12Trader was established in 2013 as a Forex and CFD broker. It is based in London and offers traders a proprietary trading platform with a range of forex and CFD assets. 12Trader is not a big or well-known broker, but it appears to have attracted a core of loyal traders. The 12Trader platform provides an average trading experience and comes with a mobile app version. The broker mainly appeals to forex traders who also want to diversify their portfolios.
12Trader operates in 5 languages: English, Arabic, German, Russian and Spanish. It does not accept US traders, but welcomes clients from most other countries.
12Trader currently only has 3 account types. There is an additional account for high volume traders, but it is by invitation only. The account terms and conditions are not especially attractive, but you can open a Micro account with just $50.
Minimum Deposit – $50
The minimum deposit and withdrawal for most 12Trader accounts is $500 (the Micro Account is slightly different, but we don’t recommend it anyway). Deposits and withdrawals are both subject to a maximum of $10,000 per day. There are quite a few annoying terms and conditions and account management at 12Trader is not as straightforward as it could be. There are also fees of $25 on bank wire transfers. Low volume traders should be clear about terms and conditions.
Depositing funds is a fast and secure process. Funding can be done using a range of credit/debit cards, as well as Skrill. Clients can also deposit using Bitcoin and Bitcoin cash. The minimum deposit is $1 with Bitcoin and $20 with Bitcoin Cash and processing is fast.
Withdrawals can be more complicated, sometimes requiring a combination of credit/debit card and bank wire transfer. It’s important to read the terms and conditions before you plan your withdrawals.
The 12Trader platform provides a secure trading environment and gives a range of basic tools and some high tech features. Order execution could be faster and the overall trading experience doesn’t come close to MT4/5 and even some rival proprietary platforms. It’s OK – but not great.
There is a small asset index of 68 trading instruments available on 12Trader. These consist of 47 currency pairs, 12 commodities, 7 indices and 8 cryptocurrencies. If you’re just looking for a streamlined portfolio based on core assets, you’ll be happy with the selection on offer.
12 Trader’s education center still seems to be under construction… There is some information available on the site which explains the basics of the Forex market but it is not impressive – or especially helpful. Possibly 12Trader expects to attract experienced traders only. This is clearly not a site for beginners.
12Trader customer support is based in the United Kingdom and is currently limited to English and Arabic. Reps are available by telephone during business hours Monday to friday. There is an option for email and chat. The quality of the customer service is adequate, but coverage is poor.
12Trader does not offer any bonuses or promotions, at least to UK and EU traders. The broker claims to offer a range of free signals and other resources to account holders, but we saw no evidence of them.
Traders who open Silver and Gold accounts are supposed to receive a variety of trading tools connected to the Sirix Web Trader platform. The tools and features we saw were standard alerts, risk management and other basic trading tools.
Traders can deposit with Bitcoin and bitcoin cash which is a useful option.
The overall trading experience is average. The withdrawal system is problematic and the spreads could be tighter. The education center does not appear to exist. There are also only three account types, including the Micro Account which we disliked.
Bitcoin & Bitcoin Cash deposits
Limited trading instruments
Limited number of assets
Just 3 account types
Not the tightest spreads
minimum Deposit - $50
November 17, 2020 08:00
Avoid this broker – there is something very wrong here. No education center, too many unfavourable terms and conditions, I didn’t get the signals and alerts I was promised…I could go on, but you probably get the picture already.