October 21, 2020

Brighter Trade Review

Overview

Brighter Trade is an international broker that was founded in April 2018. It is owned by its parent Estonian company Ingoten OU. This company has an address for Kesklinna Linnaosa, Roosikrantsi Tn, Estonia on its website. But on further investigation it was found that the company is neither regulated by any Estonian agency or any other regulator from any region. The broker however offers a wide range of choices for trading. You get to choose from trading in CFDs on Precious metals like Gold and Silver, Stocks, Indices and various Cryptocurrency as well, that includes the usual choices like Bitcoin, Ethereum and more. Read the full Brighter Trade review here.

About Brighter Trade

The broker is relatively very new, but still that is not necessarily an excuse for the fact that the company isn’t regulated. While we did not find it to be under any regulation, we did find the registration code and license number of the company behind it – 14397082 and FVR000058 respectively. But even with these, being unregulated basically means that the segregation of accounts is not monitored, which could lead to various fraudulent activities, as has happened in the past as well. Apart from this, there is no contingency plan, since it is unregulated. If the company goes bankrupt somehow, there is no provision to get the customers back their fund. Even with the most competitive security in the world, you are not completely safe, so not having a contingency is highly risky.

Coming to the platform itself, it doesn’t make use of the market popular Meta Trader 4, which in itself seems a red flag. It instead uses a web based platform called Tradersoft. Not to be too critical, the platform is rather user-friendly for new traders, and has a simple UI, which veterans wouldn’t mind either. However by not choosing Meta Trader 4, Brighter Trade misses out on features like the MQL programming language which enables you to design and backtest your own auto-trading bots or run ready-made ones. Also the broker doesn’t mention the spreads it has to offer, or the leverage it offers. This is really a turn off as this is critical information. An internet watchdog group claimed to find very high spreads with 3.0 pip, which is obviously a let down. It also has a relatively high minimum deposit of $250.

The Verdict

Given that the company doesn’t share a lot of important information, and the fact that it is still not regulated, seems like an avoidable broker. This is not to say that they will not acquire a license in the future and be regulated, but until then caution should be taken.