Are you making the wise move?
Are you about to step into the field of trading? Well, when you step into this field, then your first requirement is to get hold of a reliable broker. If you have come across IDBTrades and planning to opt for this broker, then you should not make this mistake. IDBTrades is a forex broker, but it has many drawbacks that need your attention.
We will just answer why you should not choose this broker in the first place.
IDBTrades is not regulated, and even FCA has issued a warning in this regard.
24/7 support not available
The home page mentions 24/5 support, so if you are a trader who ardently believes in 24/7 support, then you are in for some disappointment.
Issues with different account types
All the account types offer leverage of about 1:200. We need to keep one thing in mind, and that is you should go for the minimal leverage if you are a novice trader. Higher the leverage higher is the risk.
Ideally, you should opt for the basic account when signing up with a trading platform. IBDTrades has four different account types. This includes mini, standard, gold and VIP. You do not get the basic trading tips if you opt for the mini account. The trading alerts are also not available with the mini account.
This is a major setback. Secondly, the customized plan is only available with the VIP account. The truth is that you need the maximum help when you are starting with your trading career, so IBDTrades disappoints you here.
Demo not offered
There is no discussion of the demo account on the IBDTrades website, so it seems that they are not offering a demo to the users. It is not quite possible to develop an opinion about a trading platform without trying the demo.
Education Centre not up to the mark
We had a good look at the Education Centre of IDBTrades, but we were not impressed. The Education Centre seems quite basic. There are no videos or step by step tutorials, so this is yet another discouraging element for the potential trader.
Bonus details missing
When you look at the home page of IDBTrades, then it mentions that you get a welcome bonus when you sign up with the platform. However, the detail regarding the bonus is not available on the site. This platform keeps the trader in the dark about the offered bonus amount.
The bonus details should have been listed with the different account types.
Risk-free trades detail missing
The platform claims that they offer risk-free trades. Ideally, the details of the risk-free trades should have been mentioned with the account types. However, it is not the case here.
If you want a prosperous trading career, then IDBTrades may not be the best selection. The website seems to have many enticing offers, but the details are missing. The omissions are bound to cast suspicion so why take the risk in the first place.