BrighterTrade Review 2018

FairBinaryOptions Broker Certificate
  • Min. Deposit
  • Max. Leverage
  • Spread EUR/USD
  • Mobile Yes
  • Platform Scipio
  • LiveChat Yes

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Launched in April 2018, BrighterTrade is a licensed Forex CFD broker providing financial services to retail clients all over the globe. BrighterTrade offers trading in 190 assets, spanning Forex currency pairs, top cryptocurrencies, indices, stocks and commodities, from just $250. The easy-use web-based trading platform, is accessible from any desktop and mobile device, without a software download.

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  1. BrighterTrade Account Features

    Customers at BrighterTrade can choose from three types of trading account, tailored to meet the goals and needs of traders everywhere. Account registration is straightforward and free of charge. Customers simply fill in the account registration form, submit the form to BrighterTrade and check for the ‘welcome’ email. Subsequently, a deposit of funds is required to activate the trading account and for access to the trading platform.

    For margin trading with leverage, the level of leverage available to traders is indicated for every asset on the trading platform, and not according to the trading account type. BrighterTrade offers leverage for Forex trading in traditional currency pairs up to 1:400. However, because of the greater volatility of crypto markets and the larger potential risk to traders, the leverage ratio for trading cryptocurrencies against the USD is capped at 1:5.

    Whilst traders are not charged trading fees by BrighterTrade, the cost of trading is reflected in the spreads between the Sell and Buy price of each instrument on the trading platform. The spreads applied to customers at BrighterTrade depend on the trading account types and are shown as a percentage difference in the Sell and Buy prices. As we show in the account features below, traders can choose from accounts with fixed, floating or market spreads.

    BrighterTrade Basic Account Features

    • 190 tradeable assets
    • Fixed spreads
    • Requires a minimum first deposit of $250
    • Daily market review
    • Trading alerts provided free

    BrighterTrade Standard Account Features (Analysts Choice)

    • 190 tradeable assets
    • Floating spreads
    • Requires a minimum initial deposit of $5,000
    • Traders assigned a personal account manager
    • Trading alerts
    • Access to a personal analyst and webinars
    • Financial plan with protected capital
    • Risk management plan
    • Daily market review
    • Priority withdrawals

    BrighterTrade PRO Account Features

    • 190 tradeable assets
    • Requires a minimum initial deposit of $10,000
    •  Market spreads
    • Personal account manager
    • Personal analyst and webinars
    •  Trading alerts
    • All tier trade rooms
    • Daily market review
    • Risk management plan
    • Protected capital and financial plan
    • Priority/rushed withdrawals and higher payouts
    • Invitations to VIP events and special ventures
  2. BrighterTrade Trading Software

    It would appear that the web-based Forex and CFD trading software at BrighterTrade is the TraderSoft platform. Recognised as a reliable and secure software, TraderSoft has an intuitive interface with a broad range of financial instruments across multiple asset classes. The advanced features on the platform include immediate order execution with real-time market quotes, multiple charts and an economic calendar accessible directly from the platform. Importantly, tradeable assets are clearly grouped in three categories under CFD, Forex and FXsimplified.

    CFD trading covers commodities, indices and stocks only. Forex trading covers major, minor, exotic and cryptocurrencies. FXsimplified provides an ideal trading platform for less experienced traders wanting to trade currencies, commodities, indices and stocks.

    BrighterTrade Risk Management Tools

    Importantly, the FXsimplified features risk management tools, with traders choosing risk tolerance levels as well as placing Stop-Loss and Take-Profit orders. We can’t over-state the importance of setting Stop-loss orders on the trading platform. It provides protection from unnecessary financial risk, by automatically closing open positions, if a price drops substantially below the current price. By setting a stop loss order, traders take the emotion out of trading, as the software closes positions without hesitating, as soon as the pre-determined price is reached. Take-Profit orders are designed to lock in profits, by closing a position as soon as a price reaches a specified level, above the current price of an asset. By deciding in advance as to what an acceptable profit would be, traders can control the tendency to be greedy, and the possibility of losing the entire profit by waiting for even higher market prices. Because Forex markets are subject to huge volatility, the use of Stop-Loss and Take-Profit orders is regarded as essential for sustainable Forex trading, and considered important tools for novice and advanced traders alike.

    Your capital is at risk
  3. BrighterTrade Support Information

    Customers can contact the customer services team at Brighter trade over live chat on the interface, or by phoning +44 1446382070, a UK telephone number. Alternatively, clients can send enquiries by email or submit the contact form located on the contact page. The customer support team is available between 6 am and 6 pm, Monday to Friday UTC (coordinated universal time, similar to GMT). Nevertheless, we found the FAQs and the wide-ranging legal information provided on the BrighterTrade website, very informative and well worth reading, before contacting the support team. Additionally, customers enjoy support from BrighterTrade, through the Premium Education Kit offered in the Education Centre on the website. Traders have free access to professional investing tutorials, advanced technical indicators and analysis, E-Books as well as charting tools to enhance their trading skills.

    BrighterTrade Payment Methods

    Customers can fund their accounts in USD, GBP or EUR, using Visa or Mastercard credit cards, Skrill or EFT electronic wallets, or by bank wire transfer. It’s worth noting that the minimum deposit using wire transfer is $500 with a $25 commission payable on each transfer. However, the maximum deposit size using wire transfer is unlimited, whilst maximum deposits with credit cards and E-Wallets vary according the policies of the payment provider. For online security, BrighterTrade implements the internationally recognised, 256-bit SSL CSSL certified encryption technology. The advanced system automatically protects credit card transactions over the web and keeps customer data secure.

    BrighterTrade Withdrawal Policy

    Withdrawal requests can only be processed once the trading account has been verified. The company is legally obliged by AML regulations, to verify the identity of clients when receiving and transferring funds to and from clients. To verify an account, clients are required to submit colour copies of the following documents, to the compliance department at BrighterTrade: Valid government issue ID, recent utility bill (to prove residence) and the credit card used to fund the account. Importantly, when submitting credit card copies, customers are asked to show only the last four digits of the number on the front side of the card and block the CVV code on the back of the card.

    After processing withdrawal requests, it takes up to 14 business days for funds to reach customers’ accounts. Withdrawals of funds from BrighterTrade can only be made to credit cards and by bank wire transfer. Furthermore, the maximum withdrawal amount to a credit card, can’t exceed the amount invested in a BrighterTrade account, hence profits must be withdrawn using a bank wire transfer. Notably, the minimum withdrawal amount is $100, whether to a credit card or by wire transfer.

    It’s important to realise that customers who have accepted bonuses from BrighterTrade must fulfil the bonus wagering requirements before they can withdraw funds from the trading account. The bonus policy is clearly stated on the BrighterTrade website and should be read carefully before accepting any bonuses provided by the company.

    BrighterTrade is owned and operated by Ingoten OU, a company registered in Estonia as a Virtual Currency Exchange Service, by the Police and Border Guard Board, under license number FVR000058. The company is located at Harju Maakond, Tallinn, Kesklinna Linnaosa, Roosikrantsi tn, 2-K367, 10119, Estonia.

    Your capital is at risk
  4. BrighterTrade Payment Methods

    Customers can fund their accounts in USD, GBP or EUR, using Visa or Mastercard credit cards, Skrill or EFT electronic wallets, or by bank wire transfer. It’s worth noting that the minimum deposit using wire transfer is $500 with a $25 commission payable on each transfer. However, the maximum deposit size using wire transfer is unlimited, whilst maximum deposits with credit cards and E-Wallets vary according the policies of the payment provider. For online security, BrighterTrade implements the internationally recognised, 256-bit SSL CSSL certified encryption technology. The advanced system automatically protects credit card transactions over the web and keeps customer data secure.

    BrighterTrade Withdrawal Policy

    Withdrawal requests can only be processed once the trading account has been verified. The company is legally obliged by AML regulations, to verify the identity of clients when receiving and transferring funds to and from clients. To verify an account, clients are required to submit colour copies of the following documents, to the compliance department at BrighterTrade: Valid government issue ID, recent utility bill (to prove residence) and the credit card used to fund the account. Importantly, when submitting credit card copies, customers are asked to show only the last four digits of the number on the front side of the card and block the CVV code on the back of the card.

    After processing withdrawal requests, it takes up to 14 business days for funds to reach customers’ accounts. Withdrawals of funds from BrighterTrade can only be made to credit cards and by bank wire transfer. Furthermore, the maximum withdrawal amount to a credit card, can’t exceed the amount invested in a BrighterTrade account, hence profits must be withdrawn using a bank wire transfer. Notably, the minimum withdrawal amount is $100, whether to a credit card or by wire transfer.

    It’s important to realise that customers who have accepted bonuses from BrighterTrade must fulfil the bonus wagering requirements before they can withdraw funds from the trading account. The bonus policy is clearly stated on the BrighterTrade website and should be read carefully before accepting any bonuses provided by the company.

    BrighterTrade is owned and operated by Ingoten OU, a company registered in Estonia as a Virtual Currency Exchange Service, by the Police and Border Guard Board, under license number FVR000058. The company is located at Harju Maakond, Tallinn, Kesklinna Linnaosa, Roosikrantsi tn, 2-K367, 10119, Estonia.

  5. Your capital is at risk
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