This Weltrade review conducted in South Africa shows that Weltrade has been operating since 2006 with a team of 65 professionals with extensive international experience in finance and Internet technologies.
The company provides traders with 24-hour high-quality service and an individual approach to each client, with direct communication as its top priority.
The company has its headquarters in Kingstown, St. Vincent and the Grenadines, functioning as an offshore broker offering trading in currency pairs, various CFDs, as well as precious metals through the popular MetaTrader4.
The company provides its services to customers from 18 countries, operating offices in Russia, Ukraine, Belarus and Thailand.
Potential traders should note that St. Vincent and the Grenadines is notorious for its lax regulatory structure, and has become something of a safe haven for illegitimate brokers.
SAFE OR SCAM?
Systemgates Capital Ltd., which owns the brand Weltrade is registered on the St. Vincent and the Grenadines, but does not hold any license.
Therefore the company is not required to comply with any requirements as regards minimum capital or segregation of client’s’ funds, for instance.
It is typically recommended for traders who intend on investing a large amount of money to select forex brokers which are licensed in the UK, Cyprus, the EU or the US.
These countries and regions typically have stringent regulatory bodies which oversee the brokers and enjoy compensation schemes which protect the client’s money in case of insolvency.
Weltrade is an unregulated, offshore broker and that significantly lowers its credibility, and traders would be advised to weigh this in the balance against some of the advantages of trading with this broker.
WELTRADE REVIEW OF PRO AND CONS
| PROS | CONS |
| 1. Low initial deposit | 1. Poorly regulated |
| 2. MT4 and MT5 platforms | |
| 3. High leverage | |
LEVERAGE
The maximum leverage rates at Weltrade are high, reaching 1:1000, while many other reputable brokers will typically offer leverage of up to 1:200 or 1:500.
While leverage is a useful tool which can serve to maximize a traders’ returns significantly, it can also work adversely and result in serious losses, particularly for those who trade with a high margin.
It is for this reason that many jurisdictions set limitations on leverage, which are considerably lower, for instance 1:50 in the USA and 1:25 in Japan.
While Weltrade’s high leverage is an enticing incentive to invest with them, it is also another example of the trading conditions apparent in regions such as St Vincent and the Grenadines, where regulatory requirements are almost non-existent.
ACCOUNTS
Weltrade offers three types of account, namely Micro, Premium and Pro. All of them are commission-free and offer leverage up to 1:500, as well as micro lots for trade.
Added to this, Weltrade has partnered with ZuluTrade – one of the oldest and most popular social trading platforms – in order to provide its clients with the option to follow signals of professional traders for automatic control of their accounts.
The micro account includes the following specifications:
- Minimum deposit: 25 USD
- Average speed of deal execution: from 0.9 seconds
- Account currency: cents USD, cents EUR
- Spread, pips: Floating from 1.9
- Execution type: Market
- Quotation: 5 marks
- Leverage: 1:33 – 1:1000
Premium Account
The premium account comes with the following specifications:
- Minimum deposit: 200 USD
- Average speed of deal execution: from 0.8 second
- Account currency: USD, EUR
- Spread, pips: Floating from 1.9
- Execution type: Market
- Quotation: 5 marks
- Leverage: 1:33 – 1:1000
Pro Account
The pro account comes with the following specifications:
- Minimum deposit: 500 USD
- Average speed of deal execution: from 0.5 second
- Account currency: USD
- Spread, pips: Floating from 0.5
- Execution type: Market
- Quotation: 5 marks
- Leverage: 1:33 – 1:1000
MARKET INSTRUMENTS
Weltrade offers a wealth of trading instruments across all of its different account types.
FEES
Weltrade offers both fixed and variable spreads and all account types, except the ZuluTrade one, are commission-free.
Fixed spreads amount to 2 pips on EUR/USD, which is average, and floating spreads are tight, starting from 0.5 pips on EUR/USD.
Such fixed spreads are considered average for the forex market, and other brokers provide spreads averaged at 0.7 pips on EUR/USD + 1 pip commission.
DEPOSIT AND WITHDRAWAL
Weltrade offers more than 30 ways to deposit into a trading account with no commission. These payment systems include:
- Skrill
- Neteller
- WebMoney
- Perfect Money
- Qiwi Wallet
- Wallet One
- Fasapay
The minimal sum required to open an account with Weltrade is $25, a low initial amount, which is reasonable, considering the liberal regulation.
A service fee is payable on the withdrawal of funds, which can also be conducted through:
- Skrill
- Neteller
- WebMoney
- Perfect Money
- Qiwi Wallet
- Wallet One
- Fasapay
Service fees for the more popular services include:
Visa:
- 2% + 3.0 USD
- 1.2% + 2.7 EUR
- 1.9% (min 50 RUB)
Skrill:
- 1%
Neteller:
- 2% (min. $1.00)
TRADING PLATFORMS
Weltrade offers both MetaQuotes’ platforms, namely MetaTrader4 and MetaTrader5. MetaTrader4 and MetaTrader5 applications traders you to enjoy all functions of the platforms and trade on the go using any mobile device and tablets running on Android.
MetaTrader4 and MetaTrader5 for iPhones and iPads are available for free in the App Store to make the trading experience easy and mobile.
The web platform allows clients to trade Forex from any browser and operating system, and MetaTrader4 MultiTerminal is a new component that is mostly helpful for those who manage investors accounts and for traders working with many accounts simultaneously.
MetaTrader4
The ever popular MetaTrader4 (MT4) is still the preferred choice of most experienced traders.
The platform offers all a trader needs: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive EA back-testing options.
Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
MetaTrader4 is a free program for online trading on the Forex market with impressive analytical capabilities, and more than 50 built-in indicators and tools.
VPS service is also available, allowing clients to trade 24 hours a day 5 days a week even if their computers are off.
MetaTrader5
MetaTrader5 is a multi-asset platform offering outstanding trading possibilities and technical analysis tools, as well as enabling the use of automated trading systems, robots and copy trading.
MetaTrader5 also offers innovative functionality: multicurrency strategy tester, “market depth” function, built-in MQL5 store, new types of pending orders, and also higher execution speed.
Clients of Weltrade who would like to make use of auto trading, but shun ZuluTrade, can make use of Metatrader trading signals – another possibility to copy the signals of successful traders.
What is more, this broker offers the MetaTrader 4 MultiTerminal, which is mostly helpful for those who manage investors’ accounts and for traders working with many accounts simultaneously.
HOW TO OPEN AN ACCOUNT
The Weltrade review is simple and easy.
Potential traders can open a live account by registering directly through the company’s website.
The company also offers a free demo account, which enables newbie traders to practice trading in a safe and secure simulated trading environment.
CUSTOMER SUPPORT
Weltrade offers reasonable customer support in a variety of different languages. The company’s support offering caters to clients in Indonesia, Thailand, Vietnam, Laos, Peru, Colombia, Argentina, Mexico, and China, to name a few.
Clients can contact the company through a message, live chat, or a requested call back, while more specific options can be emailed directly to the relevant departments.
EDUCATION
Apart from its free demo account, the company offers useful educational tools which allow newbie traders to learn about Forex trading. These tools include seminars and a Metrader guide.
Seminars
Weltrade seminars will help traders to consolidate their skills and learn how to increase the profitability of operations on the Forex market.
The company’s speakers are experienced traders who are ready to share their knowledge. Each lesson includes a lively discussion of the most relevant topics and detailed answers from professionals to the questions from the audience.
MetaTrader Guide
After opening an account in their personal area, traders will receive an email with login and password to the trading account in MetaTrader.
Traders then need to download and install MetaTrader terminal or use MetaTrader web-platform. Using Weltrade’s guide, in just a few minutes, new traders can become acquainted with the trading terminal, deposit into accounts and open a deal.
RESEARCH
Weltrade’s research offering includes a trading calculator and an economic calendar which allows traders to keep abreast of developments on the Forex market.
Trading Calculator
This tool enables traders to calculate the value of a pip, the volume of swaps as well as the margin requirements for various trading instruments.
Economic Calendar
The economic calendar allows traders to study the current value and the forecast of a variety of events and indicators from regions all over the world. The calendar will then indicate priority trades as they occur.
AWARDS
- In 2019 the company was recognized as the best foreign broker at the Asia Forex Expo 2019 international exhibition and gained the award for Best Foreign Broker 2019. This award indicates that the high quality of the company’s services was honoured by traders from all over the world.
- In September 2017, the company won Best Customer Service Award.
- On September 25, 2015, the official awarding ceremony Forex Expo Awards in Russia was held, where company received an award for Best Forex Affiliate Program. The affiliate program offers its partners the best conditions of cooperation and up to 85% of spread.
CONCLUSION
Weltrade does offer a number of enticing incentives to trade with them, most notably their low initial deposit, high leverage and range of prospective bonuses.
Added to this, the company offers the highly popular MetaTrader4 and MetaTrader5 platforms, which can be seamlessly integrated across a range of interfaces, allowing clients to execute trades easily.
The company also offers a wealth of trading instruments and a number of educational and research tools with which to learn the variables on these tools and perform their trades with precision and insight.
While the company has garnered several awards, these have typically come from institutions in regions which are not particularly well-recognized for their trading standards or high level of regulation.
As such, Weltrade is an unregulated, offshore broker and that significantly lowers its credibility. The company operates out of St. Vincent and the Grenadines, a region which is notorious for its lax regulations, making it a safe haven for less reputable brokers.
A number of reports and feedback online speak broadly to this problem, with traders complaining of being scammed or of unfair cancellations made by the company.
All in all, potential traders should weigh these factors in the balance against the multiple trade offerings which the company provides.
Once again, traders who wish to invest a high amount of funds should carefully consider making use of brokers which offer such high margins as Weltrade, as the potential losses can be severe (though they can also be maximized).
Read the ThinkMarkets Review here
DISCLAIMER
The Client understands that the risk of suffering trading losses may be quite significant. Client should analyse his financial capabilities before engaging in trading operations.
The Client realizes that he may completely lose his all initial funds and any additional funds used when trading on the market.
The Client agrees that the company cannot be held responsible for client’s losses caused, directly or indirectly, by the government restrictions, restrictions of foreign exchange or market rules, suspension of trading, military operations, or ‘force majeure circumstances’.
The Client must informed about additional risks associated with the specifics of functioning of e-trade systems and the problems of Internet communication nodes.
The Client bears full responsibility for the risks associated with the storage of trading account access data, and must ensure that third parties cannot access the trade terminals.
The Client’s losses and risks associated with the restoration of access to the trading account place no obligations on the company, other than to provide new access data to the client upon sufficient and unambiguous identification of the client as the holder of this account, According to research in South Africa.
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