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Textrade

Greece|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

http://textrade.finance/

Website

Rating Index

Contact

+30 2103839599
contact@textrade.finance
http://textrade.finance/
Academias Street 38, Athens, 10672, Greece

Licenses

No valid regulatory information, please be aware of the risk!

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Warning: Low score, please stay away!
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Textrade · Company Summary

Aspect Information
Registered Country/Area Greece
Founded Year 1-2 years
Company Name Textrade
Regulation Lacks proper regulation
Minimum Deposit Not specified
Maximum Leverage Not specified
Spreads Not available
Trading Platforms Metatrader 4
Tradable Assets Currencies, CFDS on Indices, Commodities, Stocks, ETFs, Bonds
Account Types Live and demo accounts available
Demo Account Available
Customer Support Phone: +302103839599, Email: contact@textrade.finance, Address: Academias Street 38, Athens, 10672, Greece
Payment Methods Credit/debit cards, bank wire transfers, online payment processors
Educational Tools Not available

Overview of Textrade

Textrade is an unregulated brokerage firm based in Greece, which raises concerns about potential risks. Despite the lack of regulation, Textrade offers traders access to over 1700 financial instruments for trading and investment purposes. These instruments include cryptocurrencies, indices, commodities, stocks, ETFs, and bonds.

Traders can speculate on the price movements of popular cryptocurrencies through Contracts for Difference (CFDs). Textrade also provides CFDs on various market indices, allowing investors to take advantage of price fluctuations without owning individual stocks. Additionally, traders can participate in CFD trading on commodities such as precious metals, energy commodities, and agricultural products. Textrade also offers CFDs on stocks, allowing investors to potentially profit from rising or falling prices. Furthermore, they provide trading instruments for bonds, enabling speculation on price fluctuations of fixed-income securities.

While Textrade offers a diverse range of market instruments, the absence of regulation and limited information on spreads, commissions, and leverage raises concerns. Traders should carefully consider the potential risks and drawbacks before engaging in any transactions or investments through Textrade.

basic-info

Pros and Cons

Textrade presents a set of pros and cons for potential traders and investors to consider. On the positive side, Textrade offers a range of diverse financial instruments, including trading opportunities in cryptocurrencies. They allow users to open both live and demo accounts and provide multiple payment methods. Additionally, Textrade offers the widely used Metatrader 4 trading platform and provides customer support via phone and email. However, there are notable drawbacks to consider. Textrade lacks proper regulation, which can raise concerns about the safety and security of transactions. Moreover, there is limited information available on spreads, commissions, leverage, deposit and withdrawal processes, account types, trading platforms, and educational resources. The customer support may also be limited.

Pros Cons
Offers a range of diverse financial instruments Lacks proper regulation
Provides trading opportunities in cryptocurrencies No information on spreads, commissions, or leverage
Allows opening both live and demo accounts Limited information on deposit and withdrawal
Multiple payment methods Lack of transparency on account types
Provides the Metatrader 4 trading platform Limited information on trading platforms
Customer support available via phone and email Limited information on payment methods
Lack of educational resources and advanced tools provided
Limited Customer Support

Is Textrade Legit?

Textrade, a brokerage firm, lacks proper regulation, which has been confirmed. It is important to note the absence of any valid regulatory oversight, indicating potential risks involved with engaging in transactions or investments through this broker.

regulation

Market Instruments

Textrade offers a comprehensive range of market instruments, providing traders with access to over 1700 diverse financial instruments for trading and investment purposes.

1. CURRENCIES: Textrade offers a range of trading instruments focused on cryptocurrencies. Cryptocurrency trading involves the buying or selling of Contracts for Difference (CFDs) on popular digital currencies such as Bitcoin, Cash Bitcoin, and Ethereum (ETH). These instruments enable traders to speculate on the price movements of cryptocurrencies without actually owning the underlying assets.

2. CFDS ON INDICES: Textrade provides Contracts for Difference (CFDs) on various market indices. Traders can engage in speculation on the performance of indices such as the S&P 500, Dow Jones Industrial Average, or FTSE 100. CFDs on indices allow investors to take advantage of the price fluctuations of an entire stock market index without directly owning the individual stocks within the index.

3. COMMODITIES: Textrade also offers trading instruments in the form of Contracts for Difference (CFDs) on commodities. These commodities can include precious metals like gold and silver, energy commodities like crude oil and natural gas, agricultural products like corn and soybeans, and other raw materials. By trading CFDs on commodities, investors can participate in the price movements of these assets without physically owning them.

4. STOCKS: Textrade provides the opportunity to trade stocks through Contracts for Difference (CFDs). Traders can speculate on the price movements of a wide range of individual stocks, including companies from various industries and sectors. With CFDs on stocks, investors can potentially profit from both rising and falling stock prices, depending on their market predictions.

5. ETFS: Textrade allows trading in Exchange-Traded Funds (ETFs) through CFDs. ETFs are investment funds that are traded on stock exchanges and help replicate the performance of a specific index or sector. By offering CFDs on ETFs, Textrade enables traders to speculate on the price movements of these funds without directly owning the underlying assets.

6. BONDS: Textrade offers trading instruments in the form of bonds. Bonds are debt securities issued by governments, municipalities, or corporations to raise capital. With Textrade, investors can trade bonds through various bond instruments, allowing them to speculate on the price fluctuations of these fixed-income securities.

Pros and Cons

Pros Cons
Access to a comprehensive range of market instruments Lack of details on specific market instruments
Trading opportunities in various cryptocurrencies Lack of transparency on fee structure
Speculation on the performance of market indices and commodities

Account Types

Textrade allows users to open both live and demo accounts without any limitations on the number of accounts that can be opened in one name.

How to Open an Account

To open an account with Textrade, follow these steps:

  1. Visit the Textrade website and click on the “Get Started” or “Register Now” button.

    open-account
  2. If you already have an account, click on the “Sign in” or “Login” option and enter your login details (email/username and password) to access your account. If you don't have an account yet, proceed to the next step.

    open-account
  3. Fill in the required registration information, including your email address, first name, last name, country, phone number, city, address, postal code, and date of birth. These fields marked with an asterisk (*) are mandatory to complete.

  4. Create a strong account password using a combination of upper- and lower-case letters, as well as numbers, according to the specified requirements.

  5. If you have a referral or promo code, enter it in the designated field.

  6. Review the various policies (Terms of Use, Payment Policy, Refunds & Refunds Policy, Privacy Policy, AML Policy, KYC Policy, Risk disclosure, and Withdrawal Policy) and click on the checkbox to indicate your agreement.

  7. Finally, click on the “Registration” button to complete the account registration process.

open-account

Spreads & Commissions

No information regarding spreads, commissions, or leverage is available on the Textrade website.

Deposit & Withdrawal

Textrade offers various deposit and withdrawal methods with specific processing times. For wire transfers, the processing time is typically within 1 business day, although crediting may take an average of 3-5 business days. Credit/debit card withdrawals are usually processed within 1 business day, but crediting may take around 5-7 business days. Other transfer methods are generally processed within 1 working day. These processing times provide an overview of the timeframe for depositing and withdrawing funds with Textrade.

Pros Cons
Offers various deposit and withdrawal methods Crediting time for wire transfers may take an average of 3-5 business days
Credit/debit card withdrawals are usually processed within 1 business day Crediting time for credit/debit card withdrawals may take around 5-7 business days
Other transfer methods are generally processed within 1 working day Limited information on specific deposit and withdrawal methods, fees, and transaction limits

Trading Platforms

Textrade offers the Metatrader 4 trading platform, which has been widely used by traders worldwide since 2005. This platform is available for download on various platforms, including Windows, the App Store, and Google Play. With the Metatrader 4 platform, traders can access their trading accounts and engage in trading activities anytime and anywhere.

trading-platform
Pros Cons
Widely used Metatrader 4 platform Limited customization options
Available for download on various platforms (Windows, App Store, Google Play) Potential learning curve for beginners
Enables traders to access accounts and trade anytime and anywhere Limited integration with other trading platforms or tools

Payment Methods

Textrade provides various payment methods, including credit/debit cards, bank wire transfers, and online payment processors.

Customer Support

Textrade provides customer support through multiple channels. For direct contact, customers can reach out to Textrade's customer support team at +302103839599 or via email at contact@textrade.finance. Textrade's physical address is located at Academias Street 38, Athens, 10672, Greece. Customers can also subscribe to Textrade's email list for updates and information.

Conclusion

In conclusion, Textrade, a brokerage firm based in Greece, lacks proper regulation, which raises concerns about the potential risks involved in transactions or investments with this broker. However, Textrade offers a wide range of market instruments, including cryptocurrencies, indices, commodities, stocks, ETFs, and bonds, providing traders with diverse options for trading and investment purposes. The brokerage allows users to open both live and demo accounts without limitations. They offer the popular Metatrader 4 trading platform, enabling traders to access their accounts and engage in trading activities across multiple platforms. Textrade supports various payment methods and provides customer support through phone and email channels. However, important information regarding spreads, commissions, and leverage is not available on their website.

FAQs

Q: Is Textrade a regulated brokerage firm?

A: Textrade lacks proper regulation, indicating potential risks for engaging in transactions or investments through this broker.

Q: What market instruments does Textrade offer?

A: Textrade offers trading instruments in currencies, CFDS on indices, commodities, stocks, ETFs, and bonds.

Q: What types of accounts can I open with Textrade?

A: Textrade allows users to open both live and demo accounts without limitations.

Q: What are the deposit and withdrawal methods offered by Textrade?

A: Textrade offers various deposit and withdrawal methods, including wire transfers, credit/debit cards, and online payment processors.

Q: What trading platform does Textrade offer?

A: Textrade offers the widely used Metatrader 4 trading platform for accessing trading accounts and conducting trading activities.

Q: How can I contact Textrade's customer support?

A: You can contact Textrade's customer support team through phone (+302103839599) or email (contact@textrade.finance). Their physical address is Academias Street 38, Athens, 10672, Greece.

Broker Information

Company Name

Textrade

Company Abbreviation

Textrade

Regulatory Status

No Regulation

Platform registered country and region

Greece

Company website
Phone of the company
  • +30 2103839599

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Company address
  • Academias Street 38, Athens, 10672, Greece

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Customer Service Email Address
  • contact@textrade.finance

Company Summary

User Reviews

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Harrison Rodriguez
more than one year
trading the oil one day, I found that Textrade was offering higher spreads than usual. For many traders, this might be a sign to steer clear, but I sensed an opportunity. This high spread, in my view, represented higher volatility and thus, a chance for greater returns. Formulating a careful strategy, I entered the trade. The market swung unexpectedly due to a sudden geopolitical event, but it was in my favor. The unusually high spread translated into a significantly higher profit than I would usually make.
2023-10-13 10:47
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Riley Phillips
more than one year
The most difficult part of this ride was perhaps the performance of their trading platform, MT4. Specifically speaking, their MT4 platform exhibited a constant influx of technical issues. I vividly remember one of my trades where I had planned to capitalize on the highly volatile EUR/USD market. I had placed a decision to sell when the price was at 1.1813, foreseeing that it was about to dip. Imagine my shock when the MT4 froze just as I was about to execute the order. The momentary freeze felt like a lifetime. By the time the platform got back up and running, the price had fallen to 1.1778. As a result, I missed my chance of making a significant gain. This incident is just one among many that has left me frustrated and feeling bitter about my experience with Textrade. Moreover, the data flow often had considerable lags, causing delays in trade execution. Such delays are detrimental to traders, considering the vital role of time in forex trading.
2023-10-12 10:25
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