Independent Review - COMMERCEWEALTH
Trading and investing have long been two of the most exciting pastimes thanks to the possibility of making profits and increasing one’s wealth. That is not changed in this century, but what has changed is the methods for trading and investing. In these days we have online brokers, and derivative financial products that can boost returns even further than what was possible in the past.
Because financial services have moved online the competition in the space has increased dramatically as well. One of the new additions to the ranks of online brokers is CommerceWealth. This online broker with headquarters in Saint Vincent and the Grenadines has just launched in 2020, promising traders’ excellence, professionalism, reliability, and the ability to meet trader expectations.
We have taken a closer look at the broker and we’ll share it all with you below.
CommerceWealth promises to be a reliable option for all investors. The team of financial experts rumored to be behind the creation of this brokerage claim they are working behind the scenes to make trading even better. Customer satisfaction appears to be one of their guiding principles. And that is good to know since they are not regulated and need to be the watchdogs for their own operations.
Beyond that there are some positives immediately apparent on the broker website. Among those are the use of MetaTrader 5 as the trading platform at CommerceWealth. And added to that is the inclusion of more than 1,200 assets across currencies, stocks, commodities, global indices, and cryptocurrencies. Plus the no-dealing desk setup of the broker means orders go through with lightning speed. Traders should experience faster fills, better quotes, and less slippage.
Many brokers these days include an educational portal to help train their clients to be better traders. CommerceWealth does not have this. Of course, with the Starter account coming with a $5,000 minimum deposit maybe the broker feels all their clients are already well-trained and don’t need additional educational tools.
As mentioned above CommerceWealth is not a regulated broker. We know that is troubling to some traders, but for us it isn’t a huge concern, especially with smaller trading accounts. The real regulation comes from the clients, and brokers that scam their clients or don’t keep them happy soon find they don’t have clients any longer. That is particularly true in the information age, when a single bad experience can go viral and destroy a broker in days if not hours. With that in mind we typically trust brokers, even without regulation, until they prove themselves untrustworthy.
This broker has taken the route of offering a fairly large number of account tiers, with the benefits rising along with the minimum deposits and account tiers. In total there are six account tiers at CommerceWealth. All of these tiers come with the MetaTrader 5 trading platform, a minimum trade size of 0.01 lots, leverage as great as 1:400, no-swap Islamic accounts, dedicated 24 hour support, multi-lingual support, and an account manager. The differences between the accounts are the minimum deposit amount and the added perks at higher account tiers.
Starter Account – This basic account comes with a surprisingly large $5,000 minimum deposit. The broker claims this account level is the perfect gateway to online trading.
Classic Account – In this second account tier the minimum deposit is increased dramatically to $25,000, and as far as we could tell from the information on the website there are no additional benefits.
Intermediate Account – Moving up to the next level traders can expect to receive economic news and technical indicators for an account with a minimum deposit of $50,000.
Advanced Account – At the advanced account level the minimum deposit rises to $100,000 and the trader is able to take advantage of fixed pricing as well as technical analysis, which we presume is proprietary and detailed.
Ultimate Account – At this account tier clients are expected to make a minimum deposit of $250,000. Like the prior tier fixed pricing is offered, and at this level clients also receive a private EU bank account for the segregation of their funds.
VIP Account – The top account level features a personal banker, and for this privilege clients are required to make a deposit of $1 million. Of course, the VIP clients can also take advantage of all the other perks previously mentioned.
With over 1,200 assets offered traders will never be at a loss when trading at CommerceWealth. Plus, the NDD execution promises some of the best quotes and pricing on all your trades. The assets offered stretch across many asset classes, including currencies, cryptocurrencies, stocks and indices, and commodities. Below are the asset classes offered and some details:
Cryptocurrencies – The cryptocurrency asset class is the newest and for some the most exciting. CommerceWealth has over 20 of the top cryptocurrencies as CFDs, including Bitcoin, Litecoin, Ethereum and more.
Global Currencies – For those who want to trade forex there are more than 100 currency pairs offered, including major pairs, minor pairs, and exotic pairs.
Spot Commodities – Commodity markets are known to be fast moving and exciting, and at CommerceWealth there is a full range of commodities for traders to choose from, including soft commodities like cocoa and wheat.
Spot Indices – Traders will be able to take advantage of more than 30 of the top global indices in their trading account. These indices are a great way to speculate on the broader economy and market moves. They can also be a good way to hedge against other markets and individual stocks.
Spot Energies and Metals – Whether it’s gold or silver, crude oil or natural gas, traders at CommerceWealth will have plenty of these hard commodities to choose from when they have a trading account.
Spot Shares – Individual shares are an exciting way to trade and CommerceWealth includes shares from some of the largest companies in the world. With low rates and low margin requirements this is the perfect way to trade shares.
We were more than pleased to see MetaTrader 5 as the offered trading platform at CommerceWealth. There is no better trading platform in my mind, unless it’s the previous MetaTrader 4 version. The newer MT5 has advanced order management that just cannot be beat, and of course it has the famed technical analysis power that comes with the dozens of indicators available in the MetaTrader package.
With MT5 even professionals will be happy trading at CommerceWealth since they will have the advanced charting tools combined with four types of trade execution in a NDD environment. Of course, MT5 also offers the Expert Advisors that make automated trading a possibility, and at CommerceWealth scalping is allowed, so traders can take full advantage of the robo-trading capabilities included in MT5.
CommerceWealth accepts deposits through wire transfers, credit/debit cards, PayPal and “other payment methods available in accordance with your country of residence.”
Withdrawals are made through the same channels and the site says that they can take up to 5 business days and there is a minimum withdrawal of $50 via wire transfer. Minimum withdrawal limits are not mentioned for the other methods.
Additionally, there are no fees mentioned for either deposits of withdrawals.
Customer satisfaction is one of the stated goals of this broker, and as part of that vow they offer a customer service team that’s available 24/5 via online chat, email, and telephone.
CommerceWealth is one of the new online brokers and they offer more than 1,200 assets and trading via the MetaTrader 5 platform. They have several account tiers to satisfy all levels of traders, although beginners might be a bit put off by the $5,000 minimum deposit for the Starter account.
Other traders are likely to be put off by the lack of regulation, but so far there have not been any negative reports about the broker. We think they will continue to treat their clients with fairness since their reputation is on the line.
With a quality customer service team, good trading conditions and spreads, and NDD execution this is a broker most traders will be happy with.