trading.com review for UK traders

Regulation - 10/10

trading.com is regulated by the Financial Conduct Authority (FCA)in the United Kingdom and has Firm reference Number 705428.

trading.com is also a member of the Financial Services Compensation Scheme (FSCS) so UK traders will get investor protection up to 85,000 GBP.

XM Broker is now Trading.com in the UK

The brokers XM & trading.com belong to the same parent company called Trading Point of Financial Instruments UK LTD.

The XM broker in the UK has had its license suspended so its all XM users in the UK were migrated to trading.com.

So the broker XM no longer exists in the UK and they are no longer authorized by the FCA.

Deposits & Withdrawals - 6/10

Trading.com Minimum Deposit

trading.com minimum deposit is 50 USD for UK traders.

Trading.com Minimum Withdrawal

Trading.com minimum withdrawal is 20 USD for all withdrawal methods.

Accepted Deposit/Withdrawal Methods

Trading.com accepts funding & withdrawal through Local Bank Transfer, International Bank Wire & Cards.

Trading.com Withdrawal Time

Withdrawals by Cards are Instant and this is the fastest way to fund your trading account. Withdrawals by bank transfer can take up to 5 days..

Account Types - 5/10

trading.com only has one account type and it is a standard account that charges only spread & zero commissions as the major trading fees.

There is no diversity in account types as we see with other brokers and there is certainly no raw spread account. Trading.com has a zero-commission policy & offering raw spread pricing usually requires charging a commission per trade.

Account Management - 5/10

Account Currencies

trading.com has GBP account currency, as well as USD, EUR, CHF, PLN & HUF account currencies.

Maximum Number of Trading Accounts

At trading.com, you can open a maximum of 5 trading accounts. Managing these accounts is done from your Personal Area on the trading.com app or web trader.

Account Opening Process

Step 1: Registration

The first step is to visit the trading.com website, click on open account, enter your name, email & create a password.

You will get the option of using practice mode on a demo account or going ahead to create a live account.

Click on "complete registration" to proceed to create a live account.

A verification link will be sent to your email; please click on the link inside it to continue with the account opening process.

Step 2: Verify Your Identity

At this point you will need to enter your National Insurance Number, Tax Number & Residential Information.

Step 3: Financial Information

In this step you will be required to enter financial info such as your employment status, source of income, and you would be required to take a short test of your CFD knowledge.

Step 4: Phone Verification

trading.com will send a message to your mobile phone number and you will be required to enter the OTP code found in the message in order to proceed.

After the phone verification, you will need to choose your preferred account base currency and create a MT4/5 password.

Range of Markets - 5/10

1. Forex CFDs

You can trade over 50 forex pairs including majors & minors.

2. Stock CFDs

1,287 Stock CFDs of major companies around the world can be traded using leverage. We noticed Trading.com does not have an Earnings calendar which would have shown you when these companies will release their financial reports so you can trade accordingly.

3. Index CFDs

23 major indices CFDs are available including popular ones like Nasdaq (US 100), AUS 200, US 500 & UK 100.

4. Metal CFDs

You can trade Gold, Silver, Copper, Palladium & Platinum CFD crosses at trading.com.

5. Oil & Gas CFDs

You can trade Brent Crude, WTI Crude & Natural Gas CFDs at trading.com.

6. Soft Commodity CFDs

By Soft Commodities we are talking CFDs on agricultural produce including: Cocoa, Soybean, Coffee, Cotton, Sugar, Corn & Wheat.

Trading.com Fees - 5/10

1. Spread

Trading.com spreads start from 0.8 pips & remember this is a zero-commission broker so their spreads are going to be a little bit higher than industry standards.

However, trading.com does not do a good enough job of showing us the average spread for each instrument; all they show us is the minimum spread which is not very transparent.

2. Overnight Fees

Trading.com will charge you an overnight swap fee if you leave your CFD trades open till the next day.

3. Commission

trading.com makes most of its money from spread & it does not charge any commission.

4. Inactivity Fee

Trading.com charges a 10 GBP inactivity fee on accounts that have not been used for 12 months.

Platforms - 5/10

1. MT5

MT5 is available at trading.com but you don't get the MT4 platform.

2. Trading.com Web Trader

The trading.com Web Trader can be launched directly from the trading.com website and there is no need for installation. You can also manage & fund your accounts from the Web Trader.

3. Trading.com Mobile App

There is also a mobile app which is compatible on android and apple devices and with this app, you can trade CFDs & fund/withdraw from your account.

Tools - 5/10

1. Economic Calendar

The trading.com economic calendar tells you when important economic data like NFP, CPI, etc. will be released. The calendar is available on the trading.com mobile app, website & web trader.

2. Calculators

The trading.com calculators are useful if you trade on MT5 because Mt5 does not have calculators.

The calculators help you estimate the required margin to open a trade, swaps, pip value, convert currency & the profit/loss expected on a trade.

Customer Support - 8.5/10

1. Live Chat

Trading.com 24/7 live chat is available even on weekends & you don't have to wait more than 1 minute before you are responded to.

2. Telephone & Email

UK telephone help line (not toll-free) is available and you can also send queries to trading.com dedicated email address, or you just make a complaint by filling the complaint form.

3. Help Center

The Help Center is well organized and in addition to the search filter, the topics are properly organized into categories so you can find what you are looking for easily.

4. Education

Trading.com has comprehensive education suitable for beginners but the courses are mostly basic and not advanced.

Final Verdict - 5/10

Not a very good broker for beginners or learners. Trading.com lacks sufficient trading tools and doesn't offer a wide range of markets.

Who should use this broker? Experienced traders should use Trading.com but beginners may want to consider more beginner friendly brokers.