See our top-rated brokers for Best US Forex Brokers for 2020 Read Guide × is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure Trade Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Trade’s parent company, GMO Financial Holdings, is well-respected and trusted around the globe. That said, our testing focused on the group’s UK-regulated forex and CFDs offering, which is only available to Professional Traders and, overall, left us unimpressed.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on Trade:

  • Trade is backed by GMO Financial Holdings, which is publicly-listed on the Tokyo Stock Exchange (JASDAQ: 7177). Trade is regulated in three tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for forex and CFDs trading.
  • While spreads in Japan are incredibly narrow, Trade's UK pricing is just slightly better than average. Overall, rates trail pricing leaders CMC Markets and
  • Outside of Japan, Trade is, unfortunately, a plain vanilla MetaTrader (MT4) broker with little to offer. Note: In November 2019, Trade stopped accepting retail clients in the UK and today focuses on professionals only.

Overall Summary Trade
Overall 3.5 Stars
Trust Score95
Offering of Investments 3 Stars
Commissions & Fees 4 Stars
Platform & Tools 3 Stars
Research 3 Stars
Mobile Trading 3 Stars
Customer Service 2.5 Stars
Education 3 Stars

Is Trade Safe?

help 95
Trust Score Trade is considered low-risk, with an overall Trust Score of 95 out of 99. Trade is publicly traded, does not operate a bank, and is by three tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Trade is authorised by the following tier-1 regulators: Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison Trade
Year Founded1991
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses3
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score95

Offering of Investments

Rank: 29th (of 30)

In the UK, Trade offers a total of 78 tradeable instruments, consisting of 53 forex pairs and 25 CFDs. The following table summarizes the different investment products available to Trade clients.

Offering Comparison Trade
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)53
CFDs - Total Offered25
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Commissions & Fees’s ECN accounts in the UK are the clear winner for EU traders as the all-in cost is lower even after the $8 round-turn commission. However, since November 1st, 2019, Trade's UK branch will no longer serve retail traders. The broker now only offers trading accounts to clients designated as elective professionals who maintain a minimum balance of £50,000 in their account.

Two account types: With Trade’s UK entity, the main two accounts offered are commission-based, including the ECN and ECN Plus accounts, where spreads are variable and average 0.2 pips on the EUR/USD. The ECN account charges $4 per side for every standard 100k lot, whereas the ECN Plus account charges $2.5.

Execution method Trade provides agency execution (market execution) in the UK. Since expanding the number of liquidity providers in the UK to a total of 16 venues, including its parent Trade Limited, spreads have improvement considerably at Trade's UK branch.

Japan pricing: The firm’s Japan-based entity offers, by far, the most competitive pricing and range of products. For example, the FXNeo account in Japan features a 0.5 pip fixed spread on the EUR/USD.

Gallery Trade
Minimum Initial Deposit$50
Average Spread EUR/USD - Standard0.9 (as of May 19)
All-in Cost EUR/USD - Active0.6 (as of Oct 19)
Active Trader or VIP Discounts Yes

Platforms & Tools

In the UK, Trade is primarily a MetaTrader 4 (MT4) broker offering the standard, out-of-the-box MT4 platform experience. The greatest range of trading platforms offered by Trade-related brands comes from its Click Securities offering in Japan. Unfortunately, these are not available in Europe.



Unfortunately, forex and CFD traders based in Europe have little market research available to them through Trade’s UK-regulated offering. Trade’s UK provides traders trading signals, an economic calendar, news headlines, and other content powered by Claws & Horns. Traders can also chat directly with an analyst.

Algorithmic trading: Trade's UK branch recently made Capitalise available, a web-based interface for creating algorithmic trading strategies that sync to your MetaTrader 4 account. I found the Capitalise service very straightforward and complements the broker's offering.

Across Trade (UK), GMO-Click (Japan), and Forex (HK), the scope and depth of research offerings vary considerably. While its other entities are behind on research, the firm’s Japan entity, GMO-Click, shines the most in the research category, bringing a wide range of tools to traders.


Mobile Trading

Like its primary trading offering, Trade provides a plain-vanilla MT4 mobile experience.’s best mobile experience is unfortunately only available in Japan.


Customer Service

To score Customer Service, partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.


  • Average Connection Time: 2 - 3 minutes
  • Average Net Promoter Score: 4.8 / 10
  • Average Professionalism Score: 5.1 / 10
  • Overall Score: 5.31 / 10
  • Ranking: 19 th (23 brokers)

Final Thoughts Trade’s parent company, GMO Click Securities, has the largest retail forex trading volumes globally. It’s a trusted brand; however, the best of what is has to offer is not in the EU (where it only accepts Professional Clients), but in Japan, leaving European forex and CFDs traders with little to no benefits beyond a standard MT4 experience.

About Trade

The Trade brand is part of GMO Financial Holdings, publicly-listed on the Tokyo Stock Exchange (JASDAQ: 7177). In the United Kingdom, Trade is a MetaTrader-only broker offering 55 currency pairs and 22 CFDs from its FCA-regulated entity, which offers matched-principal execution as an agency broker (no dealing desk).

GMO Financial Holdings holds regulatory licenses in Japan, Hong Kong, and the United Kingdom. The firm posted an average monthly FX volume in 2018 of $595.5 billion, making it the largest retail forex operation in the world, according to Finance Magnates. In Japan, GMO Click’s flagship platform is available alongside a large array of other platforms for forex, CFD, and cryptocurrency traders. Read more on Wikipedia about Trade. Trade Trading Features Trade
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)(Default MT4)
Charting - Drawing Tools (Total)(Default MT4)
Charting - Trade From Chart Yes
Watchlists - Total Fields(Default MT4)
Order Type - Trailing Stop Yes Trade Research Features Trade
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes Trade Mobile App Features Trade
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List No
Watch List Syncing No
Charting - Indicators / Studies(default MT4)
Charting - Draw Trend Lines No
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

Steven Hatzakis

About the author: Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this Website ( are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses or any of its reviews, products, or services. declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

arrow_drop_upBack to top