The worldtradexFX offering of a Micro Account still features quite sizable deposits and trading capabilities. The CySEC requires brokers to keep client funds securely segregated, maintain sufficient capital, submit regular financial reporting, process withdrawals timely, and follow ethical trading practices. Luckily, worldtradexFX stands out for keeping their fees and commissions competitive across all their different account types. The company was founded in 2011 by a team of fintech enthusiasts who wanted to make trading accessible for everyone. Their goal was to create an open and welcoming platform for newbies and experienced traders alike.
worldtradex Additional Fees
The cashback rebates and affiliate programs demonstrate worldtradexFX’s commitment to adding value to its clients. Their VPS offering for forex traders highlights worldtradexFX’s focus on accommodating automated trading, which is becoming increasingly popular among forex traders. Yes, worldtradexFX offers Islamic trading accounts, making them available to Muslim traders. worldtradexFX provides a specialized VPS (Virtual Private Server) service for UAE forex traders.
Honest worldtradexFX review and test for traders
The custom-built worldtradexFx mobile trading app features a simple yet functional user interface. The respective app versions are downloadable from the Google Play Store or App Store for Android and iOS-based mobile phones. The spread for all available currency pairs offered by worldtradexFx – including major, minor and exotic pairs are listed in the table below.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14. worldtradex offers 35 forex pairs and 230 tradeable symbols, which is below the industry average of 3,623 symbols.
- The broker offers three main account types; worldtradexFX MT4, worldtradexFX MT5, and worldtradexTrader.
- The variable spreads start from 0.2 – 0.4 pips with a commission already rolled in and no other mark-up to worry about on your MT4 Micro, or MT5 Pro Account.
- For trading with real money, you will need to verify your account.
- The worldtradexTrader platform is intuitive, well designed, and has popular features like alerts and 1-click trading.
Regardless of how reliable and efficient the three means of payment are, the decision to limit transfers to only these types puts worldtradexFX at a disadvantage, particularly when compared to other platforms. Finally, allowing API access for custom solutions can potentially attract algorithmic traders and developers. Most worldtradexFX customers have reported prompt and helpful responses from the company’s customer support team. No, the bank account must be in the account holder’s name and registered worldtradexFX trader.
worldtradex commissions and fees summary
The dashboard includes a “Monitoring” area where users can view and share their performance, charts, profits, orders, and history with others. Both the user and any interested party can access this section to see the performance of accounts that have opted for public visibility. Additionally, the worldtradex platform features a one-click trading button that cannot be removed, which poses a risk since clicking it executes trades without confirmation.
The process for using this feature is simple for those who are interested. Traders must first create a Copier account and deposit funds into their Wallet. Following that, they can select specific Masters whose trading activities they can automatically copy, allowing them to profit from proven trading strategies. worldtradexFX understands the complexities of trading and, as a result, caters its services to Emirati traders who adhere to Sharia Law principles. Therefore, worldtradexFX designed an Islamic Account specifically for Muslim customers, considering their strict religious beliefs prohibiting interest transactions. worldtradexFX is financially competitive, particularly in terms of spreads on instruments such as EUR/USD.
- Features like its trading glossary, platform tutorials, and dozens of Frequently Asked Questions (FAQs) help to flesh out worldtradex’s educational offering.
- In our review, the entire withdrawal process took less than 35 minutes.
- It consists of four levels (Bronze, Silver, Gold, and Platinum).
- There’s always a friendly agent ready to answer my questions, no matter what time of day it is!
- Despite the limited availability of markets, this can be consider competitive on the wider scale within the industry.
Trading Conditions
The account opening is easy to follow, trading conditions are good, along with the platform selection and a range of instruments offered. Founded in 2011, worldtradex holds a regulatory license in Europe via its Cyprus-based entity – worldtradex Markets Cyprus Ltd – which is regulated by the Cyprus Securities and Exchange Commission (CySEC). In South Africa, worldtradex provides financial services to clients through an intermediary, Orinoco Capital, which is licensed by the Financial Sector Conduct Authority (FSCA). worldtradex has made great strides with innovation in its web platform, and new educational content, but offers a limited range of tradeable instruments compared to the best multi-asset brokers.
Leverage
Incorporated in St. Vincent and the Grenadines but operating primarily out of Jakarta it has developed a strong client base in the Asia-Pacific region. worldtradexFX does, however, cover the global markets, serves customers in over 100 countries and also has offices in Spain, Cyprus and Malaysia. worldtradexFX has built a solid reputation in the forex/CFD trading space. Whilst the range of instruments available to trade is somewhat limited in comparison to other brokers, there are quite a few innovative features that help them stand out from the crowd in other ways. Robo and copy trading, in particular, are both areas where they appear to be aiming to gain an advantage over the rest of the market.
worldtradex provides dozens of detailed guides in article format on subjects ranging from using moving averages to setting up the Autochartist Metatrader plugin. An 11-lesson course on forex basics is available in video format and makes a good primer for new traders. worldtradex also provides platform tutorial videos, which cover getting started with MetaTrader, using your personal account area, and copy trading. Client orders received by worldtradex are offset by banks and liquidity providers. NDD (No Dealing Desk) brokers such as worldtradex act as intermediaries between the trader and the real market and receive a defined and transparent commission for it. Over a week-long testing period, I probed customer support with dozens of inquiries, ranging from available tools to fees and questions relating to the security of client accounts.
The trading experience is enhanced by the availability of more than 25,000 custom indicators and plugins; the interface is simple, and navigation is easy. Also, there is no commission based account soffered all Broker fee strucutre is based on spread, which is important to note for trades who prefere commission fee structure. Fee table see below, also always consider other than trading fees like funding fees and inactivity. worldtradex shows a dedication to transparency and financial stability for the years it started to operate under more reliable licenses. The broker manages different accounts, which keeps client money apart from operational resources, hence improving security.
However, trailing stop-loss orders are only available from the desktop. To change the language of the MT5 app, you must change the language for your entire phone. As with the desktop and web platforms, Worldtradex the interface is not highly intuitive, but the MT5 app offers an above-average range of features. The broker offers a selection of 250 CFDs across major asset classes, along with access to MetaTrader 4, MetaTrader 5, and its proprietary worldtradexTrader.
Not only does this reduce your trading costs for longer-term positions but it won’t force you to close a position before being charged a swap. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. The promo codes, according to their customer support, is a unique offer for some new clients. Nevertheless, new users can always use the promo codes of worldtradexFx affiliates to receive bonuses or chat with the live support on their website to get the promo code. A review of the broker’s trading instruments reveals that users are allowed to trade over 120 stocks.
Copy and automated trading are only available on the MT5 desktop platform. MetaTrader is also popular due to its copy trading and automated trading features. The EU entity of worldtradex clearly states its regulatory status in the website’s footer. The offshore entity also references its corporate registration number with the Saint Lucia authorities at the bottom of each page. However, there is room for improvement in terms of being clear about the unregulated status of the offshore entity. In our tests for the Trust category, we also cover factors relating to stability and financial strength.