Introduction
12Trader is a forex broker that offers a wide range of financial instruments for trading. This includes commodities, indices, and cryptocurrencies. The firm is headquartered in the United Kingdom and claims to provide a secure and user-friendly trading environment. This article will review the features, advantages, and downsides of 12Trader to help you determine whether it is the right platform for your trading needs.
Trading Platform and Tools
Platform Interface
12Trader provides its clients with a proprietary trading platform, which is web-based and does not require any downloads. The platform is user-friendly and features a clean, minimalist design. However, it lacks the advanced charting and analytical tools that many professional traders prefer.
Mobile Trading
12Trader also offers a mobile application for both iOS and Android devices. This allows traders to manage their portfolio and execute trades while on the go. While the mobile app is convenient, some users have reported issues with stability and functionality.
Account Types and Spreads
12Trader offers three types of accounts: Silver, Gold, and Platinum. The minimum deposit for a Silver account is $500, which is relatively high compared to other brokers. The Gold and Platinum accounts require significantly higher deposits but offer lower spreads and additional features.
The spreads at 12Trader are variable, starting from 1.2 pips for major currency pairs. However, the spreads can widen during periods of high market volatility, which can erode trading profits.
Customer Service
Customer service is an essential aspect of any broker, and 12Trader seems to understand this. They offer 24/5 customer support through live chat, email, and phone. While the response times are generally quick, the quality of support can vary. Some users have reported receiving generic responses to their queries, which can be frustrating when dealing with complex issues.
Regulation and Security
One major concern with 12Trader is that it is not regulated by any recognized financial authority. This raises questions about the safety of funds deposited with the broker. Without regulatory oversight, there is no guarantee that the broker adheres to fair trading practices.
In terms of security, 12Trader uses SSL encryption to protect client data. However, the lack of regulation is a significant drawback that can overshadow the broker’s security measures.
Conclusion
In conclusion, 12Trader offers a basic trading platform with a range of financial instruments. The broker’s high minimum deposit and variable spreads may deter some traders. The lack of regulation is a significant concern that potential clients should consider before opening an account. While 12Trader does offer some attractive features, there are other regulated brokers available that provide similar services with greater peace of mind.
