LetsTrade Forex Broker
Basic Information
United Kingdom
5-10 years Suspicious Regulatory License Suspicious Scope of Business Clone Firm Cyprus High potential riskCompany profile
Rating Index
Letstrade Forex Broker - Complete Information Guide
1. Broker Overview
Letstrade, established in 2014, is a forex and CFD brokerage that operates under the domain letstrade.com. The company is headquartered in London, United Kingdom, with its main office located at 7 Bell Yard, London, WC2A 2JR. Letstrade is a privately held company and is part of the JFD Group, which includes several other trading entities.
The primary market focus of Letstrade includes retail forex trading and offering services to individual traders, providing access to various financial instruments. Over the years, the broker has aimed to build a solid reputation in the trading community, although it has faced challenges regarding regulatory compliance and transparency.
Letstrade operates under a straight-through processing (STP) model, which allows for direct execution of trades without intermediary involvement. This model is designed to enhance trading efficiency and reduce latency, providing clients with a seamless trading experience. The broker offers a diverse range of trading products, including forex, CFDs, and commodities, catering to both beginner and experienced traders.
2. Regulatory and Compliance Information
Letstrade is affiliated with the JFD Group, which is regulated by the Cyprus Securities and Exchange Commission (CySEC). The regulatory license number for JFD Group Ltd is 150/11. However, the regulatory oversight for Letstrade itself is somewhat ambiguous, as it appears that the company is not directly regulated by any government authority at this time.
The CySEC regulation provides certain protections for clients, including the segregation of client funds and participation in the Investor Compensation Fund, which can offer compensation up to €20,000 in case of default. Letstrade claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to ensure compliance with international financial regulations.
Despite its affiliation with a regulated group, potential clients should be aware that some of Letstrade's services may be provided through offshore entities, which could pose additional risks. As such, clients are encouraged to conduct thorough due diligence before engaging with the broker.
3. Trading Products and Services
Letstrade offers a wide array of trading products, focusing primarily on forex trading. The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs. In addition to forex, Letstrade also offers trading in various CFDs, which include:
- Indices: Major global indices such as the Dow Jones, S&P 500, and FTSE 100.
- Commodities: Popular commodities like gold, silver, and crude oil.
- Stocks: A selection of stocks from prominent companies across various sectors.
- Cryptocurrencies: Trading options for major cryptocurrencies, including Bitcoin.
Letstrade continually updates its product offerings, striving to meet the evolving needs of its clients. However, specific details regarding the frequency of product updates and the introduction of new trading instruments were not disclosed in the available information.
The broker primarily targets retail clients, offering competitive trading conditions and access to advanced trading tools. Institutional services, such as white-label solutions and asset management, are not explicitly mentioned, indicating a focus on individual traders rather than institutional clients.
4. Trading Platforms and Technology
Letstrade exclusively offers the MetaTrader 4 (MT4) trading platform, which is renowned for its user-friendly interface and robust trading capabilities. The MT4 platform provides a wide range of features, including:
- Advanced charting tools and technical analysis indicators.
- Support for automated trading through expert advisors (EAs).
- Customizable trading environment to suit individual trading preferences.
While there is no mention of a proprietary trading platform, the availability of MT4 ensures that clients have access to a reliable and widely used trading environment. Letstrade does not appear to offer a web-based platform or mobile application, which may limit accessibility for some traders.
The broker operates its servers in the United States, aiming to provide low-latency trading experiences. However, details regarding API access and automated trading support were not explicitly provided, which could be a consideration for algorithmic traders.
5. Account Types and Trading Conditions
Letstrade offers a standard account with specific trading conditions that include a minimum deposit requirement of $500. The trading conditions for this account type are as follows:
- Leverage: Up to 1:400 for non-EU residents, while EU clients are subject to a maximum leverage of 1:30 due to regulatory restrictions.
- Spreads: Variable spreads are available, but specific starting figures were not disclosed in the available information.
- Commission: A commission of approximately $6 applies, resulting in a total trading cost of around 1.8 pips for major currency pairs like EUR/USD.
Letstrade does not provide various account types such as VIP or professional accounts, nor does it offer specialized accounts like Islamic accounts. However, demo accounts are available for prospective clients to practice trading without risking real funds.
The minimum trade size starts from 0.01 lots, allowing for flexibility in trading strategies. Information regarding overnight fees and other specific trading costs was not detailed in the available sources.
6. Fund Management
Letstrade supports various deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirement is $500, which is consistent across the available account types.
Deposit processing times may vary, but specific details regarding the duration were not disclosed. Additionally, information on deposit fees was not provided, so clients should check with their chosen payment method for any applicable charges.
Withdrawal options mirror the deposit methods, although specific withdrawal limits and processing times were not outlined. Generally, withdrawal processing may take between 1 to 7 working days, depending on the chosen method.
The broker does not explicitly mention any withdrawal fees, but clients are advised to confirm this with their financial institutions before initiating transactions.
7. Customer Support and Educational Resources
Letstrade provides customer support through multiple channels, including phone, email, and an online chat feature. The support team is available 24/5, covering the trading week from Sunday at 22:00 to Friday at 21:00 (UK time).
The broker offers support primarily in English, which may limit accessibility for non-English speaking clients. Educational resources, however, are somewhat limited, with no specific mention of webinars, tutorials, or e-books available for trader education.
Market analysis services, such as daily insights, news updates, and research reports, were not explicitly mentioned, indicating a potential area for improvement in supporting clients with trading decisions. Trading tools like calculators and economic calendars were also not detailed in the provided information.
8. Regional Coverage and Restrictions
Letstrade primarily serves clients in the European Economic Area (EEA), along with other regions such as Belarus, China, Switzerland, Turkey, the UAE, and Ukraine. However, the broker does not accept clients from countries such as the United States and Russia due to regulatory restrictions.
The broker's regional offices are primarily based in the UK, with no specific information provided regarding additional offices in other countries. Clients interested in opening an account should verify their eligibility based on their country of residence and the broker's service limitations.
In conclusion, Letstrade offers a range of trading services tailored for retail clients, backed by its affiliation with the JFD Group. However, potential clients should carefully consider the regulatory environment, trading conditions, and available support before engaging with the broker. Overall, Letstrade broker presents a viable option for traders seeking access to forex and CFD markets, despite some limitations in regulatory clarity and educational resources.
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When I go to my dashboard, it's loading and it doesn't log in, just like it says that my section has expired, and that was because more than $3000 was withdrawn. The customer service sent him messages and he only replied to a robot, just like I was told that he had to pay a fee to be able to withdraw it to me. It is a scam
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FX2429274669
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All profits, operations, and prices have been manipulated in a catastrophic manner. Please help me to prevent this from happening, but I accidentally invested $370
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墙纸
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Based on my personal experience, I would defintely not recommend using LetsTrade as your ideal trading broker. The simulation account experience was poor, and when I had questions for customer service, I received no response. Therefore, I have not yet used this trading platform. As you can see, I would not use it anymore.
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2023-03-22