ClickTrades is a relatively new broker that made an entry in the trading world in 2018. But nothing new or advanced can be seen with its services. The broker seems to bank on utter outdated technologies offering a limited range of instruments.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 review, we will discuss each aspect of the ClickTrades and why it isn’t feasible to go with the broker.
ClickTrades Scam or not?
ClickTrades is co-owned by Key Way Solutions limited, which is not regulated by any authority. The broker does not have any segregated bank accounts. Moreover, the broker does not provide for 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 ClickTrades. There are other brokers like PrimeFin or HFTrading, which are highly regulated and offer top-notch security features. Thus, it is better to think twice and analyse each detail before investing with ClickTrades.
ClickTrades: Account types
The three account types offered by the broker (essential, signature, and official account) 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.
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.
The process of opening an account on the website seems pretty ambiguous and confusing. You will be told to fill in all the personal details. One might hesitate since it is very unclear what the next step holds. Many reliable trading platforms first explain the whole process so that users become comfortable going about it.
The whole process of document verification with ClickTrades 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 and conventional options for deposit and withdrawal of the 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.
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 is 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.
We do not think trading with ClickTrades is a good idea with the high charges and deposits it entails. There are no decent security and regulatory features offered by the broker, and leverage is quite low. Moreover, the trading instruments are pretty less as compared to other brokers. It would be better if you checked 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.