South African-based Trade245 is a well-known Forex and cryptocurrency CFD broker that first gained notoriety in 2021.
Review of Broker Trade245
According to our Trade245 Review of this new broker, Trade245, they provide Forex and Crypto CFD trading on the well-known MT4 trading platform. They are using a personalized trading app on their mobile device. They also provide you with the MT5 (Meta Trader 5) software, which can be used with an Expert Advisor addon, which will please experienced forex traders.
Numerous underlying assets are available for trading, including major forex pairs, minor currencies, cryptocurrencies, stocks, and market indices. When trading contracts for difference, you have an additional 500:1 leverage on your investments. The allure is that you can make significant profits quickly, but the risk is much higher. Depending on your account type, spreads begin at 0 pip.
Types of Trade245 Accounts
All brokers give you a selection of account types, and Trade245 gives you seven options. They need to mention minimum deposit requirements for their various accounts. Trading accounts differ, most with a bonus or without a bonus.
You can create a login the password when you register for a new account. Additionally, they will send you an email with unique login information for your MT4 trading account. So that you don’t forget, could you keep them in a secure location?
Apps for Automated Trading
A trading robot that thousands of novice investors found on a fake news website conned them. In the investor’s forum, you can read about the complaints.
Trade 245 does not provide any automated trading software to its customers. An Expert Advisor, which experienced traders frequently use on MetaTrader4, is another name for an automated trading application.
Trade245: Is It a Reliable Broker?
Trade245 holds a license from the FSCA in South Africa. The Red Pine Capital (PTY) LTD’s FSP license number is 46044.
How can you ensure a Forex broker is reliable and not just another online investment fraud? You must confirm the broker’s license status with the financial regulatory body in your country. Day traders should only invest with a local broker subject to national regulatory oversight.
All online brokers are required by law to have a license, regardless of whether they offer CFDs on cryptocurrency or forex. Your broker is a criminal con if they lack a license. Always make sure the financial watchdog fully licenses your broker.
Trade245 accepts traders from which countries?
The broker provides services to South African residents as a South African broker registered with the FSCA. While they may accept clients from other countries, FSCA protections will not apply to them, putting them at risk.
According to our Trade245 review, they do not provide services to residents of the United States, but this is the only country expressly prohibited.
Methods of Deposit and Withdrawal
Credit cards, wire transfers, Skrill, and Ozow, are among the payment methods accepted by the broker. There are no additional fees associated with withdrawing funds. On the other hand, traders who received a deposit bonus are in for an unpleasant surprise. The bonus terms prohibit them from withdrawing the funds until they have been traded dozens of times.