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Do you want to know which is the better broker between Saxo and WeTrade ?
In the table below, you can compare the features of Saxo , WeTrade side by side to determine the best fit for your needs.
Long: -7.56
Short: 0.34
Long: -33.43
Short: 16.89
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of saxo, wetrade lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Saxo Review Summary in 10 Points | |
Founded | 1992 |
Headquarters | Hellerup, Denmark |
Regulation | ASIC, FCA, FSA, SFC, BDF, CONSOB, FINMA, MAS |
Market Instruments | Forex, stocks, futures, options, bonds, ETFs and CFDs |
Demo Account | Available |
Leverage | 1:100 |
EUR/USD Spread | 0.4 pips |
Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
Minimum deposit | HKD10,000 |
Customer Support | 24/5 phone, email |
Saxo is a Danish investment bank founded in 1992. It provides online trading and investment services in multiple assets, including stocks, bonds, forex, options, futures, and CFDs, through its proprietary trading platforms. The bank operates in over 100 countries and has offices in major financial centers worldwide, including Copenhagen, London, Singapore, and Tokyo. Saxo Bank is regulated by several financial authorities, including the Danish Financial Supervisory Authority, the UK Financial Conduct Authority, and the Monetary Authority of Singapore. The bank also has a banking license and is a member of the Danish guarantee fund for depositors and investors.
Saxo is a multi-asset broker that offers access to a wide range of financial instruments, including forex, stocks, bonds, ETFs, futures, options, and more. The broker provides trading services through its advanced trading platforms and caters to both retail and institutional clients. Saxo operates as a hybrid broker, offering both direct market access (DMA) and market making services.
Saxo is a well-established and reputable broker with a range of trading platforms, instruments, and research tools.
However, the broker's high fees, minimum deposit requirement, and lack of negative balance protection may not be suitable for all traders. Additionally, some users have reported poor customer service experiences.
Pros | Cons |
• Wide range of financial instruments available | • High minimum deposit requirement |
• Access to multiple markets and exchanges | • Fees and commissions may be higher than competitors |
• User-friendly trading platforms | • Inactivity fee for dormant accounts |
• Advanced trading tools and research | • Limited educational resources |
• Regulated by top-tier financial authorities | • Limited customer support options |
Overall, it is important for traders to carefully consider their own needs and preferences before choosing Saxo or any other broker.
There are many alternative brokers to Saxo, each with their own unique features and benefits. Some popular alternatives include:
Interactive Brokers: A well-established broker with a wide range of trading instruments and low commissions.
TD Ameritrade: Offers a powerful trading platform and a variety of educational resources.
E*TRADE: A popular broker with a user-friendly platform and no account minimums.
IG: A global leader in online trading, offering a wide range of markets and advanced trading tools.
Plus500: A broker known for its user-friendly platform and tight spreads.
Ultimately, the best alternative broker for you will depend on your specific trading needs and preferences. It's important to research and compare different brokers to find the one that best fits your individual needs.
Saxo is a legitimate and reputable broker with a long track record of providing reliable trading services. It is regulated by top-tier financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Danish Financial Supervisory Authority (DFSA). Additionally, Saxo is a member of several investor protection funds, such as the Financial Services Compensation Scheme (FSCS) in the UK, which protects clients' funds up to a certain amount in case of the broker's insolvency. Therefore, based on its regulation and investor protection measures, Saxo can be considered a legitimate broker.
Saxo is a regulated broker, with licenses from multiple reputable regulatory authorities and a long-standing history of providing financial services. The broker takes extensive measures to protect client funds, including segregating them from the company's assets and offering negative balance protection.
Additionally, Saxo offers various security features, such as two-factor authentication and encryption, to ensure secure trading.
More details can be found in the table below:
Security Measures | Description |
Regulation | FSA, FINMA, FCA, ASIC, DFSA |
Segregated Accounts | Client funds are held in segregated bank accounts to protect them in case of insolvency. |
Two-Factor Authentication | As an extra layer of security for client accounts |
SSL Encryption | The Saxo website and platform are secured with SSL encryption to protect user data |
Investor Compensation Scheme | A member of the Danish Investor Compensation Scheme, which provides additional protection to clients in case of insolvency |
It's important to note that while these measures provide some level of protection for clients, there is always some level of risk involved in trading financial instruments, and clients should always be aware of the risks before making any trades.
Based on the information available, Saxo appears to be a reliable and trustworthy broker. It is regulated by reputable authorities, has been in operation for several years. However, we also find that some users complain about their bad experience with Saxo. Take care!
Saxo offers a wide range of trading instruments across multiple asset classes, including
Forex: More than 180 currency pairs, including majors, minors, and exotics.
Stocks: Over 40,000 stocks from 36 global exchanges, including NYSE, NASDAQ, LSE, and more.
Futures: Over 200 futures and options across a variety of asset classes such as commodities, indices, and bonds.
Options: A wide range of options on stocks, indices, and futures.
Bonds: Trade a wide range of government and corporate bonds, including sovereign bonds from developed and emerging markets.
ETFs and CFDs: Access to over 3,000 ETFs and CFDs on indices, commodities, and stocks.
Saxo offers a range of account types designed to suit the different needs of its clients. The account types offered by Saxo are:
Classic Account: A traditional account with minimum funding of HKD10,000, which offers a range of trading tools and resources.
Platinum Account: A premium account for high-net-worth individuals, with a minimum funding requirement of HKD 1,500,000.
VIP Account: An exclusive account for ultra-high-net-worth individuals, with a minimum funding requirement of HKD 8,000,000.
Islamic Account: A Sharia-compliant account for clients who follow Islamic finance principles.
Corporate Account: An account for companies, partnerships, and other legal entities.
Joint Account: An account for two or more individuals who want to trade together.
Each account type has its own unique features and benefits, such as lower pricing, higher leverage, and dedicated account managers. Saxo also offers a free demo account for clients to practice trading before committing to a live account.
It takes only about five minutes and a short online form to open an account. Clients will need to submit the standard verification documents required by KYC and AML rules, but the procedure should be quick and easy, and they will have access to their account in minutes.
Saxo offers leverage up to 1:100 for forex trading. Professional clients are entitled to leverage of 1:40 for the primary index, 1:33 for the secondary index, 1:33 for gold, 1:10 for equities, and 1:25 for commodities. Retail clients are entitled to leverage of 1:20 for the primary index, 1:10 for the secondary index, 1:20 for gold, 1:5 for equities and 1:10 for commodities.
However, the maximum leverage may vary depending on the instrument being traded and the client's location. It is important to note that trading with high leverage carries a higher level of risk, and traders should always exercise caution and use risk management strategies.
Saxo offers variable spreads, which means that the spreads can change depending on market conditions. The typical minimum spreads for popular instruments are as follows:
EUR/USD: 0.4 pips
USD/JPY: 0.6 pips
GBP/USD: 0.9 pips
AUD/USD: 0.6 pips
USD/CHF: 1.2 pips
USD/CAD: 1.5 pips
Saxo also charges commissions on some products, including stocks, ETFs, and futures. The commission fees vary depending on the specific market and the size of the trade. Commissions start at $3 per share for equities, as low as $0.85 per lot for commodities, and $3 per share for ETFs. Futures commissions start as low as $0.85 per lot, bonds commissions start at 0.05%, listed options commissions start as low as $1.25 per lot, and mutual funds commissions are $0 for custody and platform fees.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread | Commission per lot |
Saxo | 0.4 pips | $3 |
Interactive Brokers | 0.1 pips | $2 |
TD Ameritrade | 0.7 pips | free |
E*TRADE | 1.0 pips | free |
IG | 0.75 pips | free |
Plus500 | 0.8 pips | free |
Please note that commission rates may vary depending on the specific account type and trading volume. Additionally, some brokers may offer different spreads and commissions for other currency pairs or financial instruments. It's important to do your own research and carefully consider the costs and fees of each broker before making a decision.
Saxo offers its own proprietary trading platform called SaxoTraderGO. It is a web-based platform that can be accessed from any device with an internet connection. In addition to SaxoTraderGO, Saxo also offers SaxoTraderPRO, a desktop-based trading platform that is designed for advanced traders who require additional functionality.
SaxoTraderGO is highly customizable, allowing traders to arrange the interface to suit their preferences. It provides access to a wide range of trading tools and features, including charting tools, technical analysis indicators, and news feeds. The platform also includes a comprehensive range of order types, including market, limit, stop, and trailing stop orders.
SaxoTraderPRO is a professional-grade trading platform that offers advanced trading tools and features. It is designed for active traders and includes a range of tools that allow traders to monitor multiple markets and instruments simultaneously. The platform also includes advanced charting tools and a range of order types, including conditional orders and algorithmic trading capabilities.
Saxo also offers SaxoInvestor, which is a user-friendly trading platform suitable for beginner investors who are interested in a wide range of asset classes. It provides a simple and intuitive interface with basic research tools and features, making it easy for investors to buy and sell stocks, ETFs, bonds, and mutual funds. However, advanced traders may find the platform's lack of advanced tools and customization options limiting.
Overall, Saxo's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Broker | Trading Platform |
Saxo | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor |
Interactive Brokers | Trader Workstation, WebTrader, IBKR Mobile |
TD Ameritrade | Thinkorswim, Web Platform, TD Ameritrade Mobile App |
E*TRADE | Power E*TRADE, E*TRADE Web, E*TRADE Mobile |
IG | IG Trading Platform, IG Web Platform, IG Trading App |
Plus500 | Plus500 WebTrader, Plus500 Mobile App |
Saxo Bank supports several deposit and withdrawal methods, including Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents). The company does not charge any fees for deposits and withdrawals, but if an investor makes a withdrawal request via manual withdrawal, a processing fee of 40 EUR will be charged.
Saxo has different minimum deposit requirements depending on the type of account you open and your country of residence. For example, the minimum deposit for the Classic account is HKD10,000.
However, these amounts can vary depending on your location and the specific account type. It's important to check with Saxo directly or on their website for the most up-to-date information on minimum deposit requirements.
Saxo | Most other | |
Minimum Deposit | HKD10,000 | $100 |
To withdraw funds from your Saxo account, you need to follow these steps:
Step 1: Log in to your Saxo account using your credentials.
Step 2: Click on the “Account” tab located on the top right corner of the screen.
Step 3: Click on “Withdraw Funds” from the account menu options.
Step 4: Select the account you wish to withdraw funds from, enter the amount you want to withdraw, and select the currency you want to withdraw in.
Step 5: Choose the preferred withdrawal method from the available options and provide the necessary details such as bank account information or credit/debit card information.
Step 6: Review the details of your withdrawal request and click on “Submit.”
Note that Saxo may require additional verification or documentation before processing your withdrawal request. The processing time for withdrawals may vary depending on the chosen method and your bank's processing time.
Swap costs, sometimes called overnight fees, are assessed on overnight open positions at Saxo Bank. These are expressed as interest and, depending on the trader's position, might be either charged to or credited to his or her account.
Traders of the Muslim faith, for whom the payment of interest is forbidden, are out of luck with Saxo Bank because they don't have the option of opening an Islamic account. With the wide variety of deposit currencies offered by Saxo Bank, customers will have a decreased chance of incurring conversion fees.
Amounts credited to your account are converted from their original currency at the mid-point FX Spot rate plus/minus the margins and spreads indicated below. This includes both trading fees and profits/losses incurred as a result of your trading activities.
Fees for account inactivity are also a reality for inactive accounts. After the initial six months, the rate increased to $150, which is quite a bit.
See the fee comparison table below:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
Saxo | Free | Free | $150 after six months of inactivity |
Interactive Brokers | Free | $0-$10 | $20/month if account balance < $2,000 |
TD Ameritrade | Free | Free | Free |
E*TRADE | Free | $0-$25 | Free |
IG | Free | Free | $18/month after 24 months of inactivity |
Plus500 | Free | Free | $10/month after 3 months of inactivity |
Saxo provides customer support through several channels, including phone, email, and social media (Facebook, LinkedIn, Twitter and YouTube). The broker offers 24/5 customer service in multiple languages, including English, Chinese, French, German, Italian, Japanese, Portuguese, and Spanish.
Saxo also provides a comprehensive help center on its website that includes an extensive knowledge base, FAQs, trading guides, and video tutorials. The broker's customer service is generally considered to be of high quality, with knowledgeable representatives who are responsive and helpful.
Pros | Cons |
• 24/5 customer service through multiple channels | • No 24/7 support service |
• Dedicated support for VIP clients | • Phone support may have long wait times |
• Extensive FAQ section on the website | • No dedicated account manager for non-VIP clients |
• Personalized support for complex trading needs | • No local offices in some countries |
• Multilingual support available for non-English users |
Note: These pros and cons are subjective and may vary depending on the individual's experience with Saxo's customer service.
Saxo Bank provides excellent market research in addition to a wealth of instructional resources like video courses, webinars, and events. Saxo Bank's SaxoStrats Experts group consists of eight analysts and strategists who are tasked with providing coverage of the various asset classes available to customers. It's apparent that this broker places a high value on its research team and recognizes the significance of this service, both for its clients and as a global investment bank. The classes are a wonderful way for newcomers to get their feet wet and become acquainted with the resources that are at their disposal. Videos are easy to follow and understand, helping novice traders quickly get up to speed and lay a solid groundwork from which to expand their knowledge. Saxo Bank specialists will be hosting webinars.
In conclusion, Saxo is a well-established broker. The broker offers a wide range of trading instruments, including forex, stocks, options, futures, and CFDs, and provides access to various markets worldwide. Saxo also offers an advanced trading platform and a user-friendly mobile app, making it easy for traders to access the markets on the go.
While Saxo has some of the highest fees in the industry, the broker's competitive spreads and tight execution make it a popular choice for traders. Additionally, Saxo's robust educational resources and customer support make it an ideal choice for traders of all skill levels who want to improve their knowledge and skills in trading.
Overall, Saxo is a multi-asset broker that offers a comprehensive suite of trading tools and services to help traders achieve their investment goals. However, potential clients should carefully consider the fees and minimum deposit requirements before opening an account. Also, dont forget check their user reviews on the Internet.
Q 1: | Is Saxo regulated? |
A 1: | Yes. It is regulated by ASIC, FCA, FSA, SFC, BDF, CONSOB, FINMA, MAS. |
Q 2: | Does Saxo offer demo accounts? |
A 2: | Yes. |
Q 3: | Does Saxo offer the industry-standard MT4 & MT5? |
A 3: | No. Instead, it offers SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO. |
Q 4: | What is the minimum deposit for Saxo? |
A 4: | The minimum initial deposit to open an account isHKD10,000. |
Q 5: | Is Saxo a good broker for beginners? |
A 5: | Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions. Also, it offers demo accounts that allow traders to practice trading without risking any real money. |
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 |
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
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.
What type of broker is WeTrade?
Advantages | Disadvantages |
No conflict of interest | Higher spreads than market makers |
Straightforward pricing | No fixed spreads |
Lower trading costs | Possible requotes during volatile markets |
No trading restrictions | Slower order execution than market makers |
WeTrade is an STP (Straight Through Processing) broker that enables its clients to have direct access to interbank markets. This type of broker passes on their client's orders directly to liquidity providers, which are typically banks, without the need for a dealing desk. As a result, STP brokers are typically known for their transparency and faster order execution. WeTrade's STP model allows clients to experience pricing that reflects current market conditions, which can result in lower trading costs. However, since WeTrade does not have fixed spreads, clients may experience wider spreads during volatile markets. Additionally, requotes may occur due to the time it takes to process orders.
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.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Advantages | Disadvantages |
Wide range of 90+ instruments including forex pairs, metals, energies, indices, stocks, and cryptocurrencies | No information provided on specific spreads for each instrument |
Ability to diversify trading portfolio | Limited selection of cryptocurrencies compared to some other brokers |
Access to a variety of markets and assets |
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.
Advantages | Disadvantages |
Low spreads for all account types | Commission charged for ECN account |
Zero commission for STP, VIP, and Affiliate accounts | Higher spreads for Affiliate account |
ECN account offers zero spreads | Commission charged for ECN account |
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.
Advantages | Disadvantages |
Multiple account types to choose from | Higher minimum deposit for ECN account |
High leverage of 1:2000 | Lower leverage may be preferred by some traders |
Commission-free trading on STP and VIP accounts | Commission charged on ECN account |
Demo account available for risk-free trading | Limited information on specific account features |
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.
Advantages | Disadvantages |
Well-known and widely used platform | Limited customization options |
User-friendly interface | No built-in economic calendar |
Supports algorithmic trading through Expert Advisors (EAs) | Limited charting capabilities |
Wide range of technical analysis tools and indicators | No mobile push notifications |
Supports multiple order types | Limited timeframes for backtesting |
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.
Advantages | Disadvantages |
Allows for potential higher profits with smaller capital | Increases risk of significant losses and margin calls |
Opportunity for greater market exposure and trading opportunities | Inexperienced traders may misuse high leverage, leading to significant losses |
Can be useful for experienced traders with solid risk management strategies | May lead to overtrading or emotional trading due to increased potential gains or losses |
May attract more traders due to the appeal of high leverage | Regulated brokers have limits on maximum leverage, which may restrict traders from taking advantage of higher leverage ratios |
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.
Advantages | Disadvantages |
Multiple deposit options | Limited withdrawal options |
No extra fees charged | No information provided on deposit/withdrawal processing time |
No minimum account required | Limited deposit options |
Safe and secure transactions |
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.
Advantages | Disadvantages |
Multiple educational resources available | No dedicated educational section on website |
Economic calendar available for keeping track of important events | Limited customization options for video tutorials |
Market reports and analyst views provide up-to-date information on market trends | No interactive webinars or live training sessions |
Access to a variety of indicators and TV channels for technical analysis | Limited educational resources for advanced traders |
Resources available in multiple languages for wider accessibility | No in-person training or seminars provided by WeTrade |
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.
Advantages | Disadvantages |
24/7 availability | No phone support |
Multiple channels of communication | Response time may vary |
Quick response times |
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.
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.
What is the minimum deposit required to open an account with WeTrade?
Answer: 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?
Answer: 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?
Answer: 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?
Answer: 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?
Answer: 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.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive saxo and wetrade are, we first considered common fees for standard accounts. On saxo, the average spread for the EUR/USD currency pair is -- pips, while on wetrade the spread is EURUSD from 0.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
saxo is regulated by ASIC,FCA,FSA,SFC,AMF,CONSOB,FINMA,MAS,AMF,DFSA,ASIC. wetrade is regulated by LFSA,FCA,FSA.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
saxo provides trading platform including VIP account,Classic account,Platinum account and trading variety including --. wetrade provides trading platform including ECN,VIP,STP and trading variety including --.