The world of online trading sure seems alluring looking at it from the outside. However, after spending years in this industry, we can assure you that the biggest decision you can make as a trader is the very first one you make. We are, of course talking about choosing your first brokerage. The rise of this industry saw many swindlers attempts, and unfortunately, these don’t come few and far between. This is exactly why you should place your trust in the experienced hands of brokerages with a good reputation. Today we focus on one of these – TradeTheBit. After trading for several months, we feel that we have enough information to make a well-informed review that can help alleviate any dilemmas you might have about committing to this brokerage.
In order to make traders of all levels feel welcome, TradeTheBit has created a list of highly diversified account types. These are well rounded, thus making trading appealing at any given budget. Sadly, there is no Demo account, but we feel the introductory tier is priced in a way that anyone can really afford it. Below you will find a detailed breakdown of all account types along with their pros and cons:
As stated previously, this tier serves as a replacement for the traditional Demo account. For a modest €250, you are given full access to the platform, with over 200 assets, starting leverage of up to 100 and a daily market review to keep you informed of all the latest news and market trends.
For €10,000 you get a lot more than with the previous account. To better run your account, you are assigned a dedicated account manager and a welcome trading bonus. Spreads and leverage start increasing, and you even get Tier 3 access to the trade room.
When you are ready to upgrade or simply start big, you can go for the Gold tier. With more than doubled asking price compared to the previous tier, there are some big additions that are worth mentioning. These include trading signals, financial and risk management planning as well as special ventures, although there seems to be insufficient detail regarding what this includes.
With an asking price of €100,000 or more, Platinum accounts are definitely intended for serious, high-volume traders. Great leverage and spreads are a good motivator as well as invitations to VIP events, priority withdrawal, and especially private analyst sessions. In our experience, the latter can especially come in quite handy.
It doesn’t matter if you are a complete beginner, or have spent years in this industry, everyone can benefit from a good education centre. Online trading is constantly evolving, so the value of these resources becomes increasingly valuable over time. TradeTheBit has done a great job in this department by providing two distinct learning spaces – one for registered clients, and another one that is made free to anyone who visits their website.
The latter is mostly intended for beginners, and this is evident by the topics and the way they are presented. You start with the Asset index and the Glossary to learn the basic terminology and get a feeling of what you will be building your portfolio out of. After that, you can move on to the eBooks section to learn more about trading with a wide range of topics that include something as simple as the basic technical analysis and eventually even the advanced strategies.
When you decide to register, depending on your chosen tier, your education can go even further with incredibly useful tools such as trading signals, financial and risk management planning workshops, private analyst sessions and much more. You can make the most use out of these once you are at the least an intermediate trader. Basically, TradeTheBit takes you on a journey from learning about how to make your first trade to making complex analyses to expand your portfolio. By providing you with all these assets, it is clear that they want to establish a long-lasting relationship.
Let us start with the most important aspect of them all – the trading platform. At first, we were surprised by the absence of solutions such as Meta Trader that has practically become synonymous with modern brokerages. TradeTheBit decided to go via a different route and in the end, we feel the risk paid off.
They have built up from the ground up a web-based solution that addresses and fixes the most common issues traders have. While relying on a modern and intuitive design, the TradeTheBit platform places speed and execution first and foremost. Anything and everything you do will be performed in real-time without a millisecond of delay, which is huge in this industry.
Navigation is pretty smooth as well. Browsing and choosing your desired assets is easy thanks to the huge preview screens that give you all the important data. They are divided into several categories so that you can easily locate your preferred asset. Once highlighted, there will be a big real-time performance monitor on the right that gives you all the necessary historical data. This screen is interactable so that you can perform all the analyses you wish with ease. In order to achieve such stable performance, some advanced tools had to be sacrificed, but if you are not the most hardcore trader, you will hardly notice their absence.
The thing we love most about TradeTheBit is its bilingual support. You can access the site as well as any support channel in both English and German. You would be surprised to see how rare of a thing this is. There are three ways to reach one of their representatives. You can write an email via your preferred client or the on-page form, contact their three call centre (located in Canada) or use the quick chat feature.
Regardless of what you prefer, you can rest assured that you will be treated with the utmost care. We wanted to really test their customer support, but regardless of what we threw their way, they always came on top with an informative and professional answer. The only thing to keep in mind is the working hours. We would have loved to see a 24/5 support, but sadly, this is not the case, so you need to be aware of that.
Funding your account at TradeTheBit is pretty much what you would expect from a brokerage of this level. All methods are strictly bank-based to increase the security of your funds. You can make deposits and withdrawals with credit and debit cards or via wire transfer. Waiting times are nearly the same as with other similar brokerages.
To conclude our TradeTheBit review, we have to emphasise once again how we were pleasantly surprised with everything we experienced. This brokerage has managed to build a healthy trading environment that is based on cutting-edge technology. The pros do not end up there. Hi-end tech can only get you so far in this business. This is why we appreciated an excellent educational centre to help foster a new generation of traders. Finally, by proving reliable customer support, you are assured to always have a helping hand no matter what you are stuck on. In the end, we have to give TradeTheBit our full-hearted recommendation for all traders of all levels.