ClickTrades is a relatively new broker that entered the trading world in 2018. But nothing new or advanced can be seen with its services. The broker seems to bank on utterly outdated technologies offering a limited range of instruments. The features and services are not up to the mark, looking at the high charges and minimum deposit of the broker. In this ClickTrades review, we will discuss each aspect of ClickTrades and why it isn’t wise to go with the broker.
|REGULATED||Financial Sector Authority|
|INSTRUMENTS||Bonds, Forex, ETFs, Commodities, Stocks, Indices|
|PLATFORMS||ClickTrades and MetaTrader5|
|FUNDING||E-Wallets, Bank Transfer, Credit/Debit Cards,|
What Is ClickTrades?
It is a Seychelles-based trading platform that offers spot & CFD trading services on 7+ global financial markets, primarily Forex, Bonds, Commodities, ETFs, Cryptocurrencies & Stocks.
The trading platform claims to offer the best trading conditions, high leverage, zero commission & tightest spreads. But to what extent it justifies these claims, let’s find it out through ClickTrades Review 2023.
ClickTrades Scam Report
The analysis report of this broker indicates it to be a scam. Firstly, it is an offshore broker regulated by the Seychelles Financial Services Authority (FSA), which itself is a self-acclaimed financial regulator.
Secondly, the broker does not have any segregated bank accounts. Moreover, the broker does not provide any advanced level of encryption systems to protect the data and personal information of the broker.
Looking at all the facts above, we cannot say that it is safe to trade with Click Trade. There are other brokers like HFTrading, which are highly regulated and offer top-notch security features. Thus, it is better to think twice and analyze each detail before investing with Click Trades.
Click Trades: Account Types
The three account types offered by the broker are essential, signature, and official account. These accounts lack many bare minimum services and features. The essential account has a deposit as high as 1000 dollars. Therefore, many new traders with small capital might not trade with this primary account.
The original and signature account has a minimum deposit as high as 5,000 and 25,000, respectively. Looking at the overall functionalities of the three accounts, we cannot say it suffices the extremely costly minimum deposit. All account types include basic functions like account managers, web trader access, etc. These functions are a bare minimum of trading and are provided by almost all brokerage platforms with lesser minimum deposits. Many brokers have a minimum deposit as low as 100 dollars and give out better functionality than clicktrades.com.
Each account includes the following features:
- Support is available from Monday to Friday, from 6:00 AM GMT to 01:00 GMT.
- Access to demo accounts.
- Daily market reviews.
- Daily analyst recommendations.
Leverage and Spreads
- Leverage is as low as 1:20. There are other brokers offering leverage up to 1:500. With such low leverage, traders can lose out on opening large trading positions with small capital.
- Spreads are as high as 3 to 4 pips. Many brokers charge spreads as low as 0.3 pips.
These numbers seem pretty high and can take up a lot of part of the trader’s profit.
A limited range of instruments is offered for trade with ClickTrades. Most of the categories of instruments have restricted trading assets. This can turn out to be a major drawback because traders might lose out on many profitable trading opportunities. Also, the whole diversification of the portfolio can be restricted as well.
Platforms offered by ClickTrades
This platform offers advanced chartist methodologies, integrating 3 chart styles and multiple indicators to develop trading strategies. Benefit from complex risk management tools, including Stop Loss and Take Profit features. Utilise Trading Central’s technical analysis tools, catering to various assets and trading styles.
Eligible clients enjoy Negative Balance Protection, ensuring their losses never exceed the account balance. With these features, you can trade confidently, optimise risk, and make informed decisions in dynamic financial markets.
MT5 is designed to be intuitive and user-friendly, ensuring ease of use for all traders. With various execution modes and order types, you have flexibility in your trading approach.
Stay connected to favourite markets 24/5 with easy access.
Open and monitor multiple charts simultaneously. Receive live market updates and price alerts. Experience lightning-fast trade execution speed. The platform is freely available on desktop and mobile devices, providing convenience and accessibility.
ClickTrades doesn’t offer an App for Android or IOS.
Account Opening Process of ClickTrade
The process of opening an account seems pretty ambiguous and confusing. You can log in to the website with these steps-
STEP 1. Visit their website Clicktrades.
STEP 2. Fill in all the personal details.
One might hesitate since it is very unclear what the next step holds.
STEP 3. Verify your documents with ClickTrade.
The whole process of document verification with Click Trade is very cumbersome and time-consuming. The instant account opening is not an advantage that ClickTrades can offer.
Deposit and withdrawal
There are very few conventional options for deposit and withdrawal of funds. For both depositing and withdrawing the funds, the broker charges a hefty amount of fees. The processing time of payment is quite slow and can take up to 10 to 15 days. There are many brokers who let you withdraw payments within a day.
Fees, Spreads and Commission
The following fees and charges are applicable to Webtrader users:
Currency Conversion Fee: 0.5% on transactions.
Spreads: Typically range between 0.00036 to 0.8 pips.
SWAP Fees: Apply to positions that are kept open overnight.
Research and Education
The broker offers minimal research tools. The only research tool that is available with the broker is an economic calendar. Without advanced and important research tools, it can be tough to analyse the market and make the right trading decisions. Without sound analysis, you cannot determine the entry and exit points in any trade. This can turn out to be detrimental for traders on a high level.
For educational purposes, there is no material available with ClickTrades. This can be a major drawback for beginners and novice traders. Education and knowledge in the trading market are a must for every trader. Without that, it can be really hard to make profits in the market.
Customer Service and Support
The inferior customer support team does not offer dedicated services to its clients. Most of the time, the response time of calls is quite elongated, and emails are answered in eternities. This can turn out critical when there is a query or issue that has to be solved quickly or immediately.
Email: [email protected]
Dealing Desk: +507 838 8635
Address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe Seychelles
We do not think trading with Clicktrades is a good idea with the high charges and deposits it entails. The broker offers no decent security and regulatory features, and leverage is quite low. Moreover, the trading instruments are pretty less as compared to other brokers. It would be better to check out other brokers like HFTrading, T1 Markets, TradeATF, which offer better services with quite less deposit. They also deal in a wide range of instruments with a pretty expansive list of products under each category.
How much is the minimum deposit amount required by ClickTrade?
The minimum deposit amount required by ClickTrades is $1000.
Where is ClickTrades’s office located?
ClickTrades is a Forex Broker based in Seychelles.
Is Clicktrades Available In UAE / Dubai?
Yes, the broker offer services in 100+ countries, including UAE / Dubai. However, it is limited to offering services in Japan, Canada and the USA.
Do ClickTrades offer a Deposit Bonus?
No, ClickTrades does not offer Deposit bonuses to clients.
What are the minimum deposit requirements for ClickTrades?
ClickTrades provides three account types – Essential, Original, and Signature – each with its own minimum deposit requirement. The Essential account requires a minimum deposit of $1,000, the Original account requires $5,000, and the Signature account requires a minimum deposit of $25,000.
Does ClickTrades have regulations?
Yes, ClickTrades is regulated by the Seychelles Financial Services Authority (FSA) under the offshore regulatory license number SD020.
What is the founding year of ClickTrades?
ClickTrades was established in the year 2018.
What services does ClickTrades offer?
ClickTrades offers an online trading platform that covers a wide range of financial instruments, including bonds, ETFs, shares, forex, commodities, and indices.
The platform comes equipped with various trading tools, an education portal, and access to market news.