Is Trade245 a legit broker?
There are many questions regarding Trade245 and its owner Red Pine Capital (PTY) Ltd. Is this broker legit? Read our Trade245 review and find out everything about this company and the companies related to Trade245.
Trade245 Regulation and Security
As previously mentioned, Trade245 is a brand owned by Red Pine Capital (PTY) Ltd. The company is very well known in South Africa since it owns several scam brands, including ZumaMarkets and ZumaFX.
The company has FSCA regulation and FSA Seychelles regulation. The Seychelles regulation comes from the company being related to Market Financials Limited and acting as a third party in CFD investments of its own clients. This is weird by itself since the broker exists since 2014 and has an FSCA regulation. Why would it need to cooperate with an offshore broker and let it deal with CFD investments?
What can you trade with a Trade245 broker?
The broker is offering trading with currency pairs, commodities, indices, shares, and cryptocurrencies. According to our Trade245 review, all the trades are executed either on the MT4 or MT5 trading platform. However, there is only one account type “Vix” account that provides you with MT5. All the other accounts are limited to MT4. The leverage broker provides is 1:500, which is extremely high. A regulated brokerage should not offer such high leverage due to high risks related.
The broker is offering bonuses for deposits, another tool of scam brokerage. You are getting a bonus under ridiculous conditions and you can never pay it off. Or you can, but your trading volume is counted in millions. The spread with Trade245 broker starts from 1 pip, except for Zero Spread account where it spread is 0 pips.
Deposit and Withdrawal Methods
The minimum deposit with the Trade245 broker is $100. As per the broker’s website, the accepted payment methods are Visa and MasterCard, debit and credit, Skrill, M-Pesa, and Ozow, instant payment method. However, nowhere we could not find the list of fees or withdrawal methods. We can only assume they are the same as for depositing. According to a website, the only thing we do know about withdrawals – “efficient withdrawal processing via a dashboard.” What does this mean in practice, we do not know.
On the other hand, if you check Trade245 reviews, you will find many complaints about withdrawal issues. Meaning that nothing is as efficient and easy as the broker is presenting it.
Be aware of all these facts and avoid having an account with Trade245 at all costs.
Conclusion about Trade245
Trade245 is a brand of Red Pine Capital (PTY) Ltd, a well-known scam company. Wherever you search, you will find that this company has a very bad reputation related to all its brands. The minimum deposit with the broker is $100, which is still a lot for such a not reputable brand. The leverage is higher than it should be as per FSCA regulation, showing us that something is wrong with the broker itself. And for the end, there are many complaints and withdrawal issues.
We highly advise you to find a broker regulated by a tier-one regulatory body such as FCA or ASIC. Also, if you had any issues with Trade245, report it immediately.