Trade245 Review - Is the Broker Regulated? What is the Spread and Commission? - WikiFX

Trade245 Information

Trade245 is a broker. The tradable instruments with a maximum leverage of 1:500 include FX pairs, indices, stocks, commodities, CFDs, and more. The broker also provides seven accounts. The minimum spread is from 0 pips. Trade245 is still risky due to its suspicious clone status.

Pros and Cons

Is Trade245 Legit?

Although Trade245 is regulated by the FSCA with license type Financial Service Corporate and license number 46044, the current status is suspicious clone, so investment risks cannot be avoided completely.

What Can I Trade on Trade245?

Trade245 offers various market instruments, including FX pairs, indices, stocks, commodities, CFDs, and more.

Account Type

Trade245 has seven account types: Bonus 100, No bonus, Swap free, Zero Spread, Bonus 245, Bonus rescue, and Micro.

Trade245 Fees

The spreads vary among different account types on Trade245. For example, the spread of the Zero Spread account starts from 0 pips, and the spreads of some other accounts start from 1 pip, all of which are variable spreads. Some account types charge a commission of $10 per lot.

Leverage

The maximum leverage is 1:500,meaning that profits and losses are magnified 500 times.

Trading Platform

Trade245 cooperates with the authoritative MT4 and MT5 trading platforms, which are available on Windows, Android, and iOS. Junior traders prefer MT4 over MT5, while traders with rich experience are more suitable for MT5. MT4 and MT5 provide various trading strategies and implement EA systems.

Deposit and Withdrawal

The minimum deposit amount is $5 or 95 Rand (when paying through the dashboard/portal), and the minimum deposit amount for cryptocurrency is $60. Trade245 supports various deposit methods, such as credit cards (like VISA, etc.), e-wallets (such as Skrill, Moneybookers, etc.), mobile payments (M PESA), and cryptocurrencies (such as Bitcoin, etc.). Withdrawal methods include bank transfers, cryptocurrencies (only Bitcoin ATMs), etc. For approved customer information, the withdrawal processing speed is relatively fast. Withdrawals from FNB Bank will be credited within a few hours, and withdrawals from other banks will be credited within at most 24 hours.

Bonus

Some accounts on Trade245 have a bonus mechanism. For instance, the Bonus 100 account offers a 100% bonus, the Bonus 245 account has a bonus as high as 245%, and the Bonus Rescue account provides a 25% bonus according to the drawdown situation.