Is Trade245 a Legit Broker?
Is Trade245 a Legit Broker?
Regulated By: FSCA
Headquarters: South Africa
Founded In: 2020
Platforms: MetaTrader 4
Instruments: Forex and CFDs

South African broker Trade245 is offering both forex and CFD investments online. While they are a registered broker, there are a few discrepancies that give our Trade245 review pause. A mysterious affiliate company is mixed in somehow, and even without that, the broker’s offerings aren’t all that great.

Trade245 Review: Regulation and Security

The Trade245 broker is owned and operated by Red Pine Capital (PTY) LTD, a South African organization. As a South African broker, they are required by law to register with the FSCA. This broker does have a current license with the FSCA, giving them full authorization to provide financial services within South Africa.

Our Trade245 review discovered that the company behind the broker also operates a second broker called ZumaMarkets, formerly ZumaFX.

However, the broker’s regulatory situation isn’t quite as simple as that. The broker has a disclaimer stating that they are an “intermediary” between traders and a company called MarketFinancial Ltd. The relationship between the two companies is not clearly defined. MarketFinancial Ltd is based in Seychelles, a notorious tax haven. Their involvement with the broker is highly suspect.

Trade245 Review: What Can You Trade With This Broker?

Trade245 has a solid batch of CFDs and currency pairs available. Their CFD selection spans over 150 options across stocks, commodities, and indices. Their currency pair selection is also pretty decent. They offer leverage up to 1:500, a rate high enough to be dangerous for inexperienced traders. Most brokers under other financial regulators have a mandated limit of 1:30.

The broker has multiple account types, including swap-free accounts. Our Trade245 review found their minimum deposit to be $100. The broker also offers deposit bonuses, where a certain percentage of the initial deposit is given to the trader. However, these bonuses have strict terms that make the funds difficult to withdraw.

Trade245 review

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. While they might accept clients from other countries, the FSCA protections will not apply to those traders, putting them at increased risk.

Our Trade245 review found a disclaimer stating that they do not provide services to residents of the United States, but this is the only country specifically prohibited.

Deposit and Withdrawal Methods

The broker supports a variety of payment methods, including credit cards, wire transfers, Skrill, and Ozow. There aren’t any additional fees for making a withdrawal. However, traders that received a deposit bonus are in for an unwelcome surprise. The terms of that bonus will prevent them from withdrawing those funds until they have been traded dozens of times over.

Conclusion: Trade245 Review

New account bonuses shouldn’t be used by brokers to wrongfully deny withdrawals, but it happens very often. Foreign brokers investing with this broker won’t be under the protection of their financial regulator either. The only way to get that money back is to use whatever means necessary. Contact our representatives today to issue a chargeback and recover your funds.

Is Trade245 a Regulated Broker?

Yes. They are regulated by the South African FSCA. However, traders using their services from other countries should note that they aren’t under all protections.

Who Owns Trade245?

The broker is owned and operated by the South African company Red Pine Capital (PTY) LTD. There is another company involved in some capacity, though, MarketFinancial Ltd.

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.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
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