What is Trade245？

Trade245 is a forex and CFD broker that offers trading services in forex, indices, commodities, and stocks. The broker is registered in South Africa. It offers the popular MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms. Trade245 claims to offer competitive spreads, fast execution, and various account types and educational resources for traders. It is said to be authorized and regulated by South Africa Financial Sector Conduct Authority (FSCA), but it seems to be a suspicious clone.

Pros & Cons

Trade245 offers several advantages such as a wide range of trading instruments, multiple account types, and user-friendly trading platforms. However, there are also several drawbacks, such as lack of regulation and transparency. Traders should carefully consider these factors before deciding to trade with Trade245.

Note: It is important to conduct thorough research and due diligence before choosing a broker to trade with. The above table is just a summary of the pros and cons of Trade245 and should not be taken as a recommendation to trade with or against the broker.

Trade245 Alternative Brokers

There are many alternative brokers to Trade245 depending on the specific needs and preferences of the trader. Some popular options include:

• Forex.com - a globally trusted broker that is regulated in multiple jurisdictions and offers a user-friendly platform, competitive pricing, and a range of educational resources.

• FXTM - a popular broker that is regulated in multiple jurisdictions and offers a range of trading instruments, including forex, CFDs, and cryptocurrencies, with competitive pricing and excellent customer support.

• IC Markets - a well-regulated broker that offers a range of trading instruments, including forex, CFDs, and cryptocurrencies, with tight spreads and fast execution.

Is Trade245 Safe？

Trade245 misrepresented its regulatory status by claiming to possess a license from the Financial Sector Conduct Authority (FSCA). However, upon investigation, it was revealed that the regulated entity named on the license, RED PINE CAPITAL (PTY) LTD, had no association with the Trade245 trading brand. Consequently, Trade245 unlawfully appropriated a regulatory license to mislead unsuspecting investors, compromising transparency and eroding trust in the financial markets.

Market Instruments

Tradable financial instruments available on the Trade245 platform include FX pairs, indices, stocks and commodities CFDs and more. Many other brokers could even offer richer instruments, like metals, cryptos, options, etc.

Accounts

Trade245 offered 7 account types targeting different trading preferences and strategies. Their account options included:

Standard Account: This account featured variable spreads starting from 1 pip, with leverage up to 1:500. Bonus funds of 100% were included with this account type, accessed via the MT4 platform.

Swap-Free Account: Similar to the Standard Account, with variable spreads from 1 pip and maximum leverage of 1:500, but without any bonus funds. This account was available on the MT4 platform and facilitated swap-free trading.

Zero Spread Account: As the name suggests, this account offered variable spreads starting from 0 pips, with leverage capped at 1:500. No bonus was included, and it operated on the MT4 platform.

Bonus 245 Account: This account provided variable spreads from 1 pip, with leverage up to 1:500. A substantial bonus of 245% was included with this account type, accessible via the MT4 platform.

Bonus Rescue Account: Designed for risk management, this account featured variable spreads from 1 pip and leverage of 1:500. It included a 100% bonus to protect against potential drawdowns, available on the MT4 platform.

Micro Account: Tailored for smaller trading sizes, this account offered variable spreads starting from 1 pip and leverage up to 1:500. No bonus was included, and it was accessible on both MT4 and MT5 platforms.

Copy Trading Account: This account facilitated copy trading, with variable spreads from 1 pip and maximum leverage of 1:500. No bonus was provided, and it was available on the MT4 platform.

Notably, there is no minimum opening deposit requirement for any of these accounts, providing traders with greater flexibility.

Leverage

All account types offered by Trade245 have a maximum leverage of 1:500. This means that traders can potentially increase their profits or losses by up to 500 times their initial investment. However, it is important to note that high leverage also increases the risk of significant losses. Therefore, it is crucial for traders to use leverage responsibly and manage their risk effectively. Traders should also ensure that they understand the risks and implications of using high leverage before trading with Trade245 or any other broker.

Spreads & Commissions

Trade245 offers variable spreads which start from as low as 1 pip for some account types (except for Zero Spread accounts from 0 pips). The spreads may vary based on the trading instrument, account type, and market conditions. Trade245 does not charge any commission fees for its trades. Instead, it includes its costs within the spread. However, the Zero Spread account type may charge an unspecified commission fee.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: The above data is based on the information available on the respective brokers' websites and is subject to change. Spreads and commissions may vary depending on the account type, trading platform, and market conditions.

Trading Platforms

Trade245 offers its clients the popular and widely used MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms. Both platforms are available for download on desktop, mobile, and tablet devices. These platforms provide a user-friendly interface, advanced charting tools, and a wide range of technical analysis indicators. MT4 and MT5 are well-known for their fast execution speeds, reliable order execution, and a range of trading tools to enhance the trading experience.

Additionally, the platforms support automated trading through expert advisors (EAs) and allow traders to customize their trading strategies using their preferred programming language.

Overall, Trade245 provides a comprehensive trading experience for both novice and experienced traders with the support of two of the most popular trading platforms in the industry.

See the trading platform comparison table below:

Note: The table is based on the information available on the official websites of the brokers, and is subject to change.

Deposits & Withdrawals

Trade245 offers various deposit and withdrawal methods to its clients, including Visa, MasterCard, mPESA, ozow, Skrill and various cryptocurrencies. There is no minimum deposit requirement. There are no deposit fees charged by Trade245.

Withdrawals are said to be processed within hours, and there are no withdrawal fees charged by Trade245. However, clients should be aware that some payment providers may charge fees for their services.

Multiple Trading Currencies

ZAR, USD, GBP

Trade245 minimum deposit vs other brokers

Fees

Trade245 charges fees for several services as follows:

• Overnight Financing Fees: Also known as swap fees, overnight financing fees are charged for holding positions open overnight. The fees are calculated based on the trading instrument being traded and the position size.

• Inactivity Fees: Trade245 charges an inactivity fee of $50 per month for accounts that have been inactive for 3 months or more.

• Deposit & Withdrawal Fees: Trade245 does not charge any fees for deposits and withdrawals. However, third-party fees may apply, depending on the method used.

It's worth noting that the fees charged by Trade245 may vary depending on the type of account opened and the trading platform used. It's important to read the terms and conditions carefully before opening an account with Trade245 to fully understand the fees charged.

See the fee comparison table below:

Customer Service

Trade245 offers 24/5 customer support through various channels including email and phone. Their website also has an FAQ section where clients can find answers to common questions. You can also follow them on some social networks such as Facebook and Instagram.

Education

Trade245 offers some educational resources to its clients, including a glossary of commonly used trading terms and articles on various topics related to trading. These resources are aimed at helping traders of all levels to gain a better understanding of the financial markets and improve their trading skills. Overall, Trade245's educational offerings are a valuable resource for traders who are looking to improve their trading performance and achieve their financial goals.

Conclusion

Overall, Trade245 appears to offer a competitive trading environment with a wide range of trading instruments, multiple account types, and popular trading platforms including MT4 and MT5. However, the fact that their FSCA license is a suspicious clone raises some concerns about the legitimacy of the broker. In addition, there are some negative reviews from users reporting difficulties with withdrawals, which is certainly a red flag. As with any broker, it is important to conduct thorough research and exercise caution before investing any funds.

Frequently Asked Questions (FAQs)

Is Trade245 legit ？

No. It has been verified that their South Africa Financial Sector Conduct Authority - FSCA license is a suspicious clone.

At Trade245, are there any regional restrictions for traders？

Yes. Trade245 does not provide services for the residents of certain countries, such as the United States, Canada, Israel and the Islamic Republic of Iran.

Does Trade245 offer demo accounts？

Yes. Demo accounts are available.

Is Trade245 a good broker for beginners？

No. Trade245 is not a good choice for beginners. Though it offers demo MT4 and MT5 accounts, never forget their FSCA license is a suspicious clone.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

What is FirewoodFX？

FirewoodFX, established in 2014 and headquartered in Saint Vincent and the Grenadines, operates as an unregulated entity in the financial markets. FirewoodFX offers a wide array of market instruments. The platform extends the option for users to familiarize themselves with its services through a demo account.

If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.

Pros & Cons

Pros:

- Demo Account Availability: FirewoodFX provides a demo account option, enabling traders to practice trading strategies and familiarize themselves with the platforms features without risking real funds.

- MT4 Trading Platform: Trading occurs through the widely acclaimed MetaTrader 4 (MT4) platform, known for its stability, versatility, and extensive range of trading tools, providing traders with a seamless trading experience.

- Multiple Account Options: FirewoodFX caters to traders of different experience levels by offering various types of trading accounts, each tailored to meet specific preferences and objectives.

- Zero commission for most accounts: Traders can enjoy cost-effective trading with no commissions on most accounts, reducing expenses and enhancing overall profitability.

- Convenient Deposit and Withdrawal Methods: The platform offers a variety of deposit and withdrawal methods, including bank transfers, e-wallets, cryptocurrencies, credit cards, and e-payment systems, providing clients with flexibility and convenience in managing their funds.

Cons:

- Lack of Regulation: One of the most significant drawbacks of FirewoodFX is its unregulated status, which exposes traders to increased risks due to the absence of oversight from governmental or financial authorities.

- Regional Restrictions: FirewoodFX does not accept clients from the United States of America, North Korea, Iraq, Iran, Saint Lucia and Saint Vincent and the Grenadines. These restrictions will stem from regulatory compliance issues or other factors specific to those regions.

Is FirewoodFX Safe ？

FirewoodFX's current lack of valid regulation signifies a concerning absence of oversight from governmental or financial authorities, heightening the inherent risks associated with investing through their platform. Without regulatory supervision, there exists a substantial potential for malfeasance, where the operators of the platform hold no accountability for their actions.

This absence of oversight leaves investors vulnerable to various forms of misconduct, including misappropriation of funds and fraudulent practices. Essentially, the absence of regulation exposes investors to significant risks, as there are no safeguards in place to protect their investments.

Moreover, the lack of regulatory oversight means that FirewoodFX's operators have the autonomy to dissolve the platform abruptly, leaving investors with no recourse or means of recovering their investments.

Therefore, engaging with FirewoodFX carries inherent risks that every investor should be cognizant of before committing any funds to the platform.

Market Instruments

FirewoodFX offers forex, gold, crypto, oil and more.

- Forex (Foreign Exchange): This includes major currency pairs like EUR/USD, GBP/USD, USD/JPY, as well as minor and exotic currency pairs such as EUR/GBP, USD/TRY, and many others.

- Gold (XAU/USD): Trading in gold allows investors to speculate on the price movements of this precious metal against the US dollar.

- Crypto: FirewoodFX likely offers trading in various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and others. Investors can trade cryptocurrency pairs against major fiat currencies like USD or EUR.

- Oil (Crude Oil): This typically involves trading contracts for difference (CFDs) on the price of crude oil, allowing traders to speculate on its price movements without owning the physical commodity.

Here is a comparison table of trading instruments offered by different brokers:

Account Types

FirewoodFX offers various types of trading accounts tailored to meet the needs of different types of traders.

- Cent Account: This account is suitable for beginners or those who want to trade with smaller amounts of capital. With a minimum deposit of USD 10 (or equivalent in USC), traders can start trading with micro-lot sizes, allowing for precise risk management and lower exposure to the market.

- Micro Account: Similar to the Cent Account, the Micro Account is designed for traders who prefer smaller trade sizes. It also requires a minimum deposit of USD 10 and offers micro-lot trading, but the base currency is USD instead of USC.

- Standard Account: The Standard Account is suitable for intermediate traders who are comfortable with standard lot sizes and require more flexibility in their trading. It requires a minimum deposit of USD 10 and offers standard lot trading.

- Premium Account: The Premium Account is designed for more experienced traders who may require additional features or benefits. It also requires a minimum deposit of USD 10 and offers standard lot trading like the Standard Account.

- ECN Account: The ECN (Electronic Communication Network) Account is tailored for advanced traders who require direct access to liquidity providers and prefer tighter spreads and faster execution. It requires a higher minimum deposit of USD 200 but offers the same standard lot trading as the Premium Account.

Furthermore, FirewoodFX offers demo accounts for traders who want to practice trading strategies and familiarize themselves with the platform's features without risking real funds. Demo accounts replicate real market conditions, providing a risk-free environment for learning and honing trading skills.

How to Open an Account？

To open an account with FirewoodFX, follow these steps.

1. Visit the FirewoodFX website. Look for the “Open Account” button on the homepage and click on it.

1. Sign up on websites registration page.

1. Receive your personal account login from an automated email

2. Log in

3. Proceed to deposit funds to your account

4. Download the platform and start trading

Leverage

FirewoodFX offers a maximum leverage of 1:1000, which means traders can control positions up to 1000 times the amount of their initial investment. Leverage allows traders to amplify their potential returns by using borrowed capital, enabling them to enter larger positions with a relatively smaller amount of capital. This can be advantageous for traders looking to maximize their profit potential with limited funds. However, it's important to note that leverage magnifies both profits and losses, making it a double-edged sword.

Spreads and Commissions

FirewoodFX offers competitive spreads across its range of account types. The spreads are variable and start from as low as 1 pip for certain account types. Variable spreads mean they fluctuate according to market conditions, providing traders with the opportunity to benefit from tighter spreads during times of high market liquidity. Additionally, FirewoodFX doesn't charge any commissions for standard trading accounts, making it attractive for traders who prefer not to pay additional fees per trade.

However, for the Micro account, FirewoodFX imposes a commission of $7 per lot traded. While this commission might seem nominal, it's essential for traders to factor it into their overall trading costs, especially if they engage in high-volume trading. The commission structure ensures that traders using the Micro account are aware of the costs associated with their trades upfront, allowing for better transparency and informed decision-making.

Trading Platforms

FirewoodFX provides its clients with the popular MetaTrader 4 (MT4) trading platform, renowned for its user-friendly interface and comprehensive features. With MT4, FirewoodFX users gain access to a powerful trading environment equipped with advanced charting tools, technical indicators, and analytical resources, empowering traders to make informed decisions.

The platform offers a seamless trading experience across various devices, including desktops, laptops, smartphones, and tablets, allowing traders to access their accounts and execute trades anytime, anywhere. MT4's compatibility with different operating systems ensures flexibility for traders who prefer trading on their preferred devices.

Trading Platforms

FirewoodFX's margin calculator is a practical trading tool designed to help traders accurately assess their margin requirements and pip values for different currency pairs.

By inputting key parameters such as the currency pair, leverage ratio, and trade size, the calculator swiftly computes the required margin in USD for each pair. This feature is invaluable for traders as it enables them to manage their risk effectively by ensuring they have adequate funds to cover their positions. Additionally, the calculator provides insight into the USD value per pip movement for each pair, aiding traders in understanding the potential profit or loss implications of their trades.

Deposits & Withdrawals

FirewoodFX offers a variety of convenient deposit and withdrawal methods to cater to the diverse needs of its clients. Clients can fund their accounts via bank transfer, QRIS, internet banking, virtual accounts (e-wallets), BIDR BEP20, BUSD BEP20, USD Tether TRC20/BEP20, credit card, Perfect Money, and Fasapay.

For Deposits:

For deposits, clients can choose from options such as bank transfer, QRIS, internet banking, virtual accounts, and various cryptocurrencies like BIDR BEP20, BUSD BEP20, and USD Tether TRC20/BEP20. For different ways, minimum amount and fees vary. For example, through Internet Banking, $10 of minimum amount is required. More details can be learned by clicking: https://www.firewoodfx.com/trading/deposit.

For Withdrawals:

Withdrawals from FirewoodFX accounts are also straightforward, with options including bank transfer, internet banking, and cryptocurrency withdrawals like BIDR BEP20, BUSD BEP20, and USD Tether TRC20/BEP20. Withdrawals are typically processed within 24 to 48 hours, depending on the chosen method. Similarly, for different ways, minimum amount and fees vary. For example, through Internet Banking, IDR 50,000 of minimum amount is required. More details can be learned by clicking: https://www.firewoodfx.com/trading/deposit.

Education

FirewoodFX provides a comprehensive Forex Glossary covering everything traders need to know about Forex terms. Their educational resources offer clear and concise explanations of key concepts, ensuring traders have a solid understanding of the terminology used in the forex market to navigate the complexities of forex trading confidently, ultimately enhancing their trading skills and success.

Bonus

FirewoodFX offers an 88% Deposit Bonus, where traders can receive up to an 88% bonus on their deposits. This promotion is designed to increase trading capital and enhance trading opportunities for clients.

Customer Service

Customers can visit their office or get in touch with customer service line using the information provided below:

Telephone: +442036083558

Email: support@firewoodfx.com

Address: Suite 305, Griffith Corporate Centre, Beachmont. St. Vincent and the Grenadines

FirewoodFX offers online messaging as part of their trading platform. This allows traders to communicate with customer support or other traders directly through the platform. Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders.

Conclusion

In conclusion, FirewoodFX offers a range of products and services, catering to traders seeking diversification in their investment portfolios. However, it operates without regulatory oversight, which poses inherent risks for traders. While the platform provides competitive leverage and a user-friendly MT4 trading platform, the absence of regulation raises concerns about the safety and reliability of the service.

FAQs

What trading platforms does FirewoodFX offer？

FirewoodFX offers the MetaTrader 4 platform across desktop, mobile, and web.

What types of accounts are available at FirewoodFX？

FirewoodFX provides several account types including Cent, Micro, Standard, Premium, and ECN.

Is FirewoodFX regulated？

No, FirewoodFX is not regulated by any recognized financial regulatory authority.

What is the minimum deposit required at FirewoodFX？

The minimum deposit starts at USD 10 for Cent, Micro, Standard, and Premium accounts, and USD 200 for ECN accounts.

Does FirewoodFX offer any bonuses？

Yes, FirewoodFX offers an 88% deposit bonus under certain conditions.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.