There are hundreds of Forex brokers in South Africa. It is hard to find a broker that is perfect for you among these brokers. Additionally, there is also a risk of getting scammed by new brokers. Here is a detailed review of one of the up-and-coming Forex brokers in South Africa.
Introduction
Table of Contents
Trade245 has not gotten a lot of popularity, unlike other major Forex brokers. This broker is a good all-rounder in all aspects of Forex trading. Hence, people are taking an interest in Trade245.
Regulation
We can’t review a broker without considering the quality of its regulation. On the website of Trade245, there was information about their regulations at the bottom of thehome page. Trade245 has specifically listed as a Red Pine Capital (PTY) LTD product in Johannesburg, South Africa, and it is regulated because its company number is 2014/220311/07. It is a certified financial services provider licensed and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and does not have an FSP number.
We found a site like ZumaFX that used the same license during this research. In addition, some websites suggest that this broker is affiliated with JPMarks or Veracity Markets. Moreover,Market financial LTD, a Seychelles-based company, was identified as a trading partner of investors trading on broker websites. Multiple foreign exchange brokers hold the same license number.
Reliability
Trade245 has already grown significantly since its launch just a few months ago, thanks to its powerful services and services that enable a variety of trades. The broker offers traders a wide variety of accounts to meet different trading needs. This is especially useful because you can adjust the broker’s advanced trading environment to suit different trading goals. Multiple trading methods, including Forex Pairs, Indexes, Equities, Cryptocurrencies, and Commodity CFDs, are available to beginners and advanced traders with relatively low spreads, no fees, and ultra-fast execution. Get more insights about avatrade minimum deposit.
Platform
Market-leading platforms,MetaTrader 4 and MetaTrader 5, are available to traders. As a result, MetaQuotes is considered the most popular platform for accessing the global market. It aims to enable you to manage your online transactions with speed, security, and reliability.
Account types
Trade245 currently offers a wide range of account types, including Bonus 100, Bonus Rescue, No Bonus, Swap Free, Zero Spread, St., and Weekend Trader Accounts. Traders interested in the range of available accounts should be aware of certain options such as B. Swap-free and weekend trader accounts may only be available for a limited time.
Registration Process
The registration process is relatively easy, in the following steps:
- Visit the broker’s website
- Access the registration portal
- Fill in the required information
- Indicate the country you live
- Read and accept the broker data security protocols
- Open your account
Demo account
You can also create a demo account with Trade245; here is how you can do that;
Forex demo accounts are also called practice accounts. This is because it can be used by beginners to professionals to practice trading and test new trading strategies without the risk of losing money. TheForex Demo Account is also designed for beginners to become familiar with many aspects of trading.
As a result, the demo account teaches traders to place orders, manage existing trading positions, test or improve their trading strategies. To familiarize yourself with the desired trading platform and strategy, it is highly recommended to open a Forex demo account before opening a real account.
Summary
Trade245 is overall a good and trusted broker. If you think the features of this broker suit you, then you should go for it.
