Trade245 Review

Trade245 is fully licensed and regulated by the Financial Services Conduct Authority (FSCA) as an authorized provider of financial services (FSP No 46044). It is owned by Red Pine Capital (PTY) LTD. The broker provides trading services on two trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It has four to six account types that cater to different traders. You can use VISA, Mastercard, Skrill, Ozow, MPESA or cryptocurrencies to deposit money into your Trader245 account. Withdrawals are made to bank accounts and cryptocurrency wallets.

How to Register an Account with Trade245

1. On the Trade245 website, navigate to the section titled “A quick and easy sign-up process.”
2. Under that section, enter your name, surname, email address, and passwords in the information boxes. The last query under this section is a drop-down list that is used to specify your country. Click on it and select South Africa. Below these, check two checkboxes. One, confirming that you acknowledge Trade245 will keep your information following the General Data Protection Regulations (GDPR) of the European Union and the Protection of Personal Information (POPI) Act of South Africa. The other confirm that you are 18 years of age or older. Click on the ‘proceed’ button when you are done.
3. An email will be sent to the email address you provided with a link to validate that email address. Click the link.
4. It will open a new page with two sections relevant to your registration process. The first section’s title is “OPEN A LIVE ACCOUNT WITH TRADE245” while that of the second is “UPLOAD YOUR DOCUMENTS.” The other sections of the page display your login credentials (email and password you set before) and a “RISK WARNING” from Trade245. In the “OPEN A LIVE TRADING ACCOUNT WITH TRADE245” section, click on the button that says, “Complete the Account Opening Process.”
5. The page that follows is titled “Account Opening Wizard.” It has two sections. In the first one, you will provide personal details to the broker and in the second, your financial information. The personal details required to fill in the information boxes in this section are your title (Mr/Mrs), national ID number, nationality, date of birth, cell phone number, address, city, postal code and country of residence. The financial information required includes your occupation, source of income, bank, bank account number, and bank’s country. There is also a drop-down list on which you are required to state whether or not you have dual citizenship in another country.
6. After filling in your details in the second section, you will notice a checkbox to confirm that you have read the documents provided below it. The documents are a Synthetic Index Disclaimer, a Risk Disclosure, policies and Terms and Conditions. Ensure that you read these documents to avoid account and trading irregularities that may lead to the closure of your account. Submit when you are done.
7. After your submission, you will have an account ready. You have logged in automatically at this point but will have to log in yourself later on if you want to use your Trader245 account. However, for the account to be functional, you need to upload proof of ID (a digital copy of your national ID or passport) and proof of residence (a digital copy of your utility bill or a bank statement).

Trade247 User Account

Most of the utilities of your new Trade245 account are on the dashboard. The dashboard has five sections titled “My Wallet Balances,” “My Trading Accounts,” “Market Watch,” “Internal Account Transfers,” and “News Feed.” These sections enable you to create a demo and/or real trading account, deposit funds into any of them, read news and see current market rates. Currently, the options available for depositing money into your Trade245 account are VISA, Mastercard, Skrill, Ozow, MPESA or cryptocurrencies. Apart from the dashboard, there is a profile segment and a support segment in your Trade245 account. Your profile segment enables you to provide extra details about your account. The support segment enables contact with personnel for help with your account matters. To create a trading account, you have to specify what type of trading account you want. The real account types available are:

• Bonus 100,
• No Bonus,
• Free Swap,
• Zero Spread,
• Cent, and
• VIX 75.

Once you select one, there will be a pop up on the screen with your MT4 or MT5 platform login credentials.

Types of Trade245 Trading Accounts

Some of Trade245’s trading accounts are labelled “Limited offer.” Therefore, this list may change at any time. I recommend visiting their Account Types page for up to date information. As of the date when this review was authored, they were as follows:

Bonus 100

Bonus 100 account:

• Has leverage of 1:500
• It comes with variable spreads
• The minimum spread is 1 pip.
• Includes a 100% bonus
• Uses the MT4 platform

No Bonus

No Bonus account:

• Has leverage of 1:500
• It comes with variable spreads
• The minimum spread is 1 pip
• Has no bonus
• Uses the MT4 platform

Swap Free

This account:

• Has leverage of 1:500
• It comes with variable spreads
• The minimum spread is 1 pip
• Has no bonus
• Uses the MT4 platform

Zero Spread

The Zero Spread account:

• Has a leverage of 1:500
• It comes with variable spreads
• The minimum spread is 0 pips
• Has no bonus
• Uses the MT4 platform

Cent

The Cent account:

• Has a leverage of 1:500
• It comes with variable spreads
• The minimum spread is 1 pip.
• Has no bonus
• Uses the MT4 platform

VIX 75

This account:

• Has a leverage of 1:500
• It comes with variable spreads
• The minimum spread is 1 pip
• Has no bonus
• Uses the MT5 platform

MetaTrader 4 (MT4) Trading Platform

MetaTrader 4 (MT4) is the 4th version of the trading software line of products developed by MetaQuotes. All the accounts types that Trade245 offers, except one, use MT4. Popular Stocks and Indexes like NASDAQ 100 are found on this platform. The MT4 platform:

• Supports Forex, Equities, Futures, Indices, and CFDs (Contracts for Difference).
• It lets you have several positions for one trading symbol because it uses an order-based system. You can even open an opposite position for the same symbol. You can set a Stop Loss or Take Profit order level for the different open positions that will apply to the position you set them to. Note that each open position will incur a separate swap fee charge.
• It allows you to adjust a trade level by pressing the ‘Alt’ key or dragging it using a mouse directly from the chart. With this feature, you can adjust Stop Loss and Take Profit orders or pending orders while watching real-time market changes.
• It lets you show intricate details of the price dynamics on a chart by activating the “Show OHLC (Open, High, Low, Close)” feature.
• MT4 trading terminal enables use of three types of charts: a broken line, a sequence of bars, and Japanese Candlesticks.
• It is downloadable as a mobile application on the Google Play Store for Android users, and the Apple Store for iPhone users
• The platform contains a catalogue of more than 3200 trading Signals from successful traders, which they provide either for free or at a fee.
• It contains a market (MT4 Market) for applications, indicators, trading robots, among other complementary trading utilities. These can be purchased or rented.
• Provides real-time quotes and news to help with your markets analysis, especially if you use technical indicators.
• Allows you to use Expert Advisor programs for market analysis or trading operations. You can create, set up, launch, or shut down expert advisors.

MetaTrader 5 (MT5) Trading Platform

MetaTrader 5 (MT5) is the 5th version of the trading software line of products developed by MetaQuotes. It is the follow up to MetaTrader 4 (MT4). The VIX 700 account type and Trade245’s weekend trader accounts use MT5.

• It Supports trading in Forex Symbols, Stock instruments and Futures.
• It won the best trading platform at the Forex expo 2020.
• MT5 allows you to trade manually while in the Depth of the Market.
• Allows you to drag a trade level directly from the chart. With this feature, you can adjust Stop Loss and Take Profit orders or pending orders while watching real-time market changes.
• Has MQL5 Language integration to enable the development of indicators and trading robots. MQL5 is 20 times faster in processing than MQL4.
• MQL5 enables accelerated trading operations due to high refresh rates in the Depth of Market, low network costs, and the capability to send asynchronous orders.
• It has a system that separates accounting for orders and accounting for trades. It supports the two accounting order systems (traditional netting and hedging option systems).
• MQL5 system enables you to test and automate trading strategies in algorithmic trading. The key features of the tester are that it provides accurate emulation of the trading environment, conducts tests on real ticks, allows multi-threaded optimization on your computer, and prepares advanced reports with detailed visualization.
• It has Time & Sales information with real-time order levels and security volumes.
• Has an Economic Calendar to help with research and analysis.
• Allows only one long or short position for each symbol because it uses the position-based system. However, it allows an additional lot to the same position for the particular symbol. If you have a 1 lot buy position and buy another lot, your position will not be closed. Instead, you will have one position with 2 lots. If you sell in the same scenario, your position will automatically close.
• Allows Stop Loss and Take Profit levels to be set on an open position or a pending order. However, you won’t be able to overwrite a set Stop Loss or Take Profit for a pending order with a new specified order. Once the pending order gets activated, its Stop Loss or Take Profit order will take precedence over any new one you set.
• Supports Buy Stop Limit and Sell Stop Limit orders.
• It enables quick trades with just one click in the Market Watch window.
• Allows you to remove pending orders after closing a position.
• Like MT4, the MT5 trading terminal also enables the use of the three types of charts: a broken line, a sequence of bars, and Japanese Candlesticks. Although, unlike MT4, it supports 21 timeframes which are twice as many periods for charts as MT4.
• You have a minimum of 38 indicators (standard delivery pack) to use with MT5.
• Avails 46 analytical tool objects.
• It is downloadable as a mobile application for Android users on the Google Play Store and the Apple Store for iPhone users.

Despite the bad press, Trade245 has been and is still being used by many popular traders. If you have been following the news and developments in that regard, you might have picked up the recent scandal involving the broker. Even so, it does not carry enough weight to discredit Trade245 as a reliable broker based on unsubstantiated claims. Instead, you should judge the broker on its merits. In this article, you will learn its qualities and features. Reading it should help you decide whether or not Trade245 is suitable for you as a trader or investor.

Summary

When choosing a broker, look at how much their fees are, how much you like their trading platform (or software), and the allowance they give you to trade using your favorite techniques. Trade245 does not make all their fees apparent, but judging from the spreads, it is very likely that there are other fees the broker will charge for transactions. Their MT4 and MT5 trading platforms are world-class. You should have no problem using them. Even so, the choice between MT4 and MT5 is user-specific. Look at the features of the two platforms in this review and see if the type of trading account you want is supported by the platform you prefer. Also, read their policy documents as well as their terms and conditions. Trade245 is explicit about the trading practices they don’t allow and the disciplinary actions they take if a client trades in a prohibited manner. You should be able to make an informed decision about whether or not to use Trade245 after this.

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