Capital 245 is a forex broker based in Sofia. Their mission is to provide the best online trading experience to their clients, they will do this by providing an intuitive trading platform designed with the best technology, along with a high-quality customer service team. In this review, we will be looking into the services being offered bt Capital 245 so you can decide if they are the right broker for you.
There are a large number of accounts, 6 in total, we will briefly outline what each one gets you.
Min deposit: €500 – 4,999
— Includes —
Up to 10% monthly profitability
Monthly withdrawal of 3% of your initial deposit
Market reviews: 1 per month
Margin Loan of 15%
Min deposit: €5,000 – 9,999
— Includes —
Up to 12% monthly profitability
Monthly withdrawal of 4% of your initial deposit
Personal Account Manager. 1 operation insured per week
Market reviews: 2 per month
Margin Loan of 20%
Min deposit: €10,000 – 24,999
— Includes —
Up to 14% monthly profitability
Monthly withdrawal of 5% of your initial deposit
Personal Account Manager. 2 operations insured per week
Market reviews: 3 per month
Margin Loan of 25%
Min deposit: €25,000 – 99,999
— Includes —
Up to 16% monthly profitability
Monthly withdrawal of 6% of your initial deposit
Personal Account Manager. 3 operations insured per week
Market reviews: 1 per week
Margin Loan of 30%
Min deposit: €100,000-249,999
— Includes —
Up to 18% monthly profitability
Monthly withdrawal of 7% of your initial deposit
Personal Account Manager. 4 operations insured per week
Market reviews: 3 per week
Margin Loan of 40%
Min Deposit: €250,000 +
— Includes —
Up to 20% monthly profitability
Monthly withdrawal of 8% of your initial deposit
Personal Account Manager. 5 operations insured per week
Market reviews: 1 per day
Margin Loan of 50%
Capital 245 use their own trading platform, it is not the most intuitive and can be quite difficult to use, it also does not have the ability to perform automated trading, something that a lot of traders like to do when using a platform like MetaTrader 4 or 5. The platform acts more like a binary options platform which is never a good sign.
The maximum leverage allowed on each account is currently 1:200, this is valid for all account types. Leverage can be selected when opening up an account and should you wish to change the leverage on an account that is already opened you will need to get in contact with the customer service team.
Trades sizes on the small account start at 0.01 lots and go up in increments of 0.01 lots so the next trade available is 0.02 lots and then 0.03 lots. There is no indication of any change in the other account types. There is also no indication of the maximum trade size but whatever it is we would not advise trading over 50 lots as it can become hard for the markets and liquidity providers to execute larger trades quickly and without any slippage.
We could not locate any information in regards to commissions being added to the accounts so we are not sure if there are any, there are swap charges, however, these are charged for holding trades overnight and can be viewed within the trading platform.
There is not a breakdown of which assets are available, in fact, there is no information at all which is a shame as this is vital for many clients when selecting which broker to use, this is an area that Capital 245 really need to look at improving. Looking on the platform there were a number of forex pairs, around 50 or so and a number of CFTs and ETFs such as Cocoa, Coffee, Cotton, and Sugar, there are also Oils and Natural Gas.
Spreads aren’t advertised on the website and for good reason, when viewing the platform we noticed spreads were incredible, high, high enough to put any trader off, EURUSD was sitting at around 16 pips when we checked, considering you are normally looking at around 1.5 pips to 2 pips for non-commission accounts, this is around 10 times this amount. They are also variable which means they move with the markets so they go up and down, but no matter how long we looked they remained very high.
The minimum amount you need to deposit to open an account is $500, this will get you the Mini account, if you want a different account then you will need to deposit more.
Deposit Methods & Costs
The following methods are available to deposit: QIWI Wallet, WebMoney, Visa, and MasterCard Credit / Debit Card, Yandex and Bank Wire Transfer. There is no indication of any fees, however, also no indication that there aren’t any, also be sure to check with your own processor or bank to see if they add any fees of their own.
Withdrawal Methods & Costs
The same methods are available to withdraw as they are to deposit however there is a strange clause added to withdrawals, on the accounts page there is a little statement with each account, for example, the Mini account you are only able to withdraw 3% per month of your initial deposit, so if you have deposited $1000, you can only withdraw $30 per month, massively restricting your withdrawals and makes getting your money out as difficult as possible.
There is also no mention of any fees and just like when depositing, check with your own processor or bank to see if they add any fees of their own.
Withdrawal Processing & Wait Time
There is no indication of how long Capital 245 will take to process withdrawals, but for bank wire transfers and card withdrawals, you can expect 2 – 5 business days as a minimum.
Bonuses & Promotions
There is no indication on the Capital 245 website of any promotions and bonuses so it does not appear that there are any available at the time of writing this review.
Educational & Trading Tools
There is an education section of the website which goes over aspects of trading such as forex basics, fundamental analysis, technical analysis, risk management, trading plans, and trading volatility. These are just single pages of information and will not help you become a forex master, instead, they offer basic information to get you started.
There isn’t a dedicated customer service page, instead, you need to scroll to the bottom of the page to get any kind of information. There is an email address and a phone number available along with a submission to fill in your query and can then expect to get a reply via email.
We did not see the option to open a demo account so as far as we could tell there isn’t one available which is a shame as this is where new clients can test the trading conditions and regular clients can test out their new strategies without any risk to their capital.
There was no information present on which countries are accepted and which are not, so if you are interested in opening an account with Capital 245 we would recommend getting in contact with the customer service team to find out f you are eligible or not.
The trading conditions offered by Capital 245 are not good at all, they are much more expensive than the competitions and the lack of information on assets and instruments on the site is concerning. The most concerning aspect though, is the restrictions to withdrawals, only being able to withdraw 3% of your initial deposit oper month massively restricts getting your money out and for that reason alone we would suggest steering clear of Capital 245.