Weltrade Review 2022
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Weltrade offers forex and commodity trading on several live accounts, including their ZuluTrade and ECN options. This broker review will tour the platform and provide everything you need, including regulation, Bitcoin spreads, promo codes, and minimum deposits.
Weltrade was founded in 2006 and is now based in 15 countries worldwide, with global headquarters in Saint Vincent and the Grenadines. The broker follows an STP model, offering generous leverage on 5 account types, as well as a VPS service, trading signals and bonuses.
Following 14 years in the forex market, the group has secured 170,000 clients and is particularly popular in Asia, specifically Thailand, Malaysia, Indonesia, Laos and Vietnam.
Trading Platforms Review
MT4 is an impressive platform with rich trading features designed for advanced and automated analysis. Price tracking is made easy and accurate, with over 50 technical tools, plus multiple chart types and timeframes. Traders can also place orders from the Market Watch window and research previous market movements in the detailed History Centre.
MT4 can be downloaded onto Windows computers from the broker’s website
Professional or seasoned traders will likely prefer the MT5 terminal, built with even more power than MT4 and featuring advanced tools for in-depth technical analysis. Traders enjoy over 80 pre-loaded indicators and drawing tools, as well as 21 timeframes. In addition, users can access an economic calendar, Depth of Market view and trading robots.
MT5 can be downloaded onto Windows computers from the broker’s website.
The web terminal provides access to MetaTrader 4 and MetaTrader 5 for macOS users, or those who don’t want to download additional software. The web platform offers the same reliability and speed as the desktop versions, with all the advanced features needed for both casual and full-time traders.
There are 77 instruments on offer at Weltrade, including 37 currency pairs such as EUR/USD, 15 cryptocurrency pairs including Bitcoin, plus precious metals and oils. Whilst the range of assets is fairly good, this review would have liked to see access to stocks and indices.
Spreads & Commissions
Spreads start at around 1.5 pips for EUR/USD with the starter Micro account, which reduces to 0.5 pips in the Pro account. Trading is commission-free at Weltrade unless you choose the ZuluTrade account, which charges 1.5 points per contract.
Traders should also be aware of swap fees, which are charged when you carry over positions into the following day. These are tripled from Wednesday to Thursday.
Depending on the Weltrade account you choose, maximum leverage of 1:1000 is possible. A lower limit of 1:500 is offered in the ZuluTrade account, whilst only 1:20 is possible in the Digital account. Traders should understand the risks when trading with high leverage.
Both MetaTrader 4 and MetaTrader 5 are available as mobile apps for iPhone (iOS) and Android (APK) users. The apps allow traders to easily transition from desktop to mobile investing, with access to essential trading features and account management tools.
ZuluTrade account holders can also download the ZuluTrade signals app. Users can automatically execute selected signals whilst on the go and without needing to monitor the markets around the clock.
To finance accounts, Weltrade offers plenty of instant funding options, including bank transfer, card payments, and e-wallets such as Skrill and Neteller. You can also deposit by cryptocurrencies. All methods are fee-free, apart from cryptos and bank transfer, which may incur a network or bank tariff. The minimum deposit is just $25, making the broker a viable option for many beginners.
Withdrawals are processed within 30 minutes, 7 days a week, but clearing times will depend on the bank or payment processor. Withdrawal fees range from 0.5% to 2%, but some methods are free, including Indonesian local banks and Wallet One.
Deposits and withdrawals can be made from within the client cabinet.
Users can open a training account loaded with $100,000 in virtual cash, to make real-time transactions and refine a strategy. Demo accounts at Weltrade don’t expire and there’s no monetary risk involved, so users can have peace of mind when browsing the platforms. The broker also regularly runs demo account contests, such as the Hot 100 and Hot 200, with prizes up for grabs.
Bonuses & Promos
Weltrade has a diverse range of active deals and promotions, including prize draws for cash rewards, on-deposit bonuses, spinner and puzzle games, and even an opportunity to win an iPhone 11 Pro Max. The broker has also offered welcome no deposit bonuses (NDB) and cash rebates in the past.
Always check a promotion’s terms and conditions before participating.
Weltrade, a trading name of Systemgates Ltd, is registered in Saint Vincent and the Grenadines, a popular offshore broker location. The company claims to be licensed, however limited information is provided around licensing conditions, which may raise scam concerns.
Note that the Financial Service Authority in SVG will not provide any protection of client funds or compensation if the company becomes insolvent.
There are a few useful additional features at Weltrade, including the ZuluTrade signals service, VPS virtual hosting for copy trade functionality, and a digital safe, which allows you to earn up to 12% per annum. There’s also a useful trading calculator to calculate pip values and margin requirements, plus an economic calendar.
Weltrade is a little light when it comes to educational resources, however. They do offer online seminars and training, but these are only accessible with a subscription.
Traders can choose from five accounts at Weltrade: Micro, Premium, Pro, ZuluTrade, and Digital. All accounts require a 0.01 lot minimum position size.
- Micro (cent account) – $25 minimum deposit, floating spreads from 1.9 pips, designed for training purposes, leverage up to 1:1000
- Premium – $200 minimum deposit, floating spreads from 1.9 pips, 3.5% interest rate, leverage up to 1:1000
- Pro – $500 minimum deposit, floating ECN spreads from 0.5 pips, 5% interest rate, fastest execution, leverage up to 1:1000
- ZuluTrade – $200 minimum deposit, floating spreads from 2.9 pips, 1.5 points commission, leverage up to 1:500, MT4 only
- Digital – $50 minimum deposit, cryptocurrency trading only, leverage up to 1:20
There are a few features, in particular, that we rated vs the likes of FBS, including:
- Range of bonuses and promotions
- Commission-free trading
- Cryptocurrency account
- Good funding options
- ZuluTrade signals
Weltrade could improve in the following areas:
- Indices and shares not offered
- Limited educational content
Forex is a 24-hour market, but specific trading sessions will depend on the instrument. Traders can check the MetaTrader platforms for these trading times. Note that there is often a break in trading for certain instruments; these are provided in the trading specifications or by the customer support team.
There are several ways you can get in touch with Weltrade, the fastest being the live chat service. You can also try emailing the broker at email@example.com or calling one of the 15 international phone numbers listed on the website. Customer support is also available from within the client cabinet.
Weltrade is a secure broker. MT4 and MT5 are fully encrypted with SSL technology and users can apply email and phone verification at the login stage for added security. Transactions are also carried out within the personal area Cashier.
Weltrade offers a good range of account types with reasonable minimum deposits on the MetaTrader platforms. The variety of assets and educational content is a bit limited, but the offering of demo contests and other bonuses may be enough to entice new traders.
Weltrade accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Weltrade from United States, Canada.
Alternatives to Weltrade
If you are looking for alternatives to Weltrade we have compiled a list of the top 5 brokers that are similar to Weltrade below. This list of brokers like Weltrade is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- Pocket Option – Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
Is Weltrade a scam?
Systemgates Ltd (Weltrade) is unregulated and registered offshore in Saint Vincent and the Grenadines. The broker is a legitimate company, but traders should be wary of online scam warnings before opening an account.
Where is Weltrade based?
Weltrade is headquartered in Saint Vincent and the Grenadines but has various other support offices located in Latin America and Asia, including Thailand, Indonesia, Malaysia, Vietnam, Laos, Chile, Colombia, Mexico, and Peru.
How do I open a live account with Weltrade?
A live account can be opened easily using the online registration form on the website. You can also sign in using your Google or Facebook account. You can then set up your live login details for MT4 or MT5.
Does Weltrade offer any promo codes or no deposit bonuses?
You can find a full list of available welcome bonuses and ongoing promotions on the website, which may from time to time include promo codes and no deposit bonuses.
Does Weltrade accept clients from Australia?
Yes, traders from Australia are accepted. Note clients from the US and Canada are not accepted.
|Weltrade is an established online broker providing tight spreads & powerful tools.|
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