TradeDirect365 cryptocurrency CFDs review
Trade CFDs on bitcoin, Ethereum and Ripple on a platform which has zero commission fees for cryptocurrencies.
If you’re considering investing in cryptocurrencies but you don’t want to go through the hassle and confusion of actually buying any coins or tokens, you may be considering trading contracts for difference (CFDs) across digital currencies. This allows you to take advantage of price fluctuations in the value of digital coins and tokens, but without actually having to acquire any of those assets.
TradeDirect365 is an Australian CFD trading platform that now offers CFDs on bitcoin, Ethereum and Ripple. However, is it the right cryptocurrency CFD platform for you. Read on to find out what features it has to offer.
|Cryptocurrencies Listed||BTC, ETH, XRP|
|Payment Methods||Credit card, Debit card, POLi, BPAY, Bank transfer|
|Supported Fiat Currencies||AUD, GBP, USD, JPY, EUR, CAD, CHF|
|Leverage||50% on Cryptocurrency trading|
What is TradeDirect365?
TradeDirect is a Sydney-based CFD trading platform that gives users the option to trade CFDs on Australian, US, European and UK shares, indices, commodities and currencies. However, it has also recently started offering a select range of cryptocurrency CFDs, allowing you to access leveraged trading on three of the world’s biggest digital currencies.
Trading CFDs allows you to potentially benefit from rises and falls in the value of a crypto coin without actually having to acquire any cryptocurrency. However, note that losses could potentially exceed your deposits. TradeDirect365 is an ASIC-regulated provider that offers a simple trading platform, no commission fees and professional support with 24/5 trade desk hours.
Which cryptocurrencies can I buy/sell?
TradeDirect365 offers cryptocurrency CFDs on the following coins and tokens:
TradeDirect365 allows users from Australia and a wide range of other countries around the world to open an account. If you’re unsure whether you’ll be eligible to register for an account from your country of residence, contact TradeDirect365 directly.
Which payment methods are accepted?
You can deposit funds into your TradeDirect365 account using the following payment methods:
- Bank transfer/wire
- International bank transfer
- Credit card
- Debit card
How much will it cost me to use TradeDirect365?
Fees apply to account deposits as outlined in the table below:
|Domestic bank transfer||No charge|
|Credit card||Up to 2%|
|Debit card||Up to 2%|
|International bank transfer||Up to $20 per transfer|
TradeDirect365 states that it does not charge any commission fees on cryptocurrency CFDs. However, traders will need to consider the spread, or the difference between the buy price and the sell price, when calculating the total cost of trades.
TradeDirect365 offers the following spreads for cryptocurrency CFDs:
- Bitcoin: 70 points
- Ethereum: 8 points
- Ripple: 1 point
Because CFDs offer leveraged trading, you don’t need to pay the total cost of a trade. With TradeDirect365, you can deposit 40% of a cryptocurrency’s full value to place a trade.
You’ll also need to be aware of any fees applying to account withdrawals. While domestic transfers are free, international bank transfers attract a $20 fee and urgent domestic bank transfers come with a $15 fee.
Are there any transfer limits?
There is no minimum deposit required to open an account with TradeDirect365. However, you’ll need to make sure you have a sufficient balance in your account to cover the margin requirement.
Is it safe to use TradeDirect365?
TradeDirect365 is regulated by the Australian Securities and Investments Commission. The funds you deposit with TradeDirect365 are held in a segregated client account with a top-tier Australian bank. Money from customers is not used to meet any of TradeDirect365’s margin requirements.
If you need help with your account or a particular transaction, TradeDirect365 offers answers to an extensive range of FAQs on its website, as well as a range of handy user guides. However, if you can’t find the answer you’re looking for, you can access phone, email and live chat customer support from 9am to 5pm Monday to Friday.
Pros and cons
- Established trading platform.
- Competitive spreads and no commissions for cryptocurrencies.
- User-friendly trading platform.
- Only need 40% of a cryptocurrency’s full value to open a trade.
- Strong emphasis on customer support.
- Can also trade CFDs across a wide range of other assets.
- iOS and Android trading apps available.
- Cryptocurrency CFD trading is extremely risky.
- Can only access CFDs on three cryptocurrencies.
If you’ve compared a range of cryptocurrency CFD trading platforms and decided that TradeDirect365 is the best choice for you, click on one of the “Go to site” links on this page. Doing so will take you to the account sign-up page. To register you will need to:
- Choose the type of account you want to open (personal/individual, joint, corporate or trust/SMSF).
- Enter your name and date of birth.
- Provide your email address, phone number and home address.
Once your application has been accepted, you can deposit funds into your account and start trading.