Note: TradoSpot's official website: https://www.tradospot.com is currently inaccessible normally.
TradoSpot is an unregulated forex and CFD broker operated by a company registered in Estonia and another company registered on the Marshall Islands. It offers a diverse range of trading instruments with a minimum deposit requirement of $250 and maximum leverage of 1:100.
However, it is an offshore broker that is not regulated by any financial authority.
Pros and Cons
Is TradoSpot Legit?
TradoSpot is operated by two companies: TradoSpot OÜ, which has a contact address in Estonia, and the second, Stepa Acquiring Ltd, which is registered in the Marshall Islands. However, neither of these companies is licensed by any reputable financial regulatory authorities in the industry. Therefore, it is not recommended to trade with TradoSpot.
What Can I Trade on TradoSpot?
TradoSpot offers investors a wide range of financial instruments, mainly forex currency pairs, indices, commodities, as well as a large number of CFD products for stocks and cryptocurrencies.
Currency pairs: over 50 forex pairs, with a number of exotic currencies like Singapore Dollar, Turkish Lira, South African Rand, Indian Rupee, Swedish Krona, Russian Ruble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Hong Kong Dollar and Danish Krone.
CFDs:
- Commdities: spot metals like silver, gold, palladium and platinum, agricultural and energy commodities like cocoa, soybean, corn, wheat, coffee, sugar, cotton, orange juice, copper, oil and natural gas
- Crypto: Bitcoin, Litecoin, Dash, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Monero, Verge, Swisscoin, Cardano, Stellar, NEM, Qtun, Lisk, Golem, Tron and Wavecoin.
- Stocks
- Indices
Account Type
TradoSpot has only one standard account with a minimum deposit of $250, and a minimum trade size of 0.01 lots.
Leverage
The maximum trading leverage is capped at 1:100. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spread
The fixed spread for EUR/USD shown on TradoSpot's official website is 3 pips, which much higher than the industry standard. Wide spread means high transaction cost borne by traders.
Trading Platform
TradoSpot offers only a web-based trading platform with restricted functionalities. Consequently, we advise you to opt for a legitimate broker that provides a professional trading platform, such as MT4 or MT5.
Deposit and Withdrawal
TradoSpot accepts payments via major credit or debit cards such as VISA and MasterCard, as well as bank wire transfers.
TradoSpot takes 14 working days to process withdrawals. Please note that regular brokers generally process withdrawals within 4 working days.
Additionally, clients will have to pay a fee of €20 per withdrawal via credit card and €40 per withdrawal via wire transfer.
