General information of WeTrade
WeTrade is a UK registered forex broker that currently holds authorization licenses from CySEC (Cyprus), FCA (UK) and FSA (Malaysia). The FSA is one of the most reputable financial regulatory bodies in the world, and its oversight ensures that WeTrade operates according to strict standards of transparency and fairness. The LFSA is also a well-respected regulator and its oversight provides an additional layer of protection for traders. WeTrade's regulatory status is a significant advantage as it offers traders a level of protection and reassurance that their funds are safe and that the broker is operating within the law.
Regulatory Status
Pros and Cons of WeTrade
Pros:
- Regulated by FSA, CYSEC, and LFSA, ensuring client fund safety
- Wide range of instruments including forex, metals, energies, indices, stocks, and cryptocurrencies
- Multiple account types to suit different traders, including a demo account
- Competitive spreads and high leverage of up to 1:2000
- Educational resources available to traders, including an economic calendar and video tutorials
Cons:
- Limited deposit and withdrawal options, with only USDT, bank wire, and local deposit accepted for deposit and union pay and bank wire for withdrawal
- Customer support with only email and social media channels for communication
- Limited information available about the company's background and history
- ECN account requires a minimum deposit of $1000 and charges a commission of $7 per lot traded.
Market Instruments
WeTrade offers its traders a wide range of 120+ instruments to choose from, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. This provides traders with a great opportunity to diversify their trading portfolio and access a variety of markets and assets. Additionally, the selection of cryptocurrencies offered by WeTrade is somewhat limited compared to some other brokers in the market.
Spreads and Commissions
WeTrade offers a variety of account types, including ECN, Standard, and STP, each with different spreads and fees. The ECN account offers zero spreads but charges a $7 commission per lot traded, making it suitable for high-volume traders. The Standard account provides lower EUR/USD spreads starting from 1.0 pips with no commission, making it ideal for advanced traders. The STP account offers EUR/USD spreads starting from 1.8 pips with no commission, making it a good choice for beginner traders. Overall, WeTrades spreads and commission rates are competitive and cater to different trading needs.
Trading Accounts
WeTrade offers three account types to meet the needs of traders. The ECN account requires a higher minimum deposit of $1,000 but offers spreads as low as 0.0 pips, with a $7 commission per lot traded. Both the Standard and STP accounts have a minimum deposit of $100 and offer commission-free trading. Additionally, traders can use demo accounts to practice their strategies without risking real capital. A high leverage of 1:2000 is available across all account types, although some traders may prefer lower leverage.
Trading Platform(s)
WeTrade offers clients the MetaTrader 4 (MT4) platform, a widely used and user-friendly trading platform in the forex industry, also available in a mobile version. MT4 is known for its extensive technical analysis tools, indicators, and support for algorithmic trading via Expert Advisors (EAs).
However, MT4 has some limitations, such as limited customization options, lack of an integrated economic calendar, and no mobile push notifications. Additionally, its backtesting timeframes are restricted, which may hinder traders who need thorough strategy testing.
In addition to MT4, WeTrade also offers its mobile app as an alternative trading platform.
Maximum Leverage
WeTrade offers a maximum leverage of up to 1:2000, which is relatively high compared to other forex brokers. This allows traders to potentially increase their profits with a smaller capital investment and have greater market exposure. However, high leverage also increases the risk of significant losses and margin calls, especially for inexperienced traders who may misuse it or engage in overtrading or emotional trading. Experienced traders with solid risk management strategies may find high leverage useful, but regulated brokers have limits on maximum leverage, which may restrict traders from taking advantage of higher leverage ratios.
Deposit and Withdrawal
WeTrade offers its clients multiple deposit options, including USDT, bank wire, and local deposits. Clients can withdraw funds via union pay and bank wire. WeTrade does not charge any extra fees for deposits or withdrawals. Additionally, there is no minimum account required, making it accessible for traders with different budgets. However, there is limited information provided about the deposit/withdrawal processing time. While WeTrade provides a safe and secure transaction environment, it offers limited withdrawal options compared to other brokers.
Educational Resources
WeTrade offers various educational resources to its clients to enhance their trading skills and knowledge of the financial markets. The resources include an economic calendar, market reports, video tutorials, analyst views, indicators, and TV channels. The economic calendar keeps clients informed about important upcoming events that could affect the markets, while the market reports and analyst views provide up-to-date information on market trends. The video tutorials cover a range of topics from the basics of trading to advanced strategies, and clients can access a variety of indicators and TV channels for technical analysis. The educational resources are available in multiple languages to cater to clients from different parts of the world.
Customer Service of WeTrade
WeTrade offers a comprehensive customer care service that is available 24/7 through various communication channels such as email, YouTube, Facebook, and LINE. This provides customers with multiple options to reach out to the support team and get their queries resolved in a timely manner. Additionally, the support team has a reputation for providing quick response times, which ensures that customers' issues are resolved efficiently. However, WeTrade does not offer phone support, which may be inconvenient for some customers who prefer to speak with a representative directly. Moreover, the response time may vary based on the communication channel used, and the nature of the query may also impact the response time.
Conclusion
In conclusion, WeTrade is a UK-based forex broker that is regulated by FSA, CYSEC, and LFSA. The broker offers various account types, including ECN, Standard, and STP, with competitive spreads and high leverage up to 1:2000. The broker supports various trading instruments, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. Overall, WeTrade has some advantages such as competitive trading conditions, a wide range of tradable instruments, and excellent customer support, which make it an attractive option for traders.
However, there are also some drawbacks such as lack of a proprietary trading platform, and no negative balance protection. Therefore, traders should carefully consider their options and weigh the advantages and disadvantages before choosing WeTrade as their preferred forex broker.
Frequently asked questions about WeTrade
- What is the minimum deposit required to open an account with WeTrade?
- The minimum deposit required to open a WeTrade account varies depending on the account type. The minimum deposit for an ECN account is $1,000, while the minimum for a Standard and STP account is $100.
- What trading platforms does WeTrade offer?
- WeTrade offers the popular MetaTrader 4 (MT4) platform for desktop, web, and mobile devices. MT4 is well-known for its advanced charting features, customization options, and automated trading capabilities. In addition to the regular MT4 platform, the WeTrade APP is also one of the trading platforms that WeTrade clients can choose from.
- What are the maximum leverage levels offered by WeTrade?
- WeTrade offers a maximum leverage of up to 1:2000 for all account types, which means that traders can open positions that are up to 2000 times the size of their account balance.
- What instruments can I trade with WeTrade?
- WeTrade offers a variety of financial instruments for trading, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. In total, there are over 120 instruments available for trading.
- How can I contact WeTrade customer support?
- WeTrade offers 24/7 customer support via email, YouTube, Facebook, Line, WeChat public account, Little Red Book, BiliBili, and more. Traders can reach out to the support team at any time for assistance with their account or trading-related questions.
禅81704
Malaysia
It’s normal on other platforms.
Exposure
FX4137271032
Japan
When you make a deposit, the platform will tell you that you need to upgrade to a Gold VIP, and you can withdraw normally. When you have paid, you can withdraw it again. The platform will tell you that you need to activate and then say that you need to pay taxes where you are. If you don’t pay, you can’t withdraw the money and you will keep saying a word to you. Please pay within a fixed time, otherwise the account will become unmanaged. At that time, you need to pay a deposit to reflect it! When I finished paying everything, I estimated that there were 50,000 Canadian dollars, and I thought I could finally withdraw cash. The platform gave me another reason to say that my account has been identified by Asia Pacific Anti-Money Laundering and I am a suspect of money laundering. I have to pay a 30% deposit of the principal to confirm that I have no relationship with the money. No matter what you do, this money has never been paid out. This money comes and goes. I invested about 200,000 Canadian dollars!
Exposure
Vanessa789
Taiwan
When you open an account from the fraudulent platform Poipex, the account opening platform of WeTrade pops out. When you look at the license application of the two companies, you will understand.
Exposure
FX3085035832
Hong Kong
After using it, it's good with many benefits, deposits and withdrawals are also very good and safe, currently in use, recommend everyone to take a look
Positive
Dellry
Peru
WeTrade is fantastic! Their spreads are tight and competitive, and their customer support is second to none. They're always quick to respond and help you out with any issues you may have. If you're looking for a reliable and supportive broker, WeTrade is definitely worth considering.
Positive
jewhdi
New Zealand
High Fees and Commission rates. You are technically forced to make 3 trades per quarter to avoid any fees - which is ok for me, maybe not for some. £8 per trade is high, although maybe lower than other sites.
Neutral
icn31
Spain
I CANNOT WITHDRAW MY MONEY I FOUND IN A VIDEO PUBLISHED IN MICROSOFT NEWS A FAMOUS MAN EARNING A LOT OF MONEY AND I DECIDE TO REGISTER AT THE BEGINNING I INCOME ABOUT 250 EUROS AND LATER ABOUT 1000 MORE ALWAYS HARASSING ME IN CALLS SO THAT I ENTER MORE MONEY I DECIDE TO WITHDRAW AND IT IS IMPOSSIBLE TELLS ME IF I WANT TO WITHDRAW I HAVE TO MAKE A TRANSFER TO THEM IN THE CONCEPT OF INTEREST AND COMMISSIONS OF ABOUT 3,500 EUROS. DOING A LITTLE RESEARCH THERE ARE MORE PEOPLE THE SAME AND IT IS A SCAM AND I DON'T DO IT AND ON SOME OCCASIONS THEY MAKE WITHDRAWAL OF MY BANK CARDS. I DECIDE TO REPORT THE CASE. AND MY BANK CANNOT GIVE ME A REFUND OF MY TRANSFERS BECAUSE ACCORDING TO THEM I DID IT ON MY OWN ACCOUNT AND NOBODY FORCED ME TO DO IT
Exposure
黑皮二哥
Taiwan
I met a man on the Internet who encouraged me to change platform. I deposited 5,000 US dollars, and after operation reached 8,000 yuan, I lost 6,000 yuan. When I reached 6,000 yuan, I lost 700 yuan a day. When I got back, I lost more than 700 yuan. Before saying that the agent helped me pay 4280 yuan. After that, I couldn’t contact anyone and they didn’t reply. Finally, I left a message in chat group, and he replied. Told me where the money came from and block me. My account number in Zhonghui is 7210919.
Exposure
董98129
India
I used to have my best trading experience with WeTrade for 5 years, but I cannot open its official website now. I tried to contact my previous account manager, but I failed…
Neutral
Ye YUN
Greece
If the account is frozen, do I need to deposit funds to unfreeze it? After all the money has been deposited, they all ran away and can’t be contacted. These are the chat records of the platform.
Exposure
不负
Vietnam
Zhonghui's fees are quite transparent, there are no hidden fees, and there are a lot of educational resources and related support, which is very friendly to novices. The trading environment is not bad, and the account manager is quite professional.
Positive
Syed Mohammad Rizwan
India
I have deposited 250 dollars on 8-september 2022 but not credited yet to my trading account. Zero support from customer care.. seems it's a fraud broker.
Exposure