Tools Trades has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Tried to withdraw my funds from Tools Trades and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Tools Trades said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Personal attention|Clean UI|Stable platform
Cons: Limited ETF selection|Limited cryptocurrency options
Opened my account with Tools Trades after a trusted YouTuber reviewed them and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Smooth onboarding|API access|Fast execution
Cons: Wish they had more educational resources
The spread at Tools Trades is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after doing extensive research and initially thought the platform was good - until I started trading seriously.
Pros: Automated trading options|Multi-currency support|Responsive team|Regular updates
Cons: Wait times can be long during peak hours
I requested my data from Tools Trades under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Fast support response|Multi-currency support
Cons: Cannot customize dashboard fully|Inactivity fee applies after 12 months
After spending for a couple of months now trying to make Tools Trades work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Excellent charting|Automated trading options
Cons: Inactivity fee applies after 12 months|Charting tools need more indicators
KYC with Tools Trades is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Instant funding|Professional team
Cons: No crypto staking|No integrated tax optimization
Tools Trades had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Low minimum deposit|Segregated accounts|Detailed reporting
Cons: Wait times can be long during peak hours
I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that Tools Trades has been flagged as an unauthorized entity. I informed my friend immediately. Please always verify with official sources - a quick search could save you thousands.
Cons: Unauthorized firm|Found in IOSCO warnings database
Tools Trades advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Smooth onboarding|Personal attention
Cons: Research section could be deeper