Out of the many brokers currently operating on the markets, Clicktrades Forex broker is one of the few reliable, if not in any way outstanding ones. In order to understand how this broker might be useful to their uses, we have decided to conduct an in-depth review, attempting to analyze the services they offer to their users, while also trying to objectively evaluate their trustworthiness and their general performance over the past year. So here is the review, hope you find it useful in your quest for a broker.
Leverage: 1:300 Licences: FSA Seychelles
Min. Deposit: 250USD Bonus: Up to $5000
Spreads: from 0 pips US Clients: No
Clicktrades review of services
Let us start this review off with a quick overview of their website. It is a cleanly designed and well-organized website that offers its users a quick and easy way to navigate. It provides all of the required information on the broker without an issue. It gives the users a chance to learn about the broker without too much work, directing them to pages about terms and conditions, platform and their spreads and other details quickly and without much hassle. Navigation is easy, the design is nice. What else would anyone want from their broker?
Furthermore, it seems that the broker offers a number of general services to all potential users. The first service we are going to talk about is a general dictionary that defines terms in the industry, providing an overview of everything the user will be needed when operating with the broker. The dictionary is a welcome introduction to the broker and Forex industry terms in general, but it is not enough. The clicktrades FX brokerage should be providing more in-depth educational services to their users, in order to effectively educate them about the industry and make it easier for them to trade in the future. And they do! But the video guides that they advertise to be so useful to all of their current users are hidden behind an account type that is not immediately accessible to those who need these guides the most – low capital traders. Which is why we do not think it is the goal of the broker to educate their traders, but instead to attract them into setting up an account before giving them a chance to trade efficiently.
The clicktrades rating is enhanced though by the fact that they offer a diverse list of assets for trading to its users. The assets included in the list of available are Forex, Bonds, Indices, ETFs, Shares, and Commodities. The presence of all of these assets allows users to diversify their trading and allow them to hedge against bad trades with more stable and predictable trading assets. So if they are making a risky trade with an unorthodox currency pair, they would be able to hedge against loss by investing in a more predictable outcome that might come from a commodity value change. This is a very positive aspect to how the broker does their trading, which makes us think that the broker does not want to limit their traders to a single asset and wants to allow them the kind of trading that they want to do, diversifying their assets and their skills.
Out clicktrades opinions of the platform
Something that we found to be a little bit of a drag with the broker is the fact that they only provide one kind of platform to trade with. There is no clicktrades MT4 or Ctrader, but the broker does offer MT5 and Webtrader to their users. This is a little disappointing, as many users will find it to be an issue since they will not be able to do the trading that they are used to on their favorite platform. But, Webtrader is a very popular trading platform among brokers and users alike, while MT5 offers the same range of services that MT4 does. Both are rather simple to use and allow for the same range of abilities and actions that the MT4 allows for. So while it might be a little bit of a problem for some not to see their favorite platform in the list of offered platforms, the fact that WebTrader is a highly intuitive and easy platform to use and MT5 is nothing but an advanced version of MT4 allows Clicktrades to retain a respectable rating. Some might believe a Clicktrade scam is active because they only offer one platform, but this is simply not true, as the broker is known to be quite reliable.
The broker also offers three account types for the use of their potential clients. The essential, original and signature accounts are basically trader levels. They each require a minimum deposit of a certain size and offer additional benefits the higher your level is. This is where the video tutorials come into play – you will only be able to access those if you are of the original level account, which requires a minimum deposit of at least 1500 US dollars or equivalent. The lowest account does offer all of the essentials required to trade with the broker, including an account representative, but it still lacks in educational resources, which we find a little disappointing.
Is Clicktrades trustworthy?
The broker has a positive reputation online. There are many Clicktrades reviews available out there, all written by users and most of them rate the broker to be nothing more than average service. The broker does not offer anything exceptional, but it is reliable enough in the services that it provides and has thus earned the respect of its users. It will not be the best-rated broker out there, but it will be known and appreciated as an adequate broker to trade with.
The broker is based in Cyprus and is licensed to operate by FSA Seychelles, a reliable financial regulatory body that originated in East Africa and has spread its name as being one of the more reliable regulators out there. This regulator is known to be very strict in how they look at their brokers, which is why they are known to be highly reliable when they provide a license. This increases our Clicktrades opinions from OK to definitely reliable.
Is Clicktrades legit?
In the end, we can definitely say that Clicktrades is definitely legit. They do not exhibit any scam like properties, and on top of that, they provide a highly reliable service that many users around the world (who get to use their platform) reflect on as being a very positive experience. While they could better some of their services or offer additional services for the betterment of the user experience, so far they will remain known as adequate brokers.