LETSTRADE Is A Forex And CFD Brokerage That Is Part Of The Jfd Group. It Appears To Offer A Variety Of Forex And CFDs On The Metatrader4 Platform, But Does Not Choose A Different Trading Account Type. The Broker Also Claims To Offer Stp Execution And Negative Balance Protection.
LETSTRADE Is Part Of The Jfd Group. Its Prominent Member, Jfd Group Ltd. (which Operates A Jfd Broker), Is Licensed And Regulated By The Cyprus Securities And Exchange Commission (cysec). Another Member Of The Group, Jfd Overseas Ltd, Is An Offshore Entity That Is Licensed As A Securities Dealer By The Vanuatu Financial Services Commission. LETSTRADE.com Is An Approved Domain Name Of Jfd Group Ltd., But It Seems That Some Of The Broker Clients Are Served By Offshore Entities.
Our Main Concern Is That LETSTRADE Is A Brokerage Brand With Two Companies Behind It, One Of Which Is Registered Offshore. Also, The Cost Of Using It For Trading Is Slightly Higher Than Average. Otherwise, The Broker Is A Member Of Jfd Group, The Domain Has Been Approved By Cysec, And The Other Company Behind The Brand Is Regulated In Cyprus (and Europe).
Market Tools
Let Trade Have A Lot Of Tradable Assets And Instruments, They Have Divided Them Into Many Different Categories, Which We Will Now Look Into.
Forex: More Than 50 Currency Pairs Available.
Metals: Gold And Silver
Commodities: Brent Crude Oil, London Gasoline, American Cocoa, American Coffee, American Cotton, American Sugar, WTI Crude Oil, B Gas, Platinum, Premium Copper
Bonds: Bund, US 10 Year Treasury
ETN And ETF: We Won't List Them All, But Three Examples Are Ishares MSCI EMG Markets, Ishares South Korea Index And Ishares NASDAQ Biotech.
Stocks: There Are Too Many To List Them All, But They Include Admiral Group, Aviva, Adidas, Allianz, Aegon, Amadeus IT Holdings, Auto Trader, Anglo American, And These Are Just Some Of The Companies That Start With A.
Indices - Cash: Some Of These Include The Australian 200, Euro 50, UK 100, And US Dow Jones.
Indices - Futures: China A50, Germany 30, US Dollar Index, Singapore Blue Chip, US Dow Jones Futures, And US 500 Futures Are Just Some Examples Of The Products Available.
Cryptocurrency: Bitcoin (BTCUSD)
Accounts And Leverage
Come On Ade Only Offers A Standard Account. In Order To Open A Standard Account LETSTRADE, One Has To Deposit At Least $500, Which Is A Somewhat High Initial Investment. In Comparison, Most Forex Brokers Require A Starting Point Of $100 To $250. For Other Brokers, You Only Need To Invest $5 To Sign Up For A Real Account.
On Its Website LETSTRADE Says It Offers High Leverage, Up To 1:400. However, Offshore Companies Within The Jfd Group Can Only Offer This Leverage Level To Non-European Union Residents. As Some Of You May Be Aware, Due To Investment Protection Concerns, In August 2018, The European Securities And Markets Authority (ESMA) Limited The Maximum Leverage Allowed To Retail FX Traders In The European Market To 1:30.
Lets Trade Also Offers Demo Accounts, Just Sign Up For A Simple Selection Demo Account, Then You Can Choose The Account Currency (EUR, GBP, USD Or CHF) And A Balance Between 500 And 5,000,000. It Will Use The Same Conditions We Mentioned In This Review, But No Mention Of Expiration Times, So Hopefully It Will Be Open Indefinitely.
TRADE SIZE
Volume Starts At 0.01 Lots (called Micro Lots) And Increases In Increments Of 0.01 Lots With A Maximum Volume Of 1000 Lots, Which Is A Bit Too High And We Recommend Against Trading More Than 50 Lots In A Single Trade. There Is No Indication Of The Maximum Number For Any One Public Trade, But Considering The Maximum Lot Size Is So High, We Expect It To Be Quite High.
Spreads And Commissions
Even At The LETSTRADE Website, We Know They Are Variable, Which Means They Change With The Market And They Are Seen As Higher When The Market Is More Volatile, But We Don't Have Starting Numbers Or Any Examples Of Real-time Spreads.
Available Trading Platforms
Clients Of LETSTRADE Offer To Trade On The Popular Metatrader4 (mt4). The Trading End Point Offers Excellent Charts And A Wide Range Of Professional Trading Tools And Features, Such As A Wide Range Of Technical Analysis Indicators, Automated Strategies (expert Advisors), Etc. In Addition, It Is Easy To Use And Offers Many Customization Options.
Deposits And Withdrawals
There Are No Funds Or Deposit Pages On The Website, So The Details Of Deposits Are Unknown. There Are Some Pictures Of Visa, MasterCard, Maestro, Skrill, Safecharge And Sofort At The Bottom Of The Website. As Far As We Understand, These Methods Can All Be Used For Deposits.
There Is Also No Mention Of Any Fees On The Website, So We Don't Know If There Are Any, Either Way, Please Be Sure To Check With Your Bank Or Processor If They Charge Any Of Your Own If You Make A Deposit.
Client Server
The Customer Support Team Is Available 24 Hours A Day From 22:00 On Sunday Until 21L00 (UK Time) On Friday. You Can Fill In Your Enquiry And Submit It Using The Online Submission Form, Or Get In Touch With Us Using The Address Or Phone Number We Have Provided Below.
Headquarters: 40 Bloomsbury Way, London, United Kingdom, WC1A2SE
Tel: + 44 02079808803
