Trade245 Review 2024
Website: www.trade245.com
Min. Deposit: US$
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5
Regulation: FSCA, FSA
Headquarters: South Africa
Founded: 2020
Updated on March 27, 2024
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To ensure the accuracy and reliability of our review, we have conducted an extensive analysis of Trade245. This process involved comparing Trade245 with over 1000 brokers in the industry, focusing on various aspects such as regulatory compliance, trading platforms, financial instruments, fees, spreads, customer service, and educational resources. Our objective is to provide traders with a clear and comprehensive understanding of what Trade245 offers and how it stacks up against its competitors.
Trade245 is a brokerage firm founded in 2020, headquartered in Johannesburg, South Africa. It specializes in providing online trading services, including Forex, Indices, Stocks, Commodities CFDs, and Cryptocurrencies. The firm is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and also holds a license from the Financial Services Authority (FSA) in Seychelles, enabling it to operate on a global scale. Trade245 is recognized for offering secure trading environments and facilitating efficient trade executions through the widely acclaimed MetaTrader platforms.
Trade245 offers a blend of advantages and disadvantages for traders to consider before engaging with the platform.
Pros
Wide range of popular financial instruments
Competitive trading solutions
No minimum deposit requirement, allowing flexibility for traders to start
Access to the renowned MT4 and MT5 trading platforms
Suitable for traders in the African region, including countries like Namibia and Zambia
Cons
Limited variety of trading instruments and markets
Restricted availability of research and educational resources
Possible fees on withdrawals and deposits
Lack of 24/7 customer support
Trade245 is a regulated broker, not a scam. It has obtained authorization from the FSCA in South Africa, indicating a commitment to industry standards and regulatory compliance. The broker's international operations are facilitated through an offshore entity in Seychelles, imparting a degree of flexibility to its services. However, it is crucial for traders to exercise caution and fully understand the conditions and regulatory environment, especially when dealing with offshore entities.
Leverage is a double-edged sword in trading, offering the potential for significant profits as well as substantial losses. Trade245 provides leverage in accordance with the regulations set by the FSCA and FSA. South African traders can access leverage up to 1:30 for major currency pairs, while international traders may use leverage up to 1:500. It is essential for traders to possess a solid understanding of leverage and its implications before utilizing it in their trading strategies.
Per our research, this forex broker offers a diverse selection of account types to cater to various trader needs. These include the Bonus 100, No Bonus, Swap Free, Zero Spread, Cent, and VIX 75 account types. It's important to note that the availability of these accounts can vary depending on the broker's specific entity. Therefore, it's crucial to conduct in-depth research to fully understand the account options at your disposal. Additionally, the broker may provide trading bonuses under certain conditions as outlined in the account specifications.
Upon reviewing the broker's fee structure, it's clear that Trade245 presents competitive pricing across a broad range of trading services. For specific account types, the broker imposes a commission fee of $10 per lot traded. Additionally, traders should consider potential charges for deposits and withdrawals, which vary according to the chosen payment method. Be mindful of other fees, such as swap or rollover fees, which may apply during trading. It's advisable to thoroughly examine the broker's fee schedule and terms to grasp the full extent of charges and their impact on trading activities. Trade245's fees receive a medium ranking, with an overall score of 3.8 out of 5, based on our analysis and in comparison with over 1000 other brokers.
Our testing reveals that Trade245 provides competitive and variable spreads, commencing at 0 pip, with an average spread of 1 pip for the EUR/USD currency pair in the Forex market. Nevertheless, trading conditions, including spreads, can vary across different entities. Thus, it's essential to clearly understand the spread conditions offered by this brokerage and evaluate how they align with your individual trading strategies. Trade245's spreads are considered average, achieving a score of 3.8 out of 5 in our assessment compared to the broader market.
Following an extensive analysis, it's observed that Trade245 provides various methods for clients to seamlessly deposit funds into their trading accounts, including options like Visa/Mastercard, M-PESA, Skrill, Ozow, among others. It's important to note, some funding methods might be subject to specific requirements or constraints, contingent on the client's banking institution or other financial entities involved.
Trade245's funding methods received a commendable score, earning an 8.5 out of 5 rating. The platform is distinguished by its low fees and the versatility offered through multiple account-based currencies.
Here we delve into the favorable and less advantageous aspects of Trade245's funding methods:
Pros
No minimum deposit requirement facilitates entry for traders with varying financial capacities
A diverse array of deposit options caters to a broad spectrum of user preferences
Cons
Certain deposit methods may incur restrictions or require specific conditions to be fulfilled
Trade245's approach to withdrawals is equally user-friendly, offering several methods for fund retrieval, including bank wire transfers, and electronic payment systems. Nevertheless, it's imperative to acknowledge that specific withdrawal avenues might come with associated fees or distinct processing durations.
Steps to initiate a withdrawal from Trade245 are straightforward and involve:
1. Logging into your account
2. Selecting 'Withdraw Funds' from the menu
3. Specifying the withdrawal amount
4. Choosing a withdrawal method
5. Completing and submitting the electronic request
6. Confirming withdrawal details
7. Monitoring the withdrawal status through your Dashboard
Trade245 grants access to the highly regarded MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are celebrated for their robust feature sets, user-friendly interfaces, advanced charting capabilities, and comprehensive trading functionalities.
Compatibility extends across desktop applications for both Windows and Mac, alongside mobile applications for iOS and Android devices. The inclusion of both MT4 and MT5 platforms empowers traders with a choice that aligns with their specific trading needs and strategies.
The Trade245 Platform is rated favorably, with an overall score of 8.8 out of 5, in comparison to a pool of 1000 brokers. Its commendation stems from the provision of reliable MT4 and MT5 trading platforms, although it lacks alternative options.
Trading Tools
Trade245's platforms are equipped with an assortment of advanced charting tools, numerous timeframes, trading signals, technical indicators, and additional functionalities. Furthermore, these platforms support automated trading, enabling traders to capitalize on market movements and refine their market entry and stop-loss strategies.
Trade245 offers 24/5 customer support via phone line and email, manned by trading specialists adept in providing technical support, analysis recommendations, general inquiries, and resolving operational issues.
The broker's customer support is rated good, with a score of 7 out of 5, based on our assessments. The team demonstrated responsiveness and efficiency during operational days.
The broker's website exhibits a shortfall in comprehensive educational and research materials, seminars, and webinars, offering only a handful of Forex trading learning resources and a glossary. This deficiency is viewed as a drawback, given the pivotal role robust educational resources play in enhancing traders’ proficiency and knowledge.
Trade245's educational offerings are rated with a score of 6.2 out of 5, based on our analysis. We recommend exploring alternative brokers that furnish more extensive educational resources, as Trade245's offerings are limited and may not be adequately suited for novice traders.
In conclusion, Trade245 stands as a reputable Forex broker, delivering competitive trading solutions, efficient execution, and access to renowned trading platforms across various devices. The broker assures the security of client funds and avails diverse payment options.
Yet, trading conditions may fluctuate based on the specific entity, and the availability of certain trading instruments is limited. Additionally, the absence of 24/7 customer support and live chat functionality on the website is perceived as a drawback. Thus, it's advisable to undertake comprehensive research and assess your trading needs to ascertain whether Trade245 aligns with your objectives.
Based on our findings and expert opinions in the financial domain, Trade245 is suitable for:
Traders from South Africa and the African Region
International traders
Traders who favor the MT4 and MT5 trading platforms
Currency trading enthusiasts
Beginners
Islamic traders
Those seeking STP execution
Individuals in pursuit of competitive spreads and fees
Users looking for reliable trading tools
