Australian Forex/CFD Heavyweight
Although not quite as old and experienced as some of its direct Aussie competitors, TradeDirect365 is indeed one of the most prominent and reputable Australian Forex/CFD brokers.
Founded in 2014 by Davin Clarke (who currently acts as CEO), the operation has thus far accrued almost exclusively positive user feedback. Advertised as a brokerage created “by traders for traders”, TradeDirect365 is indeed well liked by most of its users.
Apparently, the key to TradeDirect365’s success has been to simply deliver on its promises – and of that, it has thus far successfully acquitted itself.
Professionalism is also part of the recipe: according to genuine user feedback, when a system glitch caused a trader to lose money, the broker refunded him more than the amount of the loss, as a way to make up for the trouble caused.
The brokerage is regulated, it offers flexible leverage and some outstanding trading conditions. While in the beginning, it did not feature a mobile trading platform, nowadays it has this side of the trading equation covered as well.
The corporate entity that owns the TradeDirect365 brand is Finsa Pty Ltd, a registered Australian financial operation based at Innovation Centre Sunshine Coast, 90 Sippy Downs Drive, Sippy Downs, Queensland, 4556, Australia. The Australian registration number of the company is 158 065 635.
As mentioned above, the brokerage is licensed by ASIC. TradeDirect365’s AFSL number is: 422661. Given the fact that ASIC is an Australian regulator, this license only gives the broker the right to offer financial services within Australia, and countries where ASIC regulation is accepted.
To be able to peddle trading services in the UK/Europe too, Finsa Europe Ltd has been set up in London. This branch of the brokerage possesses a license issued by the UK’s FCA.
Whether or not this allows TradeDirect365 to accept traders from within the EEA (or from most countries in the EEA) is quite unclear…in theory though – at least for the time being – FCA regulation should be just as good as CySEC in this regard.
The broker features two trading platform options: CloudTrade CFD and MT4. Of these, the former is obviously only used for the trading of CFDs, while the latter supports CFDs as well as Forex.
The virtues of MT4 are well-known and there is indeed not much point in extolling them further here. Suffice to say, it is the world’s most popular trading platform for several good reasons.
CloudTrade is less known, and with TradeDirect365, it is the platform that supports cryptocurrency-based CFDs.
The account types supported by TradeDirect365 mostly follow the boundaries set by the above mentioned trading platforms.
According to the official site, some 3 account types are currently available, of which the first one is the free Demo account.
The CloudTrade CFD account features fixed spreads and commissions of 0.07% on ASX stock trades. It does offer a welcome bonus (which – considering the regulated nature of the brokerage – is a bit of a surprise), as well as access to a web-based trading platform. In fact, through this account type, there is no downloadable platform offered.
Obviously, due to its nature, the CloudTrade365 platform does not support automated trading and EAs. It is however available in mobile app form.
MT4 on the other hand does support EAs. The account type associated with MT4 features variable spreads, commissions of $1.50 per lot and access to a fair selection of indices, commodities and FX pairs. No stocks or cryptocurrencies can be traded through MT4.
One-click trading and customizable charts are available for both real money account types.
The maximum available leverage is 1:200 in both cases.
In addition to the platform type used, account options are differentiated by the status of the client/trader too.
Thus, there are individual/personal trading accounts, joint trading accounts, business trading accounts and trust accounts.
None of the above detailed trading accounts feature a minimum deposit requirement, though one obviously needs to fund his/her real money account before being able to trade.
Deposit and Withdrawal Options
In this regard – unlike some of its competitors – TradeDirect365 chose not to go overboard. The broker supports three Deposit/Withdrawal methods only: bank wire, Credit- and Debit cards (only for deposits made in AUD) and PoliPay.
Due to the AML rules the broker needs to observe on account of its ASIC regulation, funds can only be accepted from the actual account holder.
The market coverage of the broker is superb – mostly thanks to the CloudTrade Platform.
While MT4 only supports 12 indices, 26 FX pairs and 4 commodities, CloudTrade pitches in with 13 indices, 31 FX pairs, 7 commodities 3 cryptocurrencies and hundreds upon hundreds of AU, US, UK and Euro stocks.
As already mentioned above, TradeDirect365 actually runs some promotions – quite surprising indeed for a regulated broker.
The 2,500 Cashback Promotion gives traders the chance to claw back some quite significant money after their first month of trading. The amount of cashback awarded by the promotion depends on the trading volume logged by the trader, which means that the promotion does indeed encourage trading.
Those whose trading costs end up in the $100-$999 interval, are offered a 10% rebate.
The maximum cashback is $2.5k and it corresponds to a 25% share of a $10,000 trading cost amount.
No extra conditions tie the cashback: those who receive it are free to cash it all out if they so wish.
The TradeDirect365 support staff can be contacted through live chat, as well as through phone, email and snail mail. The Contact section of the official website features a handy email form too.
The support email is [email protected]rect365.com.au. The phone number (for those calling from outside Australia) is +61 2 8310 4713, while the UK number is +44 (0) 203 301 0483.
TradeDirect365 is indeed one of the safest trading destinations one can access.
Ease of Use
MT4’s usability is notoriously good and there is not much to complain about in this regard in CloudTrader’s case either.
TradeDirect365 is well regulated, but much more importantly: its reputation among traders is great too.