ClickTrades Review 2021 – Is it a scam?

Broker ClickTrades was founded in 2019 and offers forex and CFD trading services. This ClickTrades review reveals the whole truth about the broker, including whether it is reliable or a scam. Here you will also find all its trading conditions, pros and cons.

Is ClickTrades safe and legal?

So, the broker founded only in 2019.

ClickTrades is operated by KW Investments Limited, which is authorized and regulated by Seychelles Financial Services Authority. This company and license really exists when checked on the official website of the FSA Seychelles regulator.

But a single tier-3 regulator license does not guarantee the reliability of the ClickTrades. The Seychelles FSA does not have serious requirements for controlled entities, although it issues legal authorization to provide a wide range of financial services. The regulator does not accept complaints from broker’s clients in case of problems or scam.

And of course, don’t forget that the broker was founded only in 2018 (2019). Therefore, this is a low-trust and unsafe broker.

So the broker is legal and accepts traders from most countries. At the moment ClickTrades is most popular in UAE, Colombia, Peru, Vietnam, Mexico.
Prohibited countries: Japan, Canada and the United States.

Trading platform and offers

ClickTrades clients can trade on two trading platforms, namely proprietary WebTrader and MT5. They differ greatly in trading conditions.

ClickTrade’s review shows that in fact it is impossible to trade on MT5 due to high spreads and HUGE overnight rollovers. You will lose a lot of money with such commissions. In addition, most of the assets are not available on MT5.

It is unclear what is the reason for such a difference in commissions on different platforms. But the broker is definitely forcing you to trade on the WebTrader. Perhaps the broker can manipulate quotes on its own platform. But that’s just a guess.

Either way, there is only one option left for trading. The WebTrader is a platform with a user-friendly interface and wide functionality.

Some sections are customizable. The asset chart is clearly visible and it is possible to view several charts at the same time. The web trader has 89 trading indicators and a wide range of analysis tools. Only here a complete list of 1996+ assets is available, of which the absolute majority is 1870 shares. Trades are opened quickly, without serious delays.

It is also convenient to switch between demo and real account here. The Clicktrades demo account is free and available immediately after registration and login.

Spreads and fees

It was mentioned above that the spreads and fees on the MetaTrader 5 platform at ClickTrades are absolutely huge. The situation on the WebTrader is slightly better. But still not enough. Most of the spreads and commissions on the web trader platform are above average and high.

They are fixed for many forex pairs, for example for EUR/USD and GBP/USD the spread is 1.8 points, for USD/JPU it is 2.7 points. Fees are floating on other assets and may increase over different periods. At least Webtrader doesn’t have the same huge overnight rollovers.

If there is no activity for 3 months, the broker charges a fee of $ 30.

Account types

There are 3 real types of accounts at Clicktrades: Essential, Original and Signature. Special offers for different account types are absolutely not worth the money.

So, you will get access to analytics for a deposit of $ 5,000, and for $ 25,000 you will receive special conditions and signals from Trading Central. It’s definitely not worth the money. Moreover, the broker is unreliable and it is better not to make large deposits here.

Mobile app

ClickTrades clients can trade on the MT5 mobile app for Android and iOS devices. But once again we remind you that it is better not to do this. You will lose most of your funds on huge spreads and overnight rollovers.

Acceptable conditions can only be found on ClickTrades own Webtrader platform, which is also available as a mobile app only for Android. It is also user-friendly and intuitive. It contains all the functionality for real-time trading and analysis. Traders can download the app from Google Play.

Research and Education

The ClickTrades market research is at a very low level. All clients get access only to the economic calendar and selected financial news. Signals from Trading Central are available only to clients with a deposit of $ 25,000 or more. This is a high price to pay for these signals.

And if the broker is doing pretty badly with analytics and market research, things are even worse with education. There is practically no education, there is only a financial dictionary. This is definitely not a place for beginners to understand forex and CFD trading.

ClickTrades review shows that market research and education are very poor.

Deposit and withdrawal

The broker has a satisfactory selection of payment methods that differ for each country. In most countries, the following methods are available for deposits and withdrawals: credit cards (Visa, Mastercard), bank transfer, Skrill, Neteller. In general, there are approximately 7-8 payment options for each country.

The minimum deposit has been reduced and is now $ 50. Although the first type of account is issued at $ 1000. The minimum withdrawal of funds depends on the selected payment method. ClickTrades processes the withdrawal request within 5 days. So far, there have been no reviews from traders in refusing to withdraw funds.

Bonus

Any ClickTrades client can get a bonus with a deposit of $ 250 or more. Of course, you should always read the bonus rules for low-trust brokers.

So, the company at any time can cancel your bonus or refuse to accrue it.

Initially, your real funds are used for trading. To be able to withdraw the bonus or any profit, the client must make a trading turnover of $ 10,000 for every $ 1 of the bonus. And this must be done within 90 calendar days.

Withdrawal of funds before the required trading volume is reached will lead to a renewal of bonus funds and the resulting profit

Pros and cons

Is ClickTrades a scam?

As a result of the review, it cannot be said with certainty that ClickTrades is a scam broker. There are no overt or hidden signs indicating a scam. The broker’s traders in the comments also give different opinions about the broker.

One thing can definitely be said. ClickTrades is a low-trust and unsafe broker. Clients always run the risk of losing their funds. Besides, there is not even a reason to trade here. The trading conditions are very bad. There are many reliable brokers with lower spreads and commissions as well as more attractive trading offers, such as Etoro, FxPro, Libertex and others.

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