WeekendFX Forex Broker
Basic Information
Comoros
2-5 years Regulated in Comoros Common Business Registration MT5 Full License Regional Brokers Suspicious Overrun Medium potential risk Offshore RegulatedCompany profile
Rating Index
DEMO
STANDARD
WeekendFX Broker - Comprehensive Information Guide
1. Broker Overview
WeekendFX, officially known as Shogun Consultants Limited, was established in 2020. The broker's headquarters is located at 19 Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands, with an additional office situated at Vailiou Vrioni di 6, Office 501-2, Gala Court Chambers, 5th Floor, 3095 Limassol, Cyprus. As a private entity, WeekendFX operates primarily in the retail forex market, catering to a diverse clientele that includes individual traders and investors interested in forex, cryptocurrencies, indices, and precious metals.
Since its inception, WeekendFX has aimed to provide a platform for trading various financial instruments, particularly focusing on weekend trading opportunities. This unique offering allows clients to engage in trading activities outside the traditional weekday schedule, thereby appealing to those who may have commitments during the week. The company's development has included the introduction of trading services that enable access to forex markets even during weekends, a feature that distinguishes it from many other brokers.
WeekendFX operates under the brand name of its parent company, Shogun Consultants Limited, which has established itself in the forex trading industry. The broker employs a business model that primarily focuses on retail forex trading, with an emphasis on providing customers with access to a wide range of trading instruments and competitive trading conditions.
2. Regulatory and Compliance Information
WeekendFX claims to be regulated by the British Virgin Islands Financial Services Commission (FSC), holding a license number of 9453. However, it is important to note that the regulatory status is currently marked as "exceeded," indicating that the license may not be fully operational or recognized as effective. This situation raises concerns regarding the overall regulatory oversight of WeekendFX.
The broker operates without effective regulation, which could potentially mislead investors and expose them to risks. The company has not provided sufficient information regarding its compliance with investor compensation schemes, nor has it disclosed its KYC (Know Your Customer) and AML (Anti-Money Laundering) policies in detail. This lack of transparency is a significant factor for potential clients to consider when evaluating the safety and security of their investments.
Additionally, client funds are reportedly held in segregated accounts, which is a standard practice aimed at protecting investors' capital. However, the specifics of these measures have not been elaborated upon, and potential clients are advised to conduct thorough research and exercise caution.
3. Trading Products and Services
WeekendFX offers a variety of trading products, primarily focusing on forex currency pairs, cryptocurrencies, indices, and precious metals. The broker provides access to a substantial number of forex pairs, including major, minor, and exotic currencies. Some of the primary currency pairs available for trading include:
- EUR/USD
- GBP/USD
- USD/JPY
- AUD/USD
In terms of CFD products, WeekendFX covers indices and precious metals, allowing traders to diversify their portfolios. The broker also offers cryptocurrency trading, catering to the growing demand for digital assets. Notable cryptocurrencies available for trading include Bitcoin (BTC), Ethereum (ETH), and various altcoins.
WeekendFX is known for its unique offering of weekend trading, enabling clients to engage in trading activities even when traditional markets are closed. This feature allows clients to capitalize on market movements and news events that may occur over the weekend. The broker regularly updates its product offerings, although specific details regarding the frequency of updates and the introduction of new trading instruments have not been disclosed.
The broker's services are primarily directed towards retail clients, but it also provides institutional services, including white-label solutions and asset management services for qualified investors.
4. Trading Platforms and Technology
WeekendFX supports two of the most popular trading platforms in the industry: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their advanced trading capabilities, analytical tools, and user-friendly interfaces, making them suitable for both novice and experienced traders.
MetaTrader 4 (MT4): Primarily geared towards beginners, MT4 offers a comprehensive suite of trading tools and resources, including expert advisors (EAs) for automated trading.
MetaTrader 5 (MT5): Designed for more experienced traders, MT5 provides additional features such as advanced charting tools, more technical indicators, and support for a wider array of asset classes.
WeekendFX also offers a mobile trading application compatible with both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go. The broker employs an STP (Straight Through Processing) execution model, which facilitates faster trade execution and minimizes slippage.
The broker's servers are reportedly located in the United States, providing a robust technical infrastructure that supports high-speed trading. However, details regarding API access and automated trading support have not been explicitly mentioned, which may be a consideration for traders looking for algorithmic trading solutions.
5. Account Types and Trading Conditions
WeekendFX offers two primary account types: Standard Accounts and Demo Accounts.
Standard Account:
Minimum Deposit: $1,000
Leverage: Up to 1:100
Spread: Floating spreads
Commission: No commission on forex trading
Demo Account: Allows potential clients to practice trading without financial risk, utilizing the same features available in the standard account.
The broker's minimum trade size is typically set at 0.01 lots, and overnight fees may apply depending on the positions held. The leverage ratio of 1:100 is standard for forex trading, providing clients with the ability to amplify their trading positions. However, it is crucial to note that higher leverage also entails greater risk, and traders should be aware of the potential for significant losses.
WeekendFX does not currently offer specialized accounts such as VIP or Islamic accounts, which may limit its appeal to certain segments of the trading community.
6. Fund Management
WeekendFX supports various deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirement for a standard account is $1,000, which is relatively high compared to many other brokers in the industry.
- Deposit Processing Time: The processing time for deposits can vary depending on the method used, but specific details have not been provided.
- Deposit Fees: Information regarding deposit fees is not explicitly available, so clients should inquire directly with the broker.
- Withdrawal Methods: WeekendFX allows withdrawals through similar methods, although specific limitations or fees associated with withdrawals have not been detailed.
- Withdrawal Processing Time: Clients have reported issues with withdrawal processing times, suggesting that it may take longer than expected to access funds.
Potential clients should be aware of the withdrawal limits and any associated fees that may apply, as these factors can significantly impact trading strategies and overall investment returns.
7. Customer Support and Educational Resources
WeekendFX provides customer support through multiple channels, including email and a contact form on their website. However, the broker does not offer telephone support, which may be a drawback for some clients seeking immediate assistance.
- Service Hours: The exact service hours have not been specified, but clients can typically expect support during standard business hours.
- Language Support: WeekendFX offers support in multiple languages, including English, Japanese, and Korean.
- Educational Resources: The broker provides a range of educational materials, including webinars, tutorials, and market analysis reports.
Additionally, traders can access various trading tools, such as calculators and economic calendars, which can enhance their trading experience and decision-making process.
8. Regional Coverage and Restrictions
WeekendFX primarily serves clients in the British Virgin Islands and has a growing presence in various international markets. However, it imposes restrictions on clients from certain countries, including:
- United States
- Iran
- Cuba
- Sudan
- Syria
- North Korea
These restrictions align with regulatory compliance and risk management practices. The broker's ability to operate in different regions may also be affected by local laws and regulations, which could limit its market reach.
In conclusion, WeekendFX presents itself as a broker with unique offerings, particularly in the realm of weekend trading. However, potential clients should exercise caution due to the broker's regulatory status and the associated risks. Thorough research and consideration of the information provided in this guide can aid traders in making informed decisions regarding their trading activities with WeekendFX.
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Latest Reviews
Sarguna Raj
Netherlands
Great spreads on major pairs at WeekendFX!，Increase transaction costs
37130
2024-07-22
奈何轮回
Hong Kong
I've been using WeekendFX for a couple of weeks now, and honestly, it's been quite refreshing. The weekend trading option is a lifesaver since it fits with my hectic weekdays. Using MT5 on my mobile while on the move has been seamless and efficient. What really stood out to me was their customer service; they were incredibly patient and helpful when I had issues setting up my account. It feels good not to worry about missing out on market movements over the weekend anymore!
Positive
2024-06-18
FX2303903161
Japan
I opened an account for 〇〇 trading and conducted copy trading. However, there were suspicious parts in the transaction history, so I tried to withdraw and cancel my membership. However, I couldn't transfer funds from my account to my wallet, and even when I requested support, I couldn't get proper assistance. After the fund transfer was completed, I couldn't make a withdrawal request. In the end, I had to create two support tickets for a single fund transfer, and it took time to receive a response. I also had to create two tickets for the withdrawal process. It took more than 10 days to complete the withdrawal. 😥 Furthermore, when I look at the transaction history, there are some entries without round numbers or decimal places, which raises doubts about whether the orders were actually placed.
Exposure
2024-08-24