If you look around the Internet, you will find very scarce information about Trade245 outside their official website. This is because unlike many big names in the trading area, Trade245 is quite new. It was founded in July 2020, so it’s a fresh forex and CFD trading platform that has to gain people’s trust.
The broker was opened for the South African market, and since it doesn’t have too much experience yet, it may be hard to decide whether you should use it or not. However, we can help you here, as we performed deep research by registering on the platform ourselves and testing the many features available. Stay tuned to learn more about this broker and what it has to offer, as well as whether it’s safe or not.
|Trade245 Main Features|
|⚖️Country of regulation:||South Africa|
|🎮Demo Account Available:||Yes|
|💰Withdrawal fee amount:||$0|
|📚Products Offered:||Stock, Forex, CFD, Crypto|
|• No Minimum Deposit||• Limited Instruments and Products|
|• 100% Welcome Bonus||• Limited Customer Support|
|• Low Spreads|
If you look around the Internet, you will find very scarce information about Trade245 outside their official website.
Safety & Regulation
Trade245 is owned by Red Pine Capital (PTY) LTD, Johannesburg, South Africa, and the company number is 2014/220311/07.
This is an authorized financial services provider, which is licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, having the FSP No. 46044.
Is Trade245 Safe Or A Scam?
Scrolling to the bottom of their homepage, we were able to discover information about their regulation.
It turns out that Trade245 is regulated, as it’s specified that it’s a product of Red Pine Capital (PTY) LTD, Johannesburg, South Africa, and the company number is 2014/220311/07. This is an authorized financial services provider, which is licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, having the FSP No. 46044.
By performing some research, we were able to discover that the same license is used by sites like ZumaFX. Not to mention that there are websites claiming that this broker may be connected in one way or another with JP Markets or Veracity Markets. What’s also mentioned on the broker’s site is the fact that MarketFinancial Ltd, based in Seychelles, is the one acting as the counterparty to investor trades.
They’re licensed by FSA Seychelles license number SD006. There are multiple other Forex brokers using the same FSA license number.
We also looked into the safety of funds, and we were pleasantly surprised by what we discovered. Since the company is regulated, they have to open a segregated account, which means the funds the client deposits will be safe. So, this means that the money will be kept separately from the brokerage firm and will not be combined with the company’s money.
That being said, in case the company becomes bankrupt and fails, the client can recover his/her money. It’s also a way to make sure the customer’s money is not used for the wrong purposes.
Together with the information about the regulation, we also liked the fact that we found a warning given by the company. They are making users aware that trading on margin can be pretty risky and losing funds is a scenario likely to happen. They are advising people to understand and accept all risks involved, as well as the trading limits.
Scrolling to the bottom of their homepage, we were able to discover information about their regulation.
The broker does not charge deposit fees or withdrawal fees, though an additional fee may be charged by your payment processor, which is beyond the broker’s control.
However, Trade245 does charge swap fees, also referred to as overnight fees. This swap fee starts at 5% per annum for indices and 2.5% for commodities and cryptocurrencies.
The broker also offers a swap-free account. These accounts allow traders of the Muslim faith to avoid this type of interest, which is prohibited by Sharia law.
There is no minimum amount for opening an account with Trade245. We looked for some information regarding the fees, and we did find a few things that everyone should know about.
Trade245 offers variable spreads for each of the seven accounts on offer:
- Bonus 100 Account: spreads from 1 pip
- Bonus Rescue Account: Spreads from 1 pip
- No Bonus Account: Spreads from 1 pip
- Swap-Free Account: Spreads from 1 pip
- Zero Spread Account: Spreads from 0 pips
- Cent Account: Spreads from 1 pip
- Weekend Trader: Spreads from 1 pip
What Is The Minimum Deposit Of Trade245?
As for inactivity fees, if an account has been dormant, or inactive for 12 consecutive months, then a maintenance fee is going to be charged. The fee is usually $25, or the full amount of the free balance in the account in case the free balance is under $25. If the free balance is zero, then no charge fee will be taken. However, this may also mean that the account will be closed.
Trade 245 Account Types
It was very easy for us to find the sign-up page. It’s all featured on the homepage. You have to fill out a form, after which your account is created. In order to create your account, you will have to provide some information about yourself.
This includes your name and surname, a password and password confirmation, a valid e-mail address, and what country you live in.
After you complete this form by submitting your information, there are two boxes that you have to check if you want to be allowed to create an account.
One of the boxes will confirm that you are over the age of 18, whereas the other will confirm that you acknowledge that the broker will keep your data in accordance with POPI and GDPR. You can find those documents and access them directly from the page, so you can read them thoroughly before you even proceed with the account registration.
We were disappointed to find out that there is barely any information about the different types of accounts available when someone visits the website for the first time. It’s hard to attract traders when you don’t tell them enough about what different account types can do.
Indeed, there is a page about the various accounts they offer, but there’s no detailed text about what you get with each one of them. You are given very short and specific things, though. So, here are the different types of trading accounts and what their features are:
- Bonus 100: Spreads starting from 1 pip, variable spread types, 1:500 leverage, 100% bonus included, MT4 platform
- No Bonus: Spreads starting from 1 pip, variable spread types, 1:500 leverage, excluded bonus, MT4 platform
- Bonus Rescue: Spreads starting from 1 pip, variable spread types, 1:500 leverage, Tiered included bonus, MT4 platform
- Zero Spread: Spreads starting from 0 pips, variable spread types, 1:500 leverage, excluded bonus, MT4 platform
- Cent Trading: Spreads starting from 1 pip, variable spread types, 1:500 leverage, excluded bonus, MT4 platform
- Swap-Free (Limited-Time Offer): Spreads starting from 1 pip, variable spread types, 1:500 leverage, excluded bonus, MT4 platform
- Weekend Trader: Spreads starting from 1 pip, variable spread types, 1:500 leverage, excluded bonus, MT5 platform
As you can see, the accounts have just a few differences from one another, and this can be easily confusing for someone who is new to trading and is looking for a platform. They need to improve in this area and make it clearer what some accounts offer and what makes them different from the others.
Deposit & Withdrawal
First of all, it’s important to establish the fact that people from the U.S. are not accepted as clients Services will not be provided to them. At the same time, it’s a little confusing given that the U.S. is a country option when you’re creating your account.
In fact, there are many countries that seem to be available for this platform. The amount in your account can be held in either USD, ZAR, or GBP.
Now let’s get to the deposits and withdrawals and see how they’re performed.
Trade245 uses some popular deposit methods that most people have heard of. You can deposit using a credit or debit card, as well as your e-wallet. MasterCard and Visa are also valid options, but other than that, you also get Ozow, M-Pesa, and Skrill. Whichever you want to use, you’ll be able to do so.
After you open your account and it’s accepted by the company, you will activate it by making the first deposit of $100. Once you started the deposit process, the company will credit the account within one business day. So, we liked that the process is pretty quick, and you don’t have to wait for ages until you see the money in your account.
Withdrawals can be performed through the same methods you’re using when making a deposit. We were more than happy to see that it takes a few hours for the withdrawals to be processed. This gives any client access to their funds sooner, which is very convenient as a result.
Trade245 offers trading through the MT4 and MT5 platforms, depending on your type of account. MT4 is a pretty basic platform that most brokers are using because it’s reliable and very easy to use in general. The platform is available in the Desktop version, but you can also download it for your mobile and use it when you’re away from home yet want to keep trading.
We found it great how the broker doesn’t only offer MetaTrader 4, but also MetaTrader 5, which comes with more advanced and reliable tools that can improve your trading activity. People who are more serious when it comes to trading and want better results will be in awe of using this platform.
Upon testing the Desktop version, we didn’t have too many complaints. Overall, it runs very smoothly and there are enough tools to help yourself with the trades.
Multiple features will help even a beginner trade properly, so it’s not a platform that will give you headaches. The interface is very friendly and the advanced charting features will make everything worth the time spent.
As for the mobile platform, it’s available for both iOS and Android. While it’s okay, it’s not exactly as good as the Desktop version. You have enough tools for trading, yet the navigation is not as smooth as the one you get with your desktop version.
Markets & Financial Instruments
There are multiple markets available with Trade245. The instruments they offer include indices, FX pairs, cryptocurrencies, stock, commodities CFDs, and many other All of these are customized within the available account types that they offer, and that’s pretty amazing. With such a variety of instruments, you will always have something to do and you will be able to use exactly what you’re looking for.
Also, it’s important to keep in mind that the CFDs on futures and indices come with no expiration date, which is different compared to Index Futures. So, unless you’re the one closing the relevant CFD positions, the CFDs on Indices and futures with Index futures as an underlying asset will be rolled over to the following underlying Futures contracts, while the price will be adjusted.
So, an Expiration Rollover will occur, which is going to result in you being charged an amount equal to the spread of the underlying Future that is rolled over.
Markets Research & Trading Tools
The platforms that are provided by Trade245 are very good in terms of trading tools. You will have a lot of technical analysis tools, as well as advanced charting features and automated trading capabilities.
Contacting the customer service was not a difficult task. In fact, we can say our experience was pretty decent. It could’ve been better, of course, but at least it was not as terrible as we sometimes expect it to be with certain brokers.
The company has a few contact methods that you can use for inquiries. First of all, they have a phone number, so if you’re more comfortable explaining your problem over the phone, you can use this method. Then, there is an email address, which is often the most preferred option for people who are not comfortable calling someone and are less anxious about sending a message.
We tested both methods. With the phone number, it took us a bit until someone answered, probably because they were being busy. With the email address, it also took a few hours until someone reached back to us. It was to be expected with the email address, though.
But even if it took a while, we had good communication with the team and we were pretty pleased with their answers. Hopefully, they will get better in the future.
In terms of client education, the website offers traders information related to trading, Forex, and many things in the same field.
There are a few documents on trading and Forex that people should read if they’re beginners. At the same time, some improvements can be made. There aren’t any videos available, and although the site specifies they offer webinars and other educational resources, there aren’t that many to choose from.
|• Step-by step guide on trading platforms||• None|
|• Demo Account available|
|• Trading Glossary|
Client Education Resources
- Platform tutorial videos
- Educational articles
- Trading Glossary
- Demo Account
Given they are a new company, they still need to learn how to take care of their customers and they have to make their platforms better. They should also offer more educational materials. Not to mention that they should work on offering people more information about their accounts and the other features available.
Trade245 is a decent platform, but they still have a lot of improvements to make.
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.
Frequently Asked Questions
How many instruments can I trade with Trade245?
The broker offers flexible access to over 12 000 financial markets including Forex, Indices, Stocks, Commodities and Cryptocurrencies.
Which trading platforms are supported by Trade245?
MetaTrader 4 and MetaTrader 5
How much leverage does Trade245 offer?
Yes, the broker offers variable leverage with a maximum ratio of 1:500 for all account types.
Does Trade245 charge commission?
Yes, on certain accounts, though it does not indicate which accounts, charged at $10 per lot.
Is Trade245 regulated?
Yes, Trade245 is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.