Our test result: Tradovest is not a scam. In this review, you will be able to find out how to use this broker and what are robots through which you can trade on Tradovest.
In 2019, Tradovest ranked among the most popular online brokers. The question of whether it is a scam or not remains, which is why we tested it. Our test revealed that it is a legit broker and the best way to use it is through an auto-trading robot called Bitcoin Profit.
Keep on reading to find out about Tradovest’s pros and cons, the trading platform it uses, its customer support services and how to trade on it through Bitcoin Profit.
What is Tradovest?
Tradovest is currently owned by Celestial Trading LTD and is registered at Gateway 8, Rue de la Perle, Providence, Mahe, Seychcelles. Celtic Pay LTD is the firm processing payments on behalf of Tradovest. The website claims that the broker is the leading trading platform in the world, with over 1,000 assets to trade with. There are also many different education tools and resources you can benefit from, especially if you are new to the world of crypto trading. It also offers a mobile app for both iPhones and smart phones, round-the-clock customer support and has no commissions. We have found it to be a legit platform and we will tell you more about it, but first we would like to go into more detail as to what Tradovest actually is.
Even though it is reliable, Tradovest is simply an online broker. This means that despite offering you certain advantages while trading, it is not sophisticated enough to offer the option of auto-trading. Brokers are platforms that offer you a space to place investments and follow trading strategies, but if you are looking for a platform that helps you make decisions while you trade, then what you are looking for is not a broker but a crypto robot. Auto-trading robots like Bitcoin Profit and Bitcoin Trader are capable of placing trades automatically by following algorithms. These robots claim to be remarkably accurate and they are an interesting solution for inexperienced traders. Crypto bots have to be linked to a broker in order to function because through the broker, they can access the trading space and place trades for you. That is why through robots like Bitcoin Profit you will be able to trade on brokers like Tradovest.
Click here if you wish to access Tradovest through Bitcoin Profit.
Several reviews online claim that because Tradovest does not talk about its regulatory status on the official website, it can be assumed that it is an unregulated broker. It is on the website though, that we found that the broker actually is regulated. Tradovest is regulated by the Montenegro Security Exchange Commission. The fact that it is regulated certainly increases its trustworthiness because you can be certain that there is some agency monitoring and making sure that the broker is operating in the interest of consumers.
Is Tradovest Legit or Scam?
We have tested Tradovest and found it to be a legit broker. Trading on platforms like this one, no matter how reliable they may be, always has a risk. Losing part or all of your funds while trading is a possibility, but some platforms try to hide it hoping to lure more people into depositing funds in their accounts. This kind of thing does not make for a trustworthy trading platform. In fact, Tradovest is very honest about the risks of crypto trading and provides a risk disclaimer at the bottom of every page of the website. It also has an entire section of the website in which it discusses the risks you will be facing if you decide to trade on Tradovest.
The broker also offers an education centre. It is an area of the website dedicated to the information of users. You will be able to access a great deal of information that will help you through your trading experience. Having an education section demonstrates that the broker strives to protect customers and makes efforts to stop them from losing funds. Additionally, the broker offers 24/7 support meaning that a member of staff will be available to help at any point in the day should you have any issues or concerns.
The trading space is also very intuitive and easy to use. Both beginners and professional users will be able to enjoy its functionalities because it maintains all the tools that advanced users need to follow trading strategies but at the same time novices will be able to learn how to use them very quickly.
Tradovest certainly has a lot to offer. The features we mentioned are only some of the characteristics that make it a reliable broker. Keep on reading to find out more.
Tradovest offers a wide variety of assets you can choose to invest in. You may invest in Forex, stocks, indices and commodities. Among Forex, you can find the most popular currency pairs, such as USD/EUR, BTC/USD, LTC/EUR, ETH/EUR and many others. The commodities on offer include oil, gold, coffee and silver whilst the indices include Nasdaq, Dow Jones and more. Finally, the broker has quite a few stocks that you can choose from, such as Amazon, Facebook, Tesla, Ebay, Snapchat, Google, Coca Cola and McDonald’s among the most popular ones.
Tradovest offers a built-in platform to support trades. Even though it is not the same as using well-reputed and popular platforms like MetaTrader4 or WebTrader, the platform is still designed to resemble them. You will be able to find the asset listing on the right side of the screen and below it, you will be able to see your trading history. The charting will be on the right side whilst the trading settings will be on the bottom right. It is very easy to use. Users can intuitively learn its proceedings and functions very quickly. Also, the platform used by Tradovest does not even need to be downloaded in order to be used because it runs on browser, meaning that it is much easier to access through any device with an Internet connection.
How to trade on Tradovest through Bitcoin Profit
How to sign up on Tradovest directly (not recommended)
We understand that you may not want to sign up on Bitcoin Profit and instead register on Tradovest directly. We must stress that we do not advise doing that as you would be missing out on the claimed benefits and advantages provided by crypto bots, which provide an automated trading option. On crypto robots like Bitcoin Profit or Bitcoin Trader, not only you will be able to trade in auto-trading mode but you will also be able to access Tradovest and maintain the auto-trade option. By trading on Tradovest directly, you will miss out on having a software trades for you. When you trade on brokers without signing up on a robot first, you are on your own because your trades are not facilitated in any way. That is why most users trade on Tradovest via Bitcoin Profit or any other reliable robot.
You can sign up on Tradovest directly by going on the official website. The process is more time consuming than it is for Bitcoin Profit. You will be requested to fill in a form by providing your first and last name, email address, phone number and you will be asked to choose your country and create a password which you will have to type in twice for security reasons. After that, you will be required to confirm that you are over 18 years old and that you accept the Terms and Conditions to be able to complete your registration. At this point, you may deposit your funds into your new account and begin your trading experience.
Tradovest does not offer information on the different account types available. In the past, we have reviewed brokers having up to five or six different account options providing users with increased benefits compared to a standard account. These benefits are lower spreads and commissions, smaller fees, 1-to-1 support and much more. Based on the information we were able to access on the Tradovest website, there seems to be only one account type. This is perhaps one of the few aspects of the broker that could be improved.
You can have a look at the maximum leverage for each of the assets by going on the “asset index” section of the official website and clicking on the asset you want to find that information on. In general, the maximum leverage on this asset is of 1:200. This means that in order to make a trade, you are required to have at least 0.5% of the total value of your trade available in cash on your account for the broker to loan you the money to place that trade.
Commissions and Spreads
According to the Tradovest website, there are no commissions on the broker. Spreads, on the other hand, vary depending on the asset you choose to invest on. You can access information on the different spreads by either selecting an asset on the asset index or on the trading platform. When you do that, detailed information on the selected asset will pop up. The first thing listed will be the spread of the asset you have selected.
Deposits and Withdrawals
Tradovest offers a great variety of payment options for you to deposit and withdraw funds. You can pay by credit and debit cards such as VISA and MasterCard but also with popular e-wallets like PaySafe, Skrill, Neteller, Yandex Money, QIWI, AstroPay and more. You may also pay via bank transfers and various currencies are accepted. However, we are not entirely sure what these are so we suggest asking customer support if the currency you wish you pay in is accepted. They will certainly be able to help you find that out.
According to the website, Tradovest offers a mobile app on which you can access the broker. It can be downloaded both via Google Play and App Store. We had a look through the stores and the app actually is available on Google Play and can be downloaded for free. We were unable to find the app on App Store. Our first guess is that the app may be temporarily unavailable for iPhones due to some sort of technical issues. However, that should not be of any concern considering that the broker is web-based, which means that as long as you have an iPhone or any other smart phone with an Internet connection, you will still be able to access Tradovest without any troubles.
Education and Resources
The broker offers quite a few education resources aimed at protecting you from the risks associated with trading but also helping you know more about crypto trading and different strategies of investment. There are both video tutorials and eBooks you can access for CFDs, Forex and Binaries. The resources are divided into sections for beginners, advanced and professional users. They all provide some great information on cryptocurrencies, trading strategies, social trading and much more. You can access all of these resources even before signing up on the broker.
We were unable to find information concerning available bonuses or promotions on Tradovest. Our best guess is that there currently aren’t any. However, most brokers advertise available bonuses periodically, which means that Tradovest could soon be offering bonuses. The bonuses that are usually offered on these kinds of platforms are sums of money deposited into your account that you can spend on trades or coverage for trade losses.
According to the Tradovest website, customer support is available 24/7. Members of staff can be contacted via phone, email or through live chat. There are phone numbers based in UK, Germany, Austria, Switzerland, Netherlands, Spain and New Zealand. It is also specified that if you are calling from none of the countries listed, you may call the UK phone number and a member of staff will be able to help wherever you may be located.
An email address to contact is not provided but instead there is a support form you can fill in for any trouble you may be experiencing. You will have to type in your full name, email address, phone number, content of the message and select the topic of your message. This can be account verification, affiliation, billing, general, media, promotions, technical support or trading platform. We tried contacting customer support during our test of the broker. Within a few hours they responded to our query in a polite and helpful manner. They will certainly be able to solve any problem you may have.
What makes Tradovest unique?
We put together a list of pros and cons to sum up what we have talked about throughout this review.
More robots where you can access Tradovest
Here are some crypto bots through which you can access Tradovest.
Is Tradovest reliable?
Yes it is. We tested the platform and have found it to be reliable. However, most users trade on it through a reliable robot like Bitcoin Profit. This way, you will have the option of making investments in auto-trading mode.
Is customer support available?
Yes customer support is available 24 hours a day. You can contact a member of staff by filling in a support form, via live chat or by mobile phone. The website provides phone numbers based in many different countries. If your country is not listed, you may call the UK phone number and they will be able to help.
How do I open an account with Tradovest?
Firstly, open an account on Bitcoin Profit where you can access Tradovest through the robot. It will only take a couple of minutes. All you need to do is type in your full name, email address, phone number and password and you will be ready to trade. Signing up on Tradovest directly is more time consuming and you would miss out on the auto-trading option.
What are the spreads, commissions and leverage on Tradovest?
There are no commissions on Tradovest and the spreads vary depending on the asset you wish to trade with. If you go on the asset index and click on the asset you are interested in, you will be able to see what the spread is for that product.
Are there risks when trading with Tradovest?
Yes. Trading with crypto always has risks, no matter what platform you use. Losing part or all of your funds is very much possible so please start trading by making small investments. If you see that you are making profits you can increase your investment amounts.
What supporting trading platforms does Tradovest use?
Tradovest uses a built-in trading platform resembling popular platforms MetaTrader4 and WebTrader. It has a user-friendly interface that both novices and professional users can benefit from. Also, it is web-based so there is no need to download it to access it.