Core Spreads review
Please note that Core Spreads is rebranding to Trade Nation.
Just to clarify, nothing really changes – same owner / senior management / staff / platform / spreads / margin / charts and same regulatory licenses. The only thing that changes is the company name and the colour (to orange!). To confirm; they will maintain the following licences;
- The Financial Conduct Authority (FCA) in the UK
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Sector Conduct Authority (FSCA) in South Africa
- And the Securities Commission of The Bahamas (SCB)
Core Spreads / Trade Nation broker review.
If you are looking for some additional leverage and still have the reassurance that your money is safely deposited in a London based bank, than this broker maybe the one for you. Whether you use their web based fixed spread account or their tight variable spreads on an MT4 account it is a good offering.
About Core Spreads / Trade Nation
Core Spreads is a no thrills spread betting company. They set their focus on; Price (fixed spreads if you use their web platform); Technology, they opted for speed over bells and whistles; And customer service.
Their spreads are amongst the lowest you will get out there and their execution is excellent. They do offer an MT4 option but this comes with variable spreads and although still fast, will not be quite as quick for day traders trying to get an edge.
For those seeking leverage greater than the 30:1 now thrust upon traders in the UK there is an option where you can still get up to 200:1. This involves using the links I have provided on this web page which will set you up an account with their South African office. All client monies are still held by Barclays in London and are ring fenced in accordance with FCA regulation.
As already mentioned you would not be selecting this broker if you want an all singing and dancing trading platform. It is very basic but very fast which is there aim.
It is easier enough to work around. I think that the lack of distractions on a brokerage is a good thing. You can find all the data elsewhere if you are that way inclined.
You can hedge on the platform, so you can use it for both day trading and swing trading. Just remember to click on the hedge option on the deal ticket if you wish to do this.
After doing my initial review on the platform I discovered how to set up your own watch list. Note that the full platform does not show up when you view it on a web page, you need to scroll to the right.
The charts are not flash but are simple and basic with the added functionality of being able to trade directly from them. It would be nicer if you could actually see where your entry is and your stops and targets are on the chart but this is no game changer.
You can always opt for the Core MT4 option if you prefer the functionality of this but you will lose out on the fixed spreads.
- EUR/USD 0.6
- GBP/USD 0.8
- USD/JPY 0.7
- AUD/USD 1.1
- USD/CAD 0.9
- AUD/CAD 1.4
- GBP/JPY 2.4
*These spreads were taken from the demo account on 14th April. These may be higher in the current market conditions.
You can download their full spread list for both the fixed web platform and the spread and fees for the MT4 platform from the links below.
Opening an account
If you are looking for a higher leverage account you would need to opt for the Core Spreads South Africa Account from the link below. You will then just need to provide proof of address and identity (Passport) as with any broker.
If you are happy with lower leverage and have the guarantee that you cannot lose more than your deposit than it the Trade Nation UK option would be suitable.
The higher leverage will allow you to open positions using less margin thus gives you more flexibility if you open a number of positions. Your money is still held in Barclays in London so is safe.
Please note that if you require an MT4 account from Trade Nation UK, you will still have to go through the normal account process but once it is open you will be able to add the MT4 account and fund it. With the Core Spreads South African account you can now just select the MT4 account as you open it. If you have already opened an account you can use your admin settings to add a MT4 account.
The South Africa Branch offer is a CFD account. If you require a MT4 account you can select this when you start to open an account.
Financial spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
You can read more about risk by clicking here. We strongly recommend that you fully understand the risk in trading before opening an account with any broker.