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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.
Designed to make trading CFDs and forex as simple and efficient as possible, TradeDirect365 also aims to make the whole process cheaper. With low commissions and straight forward pricing plans, you can benefit from their low fee structure. In fact, a low $5 commission applies when trading CFDs on Australian stocks.
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 |
Quick verdict
Good for
- Ability to trade Australian stock market CFDs
- Choice of platforms
- Cheap brokerage
- Trade over phone or online
Not so great for
- CFD trading carries risk
- Not the lowest spreads on the market
Who is TradeDirect365?
TradeDirect365 was founded in 2014, with the goal of providing clients upfront, low commission CFD trading options. They offer tight, fixed spreads on the share market CFDs and forex markets that they offer.
Regulated by the Australian Securities and Investments Commission, 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 they allow clients to place trades both online via one of their CFD trading platforms, but 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 it quotes. 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.
Australian regulation
TradeDirect 365 is regulated by the Australian Securities and Investment Commission (ASIC) in Australia. Known as one of the most trustworthy and strict regulatory bodies in the world, their oversight ensures TradeDirect365 meets their required capital requirements, are following correct compliance guidelines and offer 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.
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.
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 are extensive, but here 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 TradeDirect 365, offers traders the choice between two 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 offer 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 offers a wide selection of education and support materials to users. Free comprehensive how-to guides and videos can be accessed through the company's website to provide simple, step-by-step instructions for all aspects of the trading process. There's also an FAQ section and a handy glossary of terms to help you understand some of the finer aspects of trading CFDs and Forex.
If you need further assistance, TradeDirect365 offers 24/7 phone and email support. There's also a live chat option to offer immediate help with your trading queries.
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 is 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 per cent 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, click any of the 'go to site' buttons on this page and fill out the forms on the broker's landing page. You will then need to select whether you want to open a corporate or trust/SMSF account, or if you want an individual account. Make the decision that applies to your own circumstances.
For individual accounts, you'll need to be over 18 years of age and indicate that you are aware of the risks involved with trading CFDs on margin. You'll also need to declare that you are not a resident of the United States of America. Once you've provided your name, date of birth and contact details, you can then follow the steps to set up your account. The minimum deposit is $500 and this will need to be made before you can 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.
