Wonderinterest 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 & Regulation Feature Detail Regulation Regulated Market Instrument CFDs on shares, indices, commodities, forex and physical shares Account Type Coal, Water, Solar, Nuclear and Fusion Demo Account yes Maximum Leverage 1:30 Spread (EUR/USD) 3.3 pips on Coal account Commission Vary on the asset type Trading Platform MT5 & Mobile App Minimum Deposit $20,000 Deposit & Withdrawal Method credit/debit cards and wire transfers Wonderinterest, a trading name of Wonderinterest Trading Ltd, is allegedly a forex and CFD broker registered in Cyprus that claims to provide its clients with various tradable financial instruments with leverage up to 1:30 and floating spreads on the MT5 and Mobile App trading platform via five different live account types, as well as 24/5 customer support service. Here is the home page of this brokers official site: As for regulation, it has been verified that Wonderinterest is currently regulated by Cyprus Securities and Exchange Commission (CYSEC). That is why its regulatory status on WikiFX is listed as “Regulated” and receives a relatively low score of 2.60/10. Please be aware of the risk. Market Instruments Wonderinterest advertises that it offers access to 1,000+ trading instruments in financial markets, including CFDs on shares, indices, commodities, forex and physical shares. Account Types Apart from demo accounts, Wonderinterest claims to offer five types of trading accounts, namely Coal, Water, Solar, Nuclear and Fusion, with minimum initial deposit requirements of $20,000, $50,000, $100,000, $200,000 and $500,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. Leverage The maximum leverage at Wonderinterest is 1:30 for retail traders. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads & Commissions As tested on the Coal account, spreads on the EURUSD pair are 3.3 pips. You should know that the industry average is only 1.5 pips. The commission for trading physical shares is 0.75% with a minimum of $20, and the one for trading CFDs on shares is 0.25% with a minimum of $25. Trading Platform Available The platform available for trading at Wonderinterest is one of the most notable and preferred trading platforms the market offers - MetaTrader5 and its own-designed Mobile App. The MT5 is highly praised by traders and brokers alike due to its ease of use and great functionality, offering top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors. Deposit & Withdrawal Like most brokers, Wonderinterest also accepts deposits and withdrawals via credit/debit cards and bank transfers. The minimum initial deposit requirement is extremely high - $20,000. The broker itself does not charge any deposit or withdrawal fees – but keep in mind that your payment method provider might. Fees Another thing that is worth taking into consideration is that Wonderinterest charges inactivity fees, maintenance fees, and special service fees, but they did not specify the size of those. Customer Support Wonderinterests customer support can be reached by telephone: +357 25 056 419, email: support@wonderinterest.com or send messages online to get in touch. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. Company address: 176, Makariou III Avenue, Paschalis Avenue House, Agia Zoni, Limassol, Cyprus. Pros & Cons Pros Cons • Regulated • Wide spreads and high commission fee • Multiple trading instruments and account types offered • Extremely high minimum deposit ($20,000) • Demo accounts available • MT5 supported Frequently Asked Questions (FAQs) Q 1: Is Wonderinterest regulated？ A 1: Yes. Wonderinterest is regulated by Cyprus Securities and Exchange Commission (CYSEC). Q 2: Does Wonderinterest offer demo accounts？ A 2: Yes. Q 3: Does Wonderinterest offer the industry-standard MT4 & MT5？ A 3: Yes. Wonderinterest offers the MT5 and Mobile App. Q 4: What is the minimum deposit for Wonderinterest？ A 4: The minimum initial deposit at Wonderinterest to open the most basic account is $20,000. Q 5: Is Wonderinterest a good broker for beginners？ A 5: No. Wonderinterest is not a good choice for beginners. Although it is regulated, and also, it offers demo accounts on the MT5 platform, the trading condition is uncompetitive and the initial capital is too high for beginners.