Is WeTrade safe and legit？ Full review
WeTrade is an Australia-based broker established in 2017 and regulated by the Cyprus Securities and Exchange Commission, the Seychelles Financial Services Authority, and the Australia Securities & Investment Commission. It holds an AAA rating for its trading environment, with perfect scores for speed, slippage, and disconnection, though cost and swap conditions score only C. The broker offers four account types with a maximum leverage of up to 1:2000 and a minimum entry condition of $100, and it supports self-developed, MT5, and MT4 platforms with full MT4/5 licensing plus a mobile app. Customer service is available in 6 languages, and its influence rating is C, concentrated in Chile, Colombia, Spain, Indonesia, India, Malaysia, Thailand, the United States, and Vietnam. On the positive side, it is regulated by multiple authorities, its trading environment is rated perfect, and it provides a full-license MT4/5 trading platform; however, it carries multiple regulatory disclosures, including negative disclosures from regulators, and has a high number of user complaints.
Regulatory Compliance and Security
WeTrade is regulated by three authorities, covering both onshore and offshore oversight:
The CYSEC and ASIC entities hold full regulated status, while the Seychelles entity operates under offshore regulation. The safety level is Level 1.
There were 3 regulatory disclosures in 2023. The Financial Services Commission of Mauritius issued an investor alert stating that an entity using the name WeTrade falsely claimed to be regulated by the FSC and fraudulently used the license number of a licensed entity. The Ministry of Trade of Indonesia blocked 1,222 illegal commodity futures trading websites, a measure that matched WeTrade. The Securities Commission Malaysia listed WeTrade as unauthorized for carrying on unlicensed capital market activities of dealing in securities.
Account Type
WeTrade offers 4 types of accounts:
Trading Environment
WeTrade has a trading environment rating of AAA (Perfect), with the specific breakdown indicators as follows:
Speed Details:
- Fastest speed: 134.0 ms (opening 134.0 / closing 134.0)
- Slowest speed: 1855.0 ms (opening 710.0 / closing 1855.0)
Cost Details:
- Gold (XAU): Average cost 18.45 USD/lot
- Crude Oil (WH): Average cost 18.0 USD/lot
Swap Details:
- Crude Oil Long: -8.0 USD/lot / Short: 0.51 USD/lot
- Gold Long: -58.12 USD/lot / Short: 16.48 USD/lot
Test Data: 630 users participated in the test, with a total of 7,271 transactions and a total balance of $824,082 USD. It ranks 21st among 109 brokers in the comprehensive ranking.
Trading software
WeTrade supports MT4 and MT5 (both with full license), a self-developed platform, and a mobile app. The mobile app experience is rated as "Fair", and the MT5 platform is highly customizable, available in multiple languages, and offers clear expense reports and a good search function, but it lacks two-step login and biometric authentication. Windows, MacOS, Web, and other desktop applications are not supported.
MT4/5 Server Distribution:
- MT5 Servers: WeTradeInternational-Trade (United Kingdom, Germany), WeTradeCapital-Trade (United Kingdom, Germany), WeTradeMarket-Live (China)
- MT4 Servers: WeTradeMarket-Live, WeTrade-Live1, WeTrade-Live2, WeTrade-Demo (United Kingdom, China, Hong Kong, Singapore, Malaysia, Vietnam, Peru, United Arab Emirates, United States)
Mobile Support:
- iOS: WeTrade App
- Android: WeTrade Broker
Customer Service
Customer service supports 6 languages, with English listed among the available languages. Users can reach the team through email and social media channels for answers to most inquiries, but response times may be lengthy.
Influence
WeTrade has an influence rating of C. Its influence is mainly distributed in Chile, Colombia, Spain, Indonesia, India, Malaysia, Thailand, the United States, and Vietnam, with an average influence index of 5.00.
5-10 years
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