ForexNewsNow – Trading Point is a top forex broker located in Cyprus that has customers in over 179 countries and supports seven different languages. The languages supported include English, Japanese, Greek, Spanish, Arabic, Chinese, and Russian. They offer a great package with low spreads, no requotes, excellent customer service and the ability to start trading with as little as $5. The only downside to trading with Trading Point is that the spreads are variable and tend to widen around the most volatile and profitable trading times.
If you’re looking for a great broker with an amazing platform that caters to real traders, not just weekend gamblers, then forex broker Trading Point is for you. For more information, continue reading this forex broker review.
Trading Point offers many great perks to their members that makes it a top forex broker. For starters, every new account is eligible for a 20 percent bonus on the initial deposit. This bonus can go up to a maximum of $2,000 and applies to every new account, regardless of account type.
Once you’ve made your first deposit, the benefits don’t stop. Trading Point offers a 10 percent loyalty bonus for every deposit that you make. They are one of the very few forex brokers that will give you a bonus on deposits other than on your initial deposit.
Forex broker Trading Point also stands by a policy of not allowing requotes and allows automated trading and Islamic account. In addition to forex, you can also trade CFDs, commodities, and indices using the same platform.
The main platform for Trading Point is the same one that many of the best forex brokers use, MetaTrader4. MetaTrader4 is the gold standard in the forex community and for good reason. It’s an excellent platform that gives you full flexibility in handling multiple orders, is extremely customizable, and offer live streaming prices for up to 200 lots. You can even create your own custom indicators and use the many powerful charting tools that come built into the platform.
If you don’t want a downloadable client, Trading Point also offers the TP WebTrader. This is one of the most powerful web-based platforms that we’ve seen in action offered by any broker. You get powerful charting tools that can work with an unlimited number of charts and view different time frames and even indicators.
There are also mobile trading platforms available for the iPhone, iPad, Blackberries, and Android. The mobile platforms allow you to manage your open accounts and monitor prices from anywhere your phone gets service.
With Trading Point, there are four different account types that you can open with different deposit requirements. You can get started with as little of a deposit as you want, since they are one of the only brokers that don’t require a minimum deposit for an account.
• Max Leverage: 1:500
• Minimum Lot: $1,000
• Minimum Deposit: No minimum deposit
• Minimum Lot: $100,000
• Minimum Deposit: $3,000
• Leverage: 1:200
• Minimum Lot: $100,000
• Minimum Deposit: $100,000
• Leverage: 1:100
The spreads at Trading Point are variable, with spreads getting to as low as a single pip on major currencies and averaging about 1.9 pips on the EUR/USD spread. They get quotes from many major liquidity providers to get the best spreads at any given moment, but there is a tendency of the spreads to widen during the most profitable trading periods.
What truly makes Trading Point one of the best forex brokers on the web is that they offer the same spreads to every account, regardless of the size of the account, size of the trade, or the type of trader. Even micro accounts can get the VIP treatment with Trading Point.
Deposits and Withdrawals
Deposits and Withdrawals at Trading Point are quick and easy and never are subject to any fees. They accept nearly every major deposit type including:
• Bank wire
• Credit Card
• Liberty Reserve
Forex broker Trading Point gives you 24 hour customer support with the ability to talk to an agent via a callback, live chat, or emails to specific departments. The support is professional and quick to respond to nearly all queries.
Trading Point is primarily regulated by the Cyprus Securities and Exchange Commission (CySEC). They also comply with the European Markets in Financial Instruments Directive (MiFID) and operate under the Cypriot Investment Services Activities and Regulated Markets Law of 2007. They are also registered with the FSA in the UK and BaFin in Germany.
Trading Point is a top forex broker for serious traders. It gives you the platform and the real tools that you need to make winning trades. On top of offering razor thin spreads, it also gives it’s traders a loyalty bonus of 10 percent on every deposit, something you would be hard pressed to find written in another forex broker review. While the variable spreads can widen at inappropriate times, this is more than made up for with the different bonuses and features offered by this great broker.