- Warns Against S2Trade
- S2Trade Trading Platform
- Trading Conditions
- S2Trade Support
Britain’s Financial Conduct Authority (FCA) has issued a warning about GoldTech Media Services OÜ, the site’s operator, for targeting British residents and conducting activities in the United Kingdom that otherwise require authorization that that the company was never granted. The Estonian regulator, Finantsinpektsioon, issued a warning of its own, accusing GoldTech of “selling” services they cannot actually provide as described online.
Online since May 2017, S2Trade is an online brokerage for forex, CFDs, commodities, stocks, and futures. The website is owned and operated by GoldTech Media Services OÜ, which also operates Glenmore Investments. The website lists two addresses: Tornimae 5, Tallinn 10145, Estonia, and an “operational address” at Roosekrantsi 2-K255, Tallinn 10119, Harju Maakond, Estonia. The second address is almost identical to that of GammaTech Services OÜ, which owns and operated the KayaFX trading site.
Like KayaFX, S2Trade uses the MetaTrader-4 platform, which is known as the industry’s market leader. Customers who prefer not to install additional software can use a web-based version. A mobile app is available for iOS and Android devices. It includes all the features of the desktop platform but with an intuitive interface that enables trading to be undertaken in the quickest possible and comfortable manner. The app is available from the iPhone App Store and the Google Play Store, and is also appropriate for tablets.
In addition, trading may be conducted using WebTrader, a fully-featured browser-based platform that provides complete access to information about markets and enables trading to begin immediately with full control over trading choices.
All data is fully encrypted. The site employs Verisign SSL technology and multi-layered backup systems located in secure, separate locations to keep personal details safe at all times. Client funds are held only in Tier-1 financial institutions.
The web site is available in English, Russian, German, Italian, Spanish, and Arabic. Islamic accounts are available upon request.
S2Trade offers three account types:
- Standard, with a minimum deposit of $500, for beginners who wish to trade commission-free
- Premium, with a minimum deposit of $5,000, for more experienced traders who want a professional advantage
- VIP, with a minimum deposit of $50,000, for “big” players who want a more personalized approach
All three enable access to technical reports and provide account managers. The popular Premium account adds a rebate program, one-on-one trading and trading signals. The VIP account adds to all that express withdrawals. The minimum spreads for both commission and non-commission accounts differ for all three.
Forex trading includes major, minor and exotic pairs. Trading is permitted 24/5. The site also enables trading of CFDs, soft and hard commodities, indices such as the such as the DOW 30, SPX500, FTSE100, EuroStoxx, IBEX, and CAC, and stocks and futures in some of the world’s most popular companies.
The cost of trading, however, is also unusually high. Spreads range from about 1.6 to 2.4, even on major currency pairs. This is unusually high and is about double the industry standard.
Bonuses may be given at S²trade’s discretion to new clients of any type of account as a welcome promotion on first deposits. The usage of bonus and the services derived from it is mandatory and any account inactivity will result in the removal of the bonus six months from the day it was deposited to the account. Bonuses are limited to one per each account for the initial deposit only. Subsequent deposits are ineligible for additional bonuses.
In order to receive the bonus, the Client must notify the account manager or Customer Support that an initial deposit has been made. The bonus can then be added to equity and is immediately tradable, subject to compliance requirements. The maximum amount of a bonus that a client is able to receive will not exceed 30% of the deposit amount or $10,000 USD, convertible in the account’s base currency.
Withdrawals of bonuses are subject to trading activities and traded lots. For a bonus of $1,000, for example, the minimum lots required are 200. This is referred to as the “required trading volume.” The bonus may be withdrawn only once the required trading volume, which is calculated from the first trade after the bonus is credited to the account, has been reached. The withdrawal of profits made while enjoying the bonus are subject to the same volume requirements.
If the client requests to withdraw funds before executing the required trading volume, all the credit and the profits derived from it, will be cancelled automatically upon withdrawal and only after meeting all of the company’s terms and conditions.
Payments can be made with Visa, MasterCard or four different e-wallets. Account currencies are limited to the U.S. dollar, euro and pound sterling.
A demo account is available with $500 of play money so clients can practice with the software before moving on to live trades.
S2Trade says that it places a high emphasis on its online education center, where top-of-the-line materials are available to its clients. These include easy-to-understand videos, webinars, e-books, and one-on-one training designed to enable traders to imporove their skills. A daily market analysis, economic calendar and FAQ page are also available.
Customer support is available 24/5 via telephone, live chat or email.
S2Trade is not licensed by any national regulator.