12trader offers three types of accounts: Micro, Silver and Gold, as well as “exclusive accounts” with a minimum deposit of $100 000 and with “invitation only”. There is no demo account, however.
The broker offers trading in forex and CFDs on stocks, indices, gold, commodities and oil.
The Company. Security of Funds
12trader is an unregulated forex broker, which claims to be based in London and is owned by Safe Side Trading. According to the broker’s site, it is “subject to supervision from the strictest regulatory bodies, along with other serious companies in the forex field”. Oddly enough, however, 12trader does not give neither the name of the regulatory body that oversees it, nor gives an example of a serious company in the forex field that is supervised by the same watchdog.
Such unsubstantiated claims are usually a huge red flag that the broker might be a scam. Moreover, the company does not appear to keep its client money in segregated accounts, not to be a member of a compensation scheme. This also is a sign that 12trader’s intentions might be nefarious, despite the pledges of honesty and pretty words on its website, so the wisest thing to do is choose another broker, preferably a well-regulated one.
Unlike the majority of forex brokers that offer the MetaTrader platform, sometimes in addition to their own in-house platform, 12trader offers a platform called “12trader”. In reality it is the Sirix forex trading platform, developed by Leverate.
The platform has many features like one-click trading, advanced charting tools, social trading, etc. There is also a web version and mobile applications for smartphones and tablets.
Methods of payment
12trader accepts deposits through bank transfers, debit and credit cards and the electronic payment systems Skrill and PayPal. Its minimum deposit of $500, however, is rather high, especially for an unregulated broker.
Overall, 12trader is a dubious and unregulated forex broker. It does not provide any information on essential matters like regulation and security of funds. There is also the fact that its name reminds of the forex broker Trade12, which has garnered several warnings and has been blacklisted by Russia’s self-regulatory organization KROUFR.
12trader Review Conclusion
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