On-line since: 2011
Country of origin: Cyprus
Payment options: Visa, MasterCard and Maestro, Skrill, Neteller, SOFORT, WIRE Transfer, TrustPay
Minimum account size: $100
Minimum lot size: 0.01 lot
Spreads: fixed from 2.2 pips
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Tradeo is a relatively young company which started working in the forex market in 2011. Tradeo is a STP forex broker.
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At the moment Tradeo is positioning itself as a provider of social trading which implies an up-to-date approach to access to the financial markets and its effective utilization. The company offers access to more than 100 currency pairs, indexes, and commodities. Tradeo’s clients are eligible for low spreads, around-the clock client support, and transparent pricing. The company charges no commissions.
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Tradeo’s distinguishing feature is the philosophy of financial services provision; the company’s clients may share their experience and the examples of trading activity and monitor other users’ activity in the chat. Popular trading platform MetaTrader 4 is used.
Signing up with Tradeo?
It’s worth noting that when Tradeo launched in 2012 (and we first tried the platform), they operated as a pure social trading network only. Anyone with an MT4 or ACT compatible broker could connect their account and use the platform. In order to copy other traders you had to sign up with one of their partner brokers.
Since 2014 Tradeo changed their business model and they now act as broker too. In fact, they’re a STP brokerage (not a market maker), meaning they don’t trade against you.
So now the social trading platform is exclusive to Tradeo customers. This does mean though that signing up is easier since only one sign up is required.
You can sign up and use their fully functioning free demo without the requirement to make any deposit. You can keep the demo running for as long as you like (some other networks restrict access to their demo for a limited period only). You’ll likely receive a call and some emails from their sales team but they’re not overly pushy.
If you decide to trade or copy other traders on Tradeo with real money you have to upload your id and proof of address documents. Real money accounts can be funded and managed in USD, EUR, GBP and JPY. Minimum deposit is $250. We still benefited from a nice 30% first deposit bonus. However because of some rule changes in relation to advertising by CySEC (which regulates Tradeo), bonuses are no longer offered since January 31st 2017.
In our own Tradeo experience the sign up process was very straightforward. Our account was activated within 24 hours after uploading the required documents. An account manager will also contact you to set-up a one-to-one session to take you through the platform (via remote screen sharing). Pretty useful and our account manager was able to answer all our questions (some very detailed) direct on the call without having to revert back (i.e. they were knowledgeable).
So on first impression there’re some positive points, such as the reasonable choice of currencies, unlimited demo account , low minimum deposit requirement, generous deposit bonus and delicated support.
Self Trading with Tradeo?
Tradeo’s brokerage offers you a choice of 170 FX and CFD instruments to trade on with up to 1:200 leverage.
You can bring up the order dialog pop-up for your favourite instrument direct from the webtrader interface, and for any other instruments from the instrument tab. Instant and pending orders can be entered from 0.01 lots with SL and TP. Up to 100 duplicate orders can be opened straight away too and one-click ordering is possible for the instrument displayed in the graph area.
The trade execution functionality and order execution speed on Tradeo worked fine in the few instances we tried so far. I.e. similar to what you’d expect from a standard online broker. Nothing more or nothing less.
Charts can be opened for any instrument and you can add lines, Fibonaccis and about 20 popular technical indicators. Orders can be opened directly from a chart too. All fairly standard and basic though anyone wanting advanced charting tools will use their own preferred software anyway.
If you like trading on-the-go then Tradeo has Apple iOS and Android apps available. The apps give you access to most, but not all of the functionality of the WebTrader platform.
We tried the Tradeo Android app (released October 2016) and in terms of self trading the presentation is slick and the trade execution worked seamless too. The app also gives you access to your current positions (handy on the go) and news feed. We’ve not tried the iOS version.
However if you prefer using mobile browsers to apps then unfortunately the WebTrader platform isn’t mobile response. We tried Tradeo on a 10.2 inch Android tablet and while the interface is visible, not all actions work. We certainly would not recommend using it for trade entry on tablet or mobile browsers, though checking open trades and balances is possible. It is however clearly designed to be used on a laptop or desktop PC.
While trading using laptops we’ve been using Tradeo on Firefox and Chrome browsers. While it’s been running fine for us, looking at the broadcast messages on Tradeo itself some people mentioned the interface is buggy in the past. Not clear though what devices they’re using (maybe mobile?) but something to consider and maybe try it first with their demo account before you use it to trade with real money.
Alternatively you can download MT4 for Windows or Mac from the Tradeo website too and use that instead of their webtrader platform.
Social Trading with Tradeo?
Where Tradeo’s “Social Webtrader” platform does differ from your standard broker trading interface is in the additional “social” features it offers.
When you look at a graph of any instrument, a sentiment indicator will tell you have many of the other traders on Tradeo are currently in buy or sell positions in this instrument.
In addition under the candles or bars in your chart you can see who was buying or selling at that specific time. This feature is very unique and can be quite useful. E.g. you can look back in time and find which traders were buying or selling at the right time. You can then follow them to see if their future performance is consistently good too and if so, you can copy them.
But the left hand column of your Tradeo Webtrader workbench is where the real social interactions take place. Various tabs are available to you depending on the information and communications you like:
- The Social Feed is where you can view the broadcast or trade signal messages from other Tradeo traders, or add your own message (which you can directly send to your Twitter or Facebook followers too).
- The Trading Feed shows real time trades executed by other traders. You can directly copy a trade from the feed if you want to take the same position.
- The News Feed is updated with real-time info from Reuters, FT, CNN, BBC and other sources. You can share any news you find interesting directly with the rest of the Tradeo community.
- The Chat Screen allows you to communicate via webchat privately with other traders currently online.
The social interaction features and freedom offered by Tradeo’s platform are the most profound of any social trading network we’ve reviewed or come across so far. We’re not aware of any other platform which gives you easy access to chat privately with other members or send broadcast messages as freely to the rest of the community as Tradeo allows. Unfortunately where such freedom is given abuse is likely to follow. While some conversations seem to be useful and show community members helping each other, some others are very irrelevant or promotional.
It would also be useful if language filters were added because at the moment the broadcast stream resembles a United Nations chatroom with English and French seemingly the dominant languages.
Following other Traders and Trade Copying with Tradeo?
While you can use Tradeo to trade in a “social” environment, many of you reading this review will be interested whether you can make money by simply copying other traders.
Well, since Q2 2017 Tradeo, due to regulation changes, no longer offers “automated trade copying”. However, you can still “follow” other traders, which means their live trades are displayed real-time in your social feed. You can then decide yourself whether to copy this trade yourself and execute the trade with 1 click of a button in your feed.
Tradeo works as a very open network and you can follow any trader whose profile is set to visible, and when your profile is visible anyone can follow you. Unlike with any other major social or copy trading site, traders are not compensated in any way when their trades get copied by someone else. This obviously is a very unique approach and got us thinking about the pros and cons of this.
A positive point is that when you follow a real money account you can be certain that this trader is purely trading for their own benefit and only risking their own money. I.e. they’re not trading to get commissions which may impact their trading style and increase their risk attitude.
But on the other hand, why would a top trader share their trades for free on Tradeo, while they can make additional money if they use another network?
The argument here is that traders benefit from the use of the innovative “social” trading platform keeps them at Tradeo. Obviously this will depend on the perceived benefit by the trader and will be relative. Also, not everyone wants to make money of others and some people take pleasure of helping others for free (yes it does still happen … sometimes
In terms of our experience we’ve noticed quite a large turnover of popular (most followed) traders so far on Tradeo over the past few years (our first few years were only as demo user). To use a real example, at the end of last year we were copying a trader called Granados from Spain. While we actually profited from this trader, their account was only active for a month and a half.
Trader Evaluation Features?
You can filter the traders on Tradeo using a number of variables such as average trade duration, approach, maximum drawdown, account age, most traded pair and average leverage. Some of the variables are based on the information provided by the traders themselves and hence not very reliable.
Since a new version of their platform was released in Q1 2017 you can however no longer sort the traders. You used to be able to sort them by % gain, most copied and most followed. However, as mentioned in our previous reviews, the results you got when sorting the traders weren’t very useful. E.g. the most copied trader showed losses of -100% and the % gains of some traders was larger than 1000% only because they used exponential leverage on the $25 free account bonus Tradeo used to offer (and they got lucky).
Tradeo now list the traders on their network in 5 different categories:
- Top Traders
- Most Followed
- Lower Risk
- Risk Takers
- Recommended for You
However what makes someone a “Top Trader” or “Recommended for You” is anyone’s guess. No explanation. Looking at the actual traders in most categories it does feel a little random.
Within the list views you can see the gain %, win %, numbers of followers, verified status and risk level of the traders. You can click on ‘profile’ to find some basic additional information, including most traded pair, pips gain to date, gain % to date, max drawdown, average trade time, total transactions and average leverage. Here you can also view whether it’s a real money or demo account they’re trading with.Trader Trader Profile example (click to enlarge)
You can see how long the Tradeo account has been active by looking at the performance graph for the entire lifetime. You can also view all current open positions, pending orders and closed trades. However closed trades only show the closed datestamp and not when the trade was opened. You also cannot download the historical trades for your own offline analysis and showing more than the last 100 closed trades becomes fairly cumbersome. This means it’s very difficult to analyse the trading style at specific times in the past.
The position sizes of any open or closed trades are not shared and neither is the actual account balance. So while the trader may be risking their own money on Tradeo it’s not clear how much.
And finally, the maximum drawdown figures look questionable since with some traders it shows historic drawdown of over 500%! This is strange since the maximum possible drawdown is 100%, at which stage the account lost everything.
So overall, the past performance indicators and analysis tools provided by Tradeo are fairly basic. Nevertheless you can get some indication of the trader’s trading style and historical performance. You can also follow them using your demo account first to more closely monitor them for a while before you consider copying one of their trade signals with a real money account.
The Tradeo trader search functionality can be improved significantly in our opinion. Currently there’s no way to order or to filter out all the unrealistically high gainers. A positive point is that while the categories mentioned above feel a bit random, the traders in their all seem to trade with real money accounts, and hence risk their own money.
Risk and money management features
In this part of the review we normally look at the options available on the platform which allow you to manage your risk when auto copying other traders.
This obviously isn’t relevant anymore, but when you manually copy a trade from a trader you follow, you have all the usual option to set the position size and optional SL and TP levels.
Costs and fees
Because Tradeo acts as a broker as well, the cost of using their social trading network and platform is totally free. The cost is assumed in the spreads, which seem a little high (compared to some discount brokers). On June 15th 2017, EURUSD spread averaged about 2.8 pips, AUDUSD 3.2 pips, USDJPY 3.3 pips and GBPUSD 4.1 pips. More exotic pairs are averaging about 8 pip spreads which is in line with most other brokers.
Because auto copying is no longer available, slippage cost isn’t really relevant anymore. However it may be worth mentioning that at the time we did some tests, slippage was very low (about 1 pip) compared to some other copying platforms. So the indication was that trade execution was very quick, which is obviously useful if you want to manually copy other trades on Tradeo’s social trading platform.
Tradeo offers e-mail, live chat and telephone support with local numbers for the UK, France and Italy. They also have a dedicated support section on their website with a knowledge base of previous questions & answers.
In addition quite a few clients seem to use the social interaction features to ask support questions directly to other clients.
Once you register, even for a demo account, you’ll normally already get assigned an account manager who will contact you both by email and telephone to see if you need any further information (and try to entice you with bonus offers to open a real money account).
The customer support we received so far has unfortunately been really poor. Response times to emails range from a day to a few days to no response. Also note that Tradeo without notice started charging for dormant live accounts, and backdated the charges.
We already mentioned that Tradeo offers a free demo account for you to try trading yourself with $50,000 of virtual money. Unlike with some other social trading networks, there’s no limit on the duration you can keep your demo account open.
Tradeo review Pros:
- Single sign-up since Tradeo acts as broker too
- Full non-expiring demo available
- Direct interaction possible with full community or individual traders
- Active social community
- Telephone and online chat support available
- Accounts possible in 4 currencies
- iOS and Android app
Tradeo review Cons:
- “Social Webtrader” platform not mobile friendly
- No automatic trade copying
- Trader evaluation tools fairly basic
- Difficult to view full trading history and not possible to download for off-line analysis
- Account balance or trade sizes not shared (no idea how much traders risk)
- Experienced high trader turnover to date
- Poor customer service
In summary, Tradeo is one of the better ‘trading platforms’ in terms of social interaction features offered. You can easily view the sentiment and trading activity of other traders and communicate directly with them. The features to evaluate the historic performance of other traders you like to follow are however fairly basic. So far the turnover of top (most followed) traders has been fairly high too in our experience. Hence Tradeo is more suited to active traders who enjoy engaging with others than passive investors who just want to copy other traders without monitoring their positions. Please consider though that customer support has been very poor and the spreads are fairly high as well.
Based on our continued experience we’ll keep this Tradeo review up-to-date when new features get released or our view changes. Of course your comments and feedback is welcome too?