Clicktrades Review – Why Offshore License Doesn’t Suffice
Clicktrades is a Seychelles regulated entity that can hardly provide the client- focused service they’re proud to advertise. As ads are nothing but false publicity boosters, we had to put together this Clicktrades review to show you what is behind the entire deal.
Everyone is now familiar with the fact that offshore licenses just do not provide the safety and protection traders expect to enjoy. Especially considering the overly high leverage, pricey trading conditions and lack of security that Clicktrades provides, as well as a warning issued against this firm. So read on to find out more.
|Regulated by:||FSA (Seychelles)|
|Is This Company Safe?||No, we do not recommend offshore firms as safe!|
|Have Warnings from:||CNMV|
|Trading Platforms:||Web trader|
|Deposit Bonus:||Hinted but undisclosed|
|Trading Assets:||Forex, Crypto, Indices, Shares, Commodities, ETFs, Bonds|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Withdrawals are improbable without legal help!|
One Offshore License
Clicktrades website declares being owned by KW Investments Limited, a Seychelles regulated entity, that could be found in the register of supervised securities dealers by FSA – Seychelles.
However, considering that regulatory rules here can’t even come close to those in Tier 1 zones, Clicktrades just can’t be trusted easily. You see, all companies have to provide in Seychelles to get regulated is proof of operational capital of $50,000.
In better regulated areas, that has to be segregated bank accounts, negative equity insurance, leverage restriction of 1:30 and compensation funds. One acclaimed and well-regulated broker as an example of that is Admiral Markets.
If we compare that to Clicktrades, we’ll see leverage going up to 1:300, no negative balance protection, no compensation funds nor required transparency! To make matters worse, Clicktrades is also blacklisted by CNMV. The Spanish Tier 1 regulator doesn’t regard the firm as reliable.
Whether it’s acknowledged or not, Clicktrades is not a new name in the Forex industry. During years of existence, they’ve built a network of users that involves traders from the following countries:
- United Arab Emirates
Tricks that Clicktrades uses to attract their new customers is the possibility of trading under less severe limits that Tier 1 regulated brokers impose. So, instead of warning customers not to trade under ridiculously high leverage, Clicktrades will push investors into it. Unfortunately, the motives behind such campaigns aren’t always benefiting the customers, but rather the service provider.
What could result from that is traders losing money or excessively trusting a broker with malicious intentions. Luckily for them, we’re here to offer legal help, so contact us anytime.
Investors Aren’t Pleased
Clicktrade clients report being pestered by repeated phone calls and bad guidance by account managers in particular. Withdrawal problems are also not excluded.
The most alarming element is certainly that Clicktardes tries to build their credibility and popularity by posting fake reviews. They were thankfully removed from TrustPilot so as not to mislead traders, so you can read several honest ones:
“Very Bad Experience, Please stay away and stay safe. Your RM will always chase you for putting more funds and encouraging you by bonus as if he is doing a personal favor. whereas is getting you stuck with the number of transactions. and when you decide to pull out, it shows the real face of your RM. Mine has got my consent to close the account and simply closed the profitable transactions taking the benefits to the platform and left me with the losing transactions to suffer more losses.”
“Getting spam calls to my private number from Grand Alliance in Dubai on behalf of Click Trade. This is a private number that I don’t give out but the guy said that his company bought a contact list on behalf of Click Trade. This is illegal in Dubai and hugely intrusive. Please don’t use companies like this – I’ve reported it to the police.”
Unappealing Trading Parameters
What Clicktrade promotes as very profitable trading conditions is not quite beneficial to traders. The leverage goes up to dangerous 1:300, while the starting spreads on EUR/USD on the site are 0.004 pips.
That’s just the website trying to convince you to invest, while you can see the platform shows different values as trading costs and spreads on the Forex pairs start from 2 pips. AAFX Trading is another offshore entity with questionable trading values and parameters.
Clients who decided to invest with Clicktrades are experiencing offers such as bonuses and promotions. The broker claims to, at their discretion, gift clients bonus amounts, which can be added and deducted from the client’s account at any given time. An obvious transparency and AML breach!
The condition to withdraw the bonus is to make a turnover of $10,000 per each $1 of the bonus in a matter of 90 days.
Clicktrades – Complete Offer
The overall trading features and tools presented by the broker aren’t all that impressive as the site advertises them. All the trading is done on a web application, without the proprietary one. Accounts are pricey and do not offer much, while available instruments are worthless to trade under non-lucrative conditions.
Single Web Platform
Clicktrades platform is but a rudimentary web trader that equips little of the features promoted by MT4, MT5 and other reputable software.
Several customization tools as well as a number of indicators could help design the layout to your preferences and track the market to some extent. However, the terminal itself cannot be called reliable and rich in options and functionality.
Groups of Assets
From the website itself, the following groups of tradable assets are listed:
- Currency pairs (EUR/USD, EUR/CHF, USD/JPY, EUR/GBP, USD/PLN)
- Shares (Facebook, Netflix, Amazon, Apple, Google, Microsoft, Visa)
- Commodities (Oil, Coffee, Cocoa, Sugar)
- Bonds (GER10YBOND, GILT10Y, TNOTE10, TBOND30)
- ETFs (DIA, SPY, SDOW, SDS, XLE)
- Indices (USA30, Germany40, UK100, Japan225)
- Crypto (Bitcoin, Ethereum, Litecoin, Dash, BitcoinCash, Ripple)
Not only is it questionable if these account types indeed feature the promised tools and options, but their prices are above industry average. For example, Demo accounts should be available for each package, since the site claims so, but after registering, we found no such option! It wouldn’t be a surprise if other features were also absent. The prices go as follows:
- Essential – $1.000
- Original – $5.000
- Signature – $25.000
Referring a friend to join and deposit with Clicktrades should bring you a bonus of up to 40% of their deposit. Depending on the deposit amount, your bonus is higher too, which is logical. The condition that has to be met first is your referral opening 5 trades.
Such schemes are always questionable and usually are set up to ensure the broker gathers new users effortlessly.
Potentially Locked Payouts
What is usually the case with offshore firms and what Clicktrades users seem to be complaining about the most are pained withdrawals. Although the broker has a bunch of “Legal Documentation” posted on their website, not a single doc refers to funding and payouts.
Terms and Conditions briefly refer to transactions, saying that the processing time is up to 9 business days, and some fees might occur. Provider being this imprecise and unclear makes customers uncertain if their payouts will happen at all.
Contacting the broker is possible via several channels:
- Online Chat -not a live function with instant connection to support agents
- Physical Address
Having enough experience with these offshore dubious service providers, we’re aware how much clients are sometimes struggling to get in touch. Reaching out to support teams often ends without hope for getting answers. That’s exactly what Clicktrades ex customers report as one of the major issues.
It isn’t the first or the last time an offshore regulated broker gets blacklisted by a leading regulatory body elsewhere. The point we’ve tried to make through this Clicktrades review is that this broker is not well regulated enough to provide the services it sells.
If you’re one of the users struggling with making your withdrawal come through, please contact us promptly for the much needed legal support in completing the payouts.
Is Clicktrades Regulated?
Yes, Clicktrades owns an offshore license issued by FSA (Seychelles). However, this doesn’t guarantee safety and the broker has therefore been also blacklisted by CNMV.
How Do I Withdraw Money From Clicktrades?
Withdrawal request also requires submission of your crucial personal documents. Then your request is processed and confirmed. The funds should arrive in the next 9 business days. That’s how it works on paper. Not necessarily in practice. So contact us if you’re having issues in the process.
What Is The Minimum Deposit For Clicktrades?
The minimum amount of cash to invest is $1000.