They Earn When Their Clients Lose
In the following ClickTrades review, you’ll discover why they aren’t a reliable forex broker. It’s surprising how they’ve been running an elaborate scam for so long. This review will help you make an informed decision about this broker.
ClickTrades is an offshore broker which is managed by two different companies one located in Cyprus and the other is Seychelle. Recently, there have been major concerns of clients regarding ClickTrades that whether it is a veritable business or not. To clear all the suspicions and to solve the doubts, we are going to conduct an extensive review of ClickTrades analyzing all the aspects of this business. At the end, the information obtained during this review would help us conclude the fate of this business i.e. is it a legit broker or a scam:
There are three different types of accounts offered by ClickTrades, the details related to them are as follows:
|Account Types||Minimum Deposit||Leverage|
There is an option to open a demo account for the traders who want to gain a first-hand knowledge of the system before starting trade with them. This demo account is a replica of their essential account and provides all the services listed in that package.
No option to develop an Islamic account is available which is not a very good impression on Muslim Clients as they need to trade with such an account that has no hidden charges, bonuses, commissions and interest as per their religious values.
ClickTrades offers a web-based trading platform which is unknown and very new. No information about the process of its working, its analytical ability or the credentials of its developers are provided. This makes it a highly unreliable product and this might also be involved in a scam.
The main issue is that MT4 and MT 5 are not supported at ClickTrades. These are the most popular trading platforms in the forex community and are highly trusted due to their analytical ability and to handle multiple trades at once.
Trading conditions provided by ClickTrades are fairly good. Their trade leverage is 1:300 which is considered to be high as regulated brokers are only permitted to provide their clients with a leverage of 1:30. As ClickTrades is an offshore broker and is not bound by these regulations, it can provide higher leverages to its customers.
Trade spreads provided by the broker are not very good. Normally, they range from 1.8 pip to 1.9, which is a very high pip. This kind of spread may cause huge loss for the traders and hence it might not be an option for them to work with ClickTrades at such a high trade spread.
ClickTrades is owned by Key Ways Solutions Limited, located in Cyprus and unregulated, but the company that manages it is named KW Investments Limited, located and registered and Seychelles. ClickTrades, however, are not regulated by any financial regulatory authority which makes it more prone to commit malicious acts such as fraud, scam, money laundering and corruption. It is notoriously famous about almost al offshore brokers that they can not ensure the safety of the funds of their clients. Hence it is a dare and an absurd decision to invest with a broker who can’t even be trusted.
The unregulated brokers are also obliged to maintain a specific financial standing and that is why they have high minimum deposits which makes it difficult for people to invest with them.
ClickTrades offers managed accounts, they offer to manage your account for you, and in return earn profit. The thing which makes it all a lot more suspicious is that ClickTrades is a market maker, they earn when their clients lose. So, it would be a sheer conflict of interest for a market maker to make a profit for its clients and face loss itself.
This is humanly impossible and is just a way to trap innocent souls and make them lose all their fortune.
Withdrawal and Deposit
ClickTrades allows bank deposit and withdrawal using VISA, Master Card, Maestro and online money transfer services such as Neteller and Skrill. New money transaction services such as PayPal and Payoneer are not supported, moreover, there is no option to use cryptocurrency such as bitcoin.
There are some unusual withdrawal conditions which makes it look like that they just don’t want you to take your money out of their funds. Often, traders are found griping about these unnecessary obligations. There is a welcome bonus offered by ClickTrades to all its traders. There are no prerequisites in this context but then they claim that one may not withdraw their money until they have traded at least $10,000 in a tenure of 90 days.
In addition to this, they claim to impose on a fee on money withdrawal but when money is withdrawn a certain percentage is deducted from it.
ClickTrades offers CFDs on bonds, stock, EFDs and precious metals such as gold and silver. The platform also offers fifty-five (55) exotic forex pairs. This is the only attractive feature of this business and makes it just better in this sense.
Huge Minimum Deposit
The minimum amount of money required to start a business with ClickTrades is $ 1,000 which is huge as compared to many well-known brokers in the industry which are offering a minimum deposit between $ 100 to $ 250. This makes it an expensive choice. Moreover, the facilities provided do not justify this amount.
The reason behind the huge amount might be the fact that this is an unregulated broker and they are required to maintain a certain financial standing to justify their position in the market. This financial standing is maintained by claiming huge deposits from the traders and then making them entangle themselves in complex trade structures.
My ClickTrades review suggests that they are not a legit or reliable business to work with. Their business is unregulated, MT4 is not available, trade platform is web-based and looks suspicious, business claims a huge minimum deposit, trade spreads are huge, unnecessary withdrawal conditions are implemented, and it is a market maker offering managed accounts which is a clear conflict of address.
In simple words, you shouldn’t do business with such a shady and greedy organisation. You can find many other forex brokers in the market, who are way better than ClickTrades.
They have too many drawbacks for you to consider hiring.
- Multiple Trading Instruments
- Abnormally High Minimum Deposit
- Too High Leverage