Trade Nation Review
What Makes Trade Nation a Good Choice for Trading Online?
In 2019, the Core Spreads trading platform opted to rebrand as Trade Nation. However, despite shedding a new skin, it still offers the same features and benefits to financial traders living in the UK:
- Fully regulated by the Financial Conduct Authority (FCA)
Providing 100% peace of mind to retail traders in the safety and security of trading funds and sensitive data.
- Low fixed spreads giving you total transparency for your trading costs
Although its competitors may increase spreads during peak trading hours, Trade Nation’s fixed spreads help to reduce trading costs in the long-term.
- Sleek and intuitive trading platform
Committed to creating a simpler trading experience, their motto is “everything you need, and nothing you don’t”. Free demo accounts are also available for risk-free practice.
- Simple risk management tools to manage your losses (and profits)
Use the Trade Nation trading platform or the compatible MetaTrader 4 to submit, stop and take profit orders.
- Excellent customer support
Benefit from responsive customer support from the Trade Nation help desk 24/5.
- No minimum deposit ensuring no barrier to entry for beginners
Only deposit enough to cover your trade’s margin requirements.
Is Trade Nation Safe?
If you are wondering whether Trade Nation is a safe and secure financial trading platform, we’re happy to report that it is a broker that is regulated across the globe. British traders will be pleased to know that Trade Nation is fully regulated by the FCA. It’s also compliant with the European Securities and Markets Authority (ESMA).
UK traders also have their trading funds safeguarded under the terms of the Financial Services Compensation Scheme (FSCS) up to £85,000. Client money is also segregated away from the broker’s operating funds for total peace of mind.
Elsewhere, Trade Nation is also regulated by the Australian Securities & Investments Commission (ASIC), the Financial Sector Conduct Authority (FSCA) in South Africa, and the Securities Commission of The Bahamas (SCB).
Trade Nation is a wholly reputable place to trade the financial markets because, by its own website’s definition, it is “challenging industry standards”. It is also passionate about battling to “undo the injustices” of financial trading by creating a fairer climate for retail traders.
Trading Online with Trade Nation
Perhaps the only area that lets Trade Nation down is the amount of asset classes available to trade through its platform. Its trading products are largely restricted to forex and contract for difference (CFD) trading, although spread betting is also offered.
Forex traders will benefit hugely from opening an account with Trading Nation. Many of the leading EUR forex pairs are covered here, as well as the most liquid GBP forex pairs and the major USD forex pairs. There are several minor and exotic forex pairs available too, including those relating to the Australian, New Zealand, and Canadian dollars.
On every single forex pair covered, Trading Nation is fully transparent with the size of its spread, with a fixed spread offered at different times of the trading day. For the GBP/USD, it is available at a spread of just 0.8 before 7 am.
Cryptocurrency trading is not permitted at Trade Nation. As it is a financial platform regulated by the FCA, it must abide by all of the FCA’s rules and stipulations. At the time of writing, the FCA has prohibited leveraged cryptocurrency products for CFD trading and spread betting.
The reason being the asset’s extreme volatility and the inability for cryptocurrency assets to be accurately valued. By simply removing them altogether, Trade Nation aims to prevent its clients from experiencing unexpected losses in the crypto markets.
CFDs are another aspect where Trading Nation excels. First and foremost, CFDs are offered across a broad range of global indices. This includes the Asian markets for the Australia 200 and the Hong Kong 50, and the Japan 225.
The European markets for German, French, Spanish and Swiss stocks are also included. Finally, the British markets for the FTSE 100 and FTSE 250 and the US markets for the US 2000, US 500, the US Tech 100, and the Wall Street 30 are also available.
Additionally, you can trade CFDs across a wide range of commodities, including energy (Brent Crude), metals (Aluminium, Copper, Gold, Lead, Nickel, Silver and Zinc), and government bonds.
Trade Nation’s CFDs also give you direct access to trades on prominent stocks and shares in the London and New York stock markets. Spreads on UK stocks in the FTSE 100 are as low as 0.1%.
Similarly, US shares are available with spreads of just $0.04 ($0.02 either side of a stock’s real value). You can also trade European and Australian shares, with fixed spreads of 0.2% and 0.3% respectively.
Opening a Trade Nation Account
Thinking of creating a Trade Nation account and sampling their trading platform yourself? Read on as we explain the difference in available trading accounts, how to sign up and the available deposit methods to fund your Trade Nation account.
Can I Open an Account at Trade Nation?
Trade Nation is licensed and regulated in every nation it operates. This means retail traders based in the UK, Australia, South Africa, and the Bahamas are permitted to open client accounts with Trading Nation. Trade Nation also welcomes retail traders from the following nations:
- Hong Kong
- The Netherlands
- United Arab Emirates
What Are the Different Types of Accounts?
There are two types of trading accounts open to retail traders at Trading Nation. Beginner and intermediate financial traders are encouraged to open the ‘Low Leverage’ account which offers 1:30 leverage. Meanwhile the ‘High Leverage’ account is best suited to advanced financial traders, with 1:200 leverage up for grabs.
It’s worth noting that the platform’s trading tools, spreads and fees are the same across both account types.
How to Open an Account at Trade Nation?
On the Trade Nation homepage, prospective new clients must click the ‘Join us’ button in the top right-hand corner of the screen, before following the on-screen instructions.
It’s possible that you will be prompted to send Trade Nation documentation to prove your identity and address. Providing you are prompt with sending this, the platform typically approves applications and allows you to get up and running within one working day.
Once your account is active, you can then go into your account and process your first real-money deposit. You must first select a deposit method – either bank transfer, credit/debit card or e-wallet – before hitting ‘Continue’ and filling out your account details.
There is no doubt that hidden transaction costs hurt the bottom line of financial traders. Read on to discover Trade Nation’s approach to trading fees.
With Trading Nation’s pledge to deliver the “fullest and fairest” trading environment, it is open and transparent about all its trading costs. The spread is the main trading cost incurred by traders across all forex pairs, commodities, indices, and stocks.
The narrower the spreads, the cheaper it is to trade. Trade Nation’s spreads are narrow and fixed, giving you total clarity compared with some brokers that widen spreads when markets are typically most volatile.
The only other charge incurred is overnight interest on open trades. Overnight interest is determined using a one-month interbank rate for the fiat currency you trade with. For example, UK traders using GBP will see their overnight interest based on the London Interbank Offer Rate (LIBOR), plus an additional 2.5%.
Overnight interest is calculated a little differently for open forex positions. In this instance, Trade Nation uses the difference between the interest rate of the base currency and the quote currency, before applying its additional 2.5% charge.
If you are a retail trader that’s not overly active in the markets and you are only likely to open trades sporadically, you’ll be pleased to know that Trade Nation is a cheap broker for non-trading fees.
The platform refuses to charge clients for non-trading related activities like fees for deposits or withdrawals. Nor does it charge an inactivity fee or an ongoing account management fee.
Trade Nation Deposits and Withdrawals
At the time of writing, Trade Nation allows Low Leverage and High Leverage account holders to deposit funds in the following fiat currencies:
What is the Minimum Deposit at Trade Nation?
What’s great about Trade Nation is that it doesn’t attempt to price out newcomers to financial trading. There is no minimum deposit for account holders. The only stipulation is to deposit sufficient funds to cover the margin requirements of any open trade.
Deposit Methods and Fees
At the time of writing, Trade Nation currently accepts deposits via bank transfer, as well as debit and credit cards. It’s also possible to send funds instantly via Skrill e-wallets. There are no transaction fees incurred with any of the deposit methods mentioned.
Withdrawal Methods and Fees
According to Trade Nation’s own FAQs section, the broker attempts to withdraw funds from clients’ trading accounts using the source of their initial deposits. There is a minimum withdrawal amount of £50 but no withdrawal fees are incurred.
Customer support for traders of the Trading Nation platform is up there with some of the best in the business. Its department is well-known in the industry for its swift response times, despite not offering 24/7 live chat functionality.
The chatbot, though helpful in directing users to FAQs and relevant pages, is by no means a good replacement for live chat.
With a largely UK-focused customer base, it’s no surprise to find that the customer support team is available in English only.
Methods of Contact and Availability
You can dial the Trade Nation customer support helpline directly via +44 (0) 203 180 5952. The helpline is open during normal trading hours. This means that you can expect a response from 22:00 GMT on Sunday through to 22:00 GMT on Friday.
You can drop the Trade Nation customer support department a line by emailing [email protected] Emails are only read and responded to within normal trading hours.
If you have a more general question about trading, you can always give the chatbot a try. It’s not as responsive as a live chat function but it may point you in the right direction of answers more quickly than waiting for an email reply.
Our Overall Impression of Trade Nation
In our opinion, there is every reason to trust Trade Nation as a safe and reputable broker for trading the financial markets online. As an FCA-regulated platform, it must abide by all FCA compliance rules, safeguarding the interests of retail traders across the country. Better still, the FSCS ensures a maximum of £85,000 is protected in the event Trade Nation unexpectedly goes out of business.
Its low fixed spreads offer total transparency across all the financial markets, allowing you to calculate your trading costs with the utmost accuracy and confidence.
In terms of trading software, it’s possible to use Trade Nation’s proprietary trading platform. A ‘Smart News’ feature for real-time news updates, a ‘Signal Centre’ to develop trading angles based on market signals, as well as a mobile trading app for iOS and Android users to monitor positions on the move are available here. It’s also fully compatible with MetaTrader 4, although MetaTrader 5 is not yet supported by Trade Nation.
The motto of Trade Nation is that trading customers “deserve better”. Its transparent, customer-first approach is certainly a refreshing take on trading brokerages for retail traders. Interested clients can get one-on-one walkthroughs of the Trade Nation demo account to get you up to speed before you risk a penny of your money in the markets.