Pros & cons of WeTrade FX broker

WeTrade FX Fact sheet

WeTrade FX is a regulated broker. It is overseen by the Financial Services Authority of Saint Vincent and the Grenadines. However, this regulator is an offshore authority known for its less restrictive regulations and since the broker only holds a license from them, it reduces its reliability. Still, one license is much better than being unregulated, and we can assume the broker is not a scam. 

All trading accounts are protected by negative balance protection and client funds are kept in segregated bank accounts. 

Additionally, the broker is a member of an investor compensation fund to provide compensation to eligible investors in case of insolvency. 

There are several trading accounts catering to traders with diverse trading strategies and methods. Cent accounts, STP, VIP, and ECN offer different trading conditions.

Cent account is for traders who want to trade with the smallest possible volumes and comes with a high initial deposit requirement of 100 USD. Usually, brokers offer 5-10 USD minimum deposits or even 1 USD when offering cent accounts. In WeTrade FX’s case this is not the case and the Cent account is not attractive. Spreads also start from 1.8 pips, which is higher than the industry standard of 1 pip. Leverage is at 1:500 and the order execution model is STP.

STP account comes with a higher leverage of 1:2000, a minimum deposit of 10 USD, and zero trading commissions. The spread for major Forex pairs is also lower on the STP account from 1.8 pip. 

The VIP account offers similar specs as the STP account but requires more trading capital from 1000 USD, and spreads are lower from 1 pip.

ECN account requires a higher minimum deposit of 3,000 USD, has a trading commission of 7 USD per lot round-turn, spreads start from 0 pips, and has a maximum leverage of 1:2000. 

An affiliate account can also be opened with just 10 USD and offers spreads from 2.3 pips and a maximum leverage limit of 1:2000 similar to previous accounts. 

Pros & cons of WeTrade FX account types

Comparing WeTrade FX fees with other brokers

WeTrade FX fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

WeTrade FX fees compared to CM Trading fees

WeTrade FX fees compared to plus500 fees

WeTrade FX fees compared to XM fees

WeTrade FX fees compared to AvaTrade fees

WeTrade FX fees compared to Capital.com fees

All trading accounts come with the advanced MetaTrader 4 platform which can be used on all devices including Desktop, mobile, and web. With WeTrade MT4, traders can travel at any time from anywhere in the world, which is the main advantage of advanced platforms like MT4. 

Another essential feature of WeTrade is that it allows multi-terminal functionality for their MT4. Traders can manage several trading accounts simultaneously using one trading platform. 

In the educational department, everything seems fine at WeTrade FX, as the broker offers multiple resources to appeal to both beginners and experienced traders. Traders can use WeTrade’s Forex terminologies and candlestick patterns. While these resources are nowhere near giving beginners enough understanding of financial markets, there are other forms of education offered such as Web V, and Market Commentary. 

From the technical side, there are many useful tools provided to WeTrade FX clients including Economic calendar, trading central, Analyst views, and TC MT4 indicators. The indicators package for MT4 should make it easier for traders to analyze markets and monitor their trading activities more efficiently. 

When it comes to support, multiple channels provide it. What's most important there is a live chat available enabling users to connect with the broker representatives at a moment's notice. Both the website and the live chat are available in several languages, offering assistance to all clients in their native languages. 

There is also an email support and extensive FAQ section available, but no phone support. Generally, when a broker does not offer phone support it immediately alarms us about possible fraudulent activity as hiding a phone number indicates the company tries not to expose itself to clients. 

WeTrade FX is an offshore-regulated Forex and CFDs broker offering trading instruments in diverse asset classes. Spreads are high, and the minimum deposit starts from 10 USD. Spreads from 1.8 pips are well above the industry-accepted standard of 1 pip. Leverage limits are also very high at 1:2000 making it highly risky to trade with WeTrade. The broker offers MetaTrader 4 as a trading platform accessible on multiple platforms. 

WeTrade offers educational and research tools like the economic calendar and MT4 indicators. Customer support is available via live chat and email support, but there is no phone support option. 

Overall, WeTrade FX offers low minimum deposits and access to MT4 but has high spreads and offshore regulation. Traders should exercise extra caution when dealing with this broker.