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Do you want to know which is the better broker between Trade245 and GMI Edge ?
In the table below, you can compare the features of Trade245 , GMI Edge side by side to determine the best fit for your needs.
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You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of trade245, gmi-edge lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Trade245 Review Summary of 10 Points | |
Founded | 2020 |
Headquarters | South Africa |
Regulation | FSCA (Suspected Clone) |
Market Instruments | FX pairs, indices, stocks and commodities CFDs |
Demo Account | Available |
Leverage | 1:500 |
EUR/USD Spread | 1 pip |
Trading Platforms | MT4, MT5 |
Minimum deposit | $0 |
Customer Support | 24/5 phone, email |
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.
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.
Pros | Cons |
• Offers a wide range of trading instruments | • Lack of regulation and transparency |
• Provides multiple account types to choose from | • Negative reviews and complaints from some users |
• No minimum deposit requirement | • Residents of the United States, Canada, Israel and the Islamic Republic of Iran are not accepted |
• Offers MT4 and MT5 trading platforms | |
• Provides 24/5 customer support | |
• Offers competitive spreads and zero commissions |
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.
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.
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.
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.
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.
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.
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:
Broker | EUR/USD Spread | Commission |
Trade245 | 1 pip | No |
Forex.com | 0.8 pips | No |
FXTM | 1.3 pips | No |
IC Markets | 0.1 pips | AUD $7 per lot |
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.
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:
Broker | Trading Platform |
Trade245 | MetaTrader5, MetaTrader5 |
Forex.com | MetaTrader4, Web Trading |
FXTM | MetaTrader4, MetaTrader5, FXTM Trader App |
IC Markets | MetaTrader4, MetaTrader5, cTrader |
Note: The table is based on the information available on the official websites of the brokers, and is subject to change.
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.
ZAR, USD, GBP
Trade245 | Most other | |
Minimum Deposit | $0 | $100 |
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:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
Trade245 | No | No | $50/month after 3 months of inactivity |
Forex.com | No | No | $15/month after 12 months of inactivity |
FXTM | No | No | $5/month after 6 months of inactivity |
IC Markets | No | No | $10/month after 2 years of inactivity |
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.
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.
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.
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.
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.
Feature | Information |
Registered Country/Region | Vanuatu |
Found | 2018 |
Regulation | Suspicious clone |
Market Instrument | Gold, oil, Silver, forex and indices |
Account Type | Cent, Standard, Standard Bonus and ECN |
Demo Account | yes |
Maximum Leverage | 1:2000 |
Spread (EUR/USD) | Above 2 pips |
Commission | Vary on the account type |
Trading Platform | MT4 for Windows, MacOS, Android and Web |
Minimum Deposit | $15 |
Deposit & Withdrawal Method | Local Banks Transfer, Neteller and Skrill |
Founded in 2018, GMI Edge is an offshore trading broker that provides online trading via MetaTrader4 (MT4) on a variety of different asset classes including forex, indices, precious metals, energies and CFDs.
Traders can access leverage ratios ranging from 1:500 to 1:2000, depending on the account type. However, explicit information about spreads is not readily available on the GMI Edge website. The broker offers the popular MetaTrader 4 (MT4) trading platform, which allows traders to customize their strategies. Deposits and withdrawals can be made through various methods, including local bank transfers, Neteller, and Skrill.
Here is the home page of this brokers official site:
Pros | Cons |
Wide range of market instruments | Lack of proper regulatory oversight |
Different types of trading accounts | Suspicious and questionable regulatory license |
Variety of leverage options | Lack of information of spreads |
Availability of MetaTrader 4 (MT4) platform | Li |
Additional Multi-Account Manager (MAM) platform | |
Mobile app for account management |
GMI Edge is not regulated by a recognized financial regulatory authority. The claimed regulation by the Vanuatu Financial Services Commission (VFSC) with license number 14647 is suspected to be a clone and is not considered valid.
GMI Edge offers a selection of market instruments for trading, including:
1. Gold, Oil, Silver: Traders have the opportunity to trade in commodities such as Gold, Oil, and Silver. These instruments are available for trading 23 hours a day, and GMI Edge aims to provide competitive costs in this regard.
2. Forex: GMI Edge enables traders to participate in the foreign exchange market. Major currency pairs such as the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Australian Dollar, and Canadian Dollar are available for trading. GMI Edge offers high leverage and the option of Swap Free accounts.
3. Indices: GMI Edge allows traders to access global financial markets through Contracts for Difference (CFDs) on various indices. Some of the indices available for trading include Dow Jones, NASDAQ, S&P, FTSE, DAX, CAC, NIKKEI, Hang Seng, and China A50.
Pros | Cons |
Wide selection of commodities, including Gold, Oil, and Silver | Lack of transparency regarding trading costs |
Availability of major currency pairs for forex trading | Limited information about spreads |
Access to global financial markets through various indices | |
Opportunity to trade 23 hours a day |
GMI Edge offers four different types of trading accounts: ECN, Cent, Standard, and Standard Bonus.
ECN ACCOUNT
The ECN account requires a minimum deposit of $100 and offers leverage up to 1:500. It has a commission fee of $4 per lot and allows for a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The ECN account does not offer a swap-free option.
CENT ACCOUNT
The Cent account has a minimum deposit requirement of $15 and provides leverage up to 1:1000. It does not charge any commission and allows a maximum order size of 200 lots on MT4. The Cent account also offers a swap-free option.
STANDARD ACCOUNT
The Standard account requires a minimum deposit of $25 and offers leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The Standard account does not provide a swap-free option.
STANDARD BONUS ACCOUNT
The Standard Bonus account also requires a minimum deposit of $25 and provides leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4. The Standard Bonus account does not offer a swap-free option.
The specified leverage for different account types at GMI Edge varies between 1:500 and 1:2000. Clients on the Cent account can experience leverage of 1:1000, the Standard and Standard Bonus accounts can enjoy the maximum leverage of 1:2000, while the ECN accounts have a leverage ratio of 1:500.
Unlike most decent brokers who present their pricing and trading conditions, GMI Edge has not disclosed its spreads on the website.
As for the commission, there is no commission on the Cent, Standard and Standard Bonus accounts, while 4 per lot on the ECN account.
GMI Edge provides its traders with the popular MetaTrader 4 (MT4) trading platform. This widely recognized platform is available for all types of GMI Edge accounts. Traders can take advantage of the features and functionality offered by MT4 to enhance their trading experience.
MT4
With MT4, traders have the option to create their own algorithms or utilize expert advisors (EAs) to automate their trades. This allows for customized trading strategies and the ability to follow other traders. Traders can seamlessly connect to the trading platform through the GMI Edge app, ensuring a smooth trading experience across different devices. The GMI Edge app also provides a convenient way to fund trading accounts that use MT4.
Multi-Account Manager (MAM) platform.
In addition to MT4, GMI Edge also offers the Multi-Account Manager (MAM) platform. This platform is designed for money managers who wish to trade multiple accounts with ease. With MAM, money managers can execute trades across multiple accounts with just one click. The platform also allows for automated performance fees billing and offers trade allocation options based on lot size, equity, or balance.
GMI Edge mobile app
To further enhance accessibility and convenience, GMI Edge has developed the GMI Edge mobile app. This app allows traders to access their trading accounts anytime and anywhere. Traders can trade various instruments including forex, gold, silver, and indices, among others, using the app. The GMI Edge app also offers easy ways to deposit, withdraw, and transfer funds, providing traders with comprehensive account management capabilities in one place.
GMI Edge provides various options for depositing and withdrawing funds from your trading account. These options include Local Banks Transfer, Neteller, and Skrill. The minimum initial deposit requirement is $10 for Neteller and Skrill, while it is $15 for Local Banks Transfer.
The deposit processing time is typically instant, allowing you to quickly start trading after funding your account.
For withdrawals, the minimum withdrawal amount is 50 MYR for bank transfers, and the processing time is between 8am to 6pm daily. There is a 4% fee for withdrawals via Neteller and Skrill, with a minimum withdrawal amount of $10. Withdrawals made through these methods are also processed instantly.
GMI Edge provides customer support through various channels. Traders can reach out to their customer support team via email at cs.global@gmimarkets.com. Additionally, a live chat option is available for immediate assistance. For those who prefer to send a direct message, an online contact form is provided.
In conclusion, GMI Edge is an unregulated broker with a suspicious regulatory license and is not considered a legitimate trading option. Trading with an unregulated broker carries significant risks, as they may lack investor protection and oversight. Although GMI Edge offers a variety of market instruments and different types of trading accounts with varying leverage options. Additionally, the absence of a recognized financial regulatory authority and limited customer support contact information further bring risks.
Q 1: | Is GMI Edge regulated? |
A 1: | No. GMI Edge holds a suspicious clone Vanuatu Financial Services Commission (VFSC) license. |
Q 2: | At GMI Edge, are there any regional restrictions for traders? |
A 2: | Yes. GMI Edge does not accept clients from the United Kingdom and the United States among other countries. |
Q 3: | Does GMI Edge offer demo accounts? |
A 3: | Yes. |
Q 4: | Does GMI Edge offer the industry-standard MT4 & MT5? |
A 4: | Yes. GMI Edge supports MT4. |
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive trade245 and gmi-edge are, we first considered common fees for standard accounts. On trade245, the average spread for the EUR/USD currency pair is From 0 pips, while on gmi-edge the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
trade245 is regulated by FSCA. gmi-edge is regulated by VFSC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
trade245 provides trading platform including Zero Spread,Swap Free,VIX 75,Cent,No Bonus,Bonus 100 and trading variety including --. gmi-edge provides trading platform including Standard (Bonus),ECN,Cent,Standard and trading variety including --.