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Although Trade245 is claiming to be regulated by the FSCA, there are doubts about it. After asking around, there’s enough to suspect that this is a clone trading platform. All evidence points to Trade 245 being a platform using a legit company’s name. In more cases than one, we have seen a broker weaving their way using a legit company. The problem with this broker is that they don’t have proof. Continue reading this critical TRADE245 Review for more.
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Once you land on their homepage, you immediately get the impression of a legit trading platform. We have to give them credit for coming up with an eye-catching website design. The color scheme is aesthetically appealing, making it appear legit.
Before jumping in and signing up, we have to do due diligence. A smart investor will want to know how a broker behaves and interacts with investors. That’s why reading reviews helps you to know about the broker before signing up.
Trade245 is smart in creating a signup page that has an agreement by GDPR. Their legal privacy policy gives them cover to ask for any documents. To verify accounts, the broker claims to ask for documents such as ID and passport.
The broker might even ask for your credit card number and source of income. These documents are valuable, and we don’t recommend sharing them with anonymous websites.
Becoming a partner with this platform is a problem, as affiliate marketers can attest to it. Most of them haven’t received any commissions from the broker.
If the broker doesn’t pay even the marketing team, don’t expect to withdraw funds. The affiliate members are also in the crosshairs of victims. These victims are venting their anger as they claim affiliate members directed them to a scam site.
The broker claims to offer a variety of trading instruments that include CFDs on major FX pairs. Other assets to find include commodities, Crypto, indices, and stocks. Expect to get stocks from the FAANG group and other leading companies in Europe.
Although the broker claims to reside in South Africa, there’s no South African company stock. That is a bit odd as we would expect the platform to help market South Africa’s trading scene.
Red Pine Capital PTY LTD is the name the broker uses as the owner of the platform. The FSCA has already licensed the company. We do have an issue with this broker’s intentions as the company has no affiliation with them.
After contacting the company, Red Pine clearly hasn’t any subsidiary or broker under Trade 245. And this points to an anonymous trading platform targeting South African investors.
According to one user, trades could not close, and the broker has the ability to jump the stop loss. The victim claims his account was cleared after the stop loss jumped for 45 minutes. These are facts from users who have already signed up and deposited with the broker.
That means that the broker profits from the member’s loss. The broker is not considerate and won’t bother helping investors to make a profit.
As of publishing this post, the website is 358 days old. The website went live on April 14, 2020. Their IP location is in South Africa, and the registrant’s name is redacted for privacy reasons. What is weird with their online footprint is the number of IP changes.
The platform has made over 12 changes on its IP over the past 10 years. This is a private user who is trying to get a grasp of the trading market.
Trade245 furnishes users with seven accounts with bonuses available on some of these tiers. The leverage for all the accounts is set at 1:500. If FSCA licensed the broker, then the leverage wouldn’t be this high.
Radical changes in the trading sector led the regulator to impose strict maximum leverage of 1:30. Spread types are variable for the first four accounts and vary with the last account.
Another reason to stay away from the broker is the 100 percent bonus incentive. A newbie might look at it as a way of having more money in your account. You deposit $100, and the broker matches your deposit.
The broker won’t allow any withdrawals unless you pay back the bonus. Even if the account has funds to clear the bonus, you will have to deposit a fresh amount. This is hard, especially for those who get a bonus of over $5,000.
There’s no live chat support on their platform. On the contact page, you get an email and a phone number which is ever busy. The broker should be available 24/7, and that’s why live chat is available for serious brokers.
We can start noticing the behavior of the broker as they want to control communication. It’s easier for them to contact you than you are contacting them. That way, the broker knows when you want out and then shuts down the account.
On their features page, the broker claims that withdrawals are processed within hours. This is far from the truth as the majority of members haven’t received their funds. This is a scam website that only allows deposits.
Depository channels include MasterCard, MPesa, OZOW, Skrill, and Visa. Don’t expect to withdraw any funds with this platform.
Another reason to doubt the credibility of this broker is the claim of offering weekend trading. Unless we live in another universe, trading only takes place from Monday to Friday. All markets close during the weekends. How will the platform run when the markets from all over the globe are closed?
It’s hard to state that this broker is regulated despite using an already licensed company. For all the reasons above, our stand is that this broker is a clone. Trade245 is using credentials from an already licensed company.
This is a breach of trust, and authorities should work to shut down the website. Unless Red Pine PTY Ltd comes out and openly sided with the broker, we won’t recommend them.
There’s no safety of funds from a broker that fails to offer any valid trading credentials. We believe that the platform is swindling clients. Segregation of accounts is not taking place; the broker redirects funds to their personal bank account.
Trade245 is, in our eyes, a scam as we can’t ignore the numerous complaints. Investors in the region should stay away and use FSCA regulated entities. Ensure the broker you use appears on the FSCA regulated brokers page.
There’s no way we recommend platforms using false credentials. Please stay away from the broker.
A sure way of making reasonable profit margins is using industry-backed brokers. This guarantees your safety at all times.
We wish you all the best.
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