Cleartrade Company

Cleartrade Forex Broker - Complete Information Guide

1. Broker Overview

Cleartrade, established in 1986, is a commodity brokerage firm headquartered in Chicago, Illinois, USA, specifically at 5415 N. Sheridan Rd., Suite #5512, Chicago, IL 60640. The company operates as a private independent entity and is primarily focused on providing trading services in the forex and CFD markets to a global clientele.

Throughout its history, Cleartrade has developed a reputation for offering a range of trading services, including access to various financial instruments such as forex, contracts for difference (CFDs), commodities, and indices. The firm has been operational for over 39 years, marking significant milestones in the evolving landscape of online trading. However, it is important to note that Cleartrade is currently unregulated, which raises concerns regarding its operational transparency and client safety.

The business model of Cleartrade predominantly revolves around retail forex trading, catering to individual traders looking for diverse trading options. The platform aims to provide competitive trading conditions and access to a variety of financial markets, though it lacks the regulatory oversight that many traders seek in a broker. This absence of regulation has led to recommendations from various sources advising caution for potential clients considering opening accounts with Cleartrade.

2. Regulation and Compliance Information

Cleartrade operates in a regulatory environment that is currently unregulated. This means that it does not fall under the oversight of any major financial regulatory bodies, which can pose risks for traders. The absence of regulation implies that there is no established framework for client protection, and the company lacks a formal license to operate as a financial services provider.

Key points regarding Cleartrade's regulatory status include:

• Regulatory Bodies: The broker does not have licenses from recognized regulatory authorities such as the Commodity Futures Trading Commission (CFTC) or the Financial Industry Regulatory Authority (FINRA).
• Client Fund Protection: There is no information available on client funds being held in segregated accounts, which is a standard practice among regulated brokers to protect client assets.
• Investor Compensation Scheme: Cleartrade does not participate in any investor compensation schemes, which typically provide a safety net for clients in the event of broker insolvency.
• KYC and AML Compliance: Details on Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures are not explicitly provided, raising concerns about the broker's adherence to industry standards.

Given these factors, potential clients should exercise caution and conduct thorough research before engaging with Cleartrade, as the lack of regulatory oversight can significantly impact the security of their investments.

3. Trading Products and Services

Cleartrade offers a variety of trading products and services, primarily focusing on the following areas:

• Forex Trading: The broker provides access to a range of currency pairs, allowing traders to engage in forex trading activities. However, specific details regarding the number of currency pairs available are not disclosed in the current information.
• CFD Products: Cleartrade offers CFDs on various asset classes, including indices, commodities, and potentially cryptocurrencies. This allows traders to speculate on price movements without owning the underlying assets.
• Special Products: While the broker does not highlight any unique or proprietary trading products, it does offer standard trading services that align with industry norms.
• Product Updates: There is no specific information regarding the frequency of product updates or the introduction of new trading instruments.
• Retail Trading Services: Cleartrade primarily caters to retail traders, providing them with access to trading platforms and resources necessary for trading in the forex and CFD markets.
• Institutional Client Services: The information does not specify whether Cleartrade offers dedicated services for institutional clients, which could include tailored trading solutions or liquidity provision.
• White Label Solutions: There is no mention of Cleartrade providing white label solutions for other financial institutions.
• Asset Management Services: No information is provided regarding asset management services, indicating that the broker may not offer such services to its clients.

Overall, while Cleartrade presents a range of trading options, the lack of detailed information on specific products and services may limit its appeal to certain traders.

4. Trading Platforms and Technology

Cleartrade does not support popular trading platforms such as MetaTrader 4 or MetaTrader 5. Instead, the broker likely utilizes its own proprietary trading platform, though specific details about this platform are not readily available.

Key features of Cleartrade's trading technology include:

• Web-Based Trading Platform: The broker offers a web-based trading platform, enabling users to trade directly from their web browsers without the need for software installation.
• Mobile Application: While there is no explicit mention of a dedicated mobile app for iOS or Android, traders may have access to mobile trading through the web platform.
• Execution Model: Cleartrade's execution model is not clearly defined in the available information. However, it is essential for traders to understand whether the broker operates on an ECN (Electronic Communication Network), STP (Straight Through Processing), or market-making model.
• Server Infrastructure: Specific details regarding server locations and technical infrastructure are not provided, which may impact the reliability and speed of trade execution.
• API Access and Automated Trading: There is no mention of API integration or support for automated trading, which could be a limitation for algorithmic traders.

In summary, the lack of support for widely-used trading platforms and limited information on trading technology may deter some traders from choosing Cleartrade as their preferred brokerage.

5. Account Types and Trading Conditions

Cleartrade offers a variety of account types, though specific details regarding each account type's conditions are not extensively detailed. Here are some key aspects:

• Standard Account Conditions: The minimum deposit requirement, spread, and commission structure are not explicitly mentioned in the available information. This lack of transparency may affect traders' decision-making.
• Advanced Account Types: Information regarding advanced account types, such as VIP or professional accounts, is not provided.
• Special Accounts: There is no mention of specialized accounts, such as Islamic accounts or corporate accounts, which are often sought by specific client segments.
• Demo Account Policy: The availability of demo accounts for practice trading is not specified, which is a crucial feature for new traders.
• Leverage Ratios: The leverage ratios applicable to different products are not disclosed, making it difficult for traders to assess the risk associated with trading with Cleartrade.
• Minimum Trade Size: The minimum trade size and any overnight fees applicable to positions are not provided, further limiting clarity on trading conditions.

Overall, the lack of detailed information regarding account types and trading conditions may hinder potential clients' ability to make informed decisions about opening an account with Cleartrade.

6. Fund Management

Cleartrade provides various options for fund management, though specific details are somewhat limited. Here are the key points:

• Deposit Methods: The broker supports several deposit methods, including bank transfers, credit cards, and electronic wallets. However, the specific methods available are not explicitly listed.
• Minimum Deposit Requirements: The minimum deposit requirements for different account types are not provided, which is crucial for potential traders to know.
• Deposit Processing Time: The time taken for deposits to be processed is not mentioned, leaving uncertainty about how quickly funds become available for trading.
• Deposit Fees: There is no information on any fees associated with deposits, which may impact traders' overall trading costs.
• Withdrawal Methods and Limits: The methods available for withdrawals and any associated limits are not specified, which could affect clients' access to their funds.
• Withdrawal Processing Time: The processing time for withdrawals is not provided, leading to uncertainty about how quickly traders can access their funds.
• Withdrawal Fee Structure: Information regarding withdrawal fees is not available, which is important for traders to consider when managing their accounts.

In conclusion, while Cleartrade offers various fund management options, the lack of detailed information may create challenges for potential clients in understanding the financial aspects of trading with the broker.

7. Customer Support and Educational Resources

Cleartrade offers customer support through various channels, though specific details are limited. Here are the key features:

• Support Channels: Clients can reach out for support via phone, email, and potentially online chat, though the exact channels are not fully detailed.
• Service Hours and Time Zone Coverage: The service hours and the time zones covered by customer support are not specified, leaving uncertainty about availability.
• Multilingual Support: The languages supported by Cleartrade's customer service are not explicitly mentioned, which could affect non-English speaking clients.
• Educational Resources: The broker may provide educational resources such as webinars, tutorials, and eBooks, but specific offerings are not detailed.
• Market Analysis Services: Information regarding daily analysis, news updates, and research reports is not provided, which could limit traders' access to valuable market insights.
• Trading Tools: The availability of trading tools such as calculators, calendars, and signal services is not mentioned, which are often essential for effective trading.

Overall, while Cleartrade likely provides some level of customer support and educational resources, the lack of detailed information may hinder traders' ability to access the support and knowledge they need.

8. Regional Coverage and Restrictions

Cleartrade operates primarily in the United States but does not specify any additional regions where it provides services. Here are the key points regarding its regional coverage:

• Main Service Markets: The broker primarily targets clients in the United States, but specific information about its market reach is limited.
• Regional Offices: There are no details provided about regional offices outside of the main headquarters in Chicago.
• Countries/Regions Not Accepted: The broker does not specify any countries or regions from which it does not accept clients, which is important information for potential traders.
• Special Restrictions: There is no mention of any special restrictions that may apply to specific client groups or regions.

In summary, the limited information regarding regional coverage and restrictions may pose challenges for potential clients in understanding where they can access Cleartrade's services.

In conclusion, while Cleartrade provides a range of trading services and options, potential clients should be cautious due to the broker's unregulated status and the lack of detailed information in several key areas. It is essential for traders to conduct thorough research and consider their individual needs and risk tolerance before engaging with the Cleartrade broker.