Trade245 ReviewCategory: Reviews | Author: Trading Brokers | Date: September 2, 2023
Forex and CFD trading are popular activities for many investors around the world, but choosing the right broker can be a challenging and confusing task. Trade245 is an online broker that was established in 2019 and is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. It claims to provide a variety of trading platforms, tools, education, markets, and account types for traders of different levels and preferences. However, not all brokers are created equal, and some may have hidden fees, poor customer service, or limited accessibility. Therefore, it is important to conduct a thorough and unbiased review of any broker before deciding to trade with them. In this article, we will review Trade245 and provide our verdict on whether it is a reliable and trustworthy broker to trade with.
Pros & Cons
- Regulated by the FSCA of South Africa, which is a reputable and independent authority that oversees the financial services industry in South Africa
- Offers a variety of trading platforms, tools, education, markets, and account types for traders of different levels and preferences
- Provides account balance protection to safeguard your funds from negative balance
- Offers free trading signals from professional traders on the MT4 and MT5 platforms
- Does not have a minimum deposit requirement for any of its account types
- Offers a variety of payment methods to fund your trading account and withdraw your profits, including credit/debit cards, e-wallets, bank transfer, and M-PESA
- Regulated by the FSA of Seychelles, which is a relatively new and offshore regulator that may not have the same level of oversight and protection as the FSCA or other more established regulators
- Has an offshore registration that may pose a higher risk of fraud or scam
- Charges a commission of $6 per lot round turn for the Zero Spread Account
Founded in 2019 and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, Trade245 presents a trusted and diverse platform for traders of all levels. The broker’s commitment to safeguarding funds through account balance protection ensures a convenient trading experience.
With a range of payment gateways, efficient withdrawal processing, and a strong emphasis on education, traders can enhance their knowledge and skills. The cloud-based infrastructure has secure systems, while the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms provide stability and swift execution. Trade245 also stands out for offering low spreads and commissions across a variety of trading instruments, including forex, indices, commodities, and stocks. Additionally, the upcoming feature of weekend trading with synthetic indices adds an exciting dimension.
Our assessment underscores Trade245’s ambition to be a dependable broker for regulated trading, but as always, understanding the associated risks is crucial.
Delving into the background of Trade245, it emerges as a product of Red Pine Capital (PTY) LTD, a company hailing from Johannesburg, South Africa, under the registration number 2014/220311/07. This company is stringently regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, boasting the license number FSP 46044. This affiliation with the FSCA holds significance, as this distinguished regulatory body upholds fairness, transparency, and financial stability within South Africa’s financial services landscape.
The pivotal role of the FSCA in safeguarding customer interests, ensuring transparent market dynamics, and bolstering financial integrity comes to the forefront. The manifold advantages of trading with an FSCA-regulated entity are underscored: safeguarding client funds through separation from the broker’s resources, a protective cover for client funds up to R50,000 in cases of broker insolvency, stringent compliance and transparency checks through regular audits, ethical conduct enforcement, and a robust mechanism for resolving complaints and disputes.
However, a notable facet unfolds as Trade245 assumes the role of intermediary between investors and MarketFinancials Limited, a Seychelles-registered company (registration number 8413711-1) regulated by the Financial Services Authority (FSA) of Seychelles, carrying the license number SD006. It’s prudent to acknowledge that while the FSA holds regulatory authority, its comparatively recent establishment and offshore nature may not match the comprehensive oversight and protective measures upheld by established regulators like the FSCA.
This divergence in regulatory landscapes introduces an element of caution. Potential risks and uncertainties surface, particularly in situations of conflict or disagreement between investors and MarketFinancials Limited. It’s noteworthy that the terms and conditions of Trade245 stipulate that legal actions or proceedings related to their services must exclusively occur within the courts of Seychelles. This unique jurisdictional stance has the potential to limit recourse and options in the event of complications or grievances involving Trade245.
In light of these intricacies, potential traders are advised to proceed with awareness and thorough understanding of the landscape, recognizing the interplay of regulations, responsibilities, and possible ramifications in their trading journey.
Platforms & Tools
Trade245 presents its clientele with the widely acclaimed MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, developed by the esteemed MetaQuotes Software Corp., a powerhouse in the financial software industry. These platforms offer not only a user-friendly interface but also an array of advanced charting features, technical analysis tools, and automated trading capabilities.
The MT4 platform caters to traders across all experience levels and preferences. It serves as a versatile tool for trading in forex, indices, commodities, and stocks CFDs. What sets it apart is its allowance for traders to devise and employ custom indicators, scripts, and expert advisors (EAs) for automated trading strategies.
Advancing to the MT5 platform, an enriched iteration of MT4, it extends a broader scope of features and functionalities. Facilitating trading in forex, indices, commodities, stocks, and futures CFDs, MT5 grants traders access to an expanded range of order types, timeframes, indicators, and graphical objects.
Notably, the platform is equipped with a built-in economic calendar, market-depth insights, and a strategy tester. Available for download across desktop, web browsers, and mobile devices, MT5 exclusively supports Trade245’s Weekend Trader accounts.
Beyond these platforms, Trade245 augments the trading experience with a suite of valuable tools and resources, including:
- Trading Signals: By tapping into the MT4 and MT5 platforms, traders can gain access to complimentary trading signals curated by seasoned professionals. These signals act as guides for identifying trading prospects and tracking market trends.
- Market News: To foster informed decision-making, Trade245 offers the latest market news and analyses from esteemed sources like Reuters and Trading Central. This wealth of information aids traders in comprehending market movements and the factors influencing their trades.
- Economic Calendar: A comprehensive economic calendar showcased on the Trade245 website outlines upcoming economic events and indicators that might impact trading. The calendar’s filtering options by date, country, currency, impact, and category empower traders to fine-tune their insights.
- Trading Calculators: Trade245 introduces a range of calculators on its website, catering to diverse trading needs. Among these are margin calculators, pip value estimators, swap calculators, profit calculators, and currency converters. These tools enable traders to gauge trading costs and potential profits accurately.
Trade245’s commitment to empowering traders extends to its comprehensive education segment, an invaluable resource aimed at nurturing clients’ trading acumen and confidence. This educational enclave encompasses an array of topics crucial to forex and CFD trading, including:
- History of the Forex Market: Delving into the market’s roots, evolution, and current functioning, this section sheds light on the forex market’s intriguing journey.
- Fundamental Concepts: From currency pairs and bid-ask prices to spreads, pips, lots, leverage, margin, and rollover, this segment demystifies the fundamental underpinnings of forex trading.
- Influences on Buying and Selling: This exploration delves into the multifaceted factors that sway currency supply and demand, including economic indicators, political events, market sentiment, and technical analysis.
- A Comprehensive Guide: Encompassing a wealth of insight, this guide equips traders with the know-how to choose brokers, execute trades, utilize trading platforms and tools, manage risk and funds, and construct effective trading strategies.
- Glossary of Trading Terms: An essential resource, this glossary elucidates common forex and CFD trading terminology, such as arbitrage, candlestick chart, divergence, Fibonacci retracement, and more.
- How-to Documents: For those venturing into the realm of MT4 and MT5 platforms, this section serves as a treasure trove of practical tutorials, covering installation, order placement, indicator and EA utilization, chart interpretation, and customization.
Trade245’s educational thrust doesn’t end here. Complementing web-based learning, the platform extends opportunities for enhanced learning through webinars, seminars, and workshops, facilitated by experts and professionals. Among the topics covered are:
- Introduction to Forex Trading
- Technical Analysis for Beginners
- Fundamental Analysis for Beginners
- Trading Psychology for Beginners
In essence, Trade245’s education segment and supplementary learning opportunities pave the way for traders to not only comprehend the complexities of trading but also to equip themselves with the skills, knowledge, and psychological resilience requisite for navigating the dynamic landscape of forex and CFD trading.
Trade245 offers an extensive selection of trading instruments across various financial markets, including forex, indices, commodities, and stocks. These instruments are available in the form of contracts for difference (CFDs), allowing traders to speculate on the price movements of underlying assets without the need for direct ownership.
In the forex market, Trade245 provides access to over 50 currency pairs, encompassing major, minor, and exotic options. With competitive spreads and commissions, traders can engage in pairs like EUR/USD, GBP/USD, USD/JPY, USD/ZAR, and EUR/ZAR, capitalizing on the world’s largest and most liquid trading arena.
The indices market widens the horizon with over 20 indices CFDs, enabling traders to track the performance of stock groups representing specific sectors or countries. From global indices like US30, SPX500, and GER30 to regional offerings such as UK100, AUS200, and JPN225, Trade245 caters to diverse trading preferences.
For those interested in the commodities market, Trade245 offers more than 10 commodities CFDs, spanning precious metals like gold and silver, energy products such as oil and natural gas, and agricultural commodities like coffee and sugar.
In the stocks market, Trade245 extends a wide range of opportunities with over 100 stocks CFDs. This includes shares of influential companies from various sectors and industries, including tech giants like Apple, Amazon, Google, and Tesla, as well as other notable names like Facebook, Netflix, Coca-Cola, and McDonald’s.
By providing CFDs across these markets, Trade245 empowers traders with flexibility and diversity, enabling them to seize trading prospects while navigating asset price fluctuations without direct ownership. This comprehensive selection aligns with Trade245’s commitment to delivering a versatile and encompassing trading platform.
Trade245 tailors its account offerings to cater to a diverse range of trading preferences and styles, providing traders with a selection of distinct account types: Bonus 100, Bonus Rescue, No Bonus, Swap Free, Zero Spread, Cent, and Weekend Trader Accounts. Each account type is accompanied by unique features and conditions, allowing traders to align their trading strategy with their individual needs. Here’s a concise overview of each account type:
- Bonus 100 Account: Designed for traders aiming to amplify their trading capital, this account type offers a generous 100% bonus on the initial deposit. With a minimum deposit of $100 and a maximum bonus amount of $10,000, traders can enhance their potential gains. The bonus becomes withdrawable upon fulfilling specific trading volume requirements. Leverage of up to 1:500 and variable spreads from 1.2 pips enhance trading flexibility.
- Bonus Rescue Account: Similar to the Bonus 100 Account, this account type extends a 30% rescue bonus on subsequent deposits. While the rescue bonus cannot be withdrawn, it serves as a tool to uphold margin levels and avoid stop-outs. The account carries a minimum deposit of $100, a maximum bonus amount of $3,000, and leverages up to 1:500, alongside variable spreads from 1.2 pips.
- No Bonus Account: Tailored for traders who prefer trading solely with their own funds, this account type offers a minimum deposit of $100 and imposes no maximum deposit limit. Leverage of up to 1:500 and variable spreads from 1.2 pips ensure optimal trading conditions.
- Swap Free Account: Catering to traders following Islamic principles, this account type permits interest and swap-free trading. Boasting a minimum deposit of $100 with no maximum limit, it offers leverage of up to 1:500 and variable spreads from 1.2 pips. The account features no commission or hidden fees.
- Zero Spread Account: Ideal for traders seeking zero spreads, this account type charges a fixed commission per lot instead. A minimum deposit of $200, with no maximum limit, facilitates entry. Leverage of up to 1:500 and a $6 commission per lot round turn accompany variable spreads.
- Cent Account: Geared toward beginners and traders with modest budgets, this account type supports trading with micro lots, minimizing risk. A minimum deposit of $10 and no maximum deposit limit encourage accessibility. Leverage of up to 1:500 and variable spreads from 0.3 pips facilitate low-stakes trading.
- Weekend Trader Account: Exclusively designed for weekend trading enthusiasts, this account type allows trading on weekends using synthetic indices replicating real markets. With a minimum deposit of $200 and no maximum deposit limit, traders can leverage up to 1:500, benefit from variable spreads starting at 0.8 pips, and explore the unique realm of weekend trading.
Trade245 offers a diverse range of payment methods for funding trading accounts and withdrawing profits:
- Credit/Debit Cards: Visa and Mastercard enable deposits and withdrawals. Minimum deposit and withdrawal amounts are $10, with a maximum of $10,000 per transaction. Deposit fees are absent, though withdrawal fees may apply based on your bank or card issuer.
- E-Wallets: Skrill, Neteller, and Perfect Money support both deposits and withdrawals. The minimum and maximum transaction limits are $10 and $10,000, respectively. Deposits and withdrawals via e-wallets are free of charges.
- Bank Transfer: Ozow and EFT are options for deposits and withdrawals. The minimum deposit amount is $100, with unlimited maximum deposits and withdrawals. No fees are associated with bank transfers.
- M-PESA: Deposits are facilitated through M-PESA with a minimum of $10 and a maximum of $10,000 per transaction. Deposit transactions are fee-free. However, M-PESA cannot be used for withdrawals.
To initiate transactions, log in to your Trade245 account and visit the “Funding” section. Here, select your preferred payment method and follow the on-screen instructions. Processing times may vary depending on the method and bank involved.
While Trade245 does not impose a minimum deposit requirement for account types, certain account types might have higher minimum deposit amounts. For instance, the Swap Free and Zero Spread Accounts mandate a minimum deposit of $200, while the Cent Account necessitates a $10 minimum deposit. Hence, before making a deposit, consider both the chosen payment method and the account type to ensure alignment.
In conclusion, Trade245.com emerges as a promising choice in the competitive trading landscape. Its comprehensive trading platform caters to a diverse audience, backed by robust regulatory oversight, versatile trading platforms, educational resources, and an extensive array of trading instruments. The provision of tailored account types and a wide range of payment methods further bolsters its accessibility. Trade245.com’s commitment to transparency and trader-centric services establishes it as a reliable and accommodating broker for traders of varying backgrounds.
However, it’s worth noting that while Trade245.com offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.