Financial trading is a highly exciting activity, but some of those markets can be dangerous as well. For instance, the foreign exchange market is worth trillions of dollars, but a lot of scam sites are also present in this sector, and they can cause a lot of problems and frustrations to traders who are not yet experienced in this particular field. That is why we try to provide our readers with a broad array of information, and our CoreSpreads review is a perfect example of how we can cover the most relevant facts in a relatively short and concise manner.
CoreSpreads – about the company
Started in 2014, CoreSpreads has been present in the market for just a few years, and this lack of experience and knowledge can pose a problem for prospective investors. Fears and concerns about a potential CoreSpreads scam may be unfounded since this broker was regulated by FCA, and its reference number is 525164. This license also signifies that CoreSpreads falls under the FSCS (Financial Services Compensation Scheme), and this adds another layer of security. Also, CoreSpreads is, in fact, a trading name of a larger corporation called Finsa Europe Ltd.
Types of accounts
Most CoreSpreads reviews will tell you that this company offers a simple categorization of accounts, but this also may signify the lack of options and creativity on behalf of the people who are behind this project. Traders are offered only two choices when they want to start their trading career with this broker, and those options are a live account or a demo account. The leverage of 1:200 is an average number in the Forex market, and this broker is full of promises about them offering tight, fixed spreads and similar features. Of course, we urge our readers to be very careful when dealing with this kind of companies, and unrealistic promises are the first red flag about possible illegal activities.
The quality of the trading platform is playing a significant role in the success of any site, and the same rule applies to Forex world as well. What this means is that your website simply must be responsive, intuitive, and efficient, and when it comes to CoreSpreads broker – this does not seem to be the case. Even though they are relying on their good old MetaTrader4 software package, this broker house is not amazing anyone with their poor charting options and various other drawbacks. They are also using a proprietary CoreTrader2 platform, which is entirely web-based.
Bonuses and promotions
Our CoreSpreads opinion is mostly affected by the bonuses and promotional activities that this enterprise is offering to its clients, and most of these “gifts” are tied to highly demanding requirements. Admittedly, CoreSpreads does offer a large selection of bonuses, including a Welcome bonus of 50%, cash back loyalty scheme, Refer-A- Friend reward, and so on. However, prospective clients need to be very careful when putting their name on the dotted line and it is imperative that they carefully go through the terms and conditions for each of these bonus features.
CoreSpreads supports several currencies, such as EUR, GBP, USD, and they claim that client’s funds will be held in a segregated account. But, most CoreSpreads opinions are also saying that this broker does not support e-wallets such as Neteller, Skrill, or PayPal, and this can affect the speed of the transactions. Bank wire transfers are available, but they usually take 3-5 business days to complete, and credit cards are only slightly faster and more efficient.
When it comes to the client satisfaction, CoreSpreads Forex broker seems to be happy with the current state of affairs, which means that traders can reach their customer support teams 24/5 via several standard methods. Phone, e-mail, and social media links are supplied on the site, and clients can use those methods to contact the staff. However, the lack of educational material is a bit problematic in today’s Forex world since a lot of novice investors like to have quick access to e-books, tutorials, and similar helpful services.
CoreSpreads is still a relatively young trading provider, and it remains to be seen if the quality of their offer will improve in the upcoming period. We hope that our CoreSpreads FX broker review provided you with sufficient facts to realize that this broker is not yet at the top level. Several major drawbacks are diminishing the overall quality of their services, and that is why we would not recommend trading with this broker company.