Trade245: Unmasking the Clone Scammer

Trade245 has made a disturbing appearance - a cloned entity accused of defrauding unsuspecting investors. Despite its shiny exterior, savvy users are already noticing worrying red flags. trade245 promises quick riches, lures in its prey and ultimately traps its clients in a web of deception. As we delve deeper, the truth behind this impostor comes to light, revealing the need for vigilance in virtual investing. Let's cut through the shadows and uncover the dangers of Trade245.

The online trading platform Trade245 has recently attracted attention and sparked a debate about its legitimacy. With the increase in financial scams, it is important to critically evaluate platforms such as Trade245 to guard against potential fraud. In this article, we will delve into proven experiences and unbiased analyses to determine whether Trade245 is a scam or a legitimate online trading platform. There is evidence to suggest that Trade245 may be a fraudulent broker.

Company Summary

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.

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.

Is Trade245 Legit?

Trade245 claims to be regulated by the FSCA, but is not available on the FASC website.

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. Blacklisted by our website.

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.

Are the Fees Clear?

Trade245 charges the following fees for several services:

Overnight financing fees: Overnight financing fees, also known as swap fees, are fees charged for holding a position overnight. The fee is calculated based on the instrument traded and the size of the position.

Inactivity Fee: Trade245 will charge an inactivity fee of $50 per month for accounts that have been inactive for 3 months or more.

Deposit and Withdrawal Fees: Trade245 does not charge any deposit and withdrawal fees. However, depending on the method used, third-party fees may apply.

However, Trade245 claims to offer spreads starting from 0.0 pips, but this is questionable as WikiFX found the bid/ask spread to be even larger - 2.5 pips. This is no longer a favourable spread and therefore the trading conditions are not as good as described on the website, which again damages Trade245's credibility. Spreads form part of the transaction costs, so lower rates are favourable for traders and actually indicate whether the broker is worth trading with or not. The Forex market is highly competitive and it is easy to find reputable companies that offer spreads of 1 pip and below on their quotes.

The maximum allowed leverage is 1:500, which is too risky a ratio for traders. This level significantly increases profit potential, but can quickly lead to huge losses if not used correctly. In fact, the risk of leverage is so high that many financial authorities have introduced regulations to limit its use. As a result, EU, UK and Australian brokers limit leverage to 1:30 for forex majors, while Canadian brokers and US brokers cannot offer more than 1:50 leverage to retail clients. most brokers offering higher leverage are poorly regulated businesses, so proceed with caution.

Risk Warning：

Badan Pengass Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) was established in 2005 to regulate certain areas of the financial services industry in Indonesia. It is the only agency responsible for regulating all types of financial institutions. He has blacklisted Trade245. The reason for this was the detection that the Ministry of Trade had blocked 1,222 illegal commodity futures trading and gambling sites under the guise of trading. Trade245 was among them.

Clientele Feedback:

Numerous clients express dissatisfaction with Trade245, citing withdrawal issues, blocked access, and a lack of transparency regarding restricted countries. Traders report experiencing losses due to trade malfunctions and difficulty reaching customer support. Additional concerns include high commissions and requoting during news events; withdrawal rejections and a lack of earnings fuel frustration and suspicion.

Unraveling the Scam - Multiple Red Flags Raise Concerns

False Claims and Lack of Legitimacy: Trade245 asserts itself as a product of Red Pine Capital (PTY) LTD. However, the lack of trading names and approved domains in the FSCA registry leaves doubts about their legitimacy.

Unreliable and Poor Service: Numerous users have experienced issues with Trade245, only to be met with ignored emails when seeking resolution.

Stolen Funds and Inaccurate Data: Allegations of stolen funds without proper investigation add to the growing skepticism towards Trade245. Furthermore, discrepancies between factual NASDAQ information on MT4 for Windows and fake data on MT4 for mobile raise questions about the platform's reliability and integrity.

Delayed Withdrawals and Lies: Multiple users report withdrawal delays, further solidifying Trade245's reputation as a dishonest broker. The broker's attempt to deflect blame by fabricating transaction issues only adds to their untrustworthiness.

In a nutshell, it's not wise to invest in Trade245. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organizations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.