WeTrade ReviewCategory: Reviews | Author: Trading Brokers | Date: January 1, 2024
If you’re on the hunt for a new forex broker, you might have come across WeTrade. Established in 2011, WeTrade has been providing professional and comprehensive technical services to global financial institutions. They have a presence in several countries, including the United Kingdom, Seychelles, China, and Malaysia, and they offer a range of financial derivatives for trading. But is WeTrade the right broker for you? In this review, we’ll take a closer look at what WeTrade has to offer, from their trading platforms and account types to their educational resources and customer service. So, let’s get started and see if WeTrade could be your next trading partner.
Pros & Cons
- Wide range of trading assets and account types
- Supports the industry-standard MT4 trading platform
- No regulation, which raises concerns about the safety of funds and the broker's credibility
- Charges a commission for ECN accounts, which could increase trading costs for some users
- Limited deposit and withdrawal options, which may not be convenient for all traders
WeTrade is a global forex broker with a presence in several countries including the United Kingdom, Seychelles, China, and Malaysia. They offer over sixty financial derivatives such as forex, indices, crude oil, and precious metals to traders worldwide. They’re all about making trading accessible, so they offer services in multiple languages and are available 24/7. This makes them a good choice for traders in various regions like Europe, Asia, Africa, and Australia.
However, it’s important to note that WeTrade doesn’t provide services to residents in certain countries. These include the USA, Canada, Haiti, Iran, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Syria, North Korea, and Cuba.
WeTrade was established in 2011 and has been committed to providing professional and comprehensive technical services to global financial institutions since then. They offer investment management and advisory services to high net worth individuals (HNW). In 2014, WeTrade completed global resource integration and future layout to provide the world’s top financial talents and information resources. In Asia, they are dedicated to providing the world’s leading trading platform services to major emerging economies and financial institutions.
WeTrade supports the popular MT4 platform, which is a favorite among many traders due to its user-friendly interface and advanced trading features. They also offer various types of trading orders, including market orders, limit orders, stop orders, and trailing stop orders. These orders allow you to execute trades under different market conditions.
WeTrade accepts various payment methods, including credit/debit cards, bank transfers, and electronic payment systems. They do not charge fees for most withdrawal methods, which is a plus for traders who want to keep their trading costs low.
When it comes to the regulation of WeTrade, it’s a bit of a mixed bag. On one hand, they’ve got some paperwork in place. WeTrade International LLC is registered in Saint Vincent and the Grenadines, and they’ve got a license from the Financial Services Authority there to deal in securities.
But here’s the thing, while they claim to follow the requirements of their regulatory authority, the truth is they’re not overseen by the big-name regulators like the FCA or others known for their strict standards. This means they might not offer the same level of protection you’d get with a broker that’s got the stamp of approval from a top-tier regulator.
They do say that they keep clients’ funds separate from the company’s funds and offer negative balance protection, which is reassuring to hear. But still, it’s always better to be safe than sorry, right? So, if you’re looking for peace of mind when trading, you might want to check out some brokers that are regulated by the more recognized authorities. Please see a list of regulated brokers for some alternative options.
Platforms & Tools
When you’re trading with WeTrade, you’ve got a few options to choose from when it comes to platforms:
- MetaTrader 4 (MT4): This is the classic trading platform that’s super popular among traders. It’s got all the bells and whistles you need, like a ton of technical indicators and automated trading capabilities. Plus, it’s user-friendly, so whether you’re a newbie or a seasoned trader, you’ll find your way around it pretty easily.
- WeTrade App: For those who like to trade on the go, the WeTrade App has got you covered. It’s designed for mobile, so you can keep an eye on the markets and make trades from pretty much anywhere.
- Multi-Terminal: If you’re managing multiple accounts, the Multi-Terminal platform could be a game-changer. It lets you handle several accounts at once, which is a big time-saver.
WeTrade also offers some tools to help you manage your trades better:
- MAM (Multi-Account Manager): This tool is perfect for traders who manage clients’ funds or for investors who want to appoint a manager to trade on their behalf. It streamlines the process of managing multiple accounts.
- VPS (Virtual Private Server): If you’re into automated trading, a VPS can be super useful. It allows you to run your trading robots 24/7 without having to keep your own computer on all the time.
WeTrade has a bunch of resources to help you get up to speed with trading. Whether you’re a beginner just starting or a seasoned trader looking to brush up on your skills, there’s something for everyone.
- Trading Knowledge: They’ve got a section dedicated to trading terminology, so you can get familiar with all the jargon. Plus, they cover candlestick patterns, which are super important for technical analysis. And they’ve got a blog where they share insights and tips about trading.
- Trading Central: This is where you’ll find tools to help you stay on top of the markets. They’ve got an economic calendar to keep track of important events, analyst views for expert opinions, and MT4 indicators to help with your analysis. Plus, they offer market commentary and Web TV for more insights.
- Education Videos: If you’re more of a visual learner, you’ll love their trading education videos. They cover a range of topics, so you can learn at your own pace and in your own time.
So, if you’re keen to learn more about trading, check out the education section on the WeTrade website. It’s packed with resources to help you become a better trader.
At WeTrade, you’ve got a pretty wide range of markets to trade in. Whether you’re into traditional markets or you’re looking to dabble in the more modern ones, they’ve got you covered:
- Forex: This is the largest and most liquid market in the world, where you can trade different currencies against each other. It’s open 24/5, so you can trade pretty much whenever you want.
- Metals: If you’re into commodities, you can trade metals like gold and silver. These can be a good way to diversify your portfolio and hedge against risk.
- Energies: This includes things like oil and gas. These markets can be quite volatile, which can mean more opportunities for profit (but also more risk).
- Indices: These are a great way to get exposure to a whole sector or economy at once. For example, you could trade the S&P 500 to get exposure to the largest companies in the US.
- Stocks: If you’ve got a knack for picking winners, you can trade individual stocks. This can be a bit more risky, but it can also be more rewarding if you get it right.
- Cryptocurrencies: If you’re looking to get in on the crypto craze, WeTrade lets you trade a range of cryptocurrencies. Just remember, these markets can be extremely volatile.
So, if you’re interested in exploring these markets further, head over to the WeTrade website.
WeTrade offers a variety of account types to suit different trading needs such as;
- STP Account: The STP Account is a type of account that uses the MT4 trading platform. It offers a maximum leverage of 1:2000 and requires a minimum deposit of just 10 USD. There are no commissions on trades, and orders are executed at market prices. The spread starts from 1.8 for EURUSD. The minimum lot size per order is 0.01, and the maximum lot size per order is 100.
- Standard Account: The Standard Account, like the STP account, uses the MT4 trading platform and offers a maximum leverage of 1:2000. The minimum deposit requirement is also 10 USD, and there are no commissions on trades. However, the spread for EURUSD starts from a lower point of 1.0. The minimum and maximum lot sizes per order are the same as the STP account.
- ECN Account: The ECN Account is designed for high-volume traders. It uses the MT4 trading platform and offers a maximum leverage of 1:2000. However, it requires a higher minimum deposit of 1000 USD. There is a commission of 7 USD on trades, but the spread for EURUSD starts from 0, offering potentially tighter spreads for traders. The minimum and maximum lot sizes per order are the same as the other two account types.
- Islamic Account: For those who want to trade according to Islamic principles, WeTrade offers a swap-free account. This means no interest is charged or earned on positions held overnight.
- Demo Account: If you’re new to trading or want to test out the platform, a demo account is a great place to start. You can trade with virtual money and get a feel for how everything works.
When it comes to funding your account at WeTrade, they’ve got a few options that make it pretty straightforward:
- USDT: This is a type of cryptocurrency that’s pegged to the US dollar. It’s easy to use, supports multiple currencies worldwide, and the best part is, it’s instant and there are no fees. So, you can get trading in no time.
- Bank Wire: This is your traditional bank transfer. It’s a direct deposit method, but keep in mind that your bank might charge a fee. Also, the arrival time depends on the bank, so it might not be as quick as USDT.
- Local Deposit: This is another instant method with no fees. It’s easy to operate, but it’s only available in selected countries.
In wrapping up, WeTrade does offer a range of features that could appeal to different types of traders. They’ve got a variety of account types, a range of markets to trade in, and some handy tools and platforms. Plus, they’ve got some educational resources that could be useful for both beginners and more experienced traders. However, it’s worth noting that while WeTrade offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading brokers reviews.