Rating Index
Pros
Regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC), providing a level of security for clients.
Offers access to the popular MetaTrader 4 platform, known for its reliability and extensive trading tools.
Provides negative balance protection, ensuring that clients do not lose more than their account balance.
Cons
Trading costs are slightly above the industry average, with spreads and commissions that may deter some traders.
The minimum deposit requirement of $500 is relatively high compared to many other brokers, making it less accessible for new traders.
Lack of transparency regarding deposit and withdrawal methods, which can be a concern for potential clients.
LetsTrade broker Accounts
LetsTrade Account Type
LetsTrade offers a standard account for traders, which requires a minimum deposit of $500. This account type provides access to a variety of financial instruments, including over 50 currency pairs, commodities, metals, stocks, and indices. The leverage offered can reach up to 1:400 for non-EU residents, while EU residents are subject to a maximum leverage of 1:30 due to regulatory restrictions. The minimum trade size is 0.01 lots, allowing for flexibility in trading. However, it is important to note that there are no different trading account types available, which may limit options for traders seeking specific account features.
LetsTrade Broker Account Opening Process
Opening a broker account with LetsTrade involves a straightforward process:
- Select Account Type: Choose the standard account, which requires a minimum deposit of $500.
- Complete Registration: Visit the LetsTrade website and fill out the registration form with your personal information.
- Verify Identity: You may need to provide identification documents as part of the KYC (Know Your Customer) process.
- Fund Your Account: Deposit funds into your account using available methods such as debit/credit cards, Skrill, SafeCharge, or Sofort.
- Start Trading: Once your account is funded, you can begin trading on the MetaTrader 4 platform.
For more details, you can visit LetsTrade.
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