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Score

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

WELTRADE

Saint Vincent and the Grenadines|15-20 years| Benchmark C|
Regulated in Belarus|Retail Forex License|MT4/5 full license|Belize Retail Forex License Revoked|Suspicious Overrun|High potential risk|

http://www.weltrade.com

Website

Rating Index

Benchmark

Benchmark

C

Average transaction speed (ms)

837.2 Poor

MT4/5

Full License

Weltrade-Demo

Netherlands
MT4
10

Influence

C

Influence index NO.1

Malaysia 4.45
The WikiFX Score of this broker is reduced because of too many complaints!

Benchmark

Speed:D

Slippage:A

Cost:A

Disconnected:AA

Rollover:D

MT4/5 Identification

MT4/5 Identification

Full License

10
Server Name
Weltrade-Demo MT4
Server Location Netherlands

Influence

Influence

C

Influence index NO.1

Malaysia 4.45

Surpassed 46.54% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 20-34116458
info@weltrade.com
http://www.weltrade.com
Suite 305, Griffith Corporate Centre, PO BOX 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines

Licenses

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

Single Core

1G

40G

Open Now

Disclosure

More

Danger

ID BAPPEBTI
2022-09-20
Bappebti Blocks 760 Website Domains, Reminds of the Risk of Transactions in Unlicensed PBK Entities
WELTRADE
Tradovate
LIVECRYPTOFOREX

Danger

MY SCM
2022-01-01

Contact number

English

+44 20-34116458

English

+62 812-2707-5533

English

+66 60 002-41-86

English

+84 284 4581399

Broker Information

More

Check whenever you want

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WikiFX Risk Alerts 5
Previous Detection : 2024-03-28
  • The number of the complaints received by WikiFX have reached 7 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

WELTRADE · Benchmark
Average transaction speed(ms)
837.2 Poor
The highest transaction speed(ms)
531 Poor
The highest speed of opening positions(ms)
531 Poor
The highest speed of closing position(ms)
578 Poor
The lowest speed of opening positions(ms)
1891
The lowest speed of closing position(ms)
1906
Ranking: 114 / 133
Test user 526
Orders 20,386
Ocuppied margin $1,583,918 USD
Data Source WikiFX Data provide
Updated: 2024-03-27 01:03:SS

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Pyramid scheme complaint
Expose
Unable to withdraw

Profits were canceled for reasons that didn't make sense

Initially, I was lured in with an Iphone prize, I had to complete 600 lots. In the end I accepted the challenge with a deposit of 2000 $ with an additional bonus for margin resistance of 4000 $ (only for resistance cannot be withdrawn) In total I completed trades of almost 300 lots with a total profit of 3400 $ more. Accusations against me were 3 1 price manipulation 2 cheating on the market3 creating a fake profile, these accusations don't make sense in my opinion because before registering, I also carried out the KYC process and various other conditions. That was just an excuse for the company not to pay my profits. $ and the winnings so far 3400$ were canceled unilaterally. Likewise my lots were reset to 0. I urge you to be careful with this fraudulent broker.

2023-03-12 21:53
Scam

Can't withdraw

I have invested 1500$ in weltrade exchange (https://www.weltrade.com/), according to the floor's invitation about the bonus program: trading bonus is 3015$, deposit bonus is 1500$. I traded and got more than 3500$ profit. At the same time, completing the terms of the bonus program, I withdraw the money. However, after withdrawing more than $3000, the exchange locked the account with the allegation of proof of fake identity registration. This is very unreasonable because as soon as I opened my account, I passed KYC by submitting my identity card and of course approved by weltrade. After that, the floor also asked me to provide other documents such as invoices, portraits holding ID cards ... and all were approved by weltrade floor. I also passed the verification VIDEO call from weltrade via Skype. I absolutely do not violate the things that the exchange stated in the notice. I have sent an email to commit my account, my documents are real and genuine, as well as asking for proof, but have not received a response. Please consider my complaint.

2022-08-30 21:45
    Sources

    WELTRADE · Company Summary

    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

    WELTRADE Review Summary in 10 Points
    Founded 2006
    Registered Country/Region Saint Vincent and the Grenadines
    Regulation FSCA (exceeded)
    Market Instruments forex, Index CFDs, commodities, stock CFDs, metals and digital currencies
    Demo Account Available
    Leverage 1:1000
    EUR/USD Spread Floating from 0.5 pips
    Trading Platforms MT4, MT5
    Minimum deposit $1
    Customer Support 24/7 live chat, phone, email

    What is WELTRADE?

    Established in 2006, WELTRADE, a trading name of Systemgates Capital Ltd, is allegedly an online CFDs broker incorporated in Saint Vincent and the Grenadines and regulated in Belarus that provides its clients with the worlds most widely-used MetaTrader4 and MetaTrader5 trading platforms, flexible leverage up to 1:1000, floating spreads on various tradable assets, a choice of four different live account types, as well as auto-trading service and 24/7 customer support service. As for regulation, WELTRADE holds an exceeded Financial Sector Conduct Authority (FSCA) license.

    WELTRADE's home page

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Pros & Cons

    WELTRADE has several advantages, such as a variety of trading instruments, flexible leverage options, and a range of account types suitable for traders at different levels. The broker also provides a range of trading platforms and tools, as well as 24/7 customer support.

    However, the negative reviews from some customers regarding withdrawal issues and scams are concerning. Additionally, the lack of valid regulatory license may be a cause for caution. Traders should always exercise caution when selecting a broker and conduct thorough research before investing.

    Pros Cons
    • Negative balance protection • Exceeded FSCA license
    • Multiple account types to choose from • Negative reviews and reports of scams
    • Flexible leverage options • Clients from the USA, Canada, EU, Belarus and Russia are not accepted
    • Low spreads with no commissions
    • MT4 and MT5 supported
    • Low minimum deposit ($1)
    • Multiple deposit and withdrawal methods
    • 24/7 customer support

    WELTRADE Alternative Brokers

      There are many alternative brokers to WELTRADE depending on the specific needs and preferences of the trader. Some popular options include:

      • CMC Markets - A reliable broker with a long history and competitive pricing.

      • FOREX TB - A broker with a wide range of trading instruments and a user-friendly platform.

      • GMO - A well-known Japanese broker with with a strong focus on technology and innovation.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is WELTRADE Safe or Scam?

    The fact that WELTRADE is regulated by Financial Sector Conduct Authority (FSCA) in South Africa is a positive point, but the negative reviews from clients are concerning. The negative reviews, including clients saying they are unable to withdraw and accusing WELTRADE of being a scam, cannot be ignored.

    The fact that WELTRADE offers negative balance protection is a good thing, but it does not necessarily guarantee the safety of the investment. It is important to exercise caution when investing with any broker, and it is recommended to thoroughly research and gather information before making any investment decisions.

    Market Instruments

    WELTRADE offers a diverse range of market instruments to trade including Forex, metals, commodities, index CFDs, and CFDs for digital instruments such as Bitcoin, Litecoin, and Ethereum. The Forex instruments include a variety of major, minor, and exotic currency pairs, with competitive spreads and high leverage options available. The commodity markets available to trade include precious metals like gold and silver, as well as energy products such as oil and gas.

    Furthermore, traders can also access a variety of CFDs on popular stock indices from around the world. WELTRADE's offering of digital instrument CFDs allows traders to participate in the growing cryptocurrency market with competitive conditions.

    Accounts

    WELTRADE's account types cater to traders of all levels, with the Micro account being suitable for beginners and the Premium account for advanced traders.

    The Micro account has a minimum deposit requirement of $1, making it accessible for those who want to start with a small investment. The Pro account requires a minimum deposit of $100, and it is considered the best choice according to the broker's website. The Premium account requires a minimum deposit of $25,000 and offers additional features and benefits for advanced traders.

    It is worth noting that traders should carefully consider their level of experience and investment goals when choosing an account type.

    Account type Micro Pro Premium
    Minimum deposit $1 $100 $25
    Average speed of deal execution from 0.9 second from 0.5 second from 0.8 second
    Account currency cents USD / cents EUR USD USD / EUR
    Spread Floatingfrom 1.5 pips Floatingfrom 0.5 pips Floatingfrom 1.5 pips
    Minimum volume of one order 0.01 lots
    Maximum volume of one order 1000 lots 100 lots 100 lots
    Leverage 1:33 - 1:1000 1:1-1:1000 1:33 - 1:1000
    Margin Call Level 100%
    Stop Out Level 10%, 20% for digital instruments
    Interest rate / 5% 3.5%
    Interest rate No
    Trading platform MetaTrader 4 / MetaTrader 5
    Automatic trading Yes
    Swap

    Leverage

    Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Micro or Premium account can enjoy flexible leverage ranging from 1:33 to 1:1000, while the Pro account with the leverage of 1:1-1:1000. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

    Spreads & Commissions

    Spreads are influenced by what type of accounts traders are holding. WELTRADE reveals that the spread on the Micro and Premium accounts is floating from 1.5 pips, while the clients on the Pro account can experience floating spreads from 0.5 pips. All charging no commissions. It is important for traders to understand the different spread and commission structures before opening an account with WELTRADE.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commissions
    WELTRADE From 0.5 pips None
    CMC Markets From 0.7 pips None
    FOREX TB From 0.5 pips None
    GMO From 0.8 pips None

    Note: Spreads can vary depending on market conditions and volatility.

    Trading Platforms

    When it comes to trading platforms available, WELTRADE gives a variety of trading platforms to suit different traders' needs. The popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are available for download on iOS and Android devices, as well as on desktop and Mac OS. These platforms are well-known in the industry for their user-friendly interface, advanced charting tools, and the ability to support automated trading through the use of Expert Advisors.

    In addition, WELTRADE also offers the Web Terminal platform, which is accessible through a web browser, allowing traders to trade from any device with an internet connection.

    MT4 and MT5

    Overall, WELTRADE'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 Platforms
    WELTRADE MT4, MT5
    CMC Markets CMC Next Generation, MT4, MT5, Stockbroking platform
    FOREX TB MT4, MT5, WebTrader, MobileTrader
    GMO Z.com Trader, MT4, FXBook Mobile, Z.com Trader Mobile, FXBook Web

    Note: This table is subject to change as brokers may add or remove trading platforms over time.

    Trading Tools

    In addition to its trading platforms, WELTRADE provides traders with some trading tools to assist with their trading decisions. One of these tools is the Trading Calculator, which enables traders to estimate their potential profits or losses on a trade before executing it.

    The Economic Calendar is also available to traders, which shows upcoming economic events and releases and their expected impact on the markets. These tools can be useful for traders who want to keep up with the latest market news and make informed trading decisions.

    Trading Tools

    Deposits & Withdrawals

    WELTRADE accepts deposits and withdrawals with credit/debit cards, like Visa and MasterCard Skrill, Neteller, digital currencies, Perfect Money, Indonesia Local Bank, and Fasapay,making it convenient for traders from different countries. The minimum deposit amount depends on the terms of the payment system.

    WELTRADE minimum deposit vs other brokers

    WELTRADE Most other
    Minimum Deposit $1 $100

    Deposits via Indonesia Local Bank can be processed in 24 hours, while other deposits are instant. All withdrawal requests are said to be processed within 30 minutes and the broker supports 24/7 withdrawals. More details can be found in the below screenshots.

    However, it is important for traders to carefully review the terms and conditions of each payment method, as well as any potential fees or limitations that may apply. More details can be found in the below screenshots.

    Deposits
    Withdrawals

    Customer Service

    It is a good sign that WELTRADE offers multiple ways to get in touch with their customer support team, including 24/7 Live chat, phone, email, online messaging, or request a callback. The broker also has a presence on popular social media platforms, including Twitter, Facebook, Instagram and Line, which may be convenient for some traders. It should be noted that the broker is registered in Saint Vincent and the Grenadines, which is not a heavily regulated jurisdiction, so traders should exercise caution and do their due diligence before investing.

    Customer Service
    Customer Service

    Overall, WELTRADE's customer service is considered reliable and responsive, with various options available for traders to seek assistance.

    Pros Cons
    • 24/7 multi-channel support available • Registered address is shady
    • Active presence on social media platforms for easy communication
    • Support for multiple languages

    Note: These pros and cons are subjective and may vary depending on the individual's experience with WELTRADE's customer service.

    Education

    WELTRADE offers a range of educational resources to help traders improve their knowledge and skills. The broker provides market news and analytics to keep clients updated on the latest market trends and developments. In addition, WELTRADE offers training and seminars to help traders learn the basics of trading, as well as more advanced strategies. The MetaTrader guide is also available for traders to learn how to use the trading platform effectively. These educational resources can help traders make better-informed trading decisions and improve their overall trading performance.

    User Exposure on WikiFX

    It is important to exercise caution when investing with any broker, and this includes WELTRADE. It is concerning to see reports of scams and issues with withdrawals from some users. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Conclusion

    Based on the information available, WELTRADE is a Forex and CFD broker offering a range of trading instruments, account types, and platforms. It has some attractive features such as competitive spreads, a wide range of payment methods, and negative balance protection.

    However, there are also some concerns raised by clients regarding withdrawal issues and scams. Additionally, the broker is registered in Saint Vincent and the Grenadines, which is a less regulated jurisdiction compared to major financial centers. Traders should exercise caution and conduct their own research before investing with WELTRADE or any other broker.

    Frequently Asked Questions (FAQs)

    Q 1: Is WELTRADE regulated?
    A 1: No. WELTRADE holds an exceeded Financial Sector Conduct Authority (FSCA) license.
    Q 2: At WELTRADE, are there any regional restrictions for traders?
    A 2: Yes. Not for residents of the USA, Canada, EU, Belarus and Russia and other not-supported (restricted) countries.
    Q 3: Does WELTRADE offer demo accounts?
    A 3: Yes.
    Q 4: Does WELTRADE offer the industry-standard MT4 & MT5?
    A 4: Yes. Both MT4 and MT5 are supportable.
    Q 5: What is the minimum deposit for WELTRADE?
    A 5: The minimum initial deposit to open an account is only $1.
    Q 6: Is WELTRADE a good broker for beginners?
    A 6: No. WELTRADE is not a good choice for beginners. Though it seems to offer competitive trading conditions, it lacks legitimate regulation.

    News

    India's most complaint brokers in October 2023

    ExposureIndia's most complaint brokers in October 2023

    2023-11-02 15:40

    Wikifx is your trusted forex partner who alerts you on a regular basis, warns you about fraudulent brokers, shares the latest forex news, and provides you with broker Reviews.

    WikiFX
    2023-11-02 15:40
    Exposure
    India's most complaint brokers in October 2023
    Weltrade Announces the Annual WPC2022 Competition

    NewsWeltrade Announces the Annual WPC2022 Competition

    2022-10-31 12:31

    This year's competition for WPC2022 begins on October 3, 2022, and concludes on December 25, 2022. On December 29, 2022, the winners will be revealed.

    WikiFX
    2022-10-31 12:31
    News
    Weltrade Announces the Annual WPC2022 Competition
    Weltrade Launches the Annual WPC2022 Contest

    NewsWeltrade Launches the Annual WPC2022 Contest

    2022-10-27 09:49

    This year’s contest starts on October 3, 2022, and ends on December 25, 2022. Winners will be announced on December 29, 2022.

    WikiFX
    2022-10-27 09:49
    News
    Weltrade Launches the Annual WPC2022 Contest
    WELTRADE: Innovative Technology and Smart Investment Ecosystem for Everyone

    NewsWELTRADE: Innovative Technology and Smart Investment Ecosystem for Everyone

    2022-08-17 11:55

    WELTRADE offers a wide range of financial instruments, including currency pairs, metals, commodities, and digital currencies.

    WikiFX
    2022-08-17 11:55
    News
    WELTRADE: Innovative Technology and Smart Investment Ecosystem for Everyone

    User Reviews

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    User comment

    11

    Comments

    Write a review

    Alprian
    more than one year
    Withdraw cancelled with any reason Dont use this ******* **** Broker WELTRADE SCAMMER
    2023-03-30 13:09
    Reply
    0
    0
    FX1289289812
    more than one year
    WELTRADE’s trading platform is easy to use and they offer competitive spreads. Their trading signals are not bad. Anyway, I am quite satisfied with this broker.
    2023-02-27 12:11
    2
    0
    1
    วิทยา ประธานทรง
    more than one year
    Blue eagle's head and the stock market, please keep it, Witthaya Prathantrong or M.
    2022-12-19 05:50
    Reply
    0
    0
    raimuha
    more than one year
    Great Broker. I don't understand why so low rate??? Work with them 9 years - never had a problems with funds. Support very helpful - without serious issues. Trading smooth, even if compare with TOP Brokers - charts never had a problem. I strongly recommend!
    2022-12-17 19:33
    1
    0
    2
    วิทยา ประธานทรง
    more than one year
    Want to disclose all information of Wittaya Pratarnsong
    2022-12-12 00:04
    Reply
    0
    2
    乐子
    more than one year
    FRAUD FIRM!!! They blocked my account without notifying me, and before that, I had just made a lot of money and requested a withdrawal. Instead of agreeing to my withdrawal request, they locked my account and asked me to deposit more funds so that I could unblock my account.
    2022-11-24 14:47
    Reply
    0
    1
    勇闯天涯30848
    more than one year
    This platform is suitable for both beginners and professionals. They support auto trading, very exciting! lots of trading tools here, so friendly to beginners… But I want to complain their withdrawal process, 2 weeks has passed, I still haven’t received my $550. I met this situation the first time, who can give me some advice?
    2022-11-24 10:15
    Reply
    0
    2
    Maybe.
    more than one year
    So far my experience with weltrade has been good. I have access to multiple assets and platforms, as well as many educational resources. Their leverage is also high, 1:1000, but I am still a beginner as I never use such high leverage. I am still learning and the advisers at weltrade have helped me a lot. I hope you keep winning!
    2022-11-21 09:43
    Reply
    0
    1
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