It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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Pros and cons of WeTrade
Pros:
Regulated by FSA and LFSA, ensuring client fund safety
Wide range of instruments including forex pairs, 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
No mobile trading platform available for traders on the go
ECN account requires a minimum deposit of $3000 and charges a commission of $7 per lot traded.
What type of broker is WeTrade？
WeTrade is an STP (Straight Through Processing) broker that enables its clients to have direct access to interbank markets. This type of broker passes on their client's orders directly to liquidity providers, which are typically banks, without the need for a dealing desk. As a result, STP brokers are typically known for their transparency and faster order execution. WeTrade's STP model allows clients to experience pricing that reflects current market conditions, which can result in lower trading costs. However, since WeTrade does not have fixed spreads, clients may experience wider spreads during volatile markets. Additionally, requotes may occur due to the time it takes to process orders.
General information and regulation of WeTrade
WeTrade is a UK registered forex broker that is regulated by the Financial Services Authority (FSA) and the Labuan Financial Services Authority (LFSA) in 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.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Market instruments
WeTrade offers its traders a wide range of 90+ 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. However, the broker does not provide specific information on spreads for each instrument, which can be a disadvantage for traders who are looking for greater transparency in terms of trading costs. Additionally, the selection of cryptocurrencies offered by WeTrade is somewhat limited compared to some other brokers in the market.
Spreads and commissions for trading with WeTrade
WeTrade offers multiple account types, including STP, VIP, ECN, and Affiliate accounts, each with different spreads and commissions. The STP account offers spreads of EURUSD from 1.8 pips, with zero commission, making it an ideal choice for beginner traders. The VIP account offers lower spreads of EURUSD from 1.0 pips, with zero commission, making it a suitable option for advanced traders. The ECN account offers zero spreads, but with a commission of $7 per lot traded, making it more suitable for high-volume traders. Lastly, the Affiliate account offers spreads of EURUSD from 2.3 pips, with zero commission, designed for traders who want to earn commission through referrals. Overall, WeTrade's spreads and commission rates are competitive and cater to different trading needs.
Trading accounts available in WeTrade
WeTrade offers traders a choice of four account types to suit their needs. The STP and VIP accounts have a minimum deposit of 50USD and 1000USD, respectively, and both offer commission-free trading. The ECN account requires a higher minimum deposit of 3000USD but offers spreads as low as 0.0 pips with a commission of 7USD per lot. The Affiliate account has the same minimum deposit as the STP account and offers commission-free trading, but with wider spreads. Additionally, a demo account is available for traders who want to practice their trading strategies without risking real money. The high leverage of 1:2000 is available across all account types, but some traders may prefer a lower leverage.
Trading platform(s) that WeTrade offers
WeTrade offers its clients the MetaTrader 4 (MT4) platform, which is a well-known and widely used trading platform in the forex industry. The platform is known for its user-friendly interface and wide range of technical analysis tools and indicators, making it a popular choice among traders. Additionally, MT4 supports algorithmic trading through Expert Advisors (EAs), providing traders with automated trading capabilities. However, one of the main disadvantages of MT4 is its limited customization options, making it difficult for traders to create a personalized trading environment. Additionally, the platform lacks a built-in economic calendar and mobile push notifications, which can be a drawback for traders who rely on these features. Lastly, while MT4 supports multiple order types, it has limited timeframes for backtesting, which can be a disadvantage for traders who want to thoroughly test their strategies.
Maximum leverage of WeTrade
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: methods and fees
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 in WeTrade
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. However, there is no dedicated educational section on the website, and the educational resources may not be sufficient for advanced traders seeking more in-depth training.
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 and LFSA. The broker offers various account types, including STP, VIP, ECN, and affiliate, 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. Moreover, WeTrade provides educational resources and customer support available 24/7 via email, YouTube, Facebook, and Line. 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 limited deposit and withdrawal options, 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？
Answer: The minimum deposit required to open an account with WeTrade varies depending on the account type chosen. For the STP or affiliate account, the minimum deposit is 50 USD, for the VIP account it is 1000 USD, and for the ECN account it is 3000 USD.
What trading platforms does WeTrade offer？
Answer: 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.
What are the maximum leverage levels offered by WeTrade？
Answer: 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？
Answer: WeTrade offers a variety of financial instruments for trading, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. In total, there are over 90 instruments available for trading.
How can I contact WeTrade customer support？
Answer: WeTrade offers 24/7 customer support via email, YouTube, Facebook, and Line. Traders can reach out to the support team at any time for assistance with their account or trading-related questions.
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