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 World Forex？

World Forex, a brokerage firm based in Saint Vincent and the Grenadines and operates all over the world including countries such as Thailand, British, Saint Lucia and Russia. It provides a variety of market instruments, including Forex, CFDs for American shares, Precious metal, Oil, Cryptocurrency, to traders globally. However, it's important to consider that World Forex is currently under no valid regulations from any recognized authorities.

In the following article, we will analyze the characteristics of this broker from multiple perspectives, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also make a brief summary so that you can understand the broker's characteristics at a glance.

Pros & Cons

World Forex spells strength with a variety of offerings that cater to traders of all levels. They extend a selection of multiple account types, suiting diverse trading styles and strategies. The popular MT4/5 trading platforms, with their wide range of tools and features, are available to users across different devices. The acceptable minimum deposit at just $1 and the provision of floating spreads make trading accessible and competitive. Further benefits include abundant customer support channels for comprehensive assistance, an option for a demo account for risk-free practice, and flexible leverage ratios ranging 1:33- 1:1000 catering to risk-tolerant and risk-averse traders alike.

However, potential traders need to be aware of a few aspects. The most significant concern is that World Forex is unregulated, which can raise doubt over its credibility and security measures. Moreover, it doesn't accept clients from certain jurisdictions due to regulatory considerations.

Is World Forex Safe or Scam？

When considering the safety of a brokerage like World Forex or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

• Regulatory sight: The broker operates with an unregulated status, signifying potential risks as it lacks the assurance of full protection for traders trading on its platform.

• User feedback: You can gain valuable insights into the experiences of other clients by reviewing their opinions and feedback about the brokerage. It's advisable to look for these reviews on trustworthy websites and discussion platforms to ensure the credibility of the information.

• Security measures: World Forex prioritizes security through anti-money laundering and privacy policies, ensuring compliance with financial regulations and protecting clients' personal data. These measures in some extent enhance the safety and confidentiality of the trading environment.

Ultimately, the decision of whether or not to trade with World Forex is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

World Forex offers a comprehensive range of market instruments, including:

Forex: The broker enables access to a wide variety of 52 currency pairs, from major to exotic, for forex trading.

CFDs for American Shares: Trade Contracts for Difference (CFDs) on U.S. stocks with this broker which allows you to speculate on price movements without owning the underlying assets.

Precious Metals: Investment options in gold and silver, commonly considered safe-haven assets is another choice.

Oil: Opportunities to trade in the oil market, including WTI and Brent Crude.

Cryptocurrency: Trading access to popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others.

This diverse array of instruments caters to the preferences and strategies of traders, offering exposure to various financial markets.

Account Types

World Forex presents a wide array of account types, each serving different trading needs. They offer a Demo Account for practice and skill development, alongside various other accounts named W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, and W-DIGITAL. These accounts vary in features and are tailored to suit different trading scenarios and preferences.

Uniquely, World Forex has kept the entry barrier minimalistic, with a petite minimum deposit requirement of only USD 1 across these accounts. This makes World Forex's offerings readily accessible to a broad range of individuals interested in exploring the trading universe.

Furthermore, Islamic or 'swap-free' Account is also available. Traders just need to choose a trading account like W-PROFI or W-CENT and simply tick the 'swap-free' option during the account opening process.

Leverage

World Forex provides its clients with a dynamic trading leverage structure, which varies significantly from 1:33 to a whopping 1:1000. The concept of leverage in trading means that traders can essentially 'borrow' funds to place larger trades than their actual deposit. The dynamic range in leverage of this broker lets traders pick a comfortable risk level while allowing potentially higher returns.

However, it's also important to note that while higher leverage can lead to amplified profits if the market moves in favor, it equally amplifies the potential losses if the market takes a downturn. Hence, effective risk management is crucial while using leverage.

Spreads & Commissions

World Forexs wide array of accounts feature different types of spreads and commission structures.

Both the W-CENT-fix and W-PROFI-fix Accounts provide a fixed spread starting from 1.8 pips and impose no commission.

The W-CENT and W-PROFI Accounts present a floating spread starting from 0.6 pips, again with no commission charged.

Unique W-CRYPTO Account offers a floating spread beginning from 0 pips, but with a 0.5% commission involved.

Lastly, W-DIGITAL Account users experience a fixed spread starting from 1.8 pips specifically for 'Digital contract 0-100', alongside a hefty 40% commission for early closing, which applies exclusively to American digital contracts.

Trading Platforms

World Forex provides excellent versatility in terms of platform accessibility by offering MT4/5 renowned trading platforms, across a variety of devices and operating systems. Whether you're a Windows user, a macOS patron, an Android enthusiast, an iOS adherent, or even a Linux user, you can flawlessly operate and engage with your trading strategies. This broad compatibility ensures that trading activities remain uninterrupted and convenient, regardless of the operating system used by the trader. From desktop to handheld devices, World Forex makes seamless trading a reality, enabling traders to stay connected with markets anytime, anywhere, and through any device.

Trading Tools

World Forex provides traders with a set of powerful trading tools designed to enhance their trading experience.

First and foremost, their Economic Calendar is a key instrument that keeps traders informed about global economic events, allowing them to make well-informed trading decisions.

To facilitate uninterrupted and automated trading, they offer Virtual Private Server (VPS) services, ensuring consistency in trade execution without interruptions.

Next on the roaster is the MQL5 signal — a feature that allows traders to copy trades from successful signal providers, beneficial for those who may lack time to research and analyze the markets.

Last but not least, the Forex calculator enables traders to calculate various trading parameters with precision, such as margin requirements, profit, and conversion rates.

Copy Trading

World Forex enhances the trading experience by offering a “Copy Trading” option, which is a phenomenal feature particularly for novice traders or those who wish to diversify their strategies. With this feature, users have the advantage of copying the trades of experienced, successful traders directly into their own account.

This can not only save substantial time required for market analysis, but also helps new traders learn by observing strategies used by experienced ones.

Deposits & Withdrawals

World Forex provides diverse modes for transactions, ensuring convenient trading for clients.

The broker accepts Bank cards and Internet banking, adhering to users who prefer traditional methods of transactions. Moreover, modern Payment systems are also supported, including popular ones like Apple Pay and Google Pay. For large transactions, Bank transfer facilities are readily available. These avenues support different currencies, enhancing global accessibility.

Notably, each method has its specific minimum deposit request, processing time, and commission charges. Traders interested in exploring these specifics can visit the broker's official website at below link reach out to their broker directly for personalized assistance.

https://wforex.com/payment

Customer Service

World Forex optimizes client communication with multiple contact channels. Clients can get in touch with World Forex via Phone or Email for personalized assistance. The broker's physical Address for different branches is readily available for those looking for direct engagement. For details you can visit https://wforex.com/contacts.

They can also opt for real-time responses through the live chat feature. More so, World Forex extends its reach to various Social Media platforms such as Facebook, Twitter, Instagram and Trading View.

Lastly, the Contact Us form on their website offers an easy way to send in queries, suggestions, or feedback.

Education

World Forex is commendable in its approach to educating its traders. Included in their educational resources are the 'Knowledge Base' and the 'Glossary'.

The Knowledge Base is an extensive collection of articles and information crucial to understanding various aspects of trading. It is a great starting point for novices, covering topics from fundamental concepts to complex trading strategies.

The Glossary, on the other hand, is a comprehensive list of trading terminologies, assisting traders in understanding complex terms used in the trading world.

Together, these resources equip traders with the essential tools for navigating the trading landscape effectively and confidently.

Conclusion

World Forex, a brokerage firm based in Saint Vincent and the Grenadines who also operate in British, Russia, Thailand and Saint Lucia, offers a range of market instruments including Forex, CFDs for American shares, Precious metal, Oil, Cryptocurrency.

However, potential investors should be wary of the fact that World Forex is currently unregulated. This represents a major red flag as regulated brokers conform to strict financial oversight, thereby protecting clients from potential misconduct.

As such, those considering World Forex as their broker should tread carefully, conduct thorough research and consider alternative, well-regulated brokers that prioritize transparency, security and client protection.

Frequently Asked Questions (FAQs)

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.