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TradeDirect365 review: Low-cost CFD broker
Get low CFD rates and choose between MT4 and CloudTrade platforms.
TradeDirect365 is a low-cost CFD broker operating in Australia. Investors can trade CFDs (contracts for difference) either through their own CloudTrade CFD platform or the popular MetaTrader 4 platform. With TradeDirect365, you can trade share market CFDs, indices, commodities and forex currency pairs.
Important
Trading CFDs and forex on leverage is high-risk and not suitable for all investors - you could even lose your initial investment. Always check the provider’s PDS and consider the risks before trading.
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Details
| Type of broker | Online |
|---|---|
| Available markets | 30+ currencies, commodities, cryptocurrency, index CFDs, and stock CFDs |
| Minimum Spreads for Major Currencies | 0.8 - 3.0 pips |
| Commission | $0 |
| Minimum opening balance | $0 |
| Minimum Trade Size | 0.1 lots |
| Leverage | 1:2 - 30:1 |
| Platforms | MetaTrader 4 CloudTrade |
| Support | Phone, email and live chat |
| More Info |
Our verdict
TradeDirect365 is a relatively new broker that has a simple philosophy of "by traders for traders" and it largely delivers on this.
The broker prides itself on low fees and commissions and will appeal to most investors. It also has a wide variety of contracts for difference (CFDs) available and is one of the safer trading brokers.
TradeDirect365 also offers investors a range of educational resources.
All in all, despite lacking some of the history of more established players, TradeDirect365 will appeal to the majority of investors.
Good for
- Low fees
- Over 500 ASX share market CFDs
- Easy to use. The TradeDirect365 trading platform is intuitive and makes trading quick and simple
- Trade over the phone or online
Not so great for
- Smaller broker. There are more established names in the CFD trading market and some customers may feel more secure dealing with a bigger company
- Not the lowest spread on the market
Who is TradeDirect365?
TradeDirect365 was founded in 2014 with the goal of providing clients up-front, low commission CFD trading options. It offers tight, fixed spreads on the share market CFDs and forex markets that they offer.
Regulated by the Australian Securities & Investments Commission (ASIC), with clients funds held on trust with Westpac for added security, traders who choose TradeDirect365 can have an added peace of mind that their funds are safe.
What are the key features of TradeDirect365?
Some of the key features of trading CFDs with TradeDirect365 are:
Available markets
You can trade CFDs on Australian, US, European and UK individual shares. Through the CloudTrade platform, access fixed spread, CFD trading with some of the cheapest commissions in the industry.
TradeDirect365 also allows you to trade forex, indices, commodities and cryptocurrency CFDs via the popular MetaTrader 4 platform. How and where you trade is flexible and up to you as you can log into either account by using the same login.
Phone access
One of TradeDirect365's points of difference is that it allows clients to place trades both online via one of its CFD trading platforms, and also over the phone. Not many CFD or forex brokers offer this option, so it's a massive selling point if that's how you want to conduct your business.
If you need help, you can choose from the live chat option or 24/7 phone and email support. The company also offers dedicated apps for iPhone, iPad and Android devices.
Market data
Both of the TradeDirect365 CFD trading platforms provide live prices for the markets they quote. This data is easily accessible through the trading platform's price window. You can clearly see spreads, quotes and even tick data, all side by side.
The CloudTrade platform is powered by the Swan System, which is used by many of the world's leading trading platforms and is perfect for exercising fast trades.
Extra platform functionality
TradeDirect365 allows you to set up watchlists to keep track of rises and falls across a wide range of markets. This allows you to keep abreast of developments and make trades at the right time.
TradeDirect365 users can take advantage of technical analysis through the company's charting package. This includes a huge selection of customisable technical indicators, free email alerts, free backtesting tools and interactive tutorials.
Is TradeDirect365 safe?
TradeDirect365 has a track record of being a safe broker and it is regulated by ASIC in Australia.
Known as one of the most trustworthy and strict regulatory bodies in the world, ASIC's oversight ensures TradeDirect365 meets its capital requirements, is following correct compliance guidelines and offers a course of action for clients who feel aggrieved.
Furthermore, all client funds are held on trust with Westpac for added security and peace of mind.
What markets can I trade with TradeDirect365?
TradeDirect365 offers an extensive range of CFD and forex trading options. At the top of this list is CFDs on Australian, US, European and UK shares, as well as forex currency pairs, indices and commodities markets.
The full list of trading options is extensive, but here are some of the most popular markets available to trade with TradeDirect365:
- AUD/USD
- EUR/USD
- USD/JPY
- GBP/USD
- Australia 200
- Australia SPI Direct
- Japan 225
- US SPX 500
- Wall Street
- US Tech 100
- UK 100
- Germany 30
- Gold
- Silver
- Australian shares equity CFDs
- US shares equity CFDs
- European shares equity CFDs
- UK shares equity CFDs
What trading platforms can I use with TradeDirect365?
CFD broker TradeDirect365 offers traders the choice between 2 trading platforms:
- CloudTrade. This is TradeDirect365's web-based trading software. Access your CFD trading account anywhere, anytime that you have Internet access. This is the platform that you use to trade individual stock market CFDs.
- MetaTrader 4 (MT4). TradeDirect365 also offers clients the ability to use the popular forex trading platform. Trade forex, indices, commodities and cryptocurrency on MT4 and its associated mobile, tablet and cloud based apps.
While the CloudTrade platform is user-friendly and intuitive, if you find that you need more help or information, there's also a wealth of online resources in the company's education centre to help you improve your trading skills.
What account types are available with TradeDirect365?
While many CFD trading platforms offer a range of complicated membership levels and pricing plans, TradeDirect365 makes its features and services available to all users.
You have the option of opening one of the following account types:
- Individual/personal
- Joint account
- Corporate
- Trust/SMSF
But no matter the account, trading conditions, spreads and access to trading platforms are consistent across the board.
What customer support options are available from TradeDirect365?
TradeDirect365 has a 24/5 support team from Monday 7am to Saturday 7am.
Investors can contact them in 2 main ways:
- Phone
What are TradeDirect365's spreads and commissions?
One of TradeDirect365's key selling points is its low fees and commissions, which allow you to keep more of your trading profits for yourself. The following fees and charges apply:
- Australian share CFDs. A 0.07% commission applies (a minimum of $5 per transaction).
- Forex. 24-hour fixed spreads and no commission on Forex 0.8 pip AUD/USD, EUR/USD and USD/JPY.
- Commodities and indices. Tight 24-hour fixed spreads and no commission.
It's worth noting that if you're trading ASX share market CFDs, you're going to need to access live data from the ASX. This has a monthly charge of $27.50 but it can be waived if you satisfy TradeDirect365's volume requirements.
What are the pros and cons of trading forex with TradeDirect365?
Pros
- Low fees. TradeDirect365 prides itself on charging low fees and commissions. For example, a $5 commission applies to CFD trades on Australian shares or a 0.07% commission for trades more than $7,150 in value.
- Over 500 ASX share market CFDs. While many other CFD platforms offer a limited amount of stocks that can be traded short, TradeDirect365 offers more than 500 ASX shares.
- Easy to use. The TradeDirect365 trading platform is intuitive and makes trading quick and simple.
Cons
- Smaller broker. There are more established names in the CFD trading market and some customers may feel more secure dealing with a bigger company with a long history in the business. However, TradeDirect365 is still ASIC regulated and must meet all capital requirements.
How do I open an account with TradeDirect365?
If you want to open a TradeDirect365 CFD trading account, follow these steps:
- Go to the site and fill out the form on the broker's landing page.
- Choose the type of account you want.
- Provide basic information including date of birth and contact details.
- Deposit $500 into your newly opened account.
- Start trading.
Frequently asked questions
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
6 Comments
October 10, 2017
Hi Shirley
I am a new trader and would like your opinion on the best company to get me started. I like the idea of being able to trade on the go but want an appropriate platform for a new user. Many thanks.
October 10, 2017
Hello Paula,
Thank you for your inquiry.
We don’t have a specific advice on which platform to take for new traders, however we have a full-guide on online trading and investing which may be helpful to you. Additionally, you can also learn some general information on how to choose the platform for your online share trading business.
We have courses for new traders which can aid in knowing the foundations of trading shares and how to make money on the stock market.
Hope this helps.
Cheers,
Jonathan
June 13, 2016
Hoe long does it take to buy and sell a share on this platform?
June 28, 2016
Hi Hussein,
Thanks for your question.
The buying and selling itself happens in real time as long as it meets the price you’ve set.
However, all transactions related to the ASX go through CHESS which operates on a 3 day delivery payment system. Then you’ll need to transfer the funds from your TradeDirect account to your bank account if you want to use the funds.
May 22, 2016
Do you provide leverage of 1:500 for forex account ?
May 26, 2016
Hi Dean,
Thanks for your question.
Tradedirect365 doesn’t offer 500-1 leverage as TradeDirect365 believes that it is typically too much leverage for retail clients and not in their best interests.
They can increase client leverage up to 400-1 on the MT4 platform for clients that fully understand the risks involved.