Tradit Review 2024

What is Tradit?

Tradit is a broker and trading platform licensed and regulated in Malta by the Malta Financial Services Authority under Licence Code GMCP. The company offers contracts for difference (CFDs) for over 330 assets across seven asset classes, including Stocks, Cryptocurrencies, ETFs, Indices, Forex, Commodities, and synthetic derivatives.

These CFDs mimic the price action of the securities they represent, allowing traders to benefit from price action without owning the underlying assets. They also allow traders to use leverage facilities to increase their profit (or loss) margins.

Tradit offers two types of accounts: retail and professional. The retail accounts have nine levels, depending on the amount of equity (capital deposited by clients) in them, while the professional accounts require users to demonstrate their knowledge of the market.

Each account type comes with varying maximum leverage facilities and perks.

Aside from core trading services, Tradit also offers tools like an economic calendar to help users keep up with and anticipate important economic releases, and a signals service to provide profitable signals to both beginner and experienced traders.

What Can You Trade With Tradit?

Tradit offers hundreds of CFDs across seven main asset classes. They include,

Stocks

These are shares from publicly listed companies worldwide that trade on stock exchanges. Tradit lists 196 stocks of companies that run the gamut from large blue chip listings to more speculative enterprises. All stock securities are CFDs and not the underlying assets.

Currency Pairs (Forex)

The forex market consists of currency pairs of major and minor nations. It is the most liquid market with the highest daily trading volume of over $5 trillion. Tradit lists 46 pairs that run the gamut from majors like EURUSD to popular cross pairs like EURGBP and exotics like USDHKD.

Cryptocurrencies

Cryptocurrencies are digital assets that reside on blockchain networks. They are a fairly new asset class compared to the others on this list. Tradit lists 13 cryptocurrency CFDs mainly consisting of popular blue chip cryptos like Bitcoin, Ethereum, Litecoin, Ripple, and Dash.

Commodities

Commodities are real goods and services that are traded, usually through futures contracts. They include popular metals like Gold and Silver, global raw materials like oil, and agricultural products like Corn, Maize, and Coffee. However, all commodities on Tradit are CFDs.

Indices

Indices are aggregates that track a basket of assets, a sector of the economy, or entire markets. They are usually representative and can’t be traded directly. However, instruments like mutual funds and CFDs can be created to track these indices. Tradit lists 28 indices.

ETFs

Exchange-traded funds are mutual funds that trade on a public exchange. They are divided up into shares, similar to public companies, and listed. ETFs combine some concepts of indices in that they track a basket of assets, but unlike indices, the ETFs hold the assets they track. Tradit lists 10 ETFs.

Synthetic Derivatives

Synthetics are derivative instruments that are built on other instruments but are tweaked or modified. For example, one could create an instrument that tracks bond prices but strips away coupons or shortens the duration. Tradit lists 27 synthetic derivatives.

Tradit Review - Key Features

Trading Services

Tradit’s key feature is the trading services it offers on CFDs across the seven asset classes listed above.

Forex Trading

Tradit offers CFDs for forex trading services for retail and professional traders with a maximum leverage of 1:30 for retail accounts and 1:200 for professional accounts.

Stock Trading

Tradit lists 196 stocks CFDs from markets around the world. However, a focus is on the largest companies, many of which are in the US. The maximum leverage for retail accounts is 1:5 while for professional accounts is 1:10.

Commodities Trading

Tradit lists 26 commodities with a maximum leverage of 1:20 for retail accounts and 1:200 for professional accounts.

Indices Trading

Tradit lists CFDs for 28 indices with a maximum leverage of 1:20 for retail accounts and 1:200 for professional accounts.

Cryptocurrency Trading

Tradit lists 13 cryptocurrency CFDs with a maximum leverage of 1:2 for both retail and professional accounts.

ETF Trading

Tradit lists 10 tradable ETFs with a maximum leverage of 1:5 for retail clients and 1:10 for professional clients.

Synthetic Derivatives Trading

Tradit lists 27 tradable synthetics with a maximum leverage of 1:5 for retail accounts and 1:10 for professional accounts.

Multiple Account Types

Tradit offers two major account types, retail and professional accounts, each with unique features and benefits.

Retail Accounts

Retail accounts are regular accounts that all traders can open. There are nine levels of retail accounts, each level offering more perks than the last. Moreover, one can change account type when profit accumulates and/or equity increases.

The table below highlights the levels, their equity requirements, and perks.

Professional Accounts

Professional accounts enjoy higher leverage facilities, faster execution speeds, lower margin requirements, negative balance protection, and segregated funds. However, to open a professional account, you must demonstrate that you possess the necessary knowledge and experience to make informed investment decisions and understand the risks involved.

You will also be required to forfeit certain protections extended to retail clients, like investor compensation and financial Ombudsman protection.

The table below highlights the account details.

Trading Tools

Economic Calendar

Tradit features an economic calendar that lists the dates for all important economic events like report releases that usually impact financial markets.

Signals

Signals is a service powered by Tradit’s Autochartist tool. It serves as an assistant that helps traders sift through data easily, gain actionable insights quickly, and come to useful conclusions.

How to Open a Tradit Account

1. Open an Account

Sign up for a new account by clicking the “Open an account” button at the top right side of the homepage. Fill out the form with your name, phone number, email, and password. Alternatively, you can sign up with your Google or Facebook accounts.

2. Verify Your Identity

Pass KYC by uploading a valid ID and a proof of address document like a utility bill.

3. Make a Deposit

Next, deposit some funds into your account. The minimum amount for your first deposit is $200 through either credit cards, bank wires, or e-wallets like PayPal or Skrill.

4. Start Trading

Once you deposit funds, you can trade on the live market.

History of Tradit

Tradit is a brand name under IFH Capital Trader Ltd, authorised and regulated by the Malta Financial Services Authority (MFSA). The company was founded to bring trading and the markets closer to individuals.

Tradit currently offers its services to individuals resident in Italy, Sweden or Poland.  It cannot service individuals who are from the United States regardless of whether they live in these countries.

Is Tradit Safe?

Our review shows Tradit to be a safe broker and trading platform as far as regulation and technological security go.

Regulation

The company is licenced by the Malta Financial Services Authority (MFSA), a regulatory body that requires the company to adhere to industry levels of compliance, security, and fair practices.

Security

Technologically speaking, Tradit uses SSL encryption to safeguard server-client communication. Financially speaking, Tradit keeps user funds in segregated accounts, away from company funds.

Tradit Reviews: Is it Suitable for Beginners?

For Beginners

Tradit is a great starting option for beginners as its easy-to-use platform makes navigating and placing trades an easy task. The XCITE platform is designed to cater to traders across the gamut.

Its useful tools, like the economic calendar, also help beginners keep track of important economic events, while the Signals service can help identify profitable setups.

For Experts

Advanced traders can benefit from the superior order execution services that professional accounts provide. Higher leverage combined with lower margin requirements can help traders maximise their profit potential.

Factors to Consider Before Using Tradit

Security

Security is the first consideration for any platform that accepts or handles user funds and personal data. Tradit’s security measures are up to date with SSL encryption and other platform firewalls to defend against any would-be attackers.

Licensing

Tradit is adequately licensed by the Malta Financial Services Authority (MFSA) and is legally allowed to provide brokerage services, investment services, and specified currency conversion services to traders around the world.

Securities List

As a general rule, the more securities a platform lists, the better. Tradit lists 330+ tradable securities across seven asset classes which are available to traders of all levels. As it stands, Tradit lists 196 stocks, 26 commodities, 28 indices, 46 currency pairs, 27 synthetic derivatives, 13 cryptocurrencies, and 10 ETFs.

Trading Costs

The trading cost here is the expense incurred from using the platform, regardless of the outcome of your trades. This usually includes the cost of executing trades, funding your account, and any other platform fees that may apply. More on this in a later section.

Customer Service

Customer service is important as traders need support to remain profitable. Tradit customer service is available via email, live chat, and instant messaging like WhatsApp. Meanwhile, a support section is available on the website for traders to use for self-help.

Tradit Fees and Costs

Trading Fees

Trading fees are the costs associated with executing trades, regardless of their outcomes. Tradit does not charge commissions on trades, instead, it adds a markup to the spreads of the securities listed.

These spreads are fixed (aside from synthetic derivatives, which can be up to 10%) so traders are aware of the costs of trading at all times. For a detailed list of all trading costs, visit the products sheet cost page of the website.

Rollover Fees

Rollover fees are the cost charged for holding positions overnight and they vary with securities. Details of these fees can be found on the products sheet page, but the table below summarises them nicely.

Funding Fees

Funding fees are costs associated with getting money into or out of your account. Tradit does not charge fees for deposits or withdrawals. However, your services provider may.

Payment Methods & Withdrawal Limits for Tradit

Credit/Debit Card

This payment method is usually the fastest and easiest to use but is usually also the most expensive. The minimum and maximum deposit limits for credit and debit cards are $200 and $10,000, respectively. The same limits apply to withdrawals.

eWallets

Electronic wallet providers like PayPal and Skrill are also accepted as a payment method on Tradit. The minimum and maximum deposit limits are $200 and $15,000, respectively. For withdrawals, these limits are $200 and $20,000.

Wire Bank Transfer

Wire bank transfers include both local transfers and international wires. The minimum limit for deposits and withdrawals is $50. This payment method does not have an upper limit. The maximum deposit and withdrawal amounts depend on the limits imposed by your bank.

How Does Tradit Compare to Other Crypto Trading Sites?

Tradit operates in a free market, and as such, competes with other financial institutions offering the same (or similar) services. The table below highlights how Tradit compares against some industry peers.

Reasons to Use Tradit

Powerful Proprietary Platform

Tradit offers a powerful proprietary trading platform called Xcite that is loaded with innovative features like the Signal service powered by the Autochartist feature, which helps users sift through market data and spot great trading opportunities.

The platform also allows traders to access the market on the go via a mobile application available on Android and iOS.

Streamlined Payment Methods

Tradit makes funding your account easy by including the most popular payment methods and making them free to use (at least on Tradit’s end). Users can deposit and withdraw funds at any time (note that withdrawals may not be immediate).

Low Cost

Thanks to Tradit’s fixed spreads and free funding, the platform is cheap compared to several industry peers. There is also no fee associated with opening accounts. Users always get the cheapest cost at all times.

Tradit Supported Countries

Tradit currently offers its services to individuals resident in Italy, Sweden or Poland.  It cannot service individuals who are from the United States regardless of whether they live in these countries.

Final Thoughts on Tradit

Tradit is a broker and trading platform that offers access to over 330+ tradable securities across seven major asset classes to users around the world. The broker is regulated in Europe and implements industry-standard security measures to safeguard user data.

Aside from core trading services, the broker offers a signal service that helps you to better take advantage of profitable setups and an economic calendar to keep you abreast of important economic events.

To begin trading, open an account, pass KYC, and deposit at least $200 using either a credit/debit card, e-wallet, or bank transfer.