Trade Nation (ex Core Spreads)

Trade Nation – British Forex broker: The company is oriented to the European market (the site exists only in English) and is licensed by the FSA. The project management company, Finsa Europe Limited, was opened in 2011, the broker appeared 3 years after its inception. Is the service provider honest with traders or is Core Spreads a scam? How profitable is it to invest in this product? Let’s try to find out.

 

 

Terms of trading with Core Spreads

The main focus of the broker is on contracts – Forex Trading currency pairs is a secondary activity.

 

The chart of accounts is built with platforms in mind. There are 2 types of products:

• Spread betting on the CoreTrader terminal – forex, indices, commodities, stocks. No commission, the company earns only on spreads.
• CFD – only indices, commodities and forex. Provides the possibility of automatic trading, but the user pays a commission for each order lot – $1.5.

 

More detailed information becomes available after registration. Fill in the basic form (first name, last name, phone number, email, country of residence, login and password).

Provide personal information (date of birth, address with zip code, nationality, passport number and series, citizenship, occupation, status/position, and even income).

Here you can also set the account currency: American dollar, British pound or euro. And the terminal: CoreTrader2 or MetaTrader 4.

Now you need to tell about your trading experience: whether you had trading experience, how long you have been a trader/investor (if any), how often you made transactions, whether you have a strategy, experience of trading in a quiet/closed/volatile market. All these questions allow the company to understand what terms to provide for you. If you do not have sufficient skills you will be refused registration. And if you indicate good experience, you will be required to take a market knowledge test (e.g. note what counts as an overnight fee).

In conclusion, you accept the terms of all policies and go to your personal cabinet, where you can open a trading or demo (free training) account. You will first need to verify your profile: provide proof of identity (scan of a document), address (scan of a certificate of public authority) and the card/wallet you own (screenshot of a statement from your personal account). The list comes to the mail, which you specified when registering. You need to send everything to the support team (also by letter to the email address, not through the site corespreads.com).

Until then, you can’t even make a deposit. By the way, the minimum deposit at Core Spreads is only $1. Leverage is provided, but it is set individually: judging by the reviews of users, usually 1:200. Spreads are quite narrow. Thus, for the EUR/USD and EUR/GBP pair they start at 0.6 pips. From the training, in addition to the training account, an electronic book, reference materials (market timetable) and individual counseling are available (Forex Trading Training). Support is provided via email, phone, online chat and any of the broker’s Facebook and Twitter communities.

 

 

Platform corespreads.com

Core Spreads uses two main platforms:

• Meta Trader 4 – the most popular among traders terminals, distinguished by a good set of tools and user-friendly interface. Presented in several formats – for downloading to PC (installation), for mobile and web-version.
• CoreTrader2 is a proprietary software. It is specifically tailored for spread betting, available assets include currency pairs, indices, commodities and stocks (British, American, European).

 

Security is ensured by SSL encryption and multi-level authentication of payments. Client funds are stored in segregated accounts, separate from company accounts.

Broker quotes

Forex direction in Core Spreads is represented by 30+ currency pairs, among which there are the most popular ones: EUR/USD, USD/JPY and EUR/ GBP. Since trading is conducted in the NDD format, the broker cannot influence the quotes, however, you cannot be sure that they are accurate. List of key liquidity providers on the site corespreads.com is not voiced.

 

Trade Nation Demo Account

The demo account is opened directly through the account and is available on both CoreTrader2 and MetaTrader 4 platforms. In contrast to the trading account, there are 5 currencies: Danish/Swedish kroner, dollar, euro and pound sterling.

 

In the terminal that opens, you can make bets and improve your trading skills without any financial investment. All settings are available to you, as in the real software, but it is worth remembering that the margin in the demo version is always higher, because the company seeks to interest you, to make you invest real currency. The company doesn’t set any time limits for using the demo account.

 

Mobile application

Core Spreads has its own mobile app, CSF (Core Spreads Financial). It is designed for trading on devices with low resolution and/or screen diagonal. It supports only Android from 4.0 and newer. Basic functionality:

• Viewing quotes in real time.
• The whole set of trading orders, including pending orders, and execution types.
• Statistics and history of operations.

Since the software was released to the public in September 2019, there are very few downloads (just over 100) and no user ratings.

 

Bonuses at Core Spreads

No information about bonuses appears at registration. The only reward system we found at Core Spreads is the affiliate program. You are offered to become an introducing broker of the company and earn up to $700 monthly on CPA. You are provided with marketing support and your own client base, as well as training and all the necessary tools. Applications to join are sent to the designated email address of the operator – [email protected].

 

Deposit and withdrawal

Deposit and withdrawal of currency on Core Spreads are made in three ways: by bank card (VISA, MasterCard) and by transfer. Normally, the broker does not charge commission for these transactions (although it does not cover third-party fees), but in the case of a quick withdrawal (when you have deposited and withdraw again to comply with the requirement that the deposit and withdrawal method are identical), a commission of 15% is deducted from the amount. If you request a transfer not to the card you deposited with, but to a card associated with it, a fee of 25 GBP will be charged.

As we have already written in the section on trading conditions, the lower limit of the deposit is not defined. But there is an upper limit: you can deposit up to 35,000 euros per day and the equivalent of this amount in other currencies. Withdrawal is carried out only to a verified payment resource – the one from which you have already made several deposits, confirming it with documents. In addition, you will have to verify your identity by repeating the procedure of sending passport scans, receipts, etc. Verification takes up to 5 business days. Then funds are sent to your details within 2-3 business days.

 

Complaints about Trade Nation

There are all kinds of complaints about Core Spreads: technical failures in the work of the author’s platform (funds are deducted, but the transaction is not displayed, settings disappear, etc.), incompetence and rudeness of employees, problems with withdrawal. Some users openly accuse the broker of fraud.

However, there are positive reviews too. Clients praise the speed of order execution and the simplicity of the service (no unnecessary add-ons).

If there are any reviews about Core Spreads broker, we’ll be sure to post the information on social media. Sign up so you don’t miss anything!

Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

Broker regulator

Finsa Europe Limited, the owner of Core Spreads, has obtained license number 525164 from the UK FSA, one of the most respected jurisdictions. There is a confirmation of this in the regulator’s registry. True, with a note that fraudsters have recently begun to appear, claiming to be related to the company (the list of domains is also available in the registry), but corespreads.com among them is not.

Check the license of Finsa Europe Limited on the FSA website

Corespreads.com User Agreement

The client (user) agreement defines the rights and obligations of the service owner and its users. On the Core Spreads site it is presented only in the English version, so not all the terms of the document can be understood due to language differences. In this review we will analyze the main provisions of the document so that you can get an idea of it. So, in clause 4.1, the broker notes that he only performs intermediary functions and does not decide whether this or that deal is profitable for you, and does not guarantee sufficient profitability.

At any time you can have your access to the market suspended. This is done with at least 1 week’s notice prior to the event. You, in turn, must reimburse all related expenses of the operator (clause 4.4).

Verification of the profile also takes place when it is required by the company (not only during registration and consideration of applications for payment). In this case you need to provide all necessary documentation (clause 5.6).

Rates and commissions presented on the site are for informational purposes only and are subject to change at the discretion of the service owners (clause 7.1).

Restrictions (on a case-by-case basis) are also placed on the number of debit/credit cards used for replenishment and withdrawal (10.14).

Core Spreads is not liable for any losses incurred by you as a result of the transaction, unless they were the result of the operator’s professional negligence or deliberate deception on his part (clause 14.2).

 

Trade Nation: is it a scam?

Broker Core Spreads is clearly aimed at the European audience, so users. The emphasis is put on experienced traders (otherwise there would be no test questions in the registration form). However, the reviews show that the platform does not reach the level of a high-margin platform at the moment. In addition, a number of comments contain accusations of fraud (refusal of payments or technical failures, due to which the statistics of “winning” deals are lost). Taken together, all this leads us to the conclusion: Core Spreads is not a fraud, but it has overstated demands to the client. Despite the seeming convenience and simplicity, the broker, in our opinion, does not reach the bar, which it set in relation to others.

 

Conclusion

Core Spreads is still at the level of strong “middles”. The regulator and the terms look attractive enough: not many players on the market can offer the minimum deposit of $1, and the commission of 1.5% does not look daunting. However, much of the information is hidden from the simple (unauthorized) visitor, and the number of assets (and primarily currency pairs) is not the greatest.

In addition to the above, the broker’s clients note technical problems with the platforms, frequent slippage and not always competent work of the support team. Professional traders, it seems to us, this product is not suitable, and beginners simply will not be able to register in the system. We hope that in the near future Core Spread will be able to build a clear positioning taking into account its own capabilities.