Tradeo Review and Opinion – Broker with Social Features
|Minimum 1st Deposit||250 EUR/USD/GBP (Jan. 2019)|
|Leverage||Depends on the asset and location. EU clients are restricted to a max. leverage of 1:50.|
|Free Demo Account|
|Regulation||Supervised and regulated by the CySEC (CIF licence no. 282/15)|
|Number of Assets||+200 instruments. Forex and CFDs on cryptocurrencies, commodities, indices and stocks|
|US Traders Allowed|
What is Tradeo?
Launched in 2012, Tradeo is an open social trading network for Forex traders from all over the world. Their main purpose is to allow individual traders to collaborate with each other, discuss ideas and automatically copy other successful traders. While initially anyone with an MT4 or ACT compatible broker account (in total over 50 global brokers were supported) was able to connect, in May 2014 Tradeo launched their new platform and announced that they will now be a Forex broker as well.
Since then, Tradeo has evolved as an individual brokerage service, focused on social trading features. They no longer support external brokers and their service is now fully integrated. Besides FX markets, you can also trade several CFD instruments. By using these contracts for difference, they’re able to expand their portfolio to offer more than 200 instruments in the following categories: stocks, commodities, indices and cryptocurrencies (a new addon with the recent boom of this market).
In terms of brokerage, Tradeo is an STP broker which means they transmit your trade to the liquidity providers through a fully automated, non-dealing desk intervention system. I.e. they do not benefit from your losses.
How we reviewed Tradeo
This review focuses mainly on Tradeo’s social trading features and network, while also providing some feedback on their broker capabilities. Just like any other reviews on our website, this one is based on our experience as a live customer with a real money account.
Signing up with Tradeo?
It’s totally free to join the Tradeo network and use their platform. If you don’t want to open a live trading account yet, Tradeo allows you to open and connect a demo account. 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. Their brokerage service offers a choice of 170 FX and CFD instruments, with 1:200 leverage.
Welcome bonus and minimum deposits
If you decide to open a real-money account to perform your own trades or follow other successful traders, you’ll need to pass an identity verification process and deposit funds. To get verified, you have to upload your id and proof of address documents. To fund your account, you’ll need to deposit a minimum of $250 (or 250 £/€). By the time we first funded our test account, we 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.
Signing up with Tradeo: simple process!
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 our 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 dedicated support.
Create your Tradeo account for free
It’s totally free to join the Tradeo network and use their platform. If you don’t want to open a live trading account yet, Tradeo allows you to open and connect a demo account. Their brokerage service offers a choice of 170 FX and CFD instruments, with 1:200 leverage.
Once connected, you can use Tradeo’s platform in 2 ways (or a combination of both):
- Trade yourself in a social way using their “Social WebTrader” interface.
- Follow trade signals from other traders
Tradeo Social WebTrader
SocialTrader was launched in December 2012. It is a complete web-based trading platform with fully integrated social network features. Where on most trading platforms users have to switch between the social information screens and the trade execution screens, Tradeo’s Social WebTrader is one of the first platforms to fully integrate both ‘social’ & ‘trade execution’ within the same visual interface.
The key features (all accessible from the same screen) of SocialTrader are:
- Real-time price streaming based on each user’s connected trading account.
- Full trade execution & management capabilities including one-click open and one-click close for multiple positions.
- Real-time charting of any chosen instrument. In addition to the normal chart features (e.g. drawing Fibonacci lines or changing timeframes) SocialTrader also adds “Social Charting” features to the charts:
- Layers the positions and orders of other users onto the chart real-time
- Enables collaborating on a trade by clicking on the position on the chart
- Allows trade execution directly from the chart
- Social Feed with broadcasts and signals posted by other traders from the Tradeo community.
- Trading Feed with details about trades of people you follow and your copied positions.
- News Feed with the latest major news events from around the world.
- Chat Functionality to discuss the market privately with other connected traders.
Trading by yourself on Tradeo
Tradeo’s brokerage offers you a choice of 200 FX and CFD instruments to trade on with up to 1:200 leverage (not available in Europe). You can bring up the order dialogue 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.
Charting Tools for Technical Analysis
Charts can be opened for any instrument and you can add lines like Fibonacci retracement 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.
Use Tradeo on-the-go
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 seamlessly 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 tablets 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.
Tradeo allows users to find and follow other successful traders on their social trading network. Where Tradeo’s “Social Webtrader” platform does differ from your standard broker trading interface is in the additional “social” features it offers. Automatic copying is no longer offered since Q2 2017 due to some regulation changes. However, customers can still copy the trade signals from the traders they follow, direct from their social feed.
Any user connected to Tradeo’s social trading network can choose whether to share their trades or not. There’s no commission paid for sharing trades, but traders who join have full free access to the SocialTrader trading platform. The platform is available in 8 languages, adding to its global appeal, and in October 2016 Tradeo had about 7,250 connected users from looking at the list of active traders in our live account. Because of the way Tradeo changed their platform and trader search functionality since then, it’s not possible to get an idea of a more up-to-date number of users.
Analysing the social trading platform
When you look at a graph of any instrument, a sentiment indicator will tell you to 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.
Why traders share their knowledge if they don’t get any financial incentive?
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 of the trader and will be relative. Also, not everyone wants to make money from 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.
However, apart from that trader we never profited from auto-copying any others. In fact, we never really found any consistently top performing traders on Tradeo and never did any traders make it on our list of “best traders to copy“. Hence the fact that you can no longer ‘automatically’ copy other traders, but just follow them, isn’t much of a loss in terms of functionality in our opinion.
In such cases, it’s better to just follow traders, and individually pick the trades you want to copy instead of blindly copying our their trades.
How to filter and find your ideal trader to follow
Traders can be filtered using a variety of parameter. They are also grouped in different categories such as ‘risk takers’, ‘top traders’. ‘most followed’ and ‘low risk’. Tradeo also recommends traders specifically for you. For each trader, some additional information such as a historic profit graph is provided.
Some of the filter available are the average trade duration, approach, maximum drawdown, account age, most traded pair & average leverage. The variables are also 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 were 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 lists 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 the 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.
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.
Opinion about the social features on Tradeo
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.
Regulation and legal information
Tradeo is a regulated broker that operates under all the necessary legal framework. Here’s the information provided on their official website:
“Tradeo is operated by UR TRADE FIX Ltd, a Cyprus Investment Firm (CIF) supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 282/15 and Company registration number HE336677, located at 359, 28th October Street, WTC Cyprus Trust Building, 3107, Limassol, Cyprus.”
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. As usual, you’ve got the choice for 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 are 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).
Pros and Cons
Tradeo review: PROS
- Single sign-up since Tradeo acts as broker too
- Full non-expiring demo available
- Direct interaction possible with the 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
Conclusion about Tradeo: social-trading is no longer their biggest asset
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 historical performance of other traders you like to follow are however fairly basic. However, the lack of an auto copy-trading system leaves Tradeo behind other strong competitors.
So far the turnover of the top (most followed) traders have been fairly high too in our experience. Hence Tradeo is more suited to active traders who enjoy engaging with others. Passive investors who just want to copy others should go ahead and try other alternatives like Zulutrade or Ayondo. Please consider that customer support has been very poor and the spreads are fairly high as well. Of course, your comments and feedback are welcome too.
Please note that this review is written based on our experience with a demo and real money account. Trading forex and/or with leverage can be very risky and result in loss of your full investment. Never invest money you cannot afford to lose and always consult a financial advisor if you’re unsure whether this type of investing is right for you.