Trade245 is a new Forex broker, that opened in July 2020, and officially they are regulated by the FSCA.
Owned and operated by; Red Pine Capital (PTY) LTD, they are located at: St Andrews Office Park Block A, 39 Wordsworth Avenue, Senderwood, Gauteng, 2007, South Africa. Contact phone number in South Africa is; +27878288245, and the email address is; [email protected]. Official Website is: https://Trade245.com.
Investors with complaints or withdrawal problems should read this.
Our review of the brokers Trade245 finds, that they offer day traders and investors, the standard MT4 or MT5 trading platform. Clients can either download the desktop trading app, or install the mobile app from iTunes or Google Play. At this point we did not see any web-based trading app.
Compare popular trading apps, see here.
Trade245 offers more than 150 underlying assets for trading CFD’s, including all popular Forex pairs and some Crypto Currency pairs like Bitcoin. Margin / leverage rates on Forex pairs is up to 500:1, and Crypto leverage is 10:1. Many new investors look for brokers with high leverage because they believe they will make money easier that way. The reality is, that trading with high leverage is very risky, and new traders don’t understand the risks, and end up losing their money quickly.
The minimum deposit for a new trading account is not mentioned on the website, but your account can be held in ZAR, USD or GBP. Deposits can be made via Credit Card, Skrill, M-Pesa and Ozow.
Automated Trading Apps
Many Forex brokers today are connected with automated trading robots and signals software. You can research the best trading signals and algorithm software, see here.
Fake Instagram Forex Trader
Many South African’s get involved in Forex trading & investing, because of a trader they found on Instagram. Fraudsters create fake Instagram profiles, and display a high rollers lifestyle, which they claim comes from their success in Forex trading.
Before following one of these traders, you must know that the people running managed account schemes are very often frauds! They are setup as Introducing Brokers, and many of them will profit off of your trading volume.
First thing to do, is educate yourself about day trading, and then look into Copy Trading at a regulated broker like AVA Trade.
Is Trade245 a Legit Broker?
Trade245 is technically owned by Red Pine Capital (PTY) LTD, which is an FSCA regulated Forex broker, with license number FSP 46044.
A little bit of research shows that ZumaFX is also using the same license. Various sites are reporting that this broker may be somehow connected with Veracity Markets or JP Markets. Trade245 mentions on their website that MarketFinancial Ltd which is based in Seychelles, acts as the counterparty to investors trades. They are licensed by FSA Seychelles license number SD006. Many Forex broker are using this same FSA license number.
When the Scam Broker Investigator reviews a new Forex or Crypto CFD broker to determine if they are legit or a scam, we first look for a valid brokers license. In recent months, we have seen many scam unlicensed brokers, disappear or simply go out of business.
The best brokers are always licensed by ASIC Australia, FCA United Kingdom, or your local governments financial regulator. Smart investors will always use a licensed broker, because of the protection you are afforded from your financial regulator.
Compare Forex Brokers
Smart investors always review a few different brokers before making a final decision, See the best brokers list.
Setup a Free Demo Account at: CMTrading.com.
What was your experience investing with the brokers at Trade245? Please share your review in the comment section below.