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.
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.
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.
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|
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|
|VIX 75||1 pip||Variable|
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|
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.
How to set up a Trade245 Demo Account?
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:
|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|
|Supportive to multiple trading assets|
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.
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
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.
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.