12 Trader Forex Broker Overview
12 Trader provides access to several services and tools for the online trading of forex, commodities, indices, and cryptocurrencies. They offer a number of funding methods and several account types to accommodate different types of traders. It also has its proprietary platform available on the web, desktop, and mobile devices.
Find out if 12 Trader checks all the boxes that you look for in a broker by checking out this detailed broker review.
12 Trader Background & Safety
12 Trader is an online forex and CFD broker founded by a group composed of financial experts from all over the world. It was established in 2013 by Safe Side Trading Limited, a business entity headquartered in Saint Vincent and the Grenadines. Credibility and transparency are the core values that 12 Trader cultivate as it delivers online trading services.
Looking at its regulatory certification, 12 Trader does not display any information about its regulatory compliance on its official site. This means that the broker is not regulated by any regulatory body. This aspect is quite critical especially for traders who are very particular with the regulatory status of a broker before signing up for an account. In this case, 12 Trader is at a disadvantage as the number of traders looking for a safe broker that has secured regulatory certifications is constantly growing.
It may also be possible that some features and services that will be mentioned in this review may not be available in other jurisdictions due to legal restrictions. To add to the dismay, U.S.-based clients are restricted to accessing the services of 12 Trader.
The broker’s technical support team is available 24/5 and can be reached through email, phone calls, or instant live web chat. On its official site, the ‘contact us’ form is also available to reach the support staff. You may also reach them on their official social media pages.
12 Trader Features & Fees
12 Trader has 68 financial products to offer: 47 currency pairs, 12 commodities, 7 indices, and 8 cryptocurrencies. With less than a hundred financial instruments, 12 Trader’s market offers pales in comparison to other online brokers.
12 Trader has three account types for its clients namely, Micro, Silver, and Gold. Each account type has a set of trading conditions and minimum deposit requirements. Here are the specifications of each account type.
Micro – the required minimum initial deposit is $500 to open this account. Micro account users get up to 1:200 trading leverage, access to Daily Signals, training, WebTrader platform, and a dedicated account manager.
Silver – the required minimum initial deposit is $10,000 to open this account. Traders can enjoy up to 1:400 trading leverage, access to 12 Trader credit card, Daily Signals, training, education center, all platform versions, and a dedicated account manager.
Gold – the required minimum initial deposit is $25,000 to open this account. Traders are provided with up to 1:400 trading leverage, access to 12 Trader credit card, Daily Signals, training, education center, all platform versions, and a dedicated account manager.
All these account types can be converted to an Islamic account, allow hedging, and have the same volume minimum and Stop Out level. The broker also offers Exclusive Accounts for wealthy investors as they require at least $100,000 initial funding. All services, features, and extended support are given to users of these accounts.
In terms of trading fees, the broker does not have commission fees as they are incorporated into the spreads. The EURUSD pair starts at 0.6 pips. Rollover interests apply.
12 Trader provides many options for deposits and withdrawals. These include VISA, Mastercard, Maestro, PayPal, Visa Electron, and Skrill among others. 12 Trader also offers its own branded prepaid card in partnership with MasterCard. Aside from withdrawal and deposit transactions, credit card users of 12 Trader can make online and offline purchases.
What’s more, 12 Trader clients can also deposit and withdraw through Bitcoin and Bitcoin cash.
12 Trader Trading Platforms & Tools
One of the things that 12 Trader takes pride in is its proprietary trading platform. The 12 Trader Platforms are available in web version, desktop version, and mobile app.
12 Trader Web Platform displays 4 chart styles (can all be displayed simultaneously), has 42 technical indicators, supports multiple order types including 4 pending orders and risk management tools, integrates account management features, and has order management features including order history.
12 Trader Desktop has a customizable interface, has a simplified layout, and is user-friendly. It also has 3 chart styles displayable on 10 timeframes. This version is also equipped with 50 technical indicators.
12 Trader Mobile versions are compatible with both iOS and Android devices. This version supports live quotes, charts, live trading, and order management. It also has the same features as that of the other versions.
12 Trader also showcases a wealth of useful trading tools including Trading Signals, Market Analysis, social trading, account management, and economic calendar. Its educational center has a plethora of webinars, online training, forex courses, and personal consultations.
All 12 Trader offerings, aside from its proprietary platform, can be found in other online brokers out there. Some brokers even have better services to offer. This is especially true as 12 Trader does not have the tightest spreads, the lowest account minimums, and the highest leverages.
Even more, 12 Trader is not a regulated broker. But if anything, signing up with 12 Trader provides you numerous options for deposits and withdrawals and an extensive educational facility.