The financial portal Traders Union (TU) recently unveiled thorough assessments of brokerage companies, ClickTrades and Vault Markets, to help traders and investors with better decision-making in their trading journey.
TU applied its distinctive methodology to assess participants across various sectors, examining 100 parameters that encompass aspects such as financial performance, safety track record, historical reliability, trading conditions, and the quality of customer service.
This evaluation encompassed an examination of each broker’s financial stability, reputation developed over years of operation in the market, the technology employed to safeguard funds, and the feedback from customers.
Furthermore, factors such as minimum deposit requirements and the availability of educational resources on each platform were taken into consideration.
These measures are crucial in generating precise outcomes, aligning with the Traders Union’s objective of delivering valuable and impartial information to enhance the trading experience for all types of traders, ultimately leading to more profitable outcomes.
According to the analysts’ recently released Vault Markets and ClickTrades review, both brokerage platforms were positioned at the bottom of the list, with an overall score of 2.66 and 3.2 out of 10, respectively.
Based on the TU Methodology, brokers that received ratings between 3.0 and 4.99 carry a significant degree of risk, whereas those scoring 2.99 or lower do not measure up favorably against their higher-rated counterparts. Thus, the Traders Union does not endorse trading on these platforms.
Operating since 2018, the Cyprus-based brokerage firm ClickTrades facilitates trading across various asset classes, including Forex, stocks, bonds, commodities, indices, ETFs, and cryptocurrencies.
In terms of trading conditions, the spreads fall within the average range for the industry, and its clients can access trading through both web browsers and the MT5 terminal.
It also provides a selection of three account types, along with a comprehensive array of options for depositing and withdrawing funds.
However, the company’s customers are not happy with its fairly high minimum deposit of $1,000. Besides, it lacks a cent (micro) accounts despite having a demo account. There are also grievances regarding the brokerage’s leverage, which begins at a mere 1:2, posing challenges for traders striving to attain the advertised 1:3000 ratio.
In terms of user satisfaction, ClickTrades only received a score of 2.83 points due to lots of negative feedback written on its website by its former and current clients. One user gave the platform a one-star rating and said using its service felt like a scam because she lost a lot of money due to the company’s price spike and did not receive a single profit.
Similarly, Vault Markets received a user satisfaction rating of 2.29 points, reflecting customer dissatisfaction and a concerning score of 0.69 out of 10 in terms of regulation and safety due to the absence of necessary licenses.
The broker, headquartered in South Africa, has attracted numerous outrages primarily stemming from its lack of transparency. This is evidenced by the absence of disclosed fees for a zero-spread account and the lack of withdrawal fee details on its website.
According to Traders Union’s analysis, the company’s functionality falls short of contemporary standards. For instance, clients are unable to open demo accounts, and there is limited scope for additional income, as the firm solely offers a referral program without providing MAM or PAMM accounts or copy trading options.
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