TransAct Futures Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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Great experience with TransAct Futures so far, very good customer service with direct communication with your account manager. He has been very supportive so far with frequent calls regarding my account. Very positive and looking forward to seeing where it goes.
Transact Futures has garnered a mix of opinions from users and experts alike, with many praising its trading platform while others raise concerns about its regulatory status and fee structure. Notably, it offers a proprietary trading platform and focuses on futures trading, but it has faced scrutiny regarding customer service and execution reliability.
Note: It's essential to recognize the differences in entities operating under the Transact Futures name across various regions, which may affect user experiences and regulatory oversight. This review aims to present a fair and accurate assessment based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 8 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 6 |
| User Experience | 7 |
How We Rate Brokers: Our ratings are derived from a comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's offerings.
Founded in 1996, Transact Futures is a futures commission merchant (FCM) based in Deer Park, Illinois. The broker offers a proprietary trading platform known as "Transact AT," which is designed for active futures traders. Unlike many brokers, Transact Futures does not support widely-used platforms like MT4 or MT5, focusing instead on its own system. The broker primarily offers futures trading, including commodities and equity index futures, while being regulated by the CFTC and NFA.
Regulated Areas/Regions:
Transact Futures is primarily regulated in the United States by the CFTC and NFA. However, there have been past regulatory actions against the broker, including fines and cease-and-desist orders, which may raise concerns for potential clients.
Deposit/Withdrawal Currencies/Cryptocurrencies:
Deposits are accepted in USD, EUR, AUD, and GBP, with transactions primarily conducted via wire transfers. The broker does not currently support cryptocurrency trading.
Minimum Deposit:
The minimum deposit for an individual account is $2,500, while a joint account requires a minimum of $5,000.
Bonuses/Promotions:
The review sources did not indicate any current bonuses or promotions being offered by Transact Futures.
Tradable Asset Classes:
Transact Futures specializes in futures trading, allowing users to trade commodities, equity index futures, and potentially Bitcoin futures, although the latter is not explicitly detailed in all sources.
Costs (Spreads, Fees, Commissions):
User reviews indicate that commissions can be relatively high, with some traders noting costs around $6 per round turn for popular futures contracts. This fee structure may deter high-frequency traders.
Leverage:
The leverage offered can vary, typically ranging from 1:10 to 1:20 depending on the specific futures contract.
Allowed Trading Platforms:
Transact Futures provides its proprietary platform, Transact AT, and does not support third-party platforms like MT4 or MT5.
Restricted Regions:
While primarily serving U.S. clients, the broker has also catered to clients in the UK, Australia, and Italy. However, exact restrictions were not detailed in the sources.
Available Customer Service Languages:
Customer support is available primarily in English, with no specific mention of multilingual support.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 8 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 6 |
| User Experience | 7 |
Account Conditions (7/10):
The minimum deposit requirement is relatively standard for futures brokers, but the absence of a demo account could be a drawback for new traders. However, the account types available cater to both individual and joint traders.
Tools and Resources (8/10):
Transact Futures provides a robust proprietary platform with advanced charting capabilities and real-time market data. Many users appreciate the integrated support and the platforms user-friendly interface, although it lacks compatibility with popular third-party software.
Customer Service and Support (6/10):
While some users reported positive experiences with customer service, others noted that the support staff could be less than friendly and occasionally unhelpful. This inconsistency can affect overall user satisfaction.
Trading Experience (7/10):
The platform is generally stable, with fast execution speeds reported. However, there are occasional complaints about platform outages, particularly during peak trading times, which can be frustrating for active traders.
Trustworthiness (6/10):
The regulatory history of Transact Futures raises some flags, particularly the past fines and regulatory actions. While it is currently regulated, potential clients should be aware of these historical issues.
User Experience (7/10):
Overall, user feedback is mixed, with many appreciating the platform's features but expressing concerns over costs and customer service. The user experience can vary significantly based on individual expectations and trading styles.
In summary, while Transact Futures offers a solid trading platform for futures trading, potential clients should weigh the pros and cons carefully, especially concerning fees and customer service. The mixed reviews and regulatory history suggest that due diligence is essential before opening an account. For those considering a futures trading career, Transact Futures presents a viable option, albeit with some caveats.
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