TradeDirect365 Review Australia & Test 2021
Is TradeDirect365 Safe Or Scam?
Welcome to our TradeDirect365 review Australia where we will be taking a closer look at the available trading instruments, accounts, assorted fees and more that the broker has in store for its new users.
If you are looking for a broker that offers you a diverse range of trading instruments that include the likes of commodities, stocks, forex currency pairs, cryptocurrencies and more then look no further than TradeDirect365 Australia. Check out the rest of our review to see why our current TradeDirect365 ranking is so good.
TradeDirect365 is not currently offering a new customer offer. What they do offer are a number of different tradable assets, top quality trading platforms and educational resources. Before you can have the pleasure of accessing these features, you will first need to create your account.
Creating your account with TradeDirect365 is a straightforward process. All you need to do is fill in some personal details and some contact details first. This includes things like your name, surname, email address, phone number etc. After you have completed this section you will be required to fill out a questionnaire that basically tries to gauge what your previous trading experience is and how much trading terminology you understand.
Lastly, you will need to send through a copy of your identification (driver’s license, standard I.D. or passport will do) and a copy of a recent bank statement or utility bill to verify your proof of residence. Once you’ve done all of the above, you merely need to select what account type you would like to use and you are all set to start trading on the platform.
TradeDirect365 makes your life very easy on the site in the way that they have set it out. Everything that is available on the platform can be found at the top of the homepage including things like educational resources, platforms and the various markets you can trade. And if you can’t find what you need there you can use the search bar in the top right-hand corner to narrow your fields.
Overall, we found that the site ran smoothly when we jumped from page to page. The loading times were swift as well, as we hardly had to wait at all. All in all, TradeDirect365 Australia can be proud of the site they have put together for its ease of use and layout. Check out our Vantage FX review to see what another broker looks like in comparison.
After taking the time to read through the numerous FAQs and sections on the TradeDirect365 Australia site we found that there were no specifically unique accounts to be had.
Users can open an individual, joint or corporate account but those seem to be the only options currently available. You can look at this as a glass half full or empty situation. As a positive, it is a one size fits all account meaning that everything you need to know about spreads and costs is all fitted into the only account available. On the other hand, it’s nice to have at least two account options that tailor to newer and more experienced traders alike.
With that being said, we did find a Pro account option that you can apply for but you will need to pass one of two tests to use the account. You either need to have 12 months of experience of using leveraged trades or you need to prove that you have net assets of $2.5 million or more. As you can see, this account type is not for your average day trader.
There is also a demo account option for new users to test the platform out. Users can use fictional funds to test out strategies, the different trading platforms and the available markets on the site. It’s a great way to see if TradeDirect365 Australia is going to be the right fit for you before you create an account.
Fees – fixed and variable spreads on indices and forex
Our TradeDirect365 review Australia found that the broker has a couple of varying spreads and other fees on the site to consider. However, TradeDirect365 Australia makes it very clear that they do not charge their users any kind of inactivity fees, account management fees, account closure fees or phone trading fees. This is great to see as these fees can actually build up to burden you with some significant costs on other brokers’ platforms.
TradeDirect365 Australia has fixed and variable spreads on their platform. You can take a look at the list of fixed spreads on the actual TradeDirect365 Australia as they have a detailed page dedicated to this. We found that the fixed spread on the Australia 200 Index was 0.9 while the spread for the German 30 Index was 1.
Our TradeDirect365 review was happy to find that the broker does not charge any commissions on your forex trades at all. However, there is a commission fee on CFD trades as we found that there was a 0.07% commission fee with a $5 minimum on ASX share CFDs. See how our Markets.com review compares to the fees at TradeDirect365.
Trading platforms are the centre pieces of any quality online brokerage firm. Our TradeDirect365 review found that the broker currently makes two different trading platforms available for use. These trading platforms include the ever-popular MetaTrader 4 and Cloudtrade.
MetaTrader 4 has become one of the most popular trading platforms in the world of online trading. The platform has a number of exceptionally useful features built-in such as advanced analytics and detail charting tools. Forex trading is made easy with the MetaTrader 4 trading platform. It’s not just useful for forex though as traders can also implement their strategies for indices trading and commodities trading as well. You’ll need to download the MT4 software as TradeDirect365 Australia doesn’t offer the web trading version of the platform.
Cloudtrade is both a browser-based and app-based trading platform that TradeDirect365 Australia users can take advantage of. The trading platform is actually TradeDirect365 Australia’s very own platform that they have developed over many years. The trading platform allows users to trade on everything that TradeDirect365 Australia has to offer including commodities, cryptocurrencies, forex markets, stocks and indices. We found that the platform was exceptionally easy to use, no matter what trading instruments you were trading with.
Our TradeDirect365 review found a couple of available payment methods to choose from, although there is not a staggering amount by any means. The payment methods currently available include:
- Bank Transfer/ Wire
- Credit or Debit Card (AUD deposits only)
There is not much else in the way of information on the available withdrawal methods or processing times on the site. With that being said, our TradeDirect365 review found that there is no minimum deposit amount required on the site although you will obviously need to fund your account if you want to start trading.
In the interest of safety, TradeDirect365 Australia requires that you use the same method that you used for your most recent deposit when making your withdrawals. This is to protect against any money laundering schemes on the site.
One of the most important aspects of our TradeDirect365 review was to check out the quality of the customer service on the platform. If you manage to go through your entire experience using the site without once needing a query answered or a problem resolved then we salute you. Your average trader is almost certainly going to need to make use of the customer service at some point.
We found that the customer service at TradeDirect365 Australia operates 24 hours a day 5-days a week. Customer service lines close at 7 am every Saturday. You can contact the support team on the site via their telephone number. This is a great way to have your problems resolved as it has a more personal element to it. You can also send TradeDirect365 Australia an email as well but this can take a couple of hours to receive a response.
Our own experience contacting the support team was a pleasant one. The support staff member we spoke to was knowledgeable and polite when answering a host of our different questions.
While the service was of a sufficient standard we couldn’t help but notice the glaring omission of a live chat feature. A live chat feature is easily one of the fastest ways for you to have queries resolved so we were pretty disappointed when we couldn’t find any such feature on the platform. Hopefully, TradeDirect365 Australia will add a live chat feature in the near future.
In order to answer the question “is TradeDirect365 safe to use?” we first had to make sure that they were regulated by an official financial authority. Thankfully, we can safely say that TradeDirect365 Australia is regulated by the Australian Securities and Investment Commission. This should allay any fears of a TradeDirect365 scam as well.
TradeDirect365 Australia also makes it clear that they keep client funds in separate trust accounts and these funds are never used to cover any of the broker’s debt or used for hedging purposes. Client funds are safe from any future unknowns that the broker may face. Check out our City Index review to see how they protect their clients’ funds.
That brings our TradeDirect365 review Australia to a close. You should now have a better idea of what you can find on the TradeDirect365 platform. We were really impressed by the range of trading instruments available. And while the forex offering was nothing special, the fact that you could access such a diverse range of markets for commodities and indices was where the broker really shone. Our TradeDirect365 rating ended up being fairly all things considered.
If you are after a more comprehensive forex offering or are just generally looking for something else in your ideal broker then we suggest taking a look at our St George Directshares review or our Easy Markets review to find the right alternative.