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ClickTrades Review - is it scam or safe?

ClickTrades review - Is clicktrades.com scam or good forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz ClickTrades
ClickTrades is an offshore broker. Your money is not safe.

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ClickTrades is an offshore forex and CFD broker run by two linked companies – one based in the Seychelles and the other in Cyprus. The broker has license in the Seychelles, but not in Cyprus or anywhere in EU for that matter. Here you can find more information about their offer and regulatory status.

 

Account type Min. deposit Max. leverage Spreads
Essential Account $1000 1:300 1,9 pips
Original $5000 1:300 n/a
Signature $25 000 1:300 n/a

 

ClickTrades Advantages:

 

Leverage as high as 1:300

 

Higher leverage has always attracted traders, despite the fact that it greatly increases the trading risk. And it was not a surprise, when the European Securities and Markets Authority (ESMA), following similar moves by the authorities in the US, Canada and Japan, restricted the maximum leverage allowed with forex transactions to 1:30. That is why higher leverage is still available only with offshore brokers like ClickTrades or brokers regulated by the Australian Securities and Investments Commission (ASIC), which  you may find here:

 

>>Brokers regulated in Australia<<

 

A wide variety of trading assets

 

ClickTrades offers CFDs on a wide variety of assets including bonds, stocks, ETFs, indices, precious metals like silver and gold, oil, natural gas, other commodities and even crypto coins.

 

The selection of forex pairs is also comprehensive – over 55 major, minor and exotic ones.

 

And besides, if you are tempted by the idea of trading crypto, here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can pay with Neteller and Skrill

 

ClickTrades accepts payments in various ways, including VISA, MasterCard, Neteller and Skrill and of course bank wire. No bitcoins are accepted, however, so here you may check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

ClickTrades Disadvantages:

 

Inadequate regulation

 

ClickTrades is owned by Key Way Solutions Ltd., a company based in Cyprus, but is operated by KW Investments Limited, which is registered on the Seychelles. The two companies are obviously linked and although, it is true that KW Investments Limited, is authorized by the Seychelles Financial Services Authority, neither of then is licensed by the Cyprus Securities and Exchange Commission (CySEC) or any other financial regulator in EU for that matter. 

 

That means the broker does not have a legal right to target European citizens.

 

We say that, because ClickTrades states they do not accept residents of Japan, Canada and the USA, but they say nothing about EU and EU is also a very strictly regulated market, where no offshore brokers are allowed to offer financial services without proper license.

 

And talking about licenses you simply can not compare a Seychelles license with that from let say  CySEC or the Financial Conduct Authority (FCA) in the UK. For example, all EU regulated brokers should maintain at all times a minimum operational capital of at least 730 000 EUR, while on the  Seychelles your only financial obligation is to register a local company with a paid up capital of 50 000 USD.

 

And besides with all EU brokers you will enjoy the additional protection of an insurance covered by specially created for the purpose client compensation finds. Thus, with a CySEC broker your insurance will cover up to 20 000 EUR, while with a FCA broker that insurance will cover up to 50 000 GBP of your funds. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

ClickTrades acts as a market maker

 

The broker states it clearly in their client agreement – they act as a market maker, which means that they make money when their clients lose and vise versa. 

 

 

That is not necessarily something bad, because most brokers, including big legit ones, act as market makers as well. And still, this goes well only when the broker is properly regulated and as we noted already ClickTrades are not regulated adequately.

 

Trading bonuses with additional withdraw conditions

 

The practice of offering trading bonuses, has always been controversial and is banned throughout Europe and on other regulated markets. The problem with the trading bonuses are the special withdraw conditions - usually a minimum trade volume requirement.

 

With ClickTrades to withdraw the profits made in your account after you have accepted a bonus, you will have to trade at least 10 000 USD for every bonus dollar in just 90 days. 

 

Excessive minimum deposit requirement

 

ClickTrades asks for a minimum deposit of 1000 USD and that is simply too much. Most brokers ask for a minimum investment of about 250 USD, while with some big names like FBS and IG you can open a trading account with just 5 USD r so.

 

High spreads 

 

With their standard account ClickTrades offers spreads starting at 1,8 pip – 1,9 pips, which is higher than what traders would usually expect, especially if we take in to account the fact that their minimum deposit requirement is so high. Any way, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

ClickTrades offers a web trader, which we were not able to taste first hand as we were not able to open a demo account. And we also miss MetaTrader4 – definitely the most popular trading platform on the market with lots of market indicators, advanced charting tools and customizable trading robots, with which you can easily run automated trading sessions. Besides, here you may also check our list of brokers offering the MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

ClickTrades has a unacceptably high minimum deposit requirement and high spreads. That however is not our main issue with them, but the fact they do not hold a legit license that could have granted them the right to offer their services on regulated markets like the EU or Australia.

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Traders` reviews for ClickTrades

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