WHO IS FOREXWEBTRADER?
According to research in South Africa ForexWebTrader is a German company founded in 2003 with headquarters in Germany.
ForexWebTrader is not a broker as such but a partnership between Saxo Bank of Denmark and ForexWebTrader Global Investments of the BVI. It deals only with the Forex market.
The ForexWebTrader is a site that has access to some of the best IT staff around the globe and this shows through in their trading platform, which provides one-click ordering and mobile trading capabilities.
Min Deposit
USD 25
Regulators
Not Regulated
Trading Platform
WebTrader Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
SAFE OR SCAM
ForexWebTrader is not regulated by an authorized financial body, but it is backed by Saxo Bank and a member of the Forex trading elite. It does give customer data protection.
PRO AND CONS
| PROS | CONS |
| 1. Allows you to trade even when you are not in front of your computer. | 1. ForexWebTrader only deals only with the forex market |
| 2. Comprehensive Platform Guide that directs you into the world of forex training. | 2. No US clients
|
| 3. Some of the charts can be difficult to read | |
| 4. Not regulated |
LEVERAGE
Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.
Leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
It is not clear on the internet what the leverage is that ForexWebTrader offers.
ACCOUNTS
ForexWebTrader only offers one standard account for traders. It does not have a demo account but with a minimum deposit of only $25 traders can take a chance in starting to trade immediately after opening an account.
ForexWebTrader also provides new customers with a 10 percent sign up bonus on your first deposit.
MARKET INSTRUMENTS
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
ForexWebTrader only offers trading in forex.
FEES
Cost and fees depend on different factors, like spread and margins, and ForexWebTrader clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
There is no clear indication on the internet what the spreads, fees or commissions is that is charged by ForexWebTrader.
DEPOSIT AND WITHDRAWAL
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
In the case of ForexWebTrader, like all Saxo Bank-backed Forex sites, the following payment methods is allowed for deposits and withdrawals:
- Visa
- Mastercard
- Bank wire transfer
- E-gold
- PayPal
- MoneyBookers
- Neteller
When you withdraw funds, they will be returned via the same currency. Deposits and withdrawals are done immediately once a trader is in the Saxo Bank system as a legitimate customer.
TRADING PLATFORMS
The forex trading platform provided by ForexWebTrader to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
ForexWebTrader provides only WebTrader as the one and only trading platform. It is available in six languages and offers trading on live tradable prices from the Price/Trade panel.
Trading on these live tradable prices is very simple. The One-Click-Trading feature allows you open and close positions immediately.
Once a trade is enabled, the one-click trading feature is available for 30 seconds. It will then be disabled again as a safety precaution to prevent you trading inadvertently.
ForexWebTrader also enables you to customize how and at what price you trade securities. To use this a Trailing Stop is attached to the stop-loss feature. It allows you to automatically adjust the level of your stop loss so that the stop is always a pre-specified distance from the last best market price. Trailing stops move your order in your favour until the market reverses.
You also do not have to be at your computer to trade. ForexWebTrader also offers the Mobile WebTrader that allows you to manage your account while away from your computer.
Traders can open and close positions, place orders or just monitor the current prices. It is available for smartphones and tablets.
HOW TO OPEN AN ACCOUNT
Similarly to a bank, to register a forex trading account with ForexWebTrader for the first time, you will be required to go through a basic “know your customer” process, which will allow ForexWebTrader to ascertain that your submitted details and ensure the safety of your funds and account details.
It is easy to get started. Although no practice account is available, forex traders can begin with as little as $25 and register through an email. Once you sign up, you will be directed to a page with more information on creating your username and password.
Once this is done you can start trading immediately.
CUSTOMER SUPPORT
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of ForexWebTrader customers can reach the support team 24 hours in real time by phone, live chat and e-mail, except for Saturdays.
EDUCATION
Before starting to trade, potential clients of ForexWebTrader should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
There is no clear indication whether ForexWebTrader provides educational tools to help traders find their way in the forex world.
RESEARCH
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With ForexWebTrader customers have access to not only the help the platform gives you, but you also have access to a wide selection of charts to views and calculate your past, present and future moves.
Updates regarding global and economic announcements are published 24 hours a day and traders can also read up on the professionals’ picks and projections for the day’s trading.
AWARDS
There is no indication on the internet whether ForexWebTrader has received any awards since its inception.
CONCLUSION
ForexWebTrader, being part of the online Forex trading empire run by Saxo Bank, is a site that is easy to use.
The actual trading platform at ForexWebTrader is simple enough to be used by the beginner trader but also appealing to some large institutional Forex traders.
Beginners can start an account for as little as $25, but with the advantage of the 10 percent initial deposit bonus a higher initial deposit would be recommended.
Customer service at ForexWebTrader is good, and deposit and withdrawal options are abundant.
DISCLAIMER
Forex trading carries a high level of risk and may not be suitable for all investors. Forex is complex instruments, and due to leverage, retail accounts lose money. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it, according to research in South Africa.
Min Deposit
USD 25
Regulators
Not Regulated
Trading Platform
WebTrader Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
FOREXWEBTRADER AT A GLANCE |
|
| Broker’s Name | ForexWebTrader |
| Headquartered | Germany |
| Year Founded | 2003 |
| Regulating Authorities | Non indicated |
| Countries not accepted for trade | US |
| Islamic Account (Swap Free) | Not clear |
| Demo Account | No |
| Institutional Accounts | Yes |
| Managed Accounts | No |
| Maximum Leverage | Not indicated |
| Minimum Deposit | $25 |
| Deposit Options | Visa, Mastercard, Bank wire transfer, E-gold,
PayPal, MoneyBookers, Neteller |
| Withdrawal Options | Visa, Mastercard, Bank wire transfer, E-gold,
PayPal, MoneyBookers, Neteller |
| Platform Types | WebTrader |
| OS Compatibility | Desktop, web, smartphones, tablets |
| Tradable Assets | Forex |
| Languages supported on Website | Six languages but it does not indicate which |
| Customer Support Languages | Six languages but it does not indicate which |
| Customer Service Hours | 24/5 |
Frequently Asked Questions
How many instruments can I trade with ForexWebTrader?
With ForexWebTrader you can only trade in Forex.
Which platforms are supported by ForexWebTrader?
ForexWebTrader only provides the WebTrader platform.
What is the minimum deposit for ForexWebTrader?
Forex traders can begin trading with ForexWebTrader for a minimum deposit of $25
Where is ForexWebTrader based?
ForexWebTrader headquarters is in Germany
Does ForexWebTrader have a demo account?
No demo account option is available from ForexWebTrader
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