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?

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Overall
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Fees
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Deposit and withdrawal
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Asset selection
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Ease of account opening
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Regulation and security
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Pros
  • Simplified trading environment for beginners

  • One account type for all traders in eight account base currencies

  • Quality trading tools embedded in the proprietary trading platform

  • Balanced asset selection for international traders

Cons
  • Limited payment processors

Overview

A simplified fixed-cost trading environment for beginners

HeadquartersUnited Kingdom
RegulatorsASIC, FCA, FSA, FSCA, SCB
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established2014
Execution Type(s)Market Maker
Minimum Deposit$0
Negative Balance Protection
Trading Platform(s)MetaTrader 4, Proprietary platform, Web-based
Average Trading Cost EUR/USD0.3 pips
Average Trading Cost GBP/USD0.7 pips
Average Trading Cost WTI Crude Oil$0.03
Average Trading Cost Gold$0.30
Average Trading Cost Bitcoin$60
Retail Loss Rate86%
Minimum Raw SpreadsNot applicable
Minimum Standard Spreads0.0 pips
Minimum Commission for ForexCommission-free
Funding Methods20
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 RegulatorAustralia, The Bahamas, Seychelles, United Kingdom, South Africa
Name of the RegulatorASIC, FCA, FSA, FSCA, SCB
Regulatory License Number525164, 422661, 203493 B, SD150, 49846
Regulatory Tier1, 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/USD0.3 pips
Average Trading Cost GBP/USD0.7 pips
Average Trading Cost WTI Crude Oil$0.03
Average Trading Cost Gold$0.30
Average Trading Cost Bitcoin$60
Minimum Raw SpreadsNot applicable
Minimum Standard Spreads0.0 pips
Minimum Commission for ForexCommission-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 ClassFromTo
Currency PairsSunday 22:05Friday 22:00
CryptocurrenciesSunday 23:00Friday 21:00
CommoditiesSunday 23:00Friday 21:45
Crude OilSunday 23:00Friday 21:45
GoldSunday 23:00Friday 21:58
MetalsSunday 23:00Friday 21:58
Equity IndicesSunday 23:01Friday 21:00
StocksMonday 07:03Friday 21:00
BondsMonday 07:00Friday 21:00
FuturesSunday 23:01Friday 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 Methodsemail-support chat-support
Support Hours24/5
Website Languages
      • English
  • 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.

    Trade Nation Customer Support

    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.

    Trade Nation Account Opening

    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.

    FAQs

    What is the maximum leverage at Trade Nation?

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    The maximum leverage at Trade Nation is 1:500 for Forex, index, and commodity traders at the Seychelles subsidiary.

    What is the minimum withdrawal from Trade Nation?

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    The minimum withdrawal at Trade Nation is $50 or the currency equivalent.

    How much is Trade Nation’s withdrawal fee?

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    Trade Nation does not levy any internal withdrawal fee.

    How do I withdraw from Trade Nation?

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    The secure back office manages all financial transactions for verified clients. Traders may withdraw via bank wires, credit/debit cards, or Skrill.

    Where is Trade Nation based?

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    Trade Nation operates from offices in the UK, Australia, the Bahamas, Seychelles, and South Africa.

    What is the minimum deposit at Trade Nation?

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    Trade Nation does not have a minimum deposit requirement.

    Is Trade Nation a good broker?

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    Yes, Trade Nation is especially a good broker for beginners.

    About the Author

    DailyForex.com Team
    The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.