Editor’s Verdict
Trade Nation offers competitive fixed-cost spreads on its proprietary TN Trader platform, and CFDs on its MT4 platform. Traders get 1,000+ assets and trading tools, including actionable trading signals integrated with the proprietary platform. I conducted an in-depth review to evaluate the fixed-cost trading environment at this broker. How does Trade Nation compare to its competitors?
Overview
A simplified fixed-cost trading environment for beginners
Headquarters | United Kingdom |
|---|---|
Regulators | ASIC, FCA, FSA, FSCA, SCB |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2014 |
Execution Type(s) | Market Maker |
Minimum Deposit | $0 |
Negative Balance Protection | |
Trading Platform(s) | MetaTrader 4, Proprietary platform, Web-based |
Average Trading Cost EUR/USD | 0.3 pips |
Average Trading Cost GBP/USD | 0.7 pips |
Average Trading Cost WTI Crude Oil | $0.03 |
Average Trading Cost Gold | $0.30 |
Average Trading Cost Bitcoin | $60 |
Retail Loss Rate | 86% |
Minimum Raw Spreads | Not applicable |
Minimum Standard Spreads | 0.0 pips |
Minimum Commission for Forex | Commission-free |
Funding Methods | 20 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
The fixed-cost pricing environment suits beginners well. I like that Trade Nation offers quality trading tools and actionable trading recommendations, which cater well to its core trader base.
Trade Nation Regulation & Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database. Trade Nation presents clients with five regulated entities and maintains a secure trading environment.
Country of the Regulator | Australia, The Bahamas, Seychelles, United Kingdom, South Africa |
|---|---|
Name of the Regulator | ASIC, FCA, FSA, FSCA, SCB |
Regulatory License Number | 525164, 422661, 203493 B, SD150, 49846 |
Regulatory Tier | 1, 1, 4, 4, 2 |
Is Trade Nation Legit and Safe?
Trade Nation, formerly Core Spreads at its founding in 2014, caters to retail traders from three well-regulated subsidiaries where it maintains a clean record. It segregates client deposits at Barclays Bank and Westpac Bank. It offers negative balance protection and has established a trustworthy reputation. I did not find verifiable misconduct and rate Trade Nation as a legit and safe broker.
Fees
I rank trading costs among the most defining aspects when evaluating a broker, as they directly impact profitability. Trade Nation offers fixed-cost spreads on stock indices, commodities, and bonds on its proprietary TN Trader platform. It offers competitive variable spreads for all its Forex products, whether on TN Trader or MT4.
Equity commissions are asset-dependent and range between the industry-standard 0.10% and 0.30%. Swap rates have a 2.5% internal markup on long positions and a markdown on short trades. Trade Nation remains free of non-trading fees.
Here is a snapshot of Trade Nation’s trading fees:
Average Trading Cost EUR/USD | 0.3 pips |
|---|---|
Average Trading Cost GBP/USD | 0.7 pips |
Average Trading Cost WTI Crude Oil | $0.03 |
Average Trading Cost Gold | $0.30 |
Average Trading Cost Bitcoin | $60 |
Minimum Raw Spreads | Not applicable |
Minimum Standard Spreads | 0.0 pips |
Minimum Commission for Forex | Commission-free |
Deposit Fee | |
Withdrawal Fee |
The average trading costs for the EUR/USD at Trade Nation are:
Average Spread | Commission per Round Lot | Average Cost per 1.0 Standard Lot |
|---|---|---|
0.3 pips | $0.00 | $3.00 |
The most ignored trading costs are swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
MT4 traders can access swap rates from their platform by following these steps:
1. Right-click the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights.
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for one night will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total TradingCosts |
|---|---|---|---|---|
0.3 pips | $0.00 | -$11.9694 | X | $14.9694 |
0.3 pips | $0.00 | X | $2.9923 | $0.0077 |
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for seven nights will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total TradingCosts |
|---|---|---|---|---|
0.3 pips | $0.00 | -$83.7858 | X | $86.7858 |
0.3 pips | $0.00 | X | $20.9461 | -$17.9461 |
Noteworthy:
- Trade Nation offers positive swap rates in qualifying assets, meaning traders can be paid for holding leveraged overnight positions, like in the example above on EUR/USD short positions.
Range of Assets
The range of assets at Trade Nation is dependent on whether you consider MT4 or TN Trader. MT4 has: 28 forex pairs, 14 indices and 2 commodity contracts. TN Trader (Spread bets/trades) has 33 forex pairs, 38 stock index/differential markets, 11 commodity contracts, 3 bond offerings, 8 cryptocurrencies and 948 individual equities from more than 5 different geographical locations. All stocks currently quoted on the FTSE 100, S&P 500, Nasdaq 100, and Dow Jones 30 indices are available for trading
Most of the assets are equity CFDs listed in the US, the UK, the Eurozone, Australia, and South Africa. I am missing ETFs, although fractional share dealing is offered in essence by ‘mini markets’ in several individual shares.
Asset List Overview
Currency Pairs | |
|---|---|
Cryptocurrencies | |
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Equity Indices | |
Stocks (non-CFDs) | |
Bonds | |
ETFs | |
Futures | |
Synthetics |
Trade Nation Leverage
The maximum Forex leverage at Trade Nation is 1:200 at the Bahamas subsidiary. Due to regulatory restrictions, the Australian and UK units limit Forex leverage to 1:30. Index and commodity traders max out at 1:200, equity traders get 1:20, and cryptocurrencies 1:3. Leverage is also asset dependent and can vary within each sector.
I urge traders to execute proper risk management to avoid magnified trading losses. Negative balance protection exists, meaning traders can never lose more than their deposits.
Trade Nation Trading Hours (GMT)
Asset Class | From | To |
|---|---|---|
Currency Pairs | Sunday 22:05 | Friday 22:00 |
Cryptocurrencies | Sunday 23:00 | Friday 21:00 |
Commodities | Sunday 23:00 | Friday 21:45 |
Crude Oil | Sunday 23:00 | Friday 21:45 |
Gold | Sunday 23:00 | Friday 21:58 |
Metals | Sunday 23:00 | Friday 21:58 |
Equity Indices | Sunday 23:01 | Friday 21:00 |
Stocks | Monday 07:03 | Friday 21:00 |
Bonds | Monday 07:00 | Friday 21:00 |
Futures | Sunday 23:01 | Friday 21:00 |
Noteworthy:
- Equity markets open and close each trading session, unlike Forex, and stock indices, which trade 24/5
- Trade Nation does not allow 24/7 cryptocurrency trading, creating a notable disadvantage and price gaps for traders.
Account Types
Trade Nation offers two account types: CFDs are traded on its MT4 offering, while Spread Bets/Trades are available on its TN Trader proprietary account. Supported account base currencies are GBP, USD, EUR, AUD, ZAR, DKK, NOK, and SEK. A swap-free Islamic account is available to residents of certain countries through Trade Nation in the Bahamas and in Seychelles.Trade Nation delivers on its promise to keep trading simple, making it well-suited for first-time traders but not for advanced trading requirements.
Trade Nation Demo Account
Trade Nation offers demo accounts but does not publish details. It appears unrestricted, and the availability of MT4 suggests traders can customize it unless Trade Nation disabled core features. I recommend traders select demo account settings similar to their planned live deposits to create the most realistic demo trading experience.
I want to caution beginner traders when using demo trading as a simulation tool, and they should consider the limitations. Demo trading does not grant exposure to real trading psychology as no money is at stake and can create unrealistic trading expectations.
Trading Platforms
Traders get the out-of-the-box MT4 trading platform, but Trade Nation does not offer any third-party upgrades. Trade Nation offers the desktop client, as it pushes its proprietary TN Trader alternative, available as a web-based version and mobile app.
Cloud Trade only supports manual trading, unlike MT4, the leader in algorithmic trading with an embedded copy trading service. MT4 is the industry leader and the most versatile trading platform, featuring 25,000+ custom indicators, plugins, and EAs available for MT4 but the quality upgrades are not free.
Trade Nation tries to encourage clients to use TN Trader, which offers real-time news, a signal center with insights and market analysis by experts, a daily report updated twice daily, and a top trades report on the most heavily traded share, also updated twice daily.
Overview of Trading Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
Unique Features
Trade Nation focuses on its fixed-spread trading environment, catering to first-time retail traders, and does not offer unique features but executes the basics well.
Research & Education
Trade Nation does not publish in-house research but notes Signal Centre, an independent provider offering expert analytics embedded in its proprietary trading platform. I think brokers using third-party research providers make a wise choice.
Beginners get eight quality educational articles, which I recommend after traders seek in-depth content elsewhere via online sources available for free and start with trading psychology while avoiding paid-for courses and mentors.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/5 |
Website Languages |  |
Customer support is available 24/5 via e-mail, phone, and live chat, which was unavailable during my review. The help center provides many answers to basic questions, and while phone support is available, I am missing a direct phone line to the finance department, where most issues can arise.
Bonuses and Promotions
During my review, Trade Nation neither offered bonuses nor promotions.
Opening an Account
Trade Nation asks for a name, e-mail address, and desired password to start the application.
Traders must verify their trading account in compliance with global AML/KYC stipulations enforced by regulators. Most traders pass verification by sending a copy of a government-issued ID and one proof of residency document. Trade Nation might ask for additional information on a case-by-case basis.
Minimum Deposit
Trade Nation does not have any minimum deposit requirement.
Payment Methods
Trade Nation supports bank wires, credit/debit cards, Skrill, Neteller, AstroPay, Bitcoin, FPX, and Instant Bank Transfer, plus several local payment options in many countries.
Withdrawal options |       |
|---|---|
Deposit options | |
Accepted Countries
Trade Nation accepts traders resident in many countries and does not publish a restricted list. However, it singles out the USA as a restricted country, adding, “The information on this site is not directed at residents of the United States or any particular country outside the UK, Australia, South Africa or The Bahamas and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.”
Deposits and Withdrawals
The secure Trade Nation client portal manages all financial transactions for verified clients.
Trade Nation does not have a transparent deposit or withdrawal section but answers basic questions in its FAQ section. There is no minimum deposit requirement but a minimum withdrawal requirement of $50 or a currency equivalent exists. Internal processing costs do not apply, but traders should consider potential third-party processing charges or currency conversion fees.
Only verified trading accounts can deposit and withdraw, and the name on the payment processor must match the Trade Nation account name. Trade Nation does not list internal processing times and notes that, in most cases, it sends the withdrawal to the deposit source.
Is Trade Nation a good broker?
Trade Nation offers first-time retail traders a fixed-spread account, which some novices may prefer, but it does not suit advanced traders, as it fails to reflect underlying market conditions. Forex fees are competitive. While the out-of-the-box MT4 trading platform is available, Trade Nation pushes its proprietary TN Trader alternative, which includes trading tools it does not offer on MT4. The maximum leverage at Trade Nation is 1:500 for Forex, index, and commodity traders at the Seychelles subsidiary. The minimum withdrawal at Trade Nation is $50 or the currency equivalent. Trade Nation does not levy any internal withdrawal fee. The secure back office manages all financial transactions for verified clients. Traders may withdraw via bank wires, credit/debit cards, or Skrill. Trade Nation operates from offices in the UK, Australia, the Bahamas, Seychelles, and South Africa. Trade Nation does not have a minimum deposit requirement. Yes, Trade Nation is especially a good broker for beginners.FAQs
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