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Trade245 Review 2023: Scam Or Safe? Factual Analysis

Trade245 Review 2023: Scam Or Safe? Factual Analysis
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Trade245 is a new CFD & Forex broker that intends to provide a user-friendly trading environment through its comprehensive offerings of trading and investing services. Let’s take an in-depth look at it through Trade245 Review 2023

Founded in July 2020, the broker is a relatively new player in the financial industry and is working towards winning the people’s trust.

However, the broker’s reputation among its existing users is not quite impressive, with many of them calling Trade245 a pure scam. To find out the truth and deliver an unbiased verdict, we quicked opened an account with the platform.

In this Trade245 Review 2023, we will share our experience and analysis report based on the platform’s fees, regulatory compliance, product offerings, account types and many more. 

Trade245 Review: At A Glance

Official Website www.trade245.com
Establishment Year 2020
Headquarters Johannesburg, South Africa
Regulations FSCA
Minimum Deposit $100
Trading Platforms MT4, MT5 & Trade245 App
Maximum Leverage 1:500
Customer Support 24×5 via E-mail & Phone Support

Trade245 Review: What Is Trade 245? & How Does It Work? 

Trade245 is a South African-based Forex broker with headquarters in Johannesburg. The platform was launched in July 2020 by Red Pine Capital (PTY) LTD, a company incorporated in South Africa with registration number 2014/220311/07.

The parent company – Red Pine Capital (Pty) Ltd, acts as a payment processor for the platform. Meanwhile, the broker operates in 100+ countries, with headquarters at Atrium on 5th Floor 9, 5th Street Johannesburg, 2196, South Africa.

As a holder of an FSCA license, the platform is not permitted to serve in the US, Europe and the UK. 

Is Trade245 A Scam?

Is Trade245 A Scam?

No, Trade245 is not a scam if we look at its regulatory compliance. The platform holds two different licenses to operate in the financial market, i.e. 

  • Financial Sector Conduct Authority (FSCA) in South Africa, with FSP No. 46044
  • Financial Services Authority of Seychelles with Security Dealer License no. SD006.

However, Trade245 reviews and ratings indicate it is an unreliable and untrustworthy broker, with the majority of its user complaining about being a scammer. So, our only advice here is to move with this broker with extra caution or try to find a more reliable and trusted one like InvestFW

Trade245 Review 2023: Is It Safe To Trade With? 

While exploring regulatory compliance, we also looked at the platform’s safety and were surprised by what we discovered. Here are how Trade245 keeps users and their funds safe

  • Account Balance Protection
  • Offers Cloud-based world-scale infrastructure
  • Keeps clients’ funds in segregated bank accounts

Trade245 Review 2023: Insights On Available Products & Trading Instruments

There is not much information regarding Trade245’s product offering available on its official website. And with a little information from the platform, we can only conclude that Trade245 lacks in providing considerable product offerings. 

You can’t trade in Cryptocurrencies on the platform. The available trading instruments include 

  • Metals
  • Forex
  • Commodities
  • Stocks

As per our Trade245 Review 2023, the lack of Crypto trading and minimal information on product offerings raises red flags regarding its transparency & credibility

Trade245 Review: What Are The Available Account Types?

Trade245 Review: What Are The Available Account Types? 

The platform’s list of available accounts is appreciative, with 6 exclusive account types. Each one has a unique offering and feature.

Meanwhile, the platform offers a free demo trading account for beginners to practice. In this sense, we can say it is a beginner-friendly platform. 

Understand the features of each trading account through our detailed Trade245 Review 2023: 

Features Account Types 
Bonus 100 No Bonus Swap Free Islamic Zero Spread VIX 75 Cent
Maximum Leverage 1:500 1:500 1:500 1:500 1:500 1:500
Minimum Spread 1 Pip 1 Pip 1 Pip 0 1 Pip 1 Pip
Bonus 100% N/A N/A N/A N/A N/A
Platforms MT4 & Mobile App MT4 & Mobile App MT4 & Mobile App MT4, MT5 & Mobile App MT4 & Mobile App MT4 & Mobile App
Status Permanent  Permanent  Limited Time Permanent  Limited Time Permanent 

Trade245 Registration: How To Open An Account? 

As per Trade245 Review 2023, the account opening process was smooth and quick. After signing up, we got our account verified and activated within a day. 

So, for those wondering how to open an account with Trade245, here’s a simple step-by-step process

  • Go to the official website, and you will find an account application form on the homepage. 
  • Fill out the required information, select your country of residence and tap on the “proceed” icon. 
  • Now, upload a scanned copy of identity documents for verification. 
  • Post verification, you will receive an e-mail with an activation link. Click on it and follow the on-screen instructions. 
  • After setting up the account, sign in again with your Trade245 login credentials. 
  • Make an initial deposit of $100 or more to start trading on the platform. 

Trade245 Review 2023: Supported Deposits & Withdrawal Methods

The platform supports all major payment processors & methods for making the experience of depositing and withdrawing more convenient and quick. 

The best part is that the platform accepts Crypto deposits. Take a look at all available payment methods, along with their processing time: 

Payments Methods Processing Time
Visa/MasterCard 3-5 Business Days
M-Pesa Instant
OZOW Instant
SKRILL Instant
Crypto 1-2 Business Days

How To Deposit Funds Into Trade245 Account?

In order to make a deposit into your live trading account, follow these steps: 

  • Log in to your account and click on the ‘Deposit’ icon. 
  • Enter the amount you wish to deposit and select your preferred payment method.
  • Follow the on-screen instructions, and your deposited amount will be reflected in your account in a few minutes. 

How To Withdraw Funds From Trade245?

To withdraw funds from your account, you’ll need to follow these steps: 

  • Log in to your account and click on the ‘Withdraw Funds’ icon. 
  • Enter the amount you wish to withdraw and select your preferred payment method.
  • Follow the on-screen instructions, and your withdrawal request will be processed in 3-5 business days. 

Trade245 Fees, Commission & Spreads

The commission charges on the platform depend on the account type and the trading volume. The minimum commission charge of the platform is 0.01% per lot. 

Meanwhile, the spreads are slightly wider in comparison to other trading platforms. It starts from 0.0 pips to 1, depending on the account type. 

Account Types 
Bonus 100 No Bonus Swap Free Islamic Zero Spread VIX 75 Cent
Minimum Spread 1 Pip 1 Pip 1 Pip 0 1 Pip 1 Pip

How Much Leverage Does Trade245 Offers? 

The platform offers a fixed leverage ratio of 1:500 for every account type. The leverage offering remains the same for high-volume and low-volume brokers, which is a great feature. 

As per our Trade245 Review, the available leverage offering was found to be in accordance with global industry standards. 

Trade245 Review 2023: Available Trading Platforms & UX 

The platform’s user interface seems eye-catching. However, many of the functions were unavailable, which was irritating. 

On the other hand, it offers services through two of the most advanced trading platforms – MetaTrader4 & MetaTrader5. 

MT4

  • Available for Desktop, iOS & Android Devices 
  • User-friendly interface
  • Advanced charting features
  • Technical analysis tools 
  • Automated trading capabilities.
  • Available for Bonus, No Bonus, Swap Free and Zero Spread accounts.

MT5

  • Advanced Forex symbols
  • Stock instruments and futures
  • Available for Desktop, iOS & Android Devices 
  • User-friendly interface
  • Advanced charting features
  • Technical analysis tools 
  • Automated trading capabilities.
  • Available for Weekend Trader accounts only

Trade245 Mobile App Reviewed

Along with a web terminal, the broker offers an intuitive yet powerful mobile application. Users can access MT4 & MT5 platforms through the Trade245 app. 

  • Available for iOS & Android Devices 
  • User-friendly interface
  • Advanced Forex symbols
  • Stock instruments and futures
  • Advanced charting features
  • Technical analysis tools 
  • Automated trading capabilities.

How To Download Trade245 App?

In order to download the mobile app, follow these simple steps: 

  • Visit the official website and click on the “Platforms” icon. 
  • Now, choose your preferred trading platform and click on the ‘Download’ icon.
  • You’ll be redirected to the Play Store or App Store. Download the official app from there. 
  • Login to your account and start trading on the go. 

Trade245 Review 2023: A Look At Educational & Research Resources

According to our Trade245 Review, the platform’s education offering is impressive; however, no research support is available. 

Available educational resources include; 

  • FAQ section
  • Forex Education
  • Everything Trading
  • Glossary
  • How To Documents
  • Trading Conditions

Trade245 Review 2023: Bonuses & Promotions

The bonus offering of the platform is limited to a specific account type only i.e, Bonus 100. Other than this, there are no special bonuses or promotional programs running on the platform. 

Customer Support

The platform’s customer support services are average, with availability limited to 5 days a week only. In addition to E-mail and phone support, a dedicated FAQ section includes all the answers related to trending and most common queries. 

Here’s how you can contact Trade245 customer care

Trade245 Review 2023: Pros And Cons

Pros Cons
Low Minimum Deposit Requirements Limited Market Instruments and Products
No Deposit or Withdrawal Fees Unavailability of Research Tools
Rich Educational Support Unavailability of Crypto Trading
24×5 Customer Support
Welcome Bonus

Trade245 Comparison With Other Brokers

The unavailability of some major features has insisted us find a better alternative to the platform. Here’s what we have found: InvestFW, eToro and XM. 

Trade245 vs InvestFW

Features Trade245 InvestFW
Minimum Deposit $100 $250
Regulations  FSCA CySEC
Sign-Up Bonus Yes No
Currency Pairs 40+
Max. Leverage 1:500 1:30

Trade245 vs eToro

Features Trade245 eToro
Minimum Deposit $100 $1000
Regulations  FSCA CySEC
Sign-Up Bonus Yes Yes
Currency Pairs 47+
Max. Leverage 1:500 1:400

Trade245 vs XM

Features Trade245 XM
Minimum Deposit $100 $5
Regulations  FSCA CySEC & ASIC
Sign-Up Bonus Yes Yes
Currency Pairs 57+
Max. Leverage 1:500 1:888

Conclusion

After going through this detailed Trade245 Review 2023, we can summarise it as a low credibility broker with high spread charges and limited functions. On the other hand, the broker’s poor reputation also raises red flags for new users, with the majority of users having concerns over its withdrawal policy

Considering all these research-backed findings, we advise you to be extra cautious while opening an account with this broker. Or else try to choose a reliable platform like InvestFW only. The platform is well-regulated, has good market standing and charges the lowest spreads in the industry. 

FAQs

What Are The Advantages Of Trading With Trade245 Broker?

Trading with the broker, you can enjoy several benefits, including 

  • Account Balance Protection
  • Efficient Withdrawal Processing
  • Low-Cost Trading
  • Multiple Trading Currencies
  • Super Fast Trade Execution

Is Trade245 A Genuine Broker? 

No, Trade245 seems to be a scam broker at first sight, as it has a poor rating of 2.1 stars on many review forums, with the majority of users complaining about it being a scam. 

How To Delete An Account On Trade245? 

There is no manual procedure for deleting accounts on the platform. You’ll need to contact customer support and have to raise the account disabling/deletion request. 

How To Reset Your MT4 Password On Trade245?

Resetting the password on the platform is easy and convenient; follow these simple steps; 

Login to your account > Account Settings > Reset Password > Reset to a new password. Remember not to share these credentials with a third party.

How Many Account Types Can I Have?

There are no limitations on account types available to clients. You can have multiple accounts at the same time; however, you’ll need to understand the conditions of each account type. 

What Is The Maximum Withdrawal On Platform?

There are no limitations on withdrawing amounts. You can raise a withdrawal request anytime and each request may take up to 5 business days to be processed. 

What Is The Minimum Deposit on Trade245?

The Trade245 minimum deposit is set at $100. To start trading on the platform, you’ll need at least $100 in your account. 

Does Trade245 Offer Negative Balance Protection?

Yes, the platform offers negative balance protection, which allows the platform to correct clients’ accounts to zero automatically. 

How Long Does It Take An Account To Be Approved?

The information provided by the user at the time of signing up is approved and verified instantly. However, it may take a few minutes to activate the account. 

Does Trade245 Offer A Demo Account?

Yes, the Trade245 demo account is available for both beginner and professional traders alike. While beginners use it to practise, professionals can use it to testify their new strategies. 

Is Trade245 Legit? 

Yes, Trade245 is legit, as it holds two licenses to operate in the financial market, including 

  • Financial Sector Conduct Authority (FSCA) in South Africa, with FSP No. 46044
  • Financial Services Authority of Seychelles with Security Dealer License no. SD006.

Does Trade245 Charge Withdrawal Fees?

No, there is no fee for withdrawals and deposits. Meanwhile, the withdrawal requests are generally processed in 3-5 business days. 

What Are Trade245 Trustpilot Reviews?

The platform has poor reviews on Trustpilot, with a rating of just 2.1 stars out of 5. Most users were complaining about its withdrawal policy. 

What Is Trade245 MT4 download?

Trade245 offers an advanced MetaTrader 4 platform for trading financial assets. Trade245 MT4 download is available on the official website of the broker.

What Should I Know Before Trading With Trade245?

Before starting trading on the platform, you should be aware of a few flaws of the platform, like the unavailability of crypto trading, research tools, and high spread charges. 

What Can I Trade On MT5?

The MT5 platform is available for forex trading only, and it is limited to Weekend Trader accounts only. 

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