Trade245 Review 2024: Is it Safe or Scam

Last Updated on: 23rd February 2024, 12:04 pm

Trade245 at a Glance

Founded in 2020, Trade245 is a registered and authorised CFD and forex broker. It supports both MT4 and MT5 platforms. The platform is user-friendly and is compatible with Operating Systems (OS), Windows, mobile, web, and iOS. A great feature of this trading platform is that it requires just 24 hours for account activation.

Apart from this, the broker also offers low trading fees for the traders. It stands out as a trustworthy and secure broker, offering a wide range of benefits for traders.  This broker has gained a solid reputation in a relatively short time as it is a reliable and low-risk broker.

In this in-depth Trade245 review, we provide a comprehensive resource to help traders make informed decisions and engage in prudent trading practices. Let’s delve into the details and explore more about this broker.

Check out a quick overview of Trade245 below:

FOUNDED IN	2020
HEADQUARTERS	South Africa
REGULATORS	FSCA
MINIMUM DEPOSIT	$100
PLATFORMS OFFERED	MT4 and MT5
TRADING INSTRUMENTS	Forex, Indices, Shares, Commodities and CFDs
ACCOUNT CURRENCY	USD
MAXIMUM LEVERAGE	1:2000
CUSTOMER SUPPORT	24/5
DEPOSIT OPTIONS	N/A
COMMISSION	N/A
SPREADS	1 PIPS
MOBILE TRADING	No
AFFILIATE PROGRAMME	No
CONTESTS AND BONUSES	Yes

Is Trade245 Safe?

Since the broker is regulated and authorised by the Financial Sector Conduct Authority (FSCA), it is a trustworthy and reliable option for traders. The regulation of trading by a major authority assures the prevention of fraud and scams. Thus, trade245 is safe, and traders can trade safely with this broker.

Source

What is the Minimum Deposit for trade245?

The minimum deposit for opening a real-time trading account on this broker is $100 or R1683,52. For first-time traders on this broker’s platform, the minimum deposit can verb depending on the account type they select. The ideal time for deposit activation is around 72 hours.

If a trader’s account fails to keep a deposit of less than $5 or R84,18, it is categorised as a low-cut-off account. One of the best things about trade245 is that it does not restrict the traders to any minimum deposit fee.

Process to Deposit Minimum Amount

Follow the listed below step-by-step guide to deposit any amount in your trade245 accounts:

Step 1: Go to the Account portal on the broker’s site.

Step 2: Log in to your trading account

Step 3: Deposit any amount you choose, keeping the minimum deposit in mind.

Step 4: Choose the suitable deposit methods from the available options.

Step 5: Specify the deposit amount and confirm the deposit.

What are the Minimum Withdrawal Limits for trade245?

On trade245, the traders are not bound by any minimum or maximum withdrawal limit. The unavailability of any withdrawal limit to trade enables traders to enjoy trading without any restrictions. This helps them to choose their withdrawal amounts as per their comfort.

How to withdraw money from trade245?

The easy-to-follow procedure to withdraw money from trade245 is

Step 1: Log in to your trade245 account.

Step 2: From the menu, select the Withdraw Funds option.

Step 3: Enter the amount of money you are willing to withdraw. Remember, you have no minimum or maximum withdrawal limit. So enter whatever amount you want to enter.

Step 4: Choose any method of withdrawal of your choice.

Step 5: Finish with the electronic request and feed the required data to it.

Step 6:Confirm Withdrawal and Submit.

Step 7: You can check the status of the withdrawal from the dashboard.

Trade245 fees

The broker offers competitive prices for the majority of trading services. It charges a commission of $10 per lot trade on every account type. Depending upon the funding method selected, There might also be additional charges on deposits and withdrawals. The traders must be aware of any extra fees like swap or rollover fees that may apply to trading operations. Let’s compare trade245fees with other platforms for a better Trade245 review:

Platform	Deposit Fees	Withdrawal Fees	Inactivity Fees	Fee Ranking
Trade245	Yes	Yes	Yes	Average
EC Markets	Yes	Yes	Yes	Average
Webull	Yes	Yes	No	Average

Trade245 Spreads

It offers average spreads of 1 pip for the EUR/USD currency pair in the Forex market. The spreads start from 0 pip. But the spreads may vary depending on the specific type of trading entity.

The broker offers floating spreads. The spread is nearly zero for the zero spreads account type, but the traders are charged a $10 lot fee. For the other account types, 1 pip is the spread, but no fee. If the trader’s account is inactive for 12 months, they are charged $25.

Let us see spreads for the different account types:

Account Type	Spread	Spread Type
Bonus 100	1 pip	Variable
No Bonus	1 pip	Variable
Swap Free	1 pip	Variable
Zero Spreads	0 pip	Variable
Cent	1 pip	Variable
VIX 75	1 pip	Variable
Bonus 245	1 pip	Variable
Bonus Rescue	1 pip	Variable
Micro Account	1 pip	Variable
Copy Trading	1 pip	Variable

Tradable Assets

The available tradable assets on the broker are Forex, Indices, Commodities, CFDs, and Cryptocurrencies, to name a few. But the availability of any asset might vary depending on the specific type of entity, so it is important to research and determine the availability of any asset.

Different Account Types in Trade245

The different types of account types in Trade245 are listed below:

Account Type	Bonus	Leverage	Platform	Spreads	Spread Types
Bonus 100	Included (100%)	1:1500	MT4	From 1 pip	Variable
No Bonus	Excluded	1:1500	MT4	From 1 pip	Variable
Swap Free	Excluded	1:1500	MT4	From 1 pip	Variable
Zero Spread	Excluded	1:1500	MT4	From 0 pip	Variable
Cent	Excluded	1:1500	MT4	From 1 pip	Variable
VIX 75	Excluded	1:1500	MT5	From 1 pip	Variable
Bonus245	Included (245%)	1:500	MT4	From 1 pip	Variable
Bonus Rescue	Included (100%)	1:500	MT4	From 1 pip	Variable
Micro Account	Excluded	1:500	MT4 and MT5	From 1 pip	Variable
Copy Trading	Ecluded	1:500	MT5	From 1 pip	Variable

Account Features

The broker provides multiple account types like Bonus 100, no bonus, swap-free, zero spread, cent, and VIX75. But, the availability of these account types is dependent upon the specific entity. This is why traders need to conduct thorough research before choosing the account type. Also, the account types Swap Free and VIX 75 are limited offers, so the traders should take advantage before they expire.

 The key features of the Trade245 platform are as follows:

• TradeEU offers a shallow latency network to allow traders to access entry and exit positions quickly and precisely. 
• The broker provides free training and educational support to let traders enjoy the perks of trading without worries. 
• Fast trade execution speed
• Reliable trading platforms like MT4 and MT5
• Regulation under top tier financial watchdogs FSCA
• 24/5 customer support 

How to set up a Trade245 Demo Account?

The Trade245 registration process is simple and hassle-free. The simple step-by-step procedure to set up a Trade245 demo account are:

• Step 1: Click on the Open an Account Page and select it.
• Step 2: Enter your details as required by the form. This may include your Name, Surname, etc.
• Step 3: You need to Upload a Document to verify the provided personal details.
• Step 4: After the verification is done, you need to complete the electronic Quiz to confirm your trading experience.
• Step 5: Once you are done with the account activation, go with the money deposition and start trading.

Trade245: Pros and Cons

Like other online forex brokers, Trade245 has different pros and cons. Let us see the different pros and cons of trade245 here:

Pros	Cons
No minimum deposit	24*7 Customer Assistance Unavailable
No withdrawal fee	Limited trading products
Supports both MT4 and MT5 platform	Not Multilingual
Regulated by the FSCA	Lack of Educational and Research Material
Fast Execution
Supportive to multiple trading assets

Trading Platform

The users can access trading platforms like MT4 and MT5 on trade245. But it has no other alternatives available as of now.

Trade245 Educational Resources

The brokers offer several educational resources to help novice traders acquire expertise. It has different sections for them and covers regular webinars and trading analyses to help traders.

It also provides Forex trading learning resources and a glossary for its traders. Besides this, the broker also helps traders with its demo account option.

Customer Support

The customers can seek support at the below-listed details while on trade245trade:

Email: [email protected]

Address: Red Pipe Capital (PTY) Ltd, St Andrews Office Park Block A, 39 Wordsworth Avenue, Senderwood, Gauteng, 2007, South Africa

Website: https://www.trade245.com/

Customer support is available 24*5. The disadvantages of trade245’s customer support are:

It is only available 24*5, and no chat option is available for the customers.

Conclusion

As seen earlier, Trade245 is a regulated and authorised broker in South Africa. Since its inception in 2020, the platform has attracted multiple traders with its unique and attractive features like no minimum withdrawal and deposit fee, support for multiple trading assets, availability on MT4 and MT5 platforms, etc. 

Despite its advantages, traders need to be cautious while trading on trade245 as it has a limited educational resource, and the conditions vary on specific equity. Overall, Trade245 is a good platform to trade.