ClickTrades Review 2020
ClickTrades is an offshore trading broker with a vast range of 2,100+ Forex & CFD assets for trading online through their proprietary WebTrader platform. They do have a good selection of trading tools but are lacking in educational materials to help traders increase their trading knowledge and skills. The payment options are also very limited when compared to other brokers and the popular MetaTrader platform is not provided.
ClickTrades Review 2020, Pros & Cons
- WebTrader platform with variety of built in trading tools
- Trading Central
- Commission free accounts & fixed spreads
- 2,100+ trading instruments
- Offshore regulation
- No MetaTrader platform
- Limited funding options
- Lack of educational resources for new traders
- Minimum $1,000 deposit
- No clients from Japan, Canada & USA
- No online chat support
In this detailed ClickTrades review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
ClickTrades is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including ClickTrades.
ClickTrades Review: Summary
Founded in 2018, ClickTrades is a broker that offers Forex and CFD trading online to clients around the globe. The broker offers market news and analysis to help support traders with their trading strategies and decisions. They also provide competitive spreads, high leverage and zero commissions on deposits and withdrawals.
ClickTrades Review: Regulation
ClickTrades is operated by KW Investments Limited, which is authorised and regulated by the Seychelles Financial Services Authority (FSA) with licence number SD020. The trading brokers review team would prefer a broker that has FCA, CySEC or ASIC regulations. You can see a list of regulated brokers by viewing our best online brokers.
ClickTrades Review: Countries
ClickTrades do not accept accounts for residents of certain jurisdictions including Japan, Canada and the USA. Some ClickTrades broker features and products mentioned within this ClickTrades review may not be available to traders from specific countries due to legal restrictions.
ClickTrades Review: Trading Platforms
ClickTrades provide full access to a high-tech and user-friendly platform, WebTrader, designed to allow trading sessions from a wide range of over 2,100+ assets, on both desktop and mobile devices.
ClickTrades have an intuitive and easy-to-use platform that has everything you would expect from a platform built on the latest technologies and developed for reliable execution: a broad range of instruments, free analysis tools, Economic Calendar, Trading Central and features such as limit and stop orders which can help to improve your overall trading experience.
With WebTrader you can stay connected to the markets on the go or from the comfort of your workspace, while accessing several world-class assets – Forex, Commodities, Indices, ETFs and Bonds. Here are some key features of the platform:
- Advanced chartist methodologies: Develop your trading strategies using charting methodologies and analytical tools that integrate 3 chart styles and several indicators.
- Complex risk management tools: Tailor the risk of trading by improving your techniques while using features such as Stop Loss or Take Profit.
- User-friendly trading system: Enjoy trading on a platform developed to cater to investors of all different experience levels.
- Enhanced trading sessions: Trade over 2,100+ instruments on WebTrader and use the customisable layouts to help streamline your trading experience.
- Trading Central: Use a technical analysis tools that provides complex indicators for a wide range of assets and which suits every trading style.
- Negative Balance Protection: Eligible clients can benefit from a feature that ensures you will never lose more than the funds you have in your account.
ClickTrades Review: Trading Tools
Most traders will find the vast amount of trading tools built into the provided trading platforms more than enough for their day trading needs. There are a few additional tools that some may also find useful.
Trading Central is an award-winning dynamic chart analysis tool specialised in market analytics and research. It can help traders of all levels boost their trading strategies with interactive charts and built-in extensive analysis. Trading Central, is available for traders only under certain conditions and comes integrated into the WebTrader platform.
- Find potential trade opportunities using automated chart analysis.
- Track market movements based on multiple daily updates of Support & Resistance Levels.
- Alternative scenarios based on market movements allow you to have a clear perspective on the possible direction of the instrument.
- Take your strategies to the next level with rich analytics and multiple timeframes.
The broker has an economic calendar which gives extended market coverage and lets you filter the markets you’re interested in and keep track of events that influence them. This is useful as part of fundamental market analysis and can be used to help with trading decisions.
ClickTrades Review: Education
There is a news section on the ClickTrades website that seems to no longer get updated. It’s a shame as there were some useful economic news articles being posted. It has actually been over a year since the last news article was posted. There is a financial dictionary that covers some commonly used trading terms along with their explanations.
ClickTrades Review: Trading Instruments
ClickTrades has an impressive 2,100+ CFDs (Contracts for Difference) available for trading. When trading CFDs, you do not actually purchase or own the underlying asset, you are speculating on the price movement, up or down. A CFD is a contract to between two parties to pay the difference between the value of the current price and future price. You can see our best CFD brokers for more information.
With ClickTrades you can trade currencies on a global decentralised market with competitive spreads and high liquidity, choosing from three popular FX crosses: majors, minors and exotics.
Most of the industrialised countries as well as the developing ones, have at least one financial index. CFDs on Indices cover more than 26 global indices and if you choose to trade these instruments you also get competitive spreads and high leverage.
When trading CFDs on commodities you can choose from two main categories: soft commodities which include grown goods such as wheat or rice and hard commodities that comprise mined products such as gold, gas and oil.
ClickTrades gives you access to the most popular shares on the global financial markets (including the Australian, European, Asian and the U.S Market).
Bonds are issued by banks or governments with the purpose of raising capital, therefore you should take into consideration that the bond market has several opportunities for every trader who decides to trade CFDs on bonds.
Exchange Traded Funds
Choosing to trade CFDs on ETFs (Exchange Traded Funds) can be attractive to a certain type of trader as they are characterised by a high daily liquidity and have competitive fees.
ClickTrades Review: Trading Accounts & Fees
ClickTrades have a choice of 3 different account types:
- Essential: Minimum $1,000 deposit, geared towards new traders
- Original: Minimum $5,000 deposit, trader’s choice
- Signature: Minimum $25,000 deposit, for expert traders
Every account type gets access to the WebTrader platform, daily market reviews and financial research, daily analyst recommendations (third party), full access to a video library and dedicated account representative (daily during weekdays). The original account includes open access to research. The signature account includes all of the above and also special trading conditions, Trading Central and one-to-one meetings with account representative.
Spreads are fixed or variable depending on the instrument being traded. EURUSD spread is fixed starting from 2 pips. The broker marks up spreads to cover costs as they do not charge commission. The broker makes a profit from the difference between the BID and ASK prices, a difference that is called the bid-asked Spread. You will also need to be aware of additional fees such as the overnight rollover (swap). If you leave a position open overnight, then ClickTrades adds or subtracts a “swap” fee to/from your account. This amount will vary as it is linked to interbank interest rates. You will see the charge at the end of the trading day.
Flexible leverage of up to 1:300 is available. In order to be placed in a certain Leverage category, you must complete the appropriateness test which will show ClickTrades your knowledge related to CFD trading online. The broker must obtain, under the applicable regulation, information about its customers and their experience to assess whether the services they provide are appropriate for its clients.
When you trade on leveraged capital you may open a position with a value that is significantly higher that the funds that you have invested, which only serve as the margin. When trading with leverage you increase your chances of potential return, but also the potential losses. Basically, when you trade with leverage you can pay less than the full price for a trade. Thus, you can enter larger positions than you could, using only your account funds. Leverage is expressed as a ratio, for example if your leverage is 1:3, this means that you can hold a position that is the triple of the value of your trading account. You should understand the high risks involved with trading online using leveraged positions.
At ClickTrades you can open an Islamic Account (Swap-Free) which is only available for customers who cannot use Swap Accounts due to their religious beliefs. In order for you to become eligible for such an account the broker reserves the right to investigate your current situation. They also state that they reserve the right to refuse your request without providing any reason or explanation. You should also know that if they accept your request all your other accounts that you hold with them will be converted into Swap-Free accounts. The conversion process of the account is performed by the brokers back-office department only after you give them your consent to complete such a request. Only then will they evaluate your request along with the documentation you submitted to them and inform you if your request has been accepted or not.
An inactivity fee of $10 or its equivalent in the currency of the trading account will apply if there hasn’t been any trading activity during a period of three months or more.
Demo accounts are available if you would like to trial the brokers different trading platforms and practice your trading strategies with virtual funds before going live.
As broker fees can vary and change, there may be additional fees that are not listed in this ClickTrades review. It is imperative to ensure that you check and understand all of the latest information before you open a ClickTrades broker account for online trading.
ClickTrades Review: Customer Service
Customer support is available Monday to Friday from 6am GMT to 1am GMT. They can be reached via telephone or email. Unfortunately, there is no online chat option.
ClickTrades Review: Deposit & Withdrawal
ClickTrades account funding options are limited to bank wire transfer and credit/debit cards. They are distinctly lacking when compared to other brokers who offer multiple payment options including online payment processors such as PayPal, Skrill, Neteller, etc.
ClickTrades don’t charge any deposit fees. If you have deposited in a different currency then the one that your investing account is denominated in, it might be the case that you are required to cover other commission or charges which have been applied for the currency conversion. Even more, you should know that all fees and taxes related to any transactions are strictly your liability.
If you wish to deposit funds in your ClickTrades account, the payment must originate from a payment account that is in your name. This is due to the brokers regulatory demands as they must abide by anti-money laundering laws, and are therefore obliged to verify that you are the legitimate owner of the funds that have been deposited into your account. If you have made a deposit by: Bank Transfer – you may be asked to provide a photo/scan of payment proof or a recent bank statement; Debit / Credit Card – you may be asked to provide a photo/scan of your card, recent credit card statement or a document issued by the bank.
You can withdraw your deposit provided you meet the brokers standard regulatory requirements. If you wish to open a withdrawal request, you must log into your account with your credentials. Then click on the “Withdraw funds” button and follow the indicated steps. Your funds will be released via the original method in which have deposited your money. In some cases, you might be required by ClickTrades to provide additional documents so that your withdrawal goes through.
ClickTrades Review: Account Opening
Its quick and easy to open a trading account with ClickTrades. The broker provides a short online application form for you to complete. You will need to provide some personal information and also documents as part of the KYC procedures. Once your account has been verified which can be done the same day, you will be able to fund it and commence trading online using the provided platforms.
ClickTrades Review: Conclusion
Overall, ClickTrades is an online trading broker with a wide range of assets available for trading to clients all over the globe. They have a powerful and intuitive trading platform with a good selection of built in trading tools. The broker does not charge a commission but do therefore mark-up spreads. You will need to consider the impact this could have on your trading strategy and money management.
Despite this, the brokers offshore regulation leaves a lot to be desired. We also found the educational materials available distinctly lacking and were disappointed by the lack of payment options. The in demand MetaTrader platforms that so many traders are familiar with is also unavailable whilst there are no social trading platforms integrated. For these reasons we would consider another trading broker.
Trading Forex and CFDs is highly speculative, involves a significant risk of loss and is not suitable for all investors. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings. There is a substantial risk that you may lose all of your initial investment. We advise you to consider whether trading leveraged products is appropriate for you in light of your own personal circumstances. We recommend that you ensure you fully understand all risks involved before trading. Trading through an online platform carries additional risks.