of misleading since you are not actually starting with it – that’s the Student account’s job. The minimum deposit requirement here is a whopping $2.500, which is quite high! With it, there is also the possibility of opening an Islamic account, which is an advantage – we have to give them that. The Premium account is quite similar to the previous one with the addition of an account manager. But the minimum deposit requirement is quite huge at $10.000.
The Advanced account follows next, with a minimum deposit of $25.000 and an addition of a daily analysis directly into your inbox. With it, you can keep updated with the latest developments on the market and set up your trading strategy accordingly. Next, we have the Pro account, which comes with a deposit of $50.000. The only advantage that this account gives you is the fixed spread, which should give you some relief when it comes to building your trading strategy. The VIP account comes with a deposit of $100.000, minimum. Unfortunately, this account is a mysterious one since there is no other information about it listed. We have to wonder how will the clients be able to make such a big commitment of setting up for it.
Despite this selection looking quite good and diverse, things are actually a lot different when you really dig deeper. The trading conditions are impossibly difficult to achieve, and the accounts look quite similar when you actually start trading with them. Not to mention that the minimum deposit requirements are quite high for each one, and you don’t really get much in return. We can think of at least a dozen of other companies that are able to provide you with much more diversity, not to mention the trading conditions that you can actually work with.
We are quite conflicted when it comes to this section of the Traders Home website. Namely, on one hand, the tools we found here are quite useful and diverse. They are able to contribute to your trading strategy and suit it well, but there isn’t a lot of diversity when it comes to material, overall. Namely, there are no articles or news, which are crucial for keeping up with a hectic market that changes by the minute. There isn’t a lot of information about the tutorials of eBooks, either, which you can normally find at the majority of the brands today.
The two things that we found useful are the Economic Calendar and the Expirations Calendar. These tools are quite good and show you the things you should keep in mind for the future, but they are hardly enough to help you educate yourself and really advance your trading skills. It is evident that Traders Home is not dedicated to helping you bring out that potential that all of us have inside, that is ready to burst out if we could just get our hands on the proper tools to do so. So far, this company is not the one to help you do so.
This is the single most important part that you will want to get to know before even deciding to sign up for an account. So, imagine our disappointment when we learned that there is no way to access it! That is before you sign up for an account. But, shouldn’t it be the other way around? There is no demo account, either, so we cannot tell you how many tradeable assets are there, or what their type is. CFDs, currency pairs, or something else? There is no indication of it at all!
The trading platform, however, is available as a web option, as well as through a download and a mobile app. This gives you a lot of options when it comes to your preferences, but it still doesn’t say a lot about the platform itself. So, why is the platform so mysterious, with a lot of basic features and explanations missing from the main page? At this point, we can only guess the reason for it. But the thing we can safely say is that it is a huge red flag in our book. You should watch out for any and all trading companies that set up their platforms this way – not just Traders Home.
This part of the website is done quite well. There are numerous ways to reach out to the Traders Home agents, including the email option and the telephone number. Also, you can find the Frequently Asked Questions page as well, which contains a lot of helpful info. Another way to get in touch with customer support is through their social media, which they use and update quite often.
The only thing that we didn’t like is the fact that there is no live chat option anywhere on the website. This is usually a fan favorite, so we were disappointed to learn this. Also, the email option is quite slow, with several business days that you will have to wait to receive an answer.
The information about this entire section is scattered all across the website, which is not at all helpful. The deposits are processed within a single business day, which is not at all efficient. The majority of companies are able to do so instantly, no matter which payment method you use. Also, the withdrawals take even longer than you would expect – with up to 10 business days in some cases! In addition, we should note that Traders Home is stripped from any responsibility in case that something happens to your funds – for example if they are stolen or lost. This is quite shady on their part.
All in all, there isn’t a lot to find at Traders Home. We could call it an average broker company. However, it definitely stands out in a bad way when it comes to fulfilling the basic needs of the clients, which is something that should not be happening at all. Also, the lack of licensing is concerning on its own. Still, it explains how the company is able to get away with a lot of shady stuff despite being established quite a while ago.