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.

General Information

LINE FX is a regulated forex broker founded in 2018, with its headquarters based in Japan. As a regulated entity under the Financial Services Agency (FSA) in Japan, the broker operates with authorization and approval to provide financial services, offering clients a level of trust and security. LINE FX specializes in forex trading and provides access to 23 major currency pairs, allowing traders to capitalize on fluctuations in global exchange rates. With a commission-free trading model and leverage set at 1:25, the broker offers cost-effective and flexible trading conditions, making it appealing to traders of various experience levels.

Traders can utilize the LINE FX Pro platform on PC or the LINE FX App on mobile devices to execute trades efficiently and stay connected to the markets. The user-friendly interfaces and advanced charting tools empower traders to make well-informed decisions. Additionally, the broker offers a diverse range of order types, catering to various trading styles and strategies. Customer support is readily available through AI chat on LINE and an inquiry form on the website, ensuring timely assistance for traders. Furthermore, LINE FX's point-based reward program provides traders with an opportunity to earn LINE Points based on their trading volume, adding an extra incentive for active participation in the markets. Overall, LINE FX's regulatory status, diverse currency pairs, commission-free trading, and supportive trading platforms make it a compelling choice for forex traders seeking a reliable and rewarding trading experience.

Is LINE FX Legit？

LINE FX is regulated by the Financial Services Agency in Japan. Its current status shows that it is operating under the registration number 関東財務局長(金商)第3144号, which indicates that it has been approved and authorized to provide financial services in Japan. Being regulated by a reputable regulatory authority like the Financial Services Agency ensures that LINE FX adheres to certain standards and rules, providing a level of protection and confidence to its clients. Traders can have more peace of mind knowing that the broker operates under the oversight of a regulatory body, which helps mitigate potential risks associated with unregulated brokers.

Pros and Cons

LINE FX caters to forex traders who prioritize regulated services, diverse currency pairs, and a commission-free trading environment. However, traders with specific needs, such as cryptocurrency trading or comprehensive educational resources, may need to explore other brokerage options. The decision to choose LINE FX will depend on individual trading preferences and goals. Here's a table summarizing the pros and cons:

Market Instruments

LINE FX offers a variety of major currency pairs, providing traders with opportunities to engage in forex trading and take advantage of fluctuations in exchange rates. Traders can access a total of 23 major currency pairs, providing ample opportunities to speculate on global economic trends and fluctuations in exchange rates. Each forex pair allows users to trade in increments of 10,000 currency units, ensuring flexibility in position sizing. One notable advantage for traders is that LINE FX offers these forex trades free of transaction fees, reducing the overall cost of trading.

The offered currency pairs include major combinations like USD/JPY, EUR/USD, and GBP/USD, as well as crosses like EUR/JPY, GBP/JPY, and AUD/JPY. The inclusion of exotic pairs like ZAR/JPY, MXN/JPY, and TRY/JPY may attract traders seeking exposure to more unique and emerging market currencies.

It's worth noting that while LINE FX provides an extensive selection of forex pairs, its offerings are limited to this asset class. Traders interested in diversifying their portfolios with other financial instruments like commodities, cryptocurrencies, or stocks may need to consider alternative brokerage options that offer a broader range of trading instruments. However, for those primarily focused on forex trading, LINE FX's variety of major currency pairs and favorable trading conditions may prove advantageous.

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

Order Types

LINE FX offers eight different order types to accommodate various trading styles and strategies. The primary order types include streaming, market, limit, and stop limit orders.

Streaming orders allow for real-time monitoring and instant execution at prevailing market prices. Market orders execute trades at the current market price, providing quick execution. Limit orders enable traders to set specific entry and exit points, executing the trade when the market reaches the specified price. Stop limit orders combine stop and limit order functionalities, triggering a limit order when a specified stop price is reached.

LINE FX also provides more advanced order types, such as One Cancels the Other (OCO) and If Done (IFD) orders. OCO orders link two orders together, canceling one if the other is executed. IFD orders are conditional orders that execute only if another order is executed first. Additionally, the IFD-OCO order type combines both IFD and OCO functionalities, allowing for multi-layered strategies. Finally, traders can use the Close All order to quickly liquidate all open positions in one action. LINE FX's diverse order types empower traders to tailor their trades according to their individual preferences and risk tolerance.

How to Open an Account？

To open an account with LINE FX, follow these steps.

1. Visit the LINE FX website and locate the “Open a Free Account Here” link.

2. Tap on the “Open a Free Account Here” link to initiate the account opening process.

3. You will be redirected to the account opening application form.

4. Complete the application form using either your smartphone or computer.

5. Make sure to use the latest version of the LINE app for a smooth experience.

6. Note that LINE FX does not accept account opening requests via postal mail, so online application is mandatory.

7. Follow the provided instructions on the application form.

8. Provide accurate and up-to-date personal information as required for the KYC (Know Your Customer) procedure.

9. Submit the application form along with any required identification documents.

10. Wait for the verification process to be completed.

11. Once your account is approved, you will receive login credentials to access your trading account.

12. Before proceeding, carefully read and understand the terms and conditions, as well as the risks associated with trading.

13. Opening an account with LINE FX gives you access to their range of trading instruments and platform features, so it's essential to have a clear understanding of their services before starting your trading journey.

Leverage

At LINE FX, the leverage offered for trading is set at 25:1. This means that to place a trade, users are required to pledge a margin of at least 4% of the total trade value for each currency pair. Leverage allows traders to control larger positions in the market with a smaller amount of capital. In this case, with a 25:1 leverage ratio, for every $1 of the trader's capital, they can control a trading position worth up to $25.

While leverage can amplify potential profits, it also increases the level of risk involved in trading. Higher leverage means higher exposure to market fluctuations, making the account more vulnerable to significant gains or losses. Traders should be cautious and use leverage responsibly, considering their risk tolerance and implementing proper risk management strategies to protect their capital.

The 25:1 leverage offered by LINE FX is in accordance with the regulations set by the financial authorities to ensure the safety and protection of traders. It is essential for traders to understand the implications of leverage and carefully manage their positions to avoid substantial losses. As always, trading with leverage carries inherent risks, and traders should thoroughly educate themselves about leverage before engaging in any trading activities.

Here is a comparison table of maximum leverage offered by different brokers:

Spreads and Commissions

LINE FX offers spreads on its trading instruments that vary across different currency pairs. Based on the provided data, spreads range from 0.2 pips to 3.9 pips. Major currency pairs like USD/JPY, EUR/USD, and GBP/USD tend to have relatively tighter spreads, which can be important for traders who prefer lower trading costs.

Additionally, LINE FX operates with a commission-free trading model. This means that traders do not have to pay extra fees per trade, which can be advantageous for those who wish to avoid additional costs in their trading activities.

It's important for traders to carefully consider the spreads and commission structure offered by LINE FX and compare it with other brokers in the market. While the absence of commissions can be appealing, traders should also weigh other factors, such as the regulatory status and the overall trading experience provided by the broker, before making their final decision.

Non-Trading Fees

LINE FX offers a transparent fee structure with no account opening fees, no trading fees, no deposit fees, and no withdrawal fees. This can be advantageous for traders as it eliminates many of the typical non-trading fees that are commonly associated with forex trading.

In addition, LINE FX does not charge any rollover fees, also known as swap fees or overnight fees. Rollover fees are usually incurred when a position is held open overnight, and they can add to the overall cost of trading. However, LINE FX provides swap points based on the interest rate differentials between the two currencies in a currency pair, and this can result in either a positive or negative swap, depending on the direction of the trade.

Furthermore, LINE FX does not impose any inactivity fees. Inactivity fees are often charged by brokers when an account remains dormant for a certain period without any trading activity. Traders at LINE FX can maintain their accounts without worrying about incurring such fees, even if they are not actively trading for an extended period.

The absence of non-trading fees at LINE FX can be appealing to traders as it allows them to focus on their trading strategies without the burden of additional charges. However, traders should still be mindful of any potential fees that may be associated with their payment methods, such as bank fees for wire transfers, as these charges are typically determined by the financial institutions involved rather than the broker itself. Overall, LINE FX provides a fee-friendly trading environment, giving traders the flexibility to manage their accounts and trades without incurring unnecessary costs.

Deposit & Withdraw Methods

To deposit funds into a LINE FX account, users can log in and access the “Deposit” option from the TOP page. However, it is important to note that users must have internet banking registration with the financial institution from which they plan to deposit. LINE FX supports deposits from several major financial institutions, including Mitsubishi UFJ Bank, Mizuho Bank, Sumitomo Mitsui Bank, Rakuten Bank, Jibun Bank, and PayPay Bank. It is crucial to ensure that the depositor's name matches the account name with LINE FX, as the platform does not accept deposits from different names. If a deposit is made from a different name, a refund process, known as “組戻し,” will be initiated, and the customer will be responsible for any associated fees. The procedure for “組戻し” needs to be performed with the sender's financial institution, and customers can inquire about the specific steps and fees involved with the bank. LINE FX requires no minimum deposit for forex trading, which sound great for new traders to get started.

As for withdrawals, users can make requests through the LINE FX platform. It is important to note that withdrawals can only be made to the registered bank account under the same name as the LINE FX account holder. Additionally, the processing time for withdrawals may vary depending on the user's bank and other relevant factors. To ensure a smooth and efficient withdrawal process, users should make sure their bank account details are correctly registered with LINE FX.

LINE FX does not charge any deposit fees, which can be advantageous for traders. However, it is essential to check with the user's financial institution to determine if they charge any fees for transferring funds to LINE FX. Keeping in mind the deposit and withdrawal methods available and the associated costs can help traders effectively manage their finances and optimize their trading activities.

Trading Platforms

LINE FX offers two trading platforms: LINE FX Pro for PC and LINE FX App for mobile devices.

LINE FX Pro is a full-featured and high-functioning trading tool designed for ease of use and efficiency on PC. Traders can access advanced charting tools, technical indicators, and analytical features to make well-informed trading decisions. The platform's user-friendly interface provides a seamless trading experience and enables traders to execute trades with precision and speed. It is a robust platform suitable for both beginner and experienced traders who prefer to trade on their desktop or laptop devices.

On the other hand, for those who prefer to trade on the go, LINE FX App is the recommended choice. The mobile app ensures traders don't miss any trading opportunities and allows for smooth forex trading with its intuitive interface. With the app, traders can monitor their positions, check real-time market prices, and execute trades from their smartphones or tablets. The app's user-friendly design ensures easy navigation and accessibility to essential trading tools, making it a convenient option for traders who want to stay connected to the markets while on the move.

Technology

LINE FX offers 11 technical indicators with configurable parameters. Streaming charts can be displayed horizontally or vertically, and users can keep the real-time charts displayed on their smartphone screen while they quickly trade with a tap of a button. If that's not enough, the service also lets users quickly pull up four charts, change currency pairs, display a different timeline, draw a trend line, and more.

Trading hours

Day sessions: 9:00 am to 11:20 am, 11:30 am to 12:20 pm, 12:30 pm to 2:50 pm Night session: 5:00 pm to 9:00 pm. ETF trading is currently limited to day sessions. Orders are not accepted on market holidays or outside of trading hours.

Customer Support

LINE FX provides customer support to ensure a seamless trading experience for its clients. Traders can access support through AI chat available on LINE (with 24-hour availability) and an inquiry form on the platform's website. The AI chat is designed to provide quick and automated responses to common inquiries and concerns, offering timely assistance at any time of the day or night.

Additionally, clients can use the inquiry form to submit more detailed or specific questions related to their trading activities. The support team is dedicated to addressing these inquiries promptly and efficiently, aiming to resolve any issues or provide the necessary information to traders.

The customer support offered by LINE FX is an essential aspect of the broker's commitment to client satisfaction and safety. By offering free support, the broker ensures that its clients can trade with confidence, knowing that they have access to assistance whenever needed.

It's important to note that while AI chat and the inquiry form provide valuable support, they may not fully replace the personalized assistance offered by a dedicated support team. Traders who require more extensive support or face complex issues may benefit from direct communication with the customer support representatives.

Trading Tools

LINE FX offers convenient trading tools, including real-time economic indicator and market news notifications. Through their official LINE FX account, users receive timely updates, allowing them to stay informed without the need to check multiple sources. Additionally, traders can easily access the FX mobile app directly from the official account, enabling them to execute trades efficiently with a user-friendly interface and real-time market data. These tools empower traders to make well-informed decisions and navigate the financial markets effectively. However, it's essential to consider other aspects of the platform, such as trading instruments and regulatory status, to ensure it meets individual trading needs.

Bonus

LINE FX offers a rewarding point program called the “LINE FX Point Program,” where traders can earn LINE Points through their forex trading activities. The program provides an opportunity for traders to receive LINE Points as a special bonus based on their monthly trading volume, particularly for trading volumes exceeding 1 million currency units.

The point program operates on a monthly basis, and on the 15th of each month, the assessment takes place to determine the point reward rate, which is influenced by the trader's cash balance. Traders who meet the specified conditions can enjoy a doubled point reward rate, making it even more attractive for those who actively engage in trading.

By participating in the LINE FX Point Program, traders can accumulate LINE Points over time, which can be used for various purposes within the LINE ecosystem. These points can potentially be redeemed for various services or products, providing an added benefit to traders beyond their regular trading activities.

The bonus program not only incentivizes active trading but also offers traders the chance to benefit from additional rewards, further enhancing their overall trading experience with LINE FX. It's important for traders to stay updated on the program's terms and conditions to make the most of the point rewards and maximize their trading benefits.

Conclusion

In conclusion, LINE FX is a regulated forex broker founded in 2018 and authorized by the Financial Services Agency (FSA) in Japan. It offers a diverse selection of 23 major currency pairs, allowing traders to engage in forex trading and capitalize on exchange rate fluctuations. With a commission-free trading model and a maximum leverage of 1:25, LINE FX provides cost-effective and flexible trading conditions. The availability of the user-friendly LINE FX Pro platform for PC and the LINE FX App for mobile devices ensures seamless trading experiences. While the broker offers a rewarding point program and reliable customer support through AI chat and an inquiry form, it lacks educational resources and does not support cryptocurrency trading. Traders should carefully consider their individual needs and preferences when choosing LINE FX as their preferred forex broker.

FAQs

Q: Is LINE FX a regulated broker？

A: Yes, LINE FX is a regulated broker authorized by the Financial Services Agency (FSA) in Japan, which means it operates under strict rules and standards to ensure client protection.

Q: What trading instruments does LINE FX offer？

A: LINE FX specializes in forex trading and offers 23 major currency pairs, allowing traders to engage in speculation based on global exchange rate fluctuations.

Q: Does LINE FX charge commissions on trades？

A: No, LINE FX operates on a commission-free trading model, which means traders are not charged any extra fees per trade.

Q: What is the maximum leverage offered by LINE FX？

A: LINE FX provides a maximum leverage of 1:25, allowing traders to control larger positions in the market with a smaller amount of capital.

Q: What trading platforms does LINE FX offer？

A: LINE FX offers two trading platforms: LINE FX Pro for PC and LINE FX App for mobile devices, providing traders with flexibility in executing trades.