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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

WeTrade

United Kingdom|5-10 years| Benchmark AA|
Straight Through Processing(STP)|MT4 Full License|United Kingdom Appointed Representative(AR) Revoked|High potential risk|Offshore Regulated|

https://www.wetradefx.com

Website

Rating Index

Benchmark

Benchmark

AA

Average transaction speed (ms)

411.4 Good

MT4/5

Full License

WeTrade-Live2

Hong Kong
MT4
29

Influence

B

Influence index NO.1

United States 8.05
The WikiFX Score of this broker is reduced because of too many complaints!

Benchmark

Speed:AA

Slippage:AAA

Cost:A

Disconnected:AAA

Rollover:B

MT4/5 Identification

MT4/5 Identification

Full License

29
Server Name
WeTrade-Live2 MT4
Server Location Hong Kong

Influence

Influence

B

Influence index NO.1

United States 8.05

Surpassed 74.77% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

globalsupport@wetradefx.com
https://www.wetradefx.com
20-22 Wenlock Road London N1 7GU UNITED KINGDOM
https://www.facebook.com/global.wetrade

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

More

Danger

MU FSC
2023-01-12

Danger

MY SCM
2022-01-01

Contact number

Other ways of contact

Broker Information

More

Company Name

WeTrade International Limited

Abbreviation

WeTrade

Platform registered country and region

United Kingdom

Company website
Facebook
YouTube

Pyramid scheme complaint

Expose

Check whenever you want

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WikiFX Risk Alerts 3
Previous Detection : 2024-07-12
  • The number of the complaints received by WikiFX have reached 9 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • United KingdomFCA (license number: 780894) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • The Saint Vincent and the Grenadines FSA regulation with license number: 25198 IBC 2018 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

WeTrade · WikiFX Survey
WeTrade · Benchmark
Average transaction speed(ms)
411.4 Good
The highest transaction speed(ms)
296 Poor
The highest speed of opening positions(ms)
296
The highest speed of closing position(ms)
407 Poor
The lowest speed of opening positions(ms)
969 Great
The lowest speed of closing position(ms)
486 Great
15.66USD/Lot Good
22.19USD/Lot Perfect
Long: -7.81USD/Lot    Short: 0.44USD/Lot Poor
Long: -36.78USD/Lot    Short: 18.66USD/Lot Poor
Average slippage
-0.3 Great
Maximum transaction slippage
25
Maximum positive slippage
5 Poor
Maximum negative slippage
25
Average disconnection frequency (times/day)
0.4 Perfect
Average reconnection time (millisecond/per request)
22.8
Ranking: 50 / 133
Test user 392
Orders 9,240
Ocuppied margin $656,344 USD
Data Source WikiFX Data provide
Updated: 2024-07-11 01:00:00

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Expose

    Total Margin Trend

    • VPS Region
    • User
    • Products
    • Closing time
    • Dubai
    • 421***
    • XAUUSDc
    • 07-05 20:07:11
    • Shanghai
    • 116***
    • XAUUSDc
    • 07-05 20:12:49
    • BeiJing
    • 695***
    • XAUUSDc
    • 07-05 18:20:55

    Stop Out

    0.76%

    Stop Out Symbol Distribution

    6 months

    Sources
    Language
    Mkt. Analysis
    Creatives

    WeTrade · Company Summary

    Company Summary

    Company profile

    Note: WeTrades official site - https://www.wetradefx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information & Regulation

    Feature Information
    Registered Country/Region United Kingdom
    Found 2015
    Regulation unregulated
    Market Instrument forex, indices, energies, precious metals
    Account Type STP, VIP, ECN and Affiliate
    Demo Account N/A
    Maximum Leverage 1:1000
    Spread Vary on the account type
    Commission Vary on the account type
    Trading Platform MT4
    Minimum Deposit $100
    Deposit & Withdrawal Method USDT, bank wire transfers

    WeTrade, a trading name of WeTrade International Limited, is a forex broker founded in 2015 and based in London, UK.

    As for regulation, WeTrade holds a revoked (United Kingdom) Financial Conduct Authority license and an offshore regulated (Saint Vincent and the Grenadines) Financial Services Authority license. That is why its regulatory status on WikiFX is listed as “Offshore Regulatory” and receives a relatively low score of 4.48/10. Please be aware of the risk.

    General Information & Regulation

    Note: The screenshot date is February 3, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

    Market Instruments

    The company offers a wide range of trading products, including forex, indices, energies, precious metals, four trading categories in total, and more than 60 kinds of trading products.

    Account Types

    WeTrade has set up four types of accounts for investors with various investment needs and strategies, including the STP (minimum deposit of $100), VIP (minimum deposit of $1000), ECN (minimum deposit of $3000), and Affiliate accounts (minimum deposit of $100).

    Leverage

    When it comes to trading leverage, the maximum leverage is up to 1:1000 for Forex trading, which sounds incredibly high. Inexperienced traders are advised not to use such high trading leverage in case of fund losses.

    Spreads

    Spreads vary depending on the different account types chosen. The minimum spread for the STP account is 1.8 pips for EUR/USD, with no trading commission. The minimum spread for the VIP account is 1.0 pips for EURUSD, with no trading commission. The minimum spread for the ECN account is 0, charging a commission of 7 USD per lot. The minimum spread for the Affiliate account is 2.3 pips for EURUSD, requiring no trading commission.

    Trading Platform

    WeTrade offers its clients the advanced and popular MT4 trading platform, MAM and Multi-Account Management Tool (MAM). MT4 comes with robust charting and data analysis functions, available for PC, iOS, and Android versions. The MAM and multi-account management tools are two types of multi-account management systems that allow traders to trade for multiple accounts simultaneously.

    Deposit & Withdrawal

    Deposit methods support USDT, wire transfer, no commission for USDT deposit, support any bank, and instant payment. For wire transfers, the bank will charge a fee, and the time of arrival is subject to the bank. Withdrawal methods are CUP and wire transfer. The bank will charge a fee for wire transfers, and the time of arrival will be determined by the bank.

    Customer Support

    The WeTrade customer support team can be contacted through email: globalsupport@wetradefx.com, chinasupport@wetrade.net, support@wetradefx.com. You can also follow this broker on social networks such as WeChat: wolovewetrade, Facebook, and YouTube.

    Pros & Cons

    Pros Cons
    • Wide range of trading assets and account types • No regulation
    • MT4 supported • Website inaccessible
    • Limited funding options

    Frequently Asked Questions (FAQs)

    Q 1: Is WeTrade regulated?
    A 1: No. WeTrade holds a revoked (United Kingdom) Financial Conduct Authority license and an offshore regulated (Saint Vincent and the Grenadines) Financial Services Authority license.
    Q 2: Does WeTrade offer the industry-standard MT4 & MT5?
    A 2: Yes. WeTrade supports MT4.
    Q 3: What is the minimum deposit for WeTrade
    A 3: The minimum initial deposit to open an account is $100.
    Q 4: Is WeTrade a good broker for beginners?
    A 4: No. WeTrade is not a good choice for beginners. Though it advertises very well, it lacks legitimate regulations.
    Registered in United Kingdom
    Regulated by LFSA, FSA
    Year(s) of establishment 5-10 years
    Trading instruments Forex pairs, metals, energies, indices, stocks, cryptocurrencies… 90+ instruments
    Minimum Initial Deposit $50
    Maximum Leverage 1:2000
    Minimum spread 0.0 pips onwards
    Trading platform MT4
    Deposit and withdrawal method Bank wire transfer, USDT, local deposit, union pay
    Customer Service 24/7 Email, live chat, YouTube, Facebook, line
    Fraud Complaints Exposure No for now

    General information of WeTrade

    WeTrade is a UK registered forex broker that is regulated by the Financial Services Authority (FSA) and the Labuan Financial Services Authority (LFSA) in Malaysia. The FSA is one of the most reputable financial regulatory bodies in the world, and its oversight ensures that WeTrade operates according to strict standards of transparency and fairness. The LFSA is also a well-respected regulator and its oversight provides an additional layer of protection for traders. WeTrade's regulatory status is a significant advantage as it offers traders a level of protection and reassurance that their funds are safe and that the broker is operating within the law.

    General information

    Regulatory Status

    WeTrade is regulated by the Labuan Financial Services Authority (LFSA) in Malaysia under a Straight Through Processing (STP) model, ensuring adherence to local financial regulations. Additionally, it holds offshore regulatory status with the Financial Services Authority (FSA), which includes business registration for broader operational compliance. These regulatory frameworks ensure that WeTrade maintains high standards of transparency and security, providing a reliable trading environment for its clients.

    Regulatory Status

    Regulatory Status

    Pros and Cons of WeTrade

    Pros:

    • Regulated by FSA and LFSA, ensuring client fund safety

    • Wide range of instruments including forex pairs, metals, energies, indices, stocks, and cryptocurrencies

    • Multiple account types to suit different traders, including a demo account

    • Competitive spreads and high leverage of up to 1:2000

    • Educational resources available to traders, including an economic calendar and video tutorials

    Cons:

    • Limited deposit and withdrawal options, with only USDT, bank wire, and local deposit accepted for deposit and union pay and bank wire for withdrawal

    • Customer support with only email and social media channels for communication

    • Limited information available about the company's background and history

    • No mobile trading platform available for traders on the go

    • ECN account requires a minimum deposit of $3000 and charges a commission of $7 per lot traded.

    • Pros Cons
      Regulated by FSA and LFSA Limited deposit/withdrawal options
      Wide range of instruments Customer support limited to email and social media
      Multiple account types, including demo Limited company background information
      Competitive spreads; high leverage up to 1:2000 No mobile trading platform
      Educational resources available ECN account: $3000 minimum deposit, $7/lot commission

    Market Instruments

    WeTrade offers its traders a wide range of 90+ instruments to choose from, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. This provides traders with a great opportunity to diversify their trading portfolio and access a variety of markets and assets. However, the broker does not provide specific information on spreads for each instrument, which can be a disadvantage for traders who are looking for greater transparency in terms of trading costs. Additionally, the selection of cryptocurrencies offered by WeTrade is somewhat limited compared to some other brokers in the market.

    market instruments

    Spreads and Commissions for trading with WeTrade

    WeTrade offers multiple account types, including STP, VIP, ECN, and Affiliate accounts, each with different spreads and commissions. The STP account offers spreads of EURUSD from 1.8 pips, with zero commission, making it an ideal choice for beginner traders. The VIP account offers lower spreads of EURUSD from 1.0 pips, with zero commission, making it a suitable option for advanced traders. The ECN account offers zero spreads, but with a commission of $7 per lot traded, making it more suitable for high-volume traders. Lastly, the Affiliate account offers spreads of EURUSD from 2.3 pips, with zero commission, designed for traders who want to earn commission through referrals. Overall, WeTrade's spreads and commission rates are competitive and cater to different trading needs.

    spreads and commissions

    Trading Accounts

    WeTrade offers traders a choice of four account types to suit their needs. The STP and VIP accounts have a minimum deposit of 50USD and 1000USD, respectively, and both offer commission-free trading. The ECN account requires a higher minimum deposit of 3000USD but offers spreads as low as 0.0 pips with a commission of 7USD per lot. The Affiliate account has the same minimum deposit as the STP account and offers commission-free trading, but with wider spreads. Additionally, a demo account is available for traders who want to practice their trading strategies without risking real money. The high leverage of 1:2000 is available across all account types, but some traders may prefer a lower leverage.

    account types

    Trading Platform(s)

    WeTrade offers its clients the MetaTrader 4 (MT4) platform, which is a well-known and widely used trading platform in the forex industry. The platform is known for its user-friendly interface and wide range of technical analysis tools and indicators, making it a popular choice among traders. Additionally, MT4 supports algorithmic trading through Expert Advisors (EAs), providing traders with automated trading capabilities. However, one of the main disadvantages of MT4 is its limited customization options, making it difficult for traders to create a personalized trading environment. Additionally, the platform lacks a built-in economic calendar and mobile push notifications, which can be a drawback for traders who rely on these features. Lastly, while MT4 supports multiple order types, it has limited timeframes for backtesting, which can be a disadvantage for traders who want to thoroughly test their strategies.

    trading platform

    Maximum Leverage

    WeTrade offers a maximum leverage of up to 1:2000, which is relatively high compared to other forex brokers. This allows traders to potentially increase their profits with a smaller capital investment and have greater market exposure. However, high leverage also increases the risk of significant losses and margin calls, especially for inexperienced traders who may misuse it or engage in overtrading or emotional trading. Experienced traders with solid risk management strategies may find high leverage useful, but regulated brokers have limits on maximum leverage, which may restrict traders from taking advantage of higher leverage ratios.

    Deposit and Withdrawal

    WeTrade offers its clients multiple deposit options, including USDT, bank wire, and local deposits. Clients can withdraw funds via union pay and bank wire. WeTrade does not charge any extra fees for deposits or withdrawals. Additionally, there is no minimum account required, making it accessible for traders with different budgets. However, there is limited information provided about the deposit/withdrawal processing time. While WeTrade provides a safe and secure transaction environment, it offers limited withdrawal options compared to other brokers.

    deposit and withdrawal

    Educational Resources

    WeTrade offers various educational resources to its clients to enhance their trading skills and knowledge of the financial markets. The resources include an economic calendar, market reports, video tutorials, analyst views, indicators, and TV channels. The economic calendar keeps clients informed about important upcoming events that could affect the markets, while the market reports and analyst views provide up-to-date information on market trends. The video tutorials cover a range of topics from the basics of trading to advanced strategies, and clients can access a variety of indicators and TV channels for technical analysis. The educational resources are available in multiple languages to cater to clients from different parts of the world. However, there is no dedicated educational section on the website, and the educational resources may not be sufficient for advanced traders seeking more in-depth training.

    educational resources

    Customer Service of WeTrade

    WeTrade offers a comprehensive customer care service that is available 24/7 through various communication channels such as email, YouTube, Facebook, and line. This provides customers with multiple options to reach out to the support team and get their queries resolved in a timely manner. Additionally, the support team has a reputation for providing quick response times, which ensures that customers' issues are resolved efficiently. However, WeTrade does not offer phone support, which may be inconvenient for some customers who prefer to speak with a representative directly. Moreover, the response time may vary based on the communication channel used, and the nature of the query may also impact the response time.

    customer support

    Conclusion

    In conclusion, WeTrade is a UK-based forex broker that is regulated by FSA and LFSA. The broker offers various account types, including STP, VIP, ECN, and affiliate, with competitive spreads and high leverage up to 1:2000. The broker supports various trading instruments, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. Moreover, WeTrade provides educational resources and customer support available 24/7 via email, YouTube, Facebook, and Line. Overall, WeTrade has some advantages such as competitive trading conditions, a wide range of tradable instruments, and excellent customer support, which make it an attractive option for traders. However, there are also some drawbacks such as limited deposit and withdrawal options, lack of a proprietary trading platform, and no negative balance protection. Therefore, traders should carefully consider their options and weigh the advantages and disadvantages before choosing WeTrade as their preferred forex broker.

    Frequently asked questions about WeTrade

    • What is the minimum deposit required to open an account with WeTrade?

    • The minimum deposit required to open an account with WeTrade varies depending on the account type chosen. For the STP or affiliate account, the minimum deposit is 50 USD, for the VIP account it is 1000 USD, and for the ECN account it is 3000 USD.

    • What trading platforms does WeTrade offer?

    • WeTrade offers the popular MetaTrader 4 (MT4) platform for desktop, web, and mobile devices. MT4 is well-known for its advanced charting features, customization options, and automated trading capabilities.

    • What are the maximum leverage levels offered by WeTrade?

    • WeTrade offers a maximum leverage of up to 1:2000 for all account types, which means that traders can open positions that are up to 2000 times the size of their account balance.

    • What instruments can I trade with WeTrade?

    • WeTrade offers a variety of financial instruments for trading, including forex pairs, metals, energies, indices, stocks, and cryptocurrencies. In total, there are over 90 instruments available for trading.

    • How can I contact WeTrade customer support?

    • WeTrade offers 24/7 customer support via email, YouTube, Facebook, and Line. Traders can reach out to the support team at any time for assistance with their account or trading-related questions.

    User Reviews

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    9

    Comments

    Write a review

    jewhdi
    more than one year
    High Fees and Commission rates. You are technically forced to make 3 trades per quarter to avoid any fees - which is ok for me, maybe not for some. £8 per trade is high, although maybe lower than other sites.
    2024-05-17 18:43
    Reply
    0
    0
    s4916
    more than one year
    Deposits are quick and easy. If you want to trade with company funds, opening an account with a business license is the best option. Unfortunately, sometimes the spread on gold can be quite large until the pending orders are triggered. Stop-loss is also not tight, as it usually ends up a few more points than what I set. Haven't had the chance to try withdrawals yet because I've been losing consistently.
    2024-03-22 15:50
    Reply
    0
    0
    董98129
    more than one year
    I used to have my best trading experience with WeTrade for 5 years, but I cannot open its official website now. I tried to contact my previous account manager, but I failed…
    2023-02-24 15:07
    Reply
    0
    0
    Ricci Leonardo
    more than one year
    What's going on? Why can't the site get in?! Could it be that there is a problem with my network again, or has this broker run offshore? So confusing, oh my Gosh!
    2023-02-13 16:29
    Reply
    0
    0
    不负
    more than one year
    Zhonghui's fees are quite transparent, there are no hidden fees, and there are a lot of educational resources and related support, which is very friendly to novices. The trading environment is not bad, and the account manager is quite professional.
    2022-12-14 14:52
    1
    0
    0
    ヾ杨杨
    more than one year
    I really don't want to remember my miserable experience, but I hope more people can read my review and stay away from this scammer. Do not trade with WeTrade! They're rigging the system behind your back to steal investors' money, and then excuse themselves by saying that it's all because the forex market itself is extremely risky.
    2022-11-27 10:56
    Reply
    0
    0
    A. 安于此生
    more than one year
    This broker is currently not subject to any legal regulation and the website is inaccessible. The overwhelming amount of complaints online makes me feel that this broker is probably a scammer. Still, be careful and never put your money in the hands of an unregulated broker.
    2022-11-24 12:05
    Reply
    0
    0
    FX1029549370
    more than one year
    They are big frauds! I’ve deposited $2,000 till now was not credited, they are completely scams. Anybody who has such experience? Maybe we can work together to raise complaint on them.
    2022-11-23 18:14
    Reply
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