Why ClickTrades Sucks In 50 Words
Big spreads and huge deposit requirements! At the time of writing, their advertised spread for AUD/USD was 3 pips and EUR/USD had a 1.8 pip spread. In case you are new to the trading world, you should know that many well-established brokers offer spreads almost 50% lower. On top of this, the lowest account you can open requires a deposit of $1,000!!! Ouch, ThatSucks!
Why ClickTrades Doesn’t Suck In 50 Words
At the end of the day, we are talking about a regulated broker, albeit it’s not the best supervision but it’s better than nothing. Also, the broker is transparent and provides information about their whereabouts and about the companies that you will be dealing with.
Is ClickTrades A Scam?
There are brokers who are known scammers and others who are nowhere near a scam suspicion. That’s black and white, but there’s also a grey area where we cannot say for certain if the broker in question is a scam or not.
I believe ClickTrades falls in this latter grey area category because on one hand, they are regulated but on the other hand, the financial watchdog that supervises them is not one of the most prolific ones. The brokerage is also run by two linked companies – KW Investments Limited and Key Way Solutions Ltd – and this makes things a bit more complicated, especially because only one of the two is regulated. Bottom line is that you should use caution if planning to trade with this broker, but then again, that applies to all brokers.
Should I Open An Account With ClickTrades?
ClickTrades is a regulated broker that offers leveraged CFD trading on currencies, cryptocurrencies, indices, metals and stocks, as well as ETFs. The website is operated by KW Investments Limited, while partner company Key Way Solutions Ltd provides content and operates the business.
KW Investments Limited is authorized and regulated by the Seychelles Financial Services Authority, license number SD020 and has a listed address at Mahe, Seychelles. Key Way Solutions Ltd is located in Cyprus but it is not regulated by the CySEC.
This broker doesn’t offer information about their launch date but their Facebook page was created in August 2018 so we can assume the trading platform was also launched around that same date. The trading platform itself is web-based, which means you won’t have to download or install anything but also that it can be accessed from wherever you have an Internet connection. It is not the best, nor the worst and I would rate it about average in terms of features and functionality. The broker also advertises MT5 as a trading platform but upon opening an account we didn’t have the option to use MT5, only their web-based platform.
Maybe the biggest caveat with this broker is the huge deposit requirement: for the lowest account – dubbed Essential – you will have to come up with $1,000. It’s true that your deposit is still your money that you will use for trading but what if you don’t like their conditions or the way the platform operates in a real market scenario? As a side note: their leverage for crypto on Demo goes as high as 1:50 while on a real account is just 1:2, so keep that in mind and don’t hurry to open an account thinking you will get huge crypto leverage. Currency pairs and other assets have higher leverage on Demo as well.
Returning at their account structure, the next tier is called Original and requires a $5,000 deposit, while the top tier account – Signature – will set you back a whopping $25,000. The main perks for opening a Signature account are special trading conditions (but they don’t go into specifics) and access to Trading Central for market research, updates, and general trading suggestions. While that’s great and all, I must tell you that many brokers offer Trading Central access for the lowest accounts ($250 and even lower) so I don’t see why you would open a big-bucks account to get it.
Overall ClickTrades is not a bad broker but they have enormous deposit requirements, which are not justified by the trading conditions they offer (keep in mind they also have big spreads). Their regulation is not the best you can find and all in all, I believe there are better broker choices out there, with lower deposits, tighter spreads and supervised by high-profile financial institutions.
The broker can be contacted at phone: +44 208 08 95 877 and email: [email protected] KW Investments Ltd lists the address Abacus (Seychelles) Limited, Suite3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Key Way Solutions lists the address Arch.Makariou III, 74, Amaranton Court, 3rd Floor, Mesa Geitonia, 4003, Limassol, Cyprus.
The broker hasn’t been operating for a long while so we couldn’t locate a lot of complaints. In some isolated cases people have complained about being “duped” by ClickTrades, without offering any other details so we cannot give a lot of credibility to those comments without more information. Overall they have a positive reputation, judging by the user rating they received on ForexPeaceArmy.
ClickTrades Regulatory Warnings And Announcements
At the time of writing, we couldn’t locate any fine or warning made against ClickTrades by their regulatory body or by any other financial watchdog.
Although a bonus percentage is not clearly specified on the website, ClickTrades details the procedure for bonus withdrawal in their Terms And Conditions (Bonus Policy). To be able to withdraw the bonus or any profits generated by using the bonus, the Client must generate a trading volume of $10,000 for every $1 of bonus awarded. In other words, if you have received $100 as a bonus, you will have to trade 100 x 10,000, which is $1,000,000. So if you decide to accept a bonus, prepare to trade a lot before you can withdraw. Oh, and by the way, that volume must be reached within 90 days… so you’ll have to trade like a machine.
The same document states that you will get a $50 bonus for a $250 first time deposit but that contradicts their account structure page which states that the lowest account is $1,000 so I am not sure what the deal is here. Maybe the Bonus Policy document hasn’t been updated. Either way, I think you should speak directly to a ClickTrades representative if you want to accept a bonus.
There’s surprisingly little information about withdrawals on the website. Their FAQ section has this to say: “If you wish to open a withdrawal request, you must log into your account with your credentials. Then click on the “Withdraw funds” button and follow the indicated steps”. OK, so to withdraw I click on “Withdraw” – Thanks ClickTrades, but that’s not helpful at all! What about minimums, processing time, fees? Not important? Well, at least they give some info about the methods by showing the logos of Visa, MasterCard, Maestro, Neteller, and Skrill on the website. But that’s about it.
This broker is not really focused on innovative features and most of what they offer can be found on many other websites. That being said, I must note the integration of Trading Central analysis in both written form and as an indicator available directly on the trading platform. The downside of that is the huge deposit required if you want to use said Trading Central analysis: $25,000. Keep in mind that some brokers offer this feature for a $100 deposit or even for free.
ClickTrades Overall Ratings
User Friendliness 14/20
The website is translated into 6 languages and the information is fairly easy to access but some important bits are missing (i.e. withdrawal, bonus info). The platform is straightforward, without too many features that could make it complicated. US traders are not accepted. Demo accounts are available, as well as mobile apps.
Range Of Markets, Spreads And Leverage 13/20
The number of tradable assets is huge and all the asset classes are covered: currencies, cryptocurrencies, stocks, indices, commodities, bonds and ETFs. However, the spreads are wide (3 pips for AUD/USD at the time of writing). Leverage is 1:2 for cryptocurrencies and up to 1:50 for other assets.
Fees And Support 12/20
There’s no fee to open an account (just like everywhere else) but inactive accounts will be charged a monthly fee of $30. Accounts become inactive after a period of 90 days without activity. Also, a conversion fee of 0.5% will be applied when account base currency is different from the traded instrument. Deposit and withdrawal fees are not specified. Live chat support is not available so the only options are email and phone.
Deposits And Withdrawals 10/20
The available methods are wires, credit cards, Skrill, Neteller, and Trustly (possibly more, depending on client’s location). There’s no information about minimum withdrawals, processing time, fees or methods (we assume the method used for deposit will be used for withdrawal as well). This lack of information should really be addressed by ClickTrades, hence the low score for this category.
ClickTrades Extras 11/20
A very wide selection of assets and access to Trading Central are positive extras, but unfortunately the super high deposit requirement is a negative extra.