Trade245 Review – What Do We Know About This Scam Broker?
Broker status
|
Regulated |
Regulated by
|
FSCA |
Scammers Websites
|
trade245.com |
Blacklisted as a Scam by
|
N/A |
Owned by
|
Red Pine Capital (PTY) LTD |
Headquarters Country
|
South Africa |
Foundation year
|
2020 |
Supported Platforms
|
MetaTrader 4 |
Minimum Deposit
|
N/A |
Cryptocurrencies
|
N/A |
Types of Assets
|
N/A |
Maximum Leverage
|
1:500 |
Free Demo Account
|
N/A |
Trade245 Review – Regulation and Security
Red Pine Capital LTD (PTY LTD) is the owner and operator of Trade245 broker. This South African company is also responsible for its operation. They are required to register as a South African broker with the FSCA. The broker has a current license from the FSCA. This gives them full authorization to offer financial services in South Africa.
Trade245’s review revealed that ZumaMarkets, previously ZumaFX, is also operated by the company behind this broker.
The broker’s regulatory situation, however, isn’t as straightforward as it seems. A disclaimer states that the broker acts as an intermediary between traders and MarketFinancial Ltd. It is unclear what the relationship between these two companies is. MarketFinancial Ltd, which is a well-known tax haven, is located in Seychelles. Their connection to the broker is highly suspect.
Trade245 Review – What Can You Trade with This Broker?
Trade245 offers a wide range of CFDs as well as currency pairs. There are over 150 CFD options available, including stocks, commodities and indices. They also have a decent selection of currency pairs. They allow leverage as high as 1:500. This is too high to make it dangerous for novice traders. The mandated limit for brokers working under financial regulators is 1:30.
There are many account types available, including swap-free accounts. Their minimum deposit was $100 according to Trade245’s review. A deposit bonus is a percentage of the initial deposit that the broker gives to traders. These bonuses come with strict terms and can be difficult to withdraw.
From Which Countries Does Trade245 Accept Traders?
The broker is a registered South African broker with the FSCA and offers services to South African residents. They might take clients from other countries but the FSCA protections won’t apply to them, putting them at greater risk.
Our Trade245 review revealed that there was a disclaimer saying they don’t provide services to residents of the United States. However, this is the only country explicitly prohibited.
Withdrawal and Deposit Methods
The broker accepts a wide range of payment options, including wire transfers, Skrill and credit cards. For withdrawals, there are no additional fees. Trader who have received a deposit bonus will be surprised. They cannot withdraw those funds until they are traded many times.
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Trade245: Video
Below you will find a short video about Trade245. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Trade245!
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Copywriter with more than 10 years of experience. Wrote analytical content for one of the largest forex brokers in the world. Works as an editor-in-chief at assistance-refund.com
FacebookFAQ
- Is Trade245 a registered broker?
Yes. The South African FSCA regulates them. They are not protected by all laws for traders who use their services from countries other than South Africa.
- Who owns Trade245
Red Pine Capital LTD, a South African company, owns and operates the broker. MarketFinancial Ltd. is also involved in some capacity.
- How Long Does it Take to Withdraw from Trade245?
In theory, withdrawals shouldn’t take more than 24 hours to process. However, due to bonus requirements and other issues, many clients report being unable to process withdrawals.
- Which Countries Does Trade245 Accept Traders From?
As a South African broker registered with the FSCA, the broker offers services to residents of South Africa.
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