Trade245: South African traders need to be aware of this broker

What Trade245 is

Trade245 is an online forex broker who is located at Menlyn Square, Building B, 1st Floor 132 Aramist Ave, Menlyn, Pretoria, 0063. Trade245 is owned by Red Pine Capital(PTY) LTD, Johannesburg, South Africa. According to WikiFX, this broker doesn‘t have a legitimate license,and it isn’t regulated by FSCA or any other regulatory institution. The FSCA regulatory (license number:46044) claimed by Trade245 is a suspicious clone, which is risky for you to invest in this broker. Although the minimum initial deposit offered by Trade245 requires only $100, we advise you to avoid this broker as it may endanger your funds.

Markets Instruments

Trade245 uses tradable financial instruments on its trading platform, including forex curreny pairs, commodities, indices, stocks. While many of its counterparts offer richer instruments, like metals, cryptos and beyond.

Leverage

Trade245 offers up to 1:500 in leverage. Since leverage can amplify gains as well as losses. Please note that trading with such high leverage is relatively risky.

Spreads & Commissions

Trade245 offers variable spreads. Clients of Trade245 are allegedly offered spreads starting from 1 pip on majors. However, this information cannot be verified through the MT4 demo account. Besides, commissions are charged on certain account types at $10 per lot.

Trading Platforms

According to Trade245s website, it supports both MT4 and MT5 as trading platforms to offer clients service. In order to use the MT4, you have to download it from Trade245. and you can not test it in the demo environment.

Unable to withdraw

WikiFX has received complaints about this broker in the past 3 months. One South African trader said that Trade245 blocked his account and he could not make withdrawals. Another trader who comes from Nigeria told WikiFX that Trade245 rejected his/her withdrawal request many times. Based on the complaint, Trade245 rejected the request and asked him/her to provide documents, which had been “approved”.

Conclusion

Please be warned that Trade245 maybe get involved in a scam since it has a bad track record of taking clients money away fraudulently. It is not regulated by any regulatory institution, including FSCA. All South African traders should be aware of the risk. We suggest you to do more research and make yourself comfortable before you choose a certain broker to invest in. WikiFX contains details of more than 31,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link(https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.