Updated on March 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding ClickTrades due to the issues we've identified.
Is ClickTrades Scam or Legit Broker? ▲
Trading with ClickTrades is strongly discouraged, as it is registered in Seychelles, a jurisdiction notorious for its minimal regulatory safeguards and oversight. Established in 2018, ClickTrades is under the regulation of the Seychelles Financial Services Authority, holding the license number SD020. The lenient regulations and lack of robust financial protection measures in offshore jurisdictions such as Seychelles significantly increase the risk of financial malpractice and scams. This risk is not unique to ClickTrades but extends to other Seychelles-based brokers, including T4Trade and GemForex. It is, therefore, advisable to steer clear of ClickTrades and opt for brokers registered in jurisdictions with stringent regulatory standards.
ClickTrades, inaugurated in 2018, is a forex brokerage entity operating under the regulation of the Seychelles Financial Services Authority. The broker offers an array of investment options across various asset classes, including more than 55 forex currency pairs, shares, indices, commodities, and cryptocurrencies. Trading is facilitated through renowned platforms such as MT5 and WebTrader, along with access to Trading Central and diverse account options. However, the lack of a reputable license casts a shadow over the broker's reliability, making it a potentially risky choice for Forex trading. A key consideration when selecting a forex broker is to prioritize those with stringent regulations and a proven market reputation, as offshore brokers frequently turn out to be financial scams.
After extensive evaluation, it is clear that ClickTrades falls short when it comes to regulatory compliance and reliability. As such, it does not receive a favorable ranking. Based on our expert analysis, which spans over a decade of forex trading experience and a comparison with over 1000 other brokers, ClickTrades has been assigned an overall ranking of 2.0 out of 5. This ranking is significantly lower than those of industry-leading and reputable brokers.
A critical aspect that requires attention when dealing with ClickTrades is its approach to deposits and withdrawals. The broker imposes a $30 monthly inactivity fee on accounts that have been dormant for the last 90 days with no trading activity. This fee policy can significantly affect traders who do not trade frequently or those who take a break from trading.
The structure of account types offered by ClickTrades requires careful consideration, especially due to the associated inactivity fees. Traders should thoroughly evaluate the terms and conditions tied to each account type, particularly focusing on any fees that could impact their trading capital over time.
Despite the critical issues identified with ClickTrades, there are a few notable features:
Access to a wide range of trading instruments, including forex, shares, indices, and cryptocurrencies.
Availability of popular trading platforms such as MT5 and WebTrader.
Access to Trading Central for enhanced trading insights.
The disadvantages of trading with ClickTrades significantly outweigh the benefits:
Registration in Seychelles, a jurisdiction with less stringent regulations and oversight, increasing the risk of financial scams.
Absence of reputable licensing, undermining the broker's credibility and reliability.
Numerous negative reviews from traders, particularly concerning withdrawal processes and aggressive marketing tactics.
Exclusion of residents from certain jurisdictions, including Japan, Canada, and the USA.
Imposition of a $30 monthly inactivity fee, which can erode the trading capital of inactive traders.
The review of ClickTrades highlights several concerning issues that question the broker's reliability and suitability for traders. The primary red flag is its registration in an offshore jurisdiction, which significantly undermines its credibility and poses a higher risk of financial scams. Furthermore, the overwhelming number of negative reviews, particularly regarding withdrawal difficulties and aggressive marketing practices, suggests a potential risk to traders' investments. Coupled with the lack of reputable licensing and the imposition of inactivity fees, ClickTrades presents an unfavorable option for forex trading. It is imperative for traders to prioritize brokers with solid reputations, stringent regulatory standards, and favorable trading conditions. Opting for a broker regulated by top-tier authorities such as the FCA, ASIC, or CySEC will ensure a safer and more secure trading environment.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
ClickTrades Review 2024
