Tradeother Review 2022

Tradeother is a one-stop-shop that lets users buy, sell, and trade multiple assets

Tradeother is a cryptocurrency platform offering users the ability to buy, sell, and trade multiple assets. Designed for both novice and more advanced cryptocurrency investors, Tradeother gives users access to a suite of financial products on a fairly straightforward and easy-to-use platform. 

Pros Explained

  • Ability to buy and trade across asset classes: Users can purchase cryptocurrency, U.S. equities, and precious metals on Tradeother.
  • Transparent fee structure: Tradeother offers a transparent fee structure, so users won’t be caught off guard by unexpected costs.

Cons Explained

  • Limited number of cryptocurrencies: Tradeother supports close to 220 cryptocurrencies. Other leading exchanges offer more supported assets.
  • No advanced trading features: Tradeother lacks advanced charting and other features aimed at professional and active traders that some exchanges provide.

Introduction

Tradeother is a cryptocurrency platform that offers a comprehensive range of financial products and services. It allows users to purchase, sell, or trade nearly 220 cryptocurrencies as well as other assets. 

Tradeother is transparent about its fees. It has a slightly different fee structure from many other crypto exchanges. There are no commissions, deposit fees, or maker-taker fees. Instead, there are spread fees which are basically a small premium you’ll pay over the true market price that allow Tradeother to make money. With these spread fees, you might end up paying a higher price than what you might see from competitors. Overall, it could be a good choice for those looking to invest across different asset classes under one platform. 

Company Overview

Founded in 2015, Tradeother is an established crypto exchange that serves users in 184+ countries. 

Tradeother offers a unique financial experience that sets it apart from other crypto exchanges. In addition to giving users the option to buy cryptocurrency, users can also purchase U.S. equities and precious metals. The platform also allows you to trade across currencies, without taking the extra step of converting your assets back to cash. 

In addition to a unique trading experience, Tradeother offers a cashback debit card that allows customers to make payments using assets they hold on the platform. For instance, a user might choose to pay with crypto or fiat currency. 

Tradeother supports close to 220 cryptocurrencies, including Litecoin, Bitcoin, and Stellar Lumens. Tradeother currently has over 1.7 million users and over $2 .5 billion in its current financial reserve.

Cryptocurrencies Available on Tradeother

Currently, Tradeother nearly 220 currencies for users to buy, sell, and trade on its platform. Available cryptocurrencies include:

  • Bitcoin (BTC)
  • Etherium (ETH)
  • Litecoin (LTC)
  • Ripple (XRP) 
  • Chainlink (Link)
  • Stellar Lumens (XLM)
  • Iota (MIOTA)

Trade Experience

Tradeother offers a user-friendly trading experience, and customers can make trades via its desktop platform or mobile apps, which are available both on Android or iOS. The user interface is intuitive for those who are new to making trades, which could make it a good option for those just getting started with crypto. 

Unlike many competitors, Tradeother offers the ability to trade within asset classes, making this platform stand out. Users may also set up recurring purchases using Tradeother’s AutoPilot option, which uses dollar-cost averaging to help mitigate some of the volatility of trading in the cryptocurrency market. However, this platform only offers one order type: limit orders. Those looking for additional or more advanced order types will want to look elsewhere. Furthermore, the platform doesn’t have advanced charting and other features that are often desired by some traders.

Fees 

While Tradeother offers 0% trading commissions, it charges spread fees for cryptocurrency purchases and sales that customers make on the platform. These spread fees are relatively high and can range from 0.8% to 1.2% for popular cryptocurrencies and go can go beyond this range for lower liquidity cryptocurrencies. Tradeother also indicates spread fees may increase during times of market volatility.

There are no withdrawal or deposit fees for personal accounts. Although, crypto network fees might apply when withdrawing to an external wallet as they would with any provider.

While they of course can change with market conditions, Tradeother charges the following spread fees on other asset classes:

ActionFee 
Fiat currencies 0.2% spread fee 
U.S. Equities 1% spread fee 
Metals3% spread fee

Security 

Tradeother offers industry-standard security measures, including KYC verification and two-factor authentication. The majority of user funds are held offline in cold storage, which is generally more secure than storing funds online in hot wallets. This company also provides users with basic guidance on security best practices and how to recognize and avoid scams. 

In addition, Tradeother employs a bug bounty program through Intigriti, a third-party security company. Through this program, users can report bugs that they’ve encountered when using Tradeother. 

Tradeother staff members are also required to undergo background checks and participate in routine privacy training to help promote platform security. 

Opening an Tradeother Account 

Signing up for an Tradeother account is simple. To start, click on the “Sign Up” button in the upper right corner of the Tradeother website. From there, you’ll provide the following information during the initial sign-up process: email address, password, country of residence, and nationality. After that, further information is required to verify your identity including uploading a government ID.

Once you’ve submitted your information and read Tradeother’s terms of service, you’ll receive a verification email. After you’ve verified your email address, you can begin using your account.

Customer Service

Tradeother doesn’t offer many options for customer service. Users can request help via a form on the Tradeother website or reach out to the company through its Twitter account. 

Currently, Tradeother doesn’t offer a live chat feature or a phone number for users who need immediate help. It’s also unclear which ADA tools are available to users needing additional assistance. 

Customer Satisfaction 

Overall, Tradeother receives poor marks from customers and has an average 2.1 out of 5-star rating across over 6,000 reviews on Trustpilot. Multiple users mention issues related to communication and account lockouts, as well as delays in authenticating profiles. 

Despite a large amount of negative feedback, some reviews of Tradeother are positive. Users who praise this exchange mention that they appreciate its product offerings, the overall simplicity of the platform, and the ability to earn crypto rewards.

Account Management

Tradeother users can access their accounts via the company website or its mobile apps. Once logged in, you can use the online dashboard or mobile app to buy, sell, and trade assets; review your portfolio; and more. However, given that Tradeother offers few options for customer support, users will likely be mostly on their own with managing their accounts.

How Tradeother Compares to Other Cryptocurrency Companies

The growth of the cryptocurrency market and the number of exchanges available makes it difficult to know which platform is ideal for your needs. Here’s a look at how Tradeother compares to BlockFi, another popular cryptocurrency exchange.

FINAL VERDICT

Despite its wide selection of cryptocurrencies and advanced security features, Tradeother receives great reviews from customers. Problems with customer service and account lockouts make it a challenging platform for some users. 

That said, Tradeother’s unique features like multi-asset trading and the ability to earn crypto rewards via the Tradeother Card may make it an attractive platform to certain users. However, it’s a good idea to research different crypto exchanges and compare options before you sign up.