CornerTrader Review 2024
Website: www.cornertrader.ch
Min. Deposit: US$ 2000
Leverage: 1:200
Trading Platforms: CornerTrader Platform
Regulation: FINMA
Headquarters: Switzerland
Founded: 1952
Regulatory Licenses:
- Cornèr Bank Ltd - authorized by FINMA (Switzerland)
Updated on April 29, 2024
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In order to deliver an accurate and comprehensive review of CornerTrader, our methodology involved a deep dive into the broker's offerings, comparing its services against over 1000 brokers. Our analysis spanned various aspects including regulatory compliance, platform features, asset offerings, customer service quality, fees and spreads, and more. This thorough approach ensures that our review is balanced, providing potential traders with both the advantages and disadvantages of using CornerTrader for their trading needs.
CornerTrader is a CFD and Forex trading broker that presents a diverse selection of asset classes including FX options, stocks, bonds, ETFs, mutual funds, among others. It operates as a division of the Corner Bank Group, a reputable independent Swiss private bank established in 1952. With the initiation of CornerTrader in 2012, the bank expanded its offerings to cater to the burgeoning online trading market, thereby combining traditional banking strengths with innovative trading solutions.
Pros
Regulated by a reputable authority
Offers a wide range of trading instruments
Transparent and competitive fees
Cons
Lacks MetaTrader platform
Customer support is not available 24/7
CornerTrader Review Summary in 12 Points ▲
Headquarters: Switzerland
Regulation: FINMA
Platforms: CornerTrader Platform
Instruments: Forex, FX Options, CFDs, ETFs, Stocks, CFD Options, Futures, Cryptos, and more
EUR/USD Spread: 0.2 pips
Demo Account: Available
Minimum deposit: $2,000
Base currencies: USD, EUR, GBP
Education: Provided with insights and tutorials
Customer Support: 24/5
Overall CornerTrader Ranking ▲
CornerTrader stands out as a reliable broker within Switzerland, known for its favorable trading conditions and high degree of transparency. The broker boasts a comprehensive range of services with competitive fees and spreads. Based on our extensive analysis in comparison with over 1000 brokers, CornerTrader achieves an Overall Ranking of 8.5 out of 10.
Is CornerTrader Safe or a Scam? ▲
CornerTrader is unquestionably not a scam. It is an integral part of Cornèr Bank, which falls under the stringent regulation of FINMA, Switzerland's foremost regulatory body. This ensures its full compliance with the rigorous operational requirements and measures mandated. Operating a brokerage firm in Switzerland necessitates acquiring a banking license, a testament to the broker's adherence to the country's strict regulatory and operational standards.
Indeed, CornerTrader is a legitimate and thoroughly regulated brokerage firm. It, along with Corner Bank, is a member of the Esisuisse depositor protection scheme. This membership guarantees that clients' deposits with Swiss banks are safeguarded, upholding the integrity of clients' funds. Our Ranked CornerTrader Trust Score stands at 8.5 out of 10, reflecting the broker's longstanding reputation for reliability and its robust licensing.
Under the Esisuisse scheme, member institutions commit to securing the transfer of necessary funds up to CHF 6 billion. In the event of company insolvency, clients are assured of fund protection up to CHF 100,000. This level of protection is a clear demonstration of the safe and secure trading environment that CornerTrader provides, ensuring peace of mind for its clientele.
The Swiss Financial Market Supervisory Authority (FINMA) has established certain regulations regarding leverage in trading, with an aim to protect investors. Unlike many other countries where leverage is tightly restricted, FINMA allows Swiss-based brokers to offer comparatively high leverage ratios. This is an important distinction in the global trading regulatory landscape.
In accordance with these regulations, Swiss-based brokers, such as CornerTrader, are permitted to offer leverage levels up to 1:200 for Forex instruments. This higher level of leverage is quite significant when compared to the restrictions placed in many other jurisdictions. It's important for traders to note that while high leverage can potentially amplify profits, it also increases the risk of losses, and thus should be used with caution and understanding of the associated risks.
Moreover, professional traders who can confirm their status may be eligible to apply for even higher levels of leverage. This option caters to experienced traders who are looking for increased market exposure and have a clear understanding of leverage implications.
However, it's crucial for traders to remember that leverage levels can vary depending on the specific financial instrument being traded. Therefore, they should always verify the applicable leverage for the particular instrument they are interested in trading. This ensures that traders are fully informed about the trading conditions and the regulatory framework under which they are operating, helping them to make well-informed trading decisions in line with their investment strategies and risk tolerance.
At CornerTrader, fees are structured around the various account options available, as well as the specific trading instruments. For instance, in the realm of cryptocurrency trading with assets like Bitcoin and Ethereum, commissions initiate at 0.07% for Pro Traders. Additionally, an inactivity fee is applied when no financial instruments are purchased for over 12 months preceding the accounting month.
CornerTrader's fees are considered to be on par with industry standards, receiving a score of 3.9 out of 5. This evaluation is based on a detailed comparison with 1000 other brokers.
CornerTrader's spread varies according to the account types chosen by traders. Our research indicates that the average EUR/USD spread stands at 0.2 pips, while for GBP/USD pairs, it is 0.4 pips. When compared to over 1000 brokers, CornerTrader's spreads are quite competitive, receiving a low overall rating of 4.4 out of 5. Specifically, the Forex spread is significantly below the industry average, and the spreads for other financial instruments are equally compelling.
CornerTrader provides its clients with Swiss banking services, facilitating fund transactions via the Corner Bank IBAN. A unique offering is the TradersCard, linked directly to the trading account, which allows clients to instantly withdraw funds from any ATM. We have rated CornerTrader's funding methods as good, with an overall score of 3.9 out of 5. Fees are generally low or average, and the ability to choose from various account-based currencies is a significant advantage.
Pros
Swiss banking services ensure secure transactions
Instant withdrawals with TradersCard
Cons
Higher minimum deposit compared to some competitors
CornerTrader boasts a proprietary trading platform that offers an intuitive interface and advanced strategy-building capabilities across all devices, including desktops, phones, and tablets. Our evaluation highlights the platform's comprehensive range of trading instrument analyses and chart trading availability. Additionally, it provides access to market analyses, news, and the financial calendar. Equipped with innovative options and risk management tools, the CornerTrader platform is rated highly, scoring 4.4 out of 5 when compared to platforms from over 1000 brokers.
Concluding, CornerTrader stands out as a dependable and secure broker, offering competitive trading services and attractive costs and spreads. Notably, the absence of a mandatory minimum deposit makes it an appealing choice for both new and active traders. Catering to a wide audience, including retail, institutional, and professional traders, CornerTrader also facilitates investment opportunities through PAMM accounts. With its European focus, provision for advanced and institutional trading, and comprehensive learning and research materials, CornerTrader is well-suited for:
European traders
Investors
Professional traders
CFD and currency trading enthusiasts
Those seeking STP/OTC execution
Advanced and institutional traders in search of competitive spreads
Individuals looking for Swissbased trading options
Retail traders wanting higher leverage access
Overall, CornerTrader's offerings, from its trading platform to customer support and education, are designed to meet the needs of a diverse trading community.
