Trade245 Broker Review - Is Trade245 Safe, Legit, and Worth Trading With?

Trade245 Broker Review - Is Trade245 Safe and Legit?

Trade245 is an online broker founded in 2020. Despite offering a wide range of financial instruments such as FX pairs, indices, stocks, and commodities CFDs, it is unregulated and carries significant risk. The broker is considered a unverified, which means it mimics a legitimate broker without proper regulatory backing. Traders should be cautious when considering this broker for trading.

Trade245 offers high leverage of up to 1:500 and spreads starting from 0 pips, which are attractive features for traders. However, the lack of regulation raises concerns about the safety of traders' funds and the overall integrity of the platform. The absence of a demo account and the limited customer support further add to the potential risks of trading with this broker.

What Are the Pros & Cons of Trade245?

Is Trade245 Safe to Trade with?

Trade245 lacks the regulatory oversight that ensures the safety of traders' funds. Although it claims to offer negative balance protection, the unverified status makes it a risky option for traders. Without a valid license or regulatory body backing it, theres a high possibility that traders could lose funds without proper protection or recourse.

Additionally, the brokers unspecific transfer times and withdrawal fee details increase uncertainty, making it harder for traders to gauge the true cost of trading with Trade245.

Trade245s Fees and Charges

The spreads on Trade245 vary depending on the account type. For instance, the Zero Spread account starts at 0 pips, while others have spreads starting from 1 pip. Some accounts also charge a commission of $10 per lot.

The leverage offered by Trade245 is quite high, up to 1:500, meaning that profits and losses are magnified. Traders should carefully consider the risk-to-reward ratio before using high leverage in their trades.

Customer Feedback and Reputation

Trade245 has received mixed feedback, with some users appreciating the low minimum deposit requirement and available leverage. However, the broker's unverified status and lack of regulation are major drawbacks. The absence of a demo account and limited customer support further contribute to its poor reputation among traders.