Trading.com offers trading services exclusively in the UK (with CFDs) and the US (using Spot). We found Trading.com offers reasonable spreads without commission costs, but its product range and live chat support could be improved.
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Trading.com Summary
Except for the fact Trading.com only provides MetaTrader 5 (MT5) as a trading platform (not in addition to MT4 like most brokers), there is little to separate Trading.com from its competitors. The broker allows you to trade 1250 CFD products (all with a single login), does not charge commissions when trading and has a very low minimum deposit.
Trading.com is only available in the UK and the US, where they are regulated by the FCA or CFTC and NFA, so is not an option for many traders. Given Trading.com only has MT5 and also does not have a RAW style account, advanced traders may find the broker to be limited.
Trading.com, a market-making broker, takes the opposite side of client trades but sources quotes from a network of top-tier liquidity providers, which may include major banks. However, the specific providers remain undisclosed. The quality of spreads depends on these liquidity providers.
Upon comparing the spreads of Trading.com UK and Trading.com US, we found that the UK division’s spreads were quite poor, while the US entity offered decent spreads. The reason for this difference is unclear, but it could be due to the use of different liquidity providers in each market.
| Currency Pair/Spread | Trading.com UK | Trading.com US | Average Trading.com US |
|---|---|---|---|
| EUR/USD | 1.8 | 1.1 | 1.0 |
| GBP/USD | 2.0 | 1.6 | 1.6 |
| USD/CAD | 2.8 | 1.9 | 1.8 |
| USD/CHF | 1.9 | 1.5 | 1.8 |
| USD/JPY | 2.5 | 1.6 | 1.5 |
| NZD/USD | 2.8 | 2.4 | 2.5 |
| EUR/GBP | 1.7 | 1.5 | 1.6 |
Account Types on Offer
Trading.com only offers a Standard account which is sometimes called a spread-only account since your commission costs are absorbed into the spread rather than in addition to the spread.
T1 Account for US Traders
In the USA, this account is called the T1 account. To open this account, you will need to make a minimum deposit of $50 USD and the account currency will be in USD. Sprads with this account start from 0.9 pips
Ultra-Low Accounts and Ultra-Low Micro Accounts for UK Traders
If you are in the UK, they offer two types of accounts, an Ultra-low Account and an Ultra-low Micro account. Both are much the same, with the same spreads (starting from 0.7 pips), the same account currencies and trading with the same products via MT5 trading platform. The main difference to note is the minimum deposit to open an account and the lot trading size.
If you are using the Ultra-low account, trading is with Standard (100,000) lots or Mini lots (10,000) whilst the Ultra-Low Micro account is with micro lots (1,000). A Micro-lot is commonly called a cent account since the lot size is smaller and is a good way to step up from a demo account and start using your own funds without risking too much.
Another feature worth mentioning is that trading execution uses variable spreads (meaning they are floating) and has market execution so you won’t get requotes or rejections.
Lastly, we should mention that there is an inactivity of USD 5 per each month your account is dormant after 60 days of no use.
Trading.com does not offer a swap-free account making the broker unsuitable for traders that need to comply with sharia law.
Demo Account
A demo account is available so you can test out the broker’s platforms. There you can use MetaTrader 5 or the broker WebTrader to test out the broker and its platform. Your demo account is available with all versions – download, WebTrader and mobile and will expire after 90 days.
Pro Accounts
In the UK, the regulator distinguishes between retail traders and Pro traders. Pro traders for example are able to trade with higher leverage provided they meet certain conditions. Trading.com does not offer a Pro account.
Leverage
Leverage is very subdued with Trading.com, but it’s completely understandable. The broker does need to abide by the requirements of their regulators so you won’t see crazy leverage levels of 500:1 for retail traders. Just know that the leverage requirements differ between UK and US clients and it goes without saying that leverage should be used responsibly.
Leverage With Trading.com US
The fact that the company is regulated by the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) means leverage is limited to 50:1 for US traders. This is the maximum permitted by these financial regulators.
Leverage With Trading.com UK
The maximum leverage Trading.com offers is in line with what the FCA will allow for leverage in the UK. If you wish to have higher leverage, you will need to consider a broker with a Pro account and you can only use this if you qualify. See our high leverage forex brokers guide for details.
Leverage for major pairs is 30:1 and or minor currency pairs, stock indices, and gold, traders are offered 20:1 leverage. A few smaller markets such as oil, and non-major equity indices come with 10:1 leverage. For individual share CFDs, 5:1 leverage is on offer.
As we said, these are very subdued numbers, but we can’t fault Trading.com.
On a positive note, most savvy traders shouldn’t be using too much leverage, so the amounts that Trading.com offers are probably sufficient.
Our Verdict on Trading.com spreads
Based on our observations on September 22, Trading.com UK clients might be better off considering other brokers due to the unusually wide spreads, such as 1.8 pips for EUR/USD. However, it’s important to note that spreads can frequently change, so our assessment may have been made during a particularly unfavorable time or day.
In contrast, Trading.com US offers competitive spreads, like 1.1 pips for EUR/USD, which are comparable to their American competitors such as OANDA, Forex.com, and IG. These spreads would also be competitive if offered in other countries.
With a very simple account structure (they only have Standard accounts), it is clear Trading.com is sticking to its philosophy of making trading simple. For this reason, you will not find a RAW account with commission costs and confusing terminology such as Electronic Communication Networks (ECN) or Straight Through Process (STP) . You also wont find fancy options like Islamic accounts or Pro accounts.
In contrast with most other forex brokers, Trading.com offers just a single trading platform, which works across the board on Windows, Mac, iOS, and Android.
That platform is the ever-popular MetaTrader 5 (MT5), an extremely popular platform across the forex industry.
In contrast with most other forex brokers, Trading.com offers just a single trading platform, which works across the board on Windows, Mac, iOS, and Android.
That platform is the ever-popular MetaTrader 5 (MT5), an extremely popular platform across the forex industry.
We downloaded the platform on our PC, Android, and iOS devices, and really had a hard think about whether being offered just one platform is much of a negative.
MetaTrader 5 is a solid, all-round platform. You can easily set up your desired technical analysis environment, with 9 timeframes, 3 chart types, and over 50 technical indicators and analytic tools to work on your trading strategy. The platform even has tools for developing automated trading strategies.
Entering and exiting trades was super easy and intuitive, we were able to use 6 different order types that allowed us a few creative ways to enter, exit, and manage risk.
So, do we think it’s a negative that other platforms such as MetaTrader 4, or TradingView aren’t offered on Trading.com? Not necessarily.
We don’t expect very elite, or professional traders to use Trading.com. We view it as a simpler platform for keen amateur traders from the UK or USA. Therefore, MetaTrader5 should be good enough for the majority of the Trading.com customer base.
Trading.com provides services to traders in just two jurisdictions: The UK and the USA. Interestingly, Trading.com only accepts clients from these two countries since they do not use a regulator in the EU or even an offshore regulator.
The American side of the business, Trading.com Markets Inc., is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
Regulation with Trading.com UK
The UK side of the business, Trading Point of Financial Instruments UK Limited, is regulated by the UK’s Financial Conduct Authority (FCA).
The regulatory bodies in both of these countries are essentially the gold standard for forex industry regulators.
Founded in 2018 in London as XMUK, Trading.com rebranded in 2019 and later expanded into the US, opening an office in New York and serving clients in early 2022. n the UK, Trading.com operates with the trading name Trading Point of Financial Instruments UK Limited, while in the US they are registered as Trading.com Markets Inc.
While Trading.com only accepts U.S. and UK clients, traders outside these regions are encouraged to sign up with the broker’s (larger) sister company XM, which we have previously reviewed. Both Trading.com and XM are owned by the Trading Point Group.
The privately owned Trading Point Group was founded in Cyprus in 2009 by Constantinos Cleanthous. It is a financial services provider specialising in brokerage products and operates using a Market maker execution model.
Trading.com has a TrustPilot score of 4 out of 5 from 4 reviews.
Our Verdict On Regulation With Trading.com
We feel that due to the quality of the regulators, Trading.com is a rather safe broker for keeping your funds with.
We found Trading.com to be quite limited with regard to funding options for trading accounts.
For US clients, the minimum amount you can deposit is $50 USD, but Trading.com will charge you a small transaction fee if you deposit less than $250 through a wire transfer.
In the UK, Trading.com will charge you a small transaction fee if you use an international wire to deposit $200 USD or less. Therefore, we really don’t recommend this option for most traders.
If you are in the US, you’ll be able to fund your account via either an ACH or a wire transfer. Both of these methods aren’t instant, and while Trading.com don’t charge small fees to use these services, there will be fees from the bank you’re sending from.
While the options are limited and we do know is that funding options in the US tend to be limited, we would have liked to have seen a few digital wallet options.
Trading.com UK
On the other hand, if you sign up with the broker’s UK entity, you will be offered a greater range of deposit options.
In the UK, you’ll have the ability to deposit using your Visa or Mastercard, which should be instant but could come with a currency transaction or cash advance fee from your card issuer.
There are also options for using two commonly known e-wallets, called Skrill and Neteller. These e-wallets are fee-free when used to deposit to Trading.com, but can sometimes come with fees such as when you deposit to the wallet with a credit card, make sure to check.
Lastly, there is also the option of using an international wire transfer. This option will often take a couple of business days, and possibly come with a fee from the bank you’re sending from.
Opening an account with Trading.com was super quick and simple. First, we had to pick our account type, between a demo account or a real account. We decided on a real account, clicked Open Account, then had to share our name and contact details.
Next, we had to select the base currency for our account, and our chosen leverage amount. We chose GBP and 1:30.
After that, there were a few KYC (Know-Your-Client) regulatory questions that we needed to answer. These answers give Trading.com an idea about our financial position, risk tolerance, and trading experience.
After clicking through, we were set up, and we were finally able to log into our account.
Inside the account, things were very clean and simple. Our next step was to verify the account with proof of identity and residence.
We were required to upload a picture of a government ID, and something to prove where we lived.
Next up, it was time to deposit funds into our account. We elected for the debit card option – quick and easy.
Now it was time to set up MetaTrader 5, our trading platform. We chose WebTrader, the version that runs in our web browser.
Clicking around the MT5 web trader, things were super intuitive. Finding the right chart, and working out how to enter order was super simple.
Our Verdict on Trading.com Funding
We think it hard to fault the funding options with Trading.com, sure they could offer more choices like Paypal. Apple Pay or even cryptocurrencies but the essentials are there so chances are you will be fine.
Before we go into the products, we need to clarify that UK traders will be trading contracts for difference (CFDs) while traders in the US will be trading using spot products.
Overall we would say the essentials are there so chances are you will be happy. All that said we thought the range of trading instruments available to Trading.com clients was somewhat limited. Overall we would say the essentials are there so chances are you will be happy.
Trading.com US Products
Firstly, for US clients, you’re only allowed to trade forex pairs, and there are 71 different options on the platform. This is thanks to the regulatory environment and licensing in the USA, however, some brokers do offer commodities like gold and silver and even crypto or futures so the potential is there for more products.
71 pairs is quite a large range so will cover all your needs given all the major pairs are covered and the numbers are mostly made with niche pairs. Keep in mind, that niche pairs which include exotics and minors tend to have greater variation in price so may have better profit opportunities but they are riskier since liquidity is lower.
Trading.com UK products
As a UK resident, things are a little more open. You can trade 55 forex pairs, 1337 individual stock CFDs, 20 different stock indices, and 14 commodity markets, such as gold and oil.
When it comes to CFD Stocks, stocks from 20 exchanges are available including the US, the UK, Australia, 13 European countries, Brazil and Canada.
But as we stated before, it depends on what you’re looking for. If you’d just like to trade major FX pairs, and maybe a few CFDs of American stock indices, Trading.com could possibly fit your needs.
Trading.com offers various ways to contact their customer support team, including email, phone, fax (for UK clients), and live chat. The support is available 24/5 and is provided by staff located in the Cyprus office.
While the team is polite and friendly, we found they may struggle with technical questions, as demonstrated by a UK live chat representative’s unfamiliarity with spread betting. Overall, we think the quality of service and responses can be considered average.
We were surprised to find that the education and research features differed substantially between the UK and USA Trading.com websites.
Education With Trading.com UK
On the UK-oriented site, education options were very basic, with a simple economic calendar, and a bunch of almost pointless forex calculators. We’d rate this as almost having zero educational resources.
Education With trading.com US
When we switched over to the American site, things got a lot better.
We found a well-built education and research platform, with video tutorials on all kinds of things like building trading strategies, platform walkthroughs, and trading psychology.
We had access to daily market updates, and news articles, as well as a superior economic calendar to the one featured on the UK site.
The American site was much better compared to the UK site, but really only useful for beginner to intermediate traders. If you want advanced education options, it’s probably best to look elsewhere.
Our Verdicts on Education With trading.com
We’re surprised that Trading.com hasn’t copied the American resources over the UK site, as most of the topics are entirely valid for UK traders. For beginners in the US, Trading.com is a good, fair choice, but not so for beginners in the UK.
For American forex traders, Trading.com could be a good choice, as there aren’t too many forex broker options for Americans.
For traders in the UK, if you’re looking for a simple broker to execute some traders in major FX pairs, or maybe some major stock indices, and you don’t need any education, Trading.com could be an ok choice.
If you’re an active trader, and you want to actively trade markets, or trade more exotic products, it’d probably be better to look toward other brokers.
For the US, the minimum deposit is $50, while for the UK, it’s £5 for the Ultra-Low Micro account and £50 for the Ultra-Low account.
US clients can use ACH and wire transfers, while UK clients have options like debit/credit cards, Skrill, Neteller, and wire transfers.
In the US, leverage is capped at 50:1, while in the UK, it varies, with major pairs at 30:1 and other products ranging between 5:1 and 20:1.
Yes, Trading.com provides a demo account with MetaTrader 5, available for 90 days.
Yes, Trading.com offers educational resources, but they vary by region, with the US site offering more options compared to the UK.
Verdict
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