WeTrade Forex Broker

Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information WeTrade Review Summary Founded 2022 Registered Country/Region Saint Vincent and the Grenadines Regulation LFSA (Suspicious Clone) Market Instruments Metals, energies, indices, stocks, cryptocurrencies Demo Account Available Leverage 1:2000 EUR/ USD Spreads 1.8 pips (STP account) Trading Platforms MT4, WeTrade App, Multi-Terminal and MAM Minimum Deposit $10 (STP) Customer Support Email, Facebook, YouTube, live chat What is WeTrade？ WeTrade is a trading platform that offers a wide range of trading instruments across various asset classes. With a variety of live account types available, traders can choose the one that best suits their needs, each with its own unique features and minimum deposit requirements. This can potentially lead to increased profitability, but it's important for traders to understand and manage the associated risks. In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance. Pros & Cons Pros Cons • Account variety • LFSA (Suspicious Clone) • Islamic and demo accounts available • Regional restrictions • Trading tools and resources • Multiple trading platforms and mobile apps • Live chat available • Social media presence WeTrade Alternative Brokers There are many alternative brokers to WeTrade depending on the specific needs and preferences of the trader. Some popular options include: OctaFX - A leading online trading broker with a user-friendly platform and low trading costs, making it ideal for beginner traders. Eightcap – Atrusted broker that offers competitive trading conditions, including tight spreads, flexible account options, and a user-friendly trading platform, making it a top choice for both beginner and experienced traders looking for a seamless trading experience. ForexMart – A well-established brokerage offering a wide range of trading services, including forex, CFDs, and cryptocurrencies, with a focus on excellent customer support and educational resources. Is WeTrade Safe or Scam？ The Malaysia LFSA regulation (license number: MB/22/0100) claimed by this broker is suspected to be clone. Therefore, it currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. It makes investing with them risky. If you are considering investing with WeTrade, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected. Market Instruments WeTrade is a trading platform that provides a wide range of trading instruments across various asset classes. Here are some of the instruments you can trade on WeTrade: Forex: You can trade major currency pairs, such as EUR/USD, GBP/USD, USD/JPY, etc. Forex trading allows you to speculate on the exchange rate movements of different currency pairs. Metals: WeTrade offers trading in precious metals like gold, silver, platinum, and palladium. Metals are often used as a hedge against inflation and are considered safe-haven assets. Energies: You can trade energy commodities like crude oil, natural gas, and gasoline. Energy markets are influenced by factors such as geopolitical events, supply and demand dynamics, and weather conditions. Indices: WeTrade provides access to major stock indices like the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, FTSE 100, and more. Trading indices allows you to speculate on the overall performance of a basket of stocks. Stocks: WeTrade allows you to trade stocks of various companies listed on major stock exchanges around the world. You can buy and sell shares of individual companies, potentially benefiting from price movements and dividends. Cryptocurrencies: WeTrade offers trading in popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and more. Cryptocurrency trading involves speculating on the price movements of digital currencies. Accounts WeTrade offers a variety of live account types for traders to choose from, each with its own features and minimum deposit requirements. STP Account: This account type is designed for traders who prefer Straight Through Processing (STP) execution. It offers competitive spreads and fast order execution. The minimum deposit requirement for this account is $10. VIP Account: The VIP account is suitable for experienced traders or those who wish to trade with larger volumes. It offers enhanced trading conditions, including lower spreads and personalized support. The minimum deposit requirement for this account is $1,000. ECN Account: The ECN account is ideal for traders who require direct access to interbank liquidity. It provides tight spreads, fast order execution with no requotes, and potentially lower trading costs. The minimum deposit requirement for this account is $3,000. Affiliate Account: This account type is designed for individuals who want to earn commissions by referring clients to WeTrade. It offers various partnership benefits and attractive commission structures. The minimum deposit requirement for this account is $10. Cent Account: The Cent account is suitable for beginners or those who want to trade with smaller amounts. It allows trading with fractional lot sizes, making it ideal for practicing and learning trading strategies. The minimum deposit requirement for this account is $100. Islamic Account: The Islamic account is in compliance with Shariah law and is suitable for traders of Islamic faith. It follows the principles of Islamic finance, such as no interest charges (swap-free) and no speculative activities. The minimum deposit requirement is $100. Demo Account: The Demo account is a risk-free account that allows traders to practice trading strategies, explore the platform's features, and gain experience without using real money. It does not require any deposit. Leverage WeTrade offers a maximum leverage of 1:2000 to its traders. Leverage is a tool that allows traders to amplify their potential profits by borrowing funds from the broker. With 1:2000 leverage, traders can control a larger position in the market compared to the amount of their own capital invested. While high leverage can offer the potential for significant returns, it is important to note that it also comes with increased risks. The use of leverage magnifies both profit and loss potential. Even a small market movement can have a substantial impact on a trader's account when high leverage is involved. Spreads & Commissions WeTrade offers competitive spreads across its different account types. The spread is the difference between the bid and ask prices of a tradable instrument and typically represents the cost of trading. Here's a brief description of the spreads and commissions associated with each WeTrade account: STP Account: The STP account has a spread starting from 1.8 pips. This means that the difference between the buying and selling price of a tradable instrument can be as low as 1.8 pips. VIP Account: The VIP account offers a tighter spread starting from 1.0 pip. Traders with this account type can enjoy a narrower price difference between buy and sell quotes, which can potentially reduce trading costs. ECN Account: The ECN account stands out with a spread starting from 0 pips. This means that traders can access interbank liquidity with no added mark-ups, resulting in very tight spreads. However, it's worth noting that ECN accounts may involve commissions in addition to the spread. Affiliate Account: The Affiliate account has a spread starting from 2.3 pips. Traders with this account type may experience a slightly wider spread compared to other accounts due to the added benefits and commission structures associated with the affiliate program. Cent Account and Islamic Account: Both the Cent Account and Islamic Account have a spread starting from 1.8 pips. These accounts offer similar spreads to the STP account, providing traders with competitive pricing. Besides, the ECN account charges $7 per lot of commission and the other accounts dont charge any commission for their traders. Besides, WeTrade offer spreads and commissions charged by different brokers: Broker EUR/USD Spread Commission WeTrade 1.8 pips (STP account) None (STP account) OctaFX 0.3 pips None Eightcap 0.0 pips $ 3.5 per lot ForexMart 0.0 pips None Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions. Trading Platforms WeTrade provides multiple trading platforms to cater to the diverse needs of its clients. Here's a brief overview of the various trading platforms offered: MT4 (MetaTrader 4): MT4 is a widely recognized and popular trading platform in the industry. It offers a user-friendly interface, advanced charting capabilities, and a wide range of technical indicators and analysis tools. Traders can execute trades, manage positions, and access real-time market data easily. MT4 also supports the use of expert advisors (EAs), enabling automated trading strategies. WeTrade App: The WeTrade App is a mobile trading platform designed to provide convenience and flexibility for traders on the go. With the app, clients can access their trading accounts, monitor market conditions, execute trades, and manage positions directly from their smartphones or tablets. The app offers a seamless and intuitive user interface, ensuring a smooth trading experience even while away from a desktop computer. Multi-Terminal: WeTrade offers a multi-terminal platform that is specifically designed for money managers and professional traders overseeing multiple trading accounts simultaneously. This platform allows for efficient management of multiple accounts from a single interface. Traders can execute trades, monitor positions, and allocate funds across different accounts conveniently. MAM (Multi-Account Manager): The MAM platform is tailored for money managers who handle multiple investor accounts. It provides advanced features for managing and executing trades across multiple accounts with different allocation methods. MAM allows money managers to implement various strategies, calculate performance fees, and generate comprehensive reports for their clients. See the trading platform comparison table below: Broker Trading Platform WeTrade MT4, WeTrade App, Multi-Terminal and MAM OctaFX MT4, MT5, cTrader Eightcap MT4, MT5 ForexMart MT4 Trading Tools WeTrade provides a variety of trading tools and educational resources to help traders enhance their trading knowledge and skills. Here's a brief description of the educational tools and resources available: Terminologies: WeTrade offers a comprehensive glossary of trading terminologies. This resource provides explanations and definitions of key terms used in the financial markets. Traders, especially beginners, can refer to this glossary to familiarize themselves with the language and concepts used in trading. Trading Central: Trading Central is a renowned provider of technical analysis and market research. WeTrade offers access to Trading Central's services, providing traders with valuable insights, trading signals, and daily market analysis. This resource can assist traders in making informed trading decisions based on technical indicators and expert analysis. Economic Calendar: WeTrade provides an economic calendar that highlights significant economic events, such as central bank announcements, economic data releases, and geopolitical events. Traders can use this calendar to stay updated on upcoming events that can impact the financial markets. By understanding the potential market-moving events, traders can adjust their strategies accordingly. Analyst Views: WeTrade offers access to analyst views and research reports from industry experts. These reports provide market analysis, forecasts, and insights into various financial instruments and markets. Traders can benefit from the analysis and opinions of experienced analysts, which can help them gain a broader perspective on the markets. TC MT4 Indicators: WeTrade provides access to Trading Central's MT4 indicators. These indicators, developed by Trading Central, are designed to assist traders in identifying potential trading opportunities and making informed trading decisions. Traders can leverage these technical indicators within their MT4 platform to enhance their trading strategies. Market Commentary: WeTrade offers market commentary that provides regular updates and insights on the financial markets. Traders can access expert analysis, news highlights, and commentary on market trends, helping them stay informed about the latest market developments. Web TV: WeTrade features a web TV service that offers live streams and recorded videos covering various financial topics. Traders can access educational webinars, interviews with industry experts, market insights, and trading strategies. The web TV resource enables traders to expand their knowledge through visual and interactive content. Deposits & Withdrawals WeTrade accepts deposits and withdrawals via various ways. Here are the details of deposits and withdrawals. Deposit USDT Bank Wire Local Deposit Handling fee 0 handling fee Subject to bank No handling fee Advantages Support multiple currencies worldwide ,Easy to operate, Instant arrival, Support any bank, No fees Direct deposit Instant arrival, Easy to operate, No fees Disadvantage No Fees charged by bank, The arrival time shall be subject to bank Selected Countries only Withdrawal UnionPay Bank Wire Withdrawal Arrival time Arrival on the same day (working day) Subject to bank Same day arrival Handling fee No Subject to bank No handling fees Customer Service WeTrade offers live chat. With live chat, customers can get their questions answered quickly and receive help with any issues they may have. It's a convenient and effective communication channel that can improve customer satisfaction and increase sales. Customers can visit their office or get in touch with customer service line using the information provided below: Email: marketing@wetradefx.com Moreover, clients could get in touch with this broker through the social media, such as Facebook and YouTube. Facebook: https://www.facebook.com/global.wetrade YouTube: https://www.youtube.com/channel/UCkobuWyhAbdwFLBMFY_UClg Whats more, WeTrade provides a Frequently Asked Questions (FAQ) section on their website to assist their clients with commonly asked questions and provide relevant information. The FAQ section aims to address common queries and concerns that investors may have regarding the company's services, processes, and investment opportunities. By offering this resource, WeTrade aims to provide transparency and clarity to their clients, helping them make informed decision. Conclusion In conclusion, WeTrade is a trading platform that offers a wide range of trading instruments and multiple account types for traders to choose from. They also offer various trading platforms to cater to different needs. However, it's important to note that WeTrade is registered in Saint Vincent and the Grenadines and does not have a valid regulation from a government or financial authority. This lack of oversight raises concerns about the safety and security of investors' funds. Therefore, investing with WeTrade carries higher risk and caution should be exercised. Frequently Asked Questions (FAQs) Q 1: Is WeTrade regulated？ A 1: No. It has been verified that this broker currently has no valid regulation. Q 2: How can I contact the customer support team at WeTrade？ A 2: You can contact via email, marketing@wetradefx.com and live chat. Q 3: Does WeTrade offer demo accounts？ A 3: Yes. Q 4: Does WeTrade offer the industry leading MT4 & MT5？ A 4: Yes. It offers MT4, WeTrade App, Multi-Terminal and MAM. Q 5: What is the minimum deposit for WeTrade？ A 5: The minimum initial deposit to open an account is $10. Q 6: Is WeTrade a good broker for beginners？ A 6: No. It is not a good choice for beginners because of its suspicious clone condition. Q 7: At WeTrade, are there any regional restrictions for traders？ A 7: Yes. WeTrade brand does not provide services to residents of the USA, Canada, Haiti, Iran, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Syria, North Korea and Cuba.