Woxa Review 2023
- DayTrading Review Team
We rated the user-friendly web platform, low deposit and social trading features for beginners. The pre-built stock portfolios at Woxa are also a good option for hands-off investors. On the negative side, the customer support and education fall behind competitors.
Woxa is an online broker established in 2021 and regulated by the FSC in Mauritius. The broker has thousands of clients and aims to revolutionize the way that people invest, offering innovative trading technology, competitive fees and social investing. As well as traditional forex, commodity and crypto instruments, traders can access a range of pre-built stock portfolios.
Woxa offers trading on 29 currency pairs including majors, minors and exotics. Spreads are around the industry average at 1.3 pips on the GBP/USD. Traders can also make use of the forex-specific educational resources in the Woxa Academy, though materials are not as extensive as other forex brokers.
Traders can go long or short on hundreds of popular stocks and ETFs with zero commissions and leverage up to 1:20. Ready-made investment portfolios focussed on multiple sectors are also available for hands-off traders taking a longer-term view.
Woxa offers a good breadth of CFDs covering popular asset classes, from stocks, indices and forex to commodities and cryptos. Very high leverage up to 1:800 is available, which is more than most alternatives and traders can choose between the intuitive proprietary platform or the powerful MetaTrader 5.
Woxa offers access to a modest selection of 10 popular cryptocurrencies. While the range of digital tokens is smaller than other brokers, big names like Bitcoin and Ethereum are available. Clients can also trade cryptos 24/7 with customizable watchlists and a social trading feed.
The CopyTrade platform at Woxa allows clients to copy the strategies of experienced investors. You can pick master traders based on various metrics, including total returns, risk ratings and trading timescales.
- Copy trading platform with a social feed to interact and learn from other traders
- Advanced MetaTrader 5 software with support for Expert Advisors (EAs)
- Beginner-friendly web platform with watchlists and charting tools
- Long-term investing opportunities through pre-made portfolios
- Fast account opening in four straightforward steps
- Over 2000 instruments with a large suite of shares
- Commission-free trading on stocks and ETFs
- Low minimum deposit of $25
- Limited deposit options with local bank transfers only
- Low quality educational materials vs alternatives
- Below average customer support
- Weak regulatory oversight
Woxa is an offshore broker offering forex and CFDs on the popular MetaTrader 5 platform. The firm provides some attractive features for beginners, such as social trading and a free demo account. However, the broker falls short when it comes to payment methods, customer support and regulation.
In this review, our experts assess the benefits and drawbacks of trading with Woxa, from market access and accounts to typical fees, leverage and safety. Find out if you should open a trading account.
Assets & Markets
Woxa offers a decent suite of products with over 2000 CFDs spanning 6 asset classes.
The range of stocks is particularly attractive with access to blue chip companies and dividends. The broker also provides access to major indices from multiple world economies, including the US, UK, Europe, Asia and Australia.
The range of forex pairs doesn’t match some rivals, but we could trade all majors and a good suite of minors and exotics, which will suit most retail traders.
You can trade:
- Commodities – 8 commodities including oil and metals such as gold and silver
- Indices – 11 stock indices including the NASDAQ, FTSE and DAX
- Stocks – 245 company shares including Apple, Amazon and Google
- Forex – 29 currency pairs including EUR/GBP, USD/EUR and AUD/USD
- Cryptocurrencies – 10 digital tokens including Bitcoin, Litecoin and Ethereum
- ETFs – 40 exchange-traded funds across several sectors and markets
We have tested hundreds of brokers and the trading fees at Woxa are around the industry average.
While using the broker, we got spreads of 1.3 pips on GBP/USD and 1.7 on EUR/AUD, which is comparable to other firms. The commission-free trading on stocks and ETFs is especially enticing, making the firm a good choice for stock traders.
On the downside, the broker could be more transparent about its pricing. Prospective traders cannot view live spreads before opening an account.
Woxa scores well when it comes to non-trading fees.
I was pleased to find no inactivity fees, which is an advantage over competitors that typically charge upwards of $10 after three to six months of no trading. This also makes the broker attractive to more casual traders and beginners.
I was also happy to find that tools such as the social feed and CopyTrade were free for account holders. Again, this will appeal to newer investors.
When we signed up we found that Woxa only offers one account type to retail traders. This is a downside vs some competitors like Pepperstone who offer a variety of accounts to suit different trading strategies, experience levels and budgets. Muslim traders will also be disappointed to find no halal account.
On a positive note, the broker has an accessible minimum deposit of $25, which will suit beginners and is lower than many alternatives we have tested.
How To Open An Account
I found the sign-up process fairly straightforward requiring basic details and a trading experience questionnaire which adds another 10 minutes to the setup.
- In the registration form fill in details such as your name, email and country of residence
- Click on the verification link sent to your email address
- Answer the questionnaire about your trading experience
- Submit the required documents (proof of ID and bank account)
- Once verified you can login to your account
Woxa offers a limited choice of payment methods, with local bank transfers accepted. This lack of variety may make transferring funds challenging for global traders, with no debit cards or e-wallets supported.
The broker also only accepts currencies from its supported countries: India, Philippines, Indonesia, Malaysia and Vietnam. The lack of funding options in currencies such as USD, EUR and GBP is an additional barrier to global traders.
On a more positive note, deposits are processed promptly and there is no withdrawal fee, which is an advantage over brokers like eToro, which charges $5.
How To Make A Deposit
When I used Woxa, I thought the deposit process was quick and straightforward. To fund your account:
- Log in to your client portal
- Click on your profile in the top right-hand corner of the portal
- Click the blue ‘Deposit Funds’ icon
- Select the amount you would like to deposit and enter your bank details
- Confirm the deposit
Woxa has developed its own proprietary platform which I think is the best pick for beginners.
The platform is user-friendly and well designed with customizable features and access to basic charting tools and a watchlist. The fact it is browser-based also means you don’t have to download any software.
The key features I rated include:
- Options to set price or execute trades at market price
- Customizable graphs and favorites watchlist
- Easy-to-digest account metrics
- Set stop loss and take profit
- Flexible leverage selection
How To Place A Trade
I didn’t run into any issues trading on the Woxa platform. You can do so in a few steps:
- Log in to the client portal
- Click on the ‘Markets’ tab in the Woxa platform
- Press the ‘buy’ icon on the asset you want to trade
- Choose the price, size and leverage
- Confirm the trade
Woxa also offers the popular MetaTrader 5 (MT5). You can download the platform onto your computer or get the app on iOS and Android devices.
Whilst not the slickest interface, this is a powerful and reliable trading platform with a range of instant and pending orders, advanced charts and sophisticated indicators. MT5 also offers faster processing than its predecessor, MetaTrader 4 (MT4).
Other features I found useful include:
- MQL5 programming language to create your own technical indicators
- 4 order execution modes: Instant, Request, Market and Exchange
- 80 technical indicators and analytical tools
- Integrated economic calendar
- Multi-thread strategy tester
- 6 pending order types
- 21 timeframes
Ultimately, I would recommend MT5 for experienced traders interested in technical analysis and automated trading.
How To Make A Trade
- From your MetaTrader terminal choose the asset you want to trade
- In the ‘New Order’ pop-up enter the lot volume
- Adjust the stop loss or take profit levels if desired
- Select whether the order is instant or pending
- Press ‘Buy’ or ‘Sell’ to confirm the trade
I appreciated that the one-click trading functionality on MT5 can make this process even more seamless – executing positions directly from charts.
I liked the Woxa mobile app and found it easy to trade whilst on the go. I particularly appreciated that my charts and watchlist translated well to the app and were clear and easy to navigate.
You can also access the social feed from the app and keep up to date with financial news.
Regulation & License
We ranked Woxa down for its relatively weak regulatory oversight.
The company is regulated offshore by the Financial Services Commission (FSC) of the Republic of Mauritius (license number GB22200605).
The lack of regulation by top-tier financial bodies such as the Australian Securities & Investments Commission (ASIC), UK Financial Conduct Authority (FCA) or Cyprus Securities & Exchange Commission (CySEC), means there is less trader security than with competitors.
On the positive front, it is reassuring to see that the broker uses segregated accounts to protect client funds in case of bankruptcy.
Furthermore, Woxa provides negative balance protection meaning you cannot lose more money than is in your account. This is a key advantage when trading with leverage.
Woxa offers very high leverage up to 1:800. This is significantly higher than the 1:30 cap imposed by many regulators, including the CySEC in Europe.
This high leverage provides traders with more purchasing power, but it also comes with the risk of greater losses. With this in mind, I would recommend employing robust risk management tools.
We were pleased to find that a free demo account is available with $100,000 in virtual funds.
These simulation accounts are great for those new to trading as they allow you to learn without financial risk. Furthermore, it can be a good way of testing whether the broker suits your trading style before investing funds.
Importantly, our team found that the demo account is compatible with all platforms and assets.
How To Open A Demo Account
Opening a demo account is very simple, in line with the process at other top brands:
- Sign up with Woxa by clicking on the ‘Register’ icon in the top right-hand side of the broker’s website
- Enter details such as your name, email address and country
- Verify your account with the link sent to your email address
- Sign in to the client portal
- Click on your profile in the top right-hand side of the screen
- Click on the green ‘Real’ icon below your name and change the account type to ‘Demo’
- Confirm you want to open a demo account
Bonuses & Promotions
Woxa offers a joining bonus once you have verified your live account. You can get $50 credit into your account to make trades.
Yet while this is an attractive promotion, we do not recommend picking a broker based on their welcome deposit bonus. Other factors, such as account conditions, trading tools and reliability are more important. Also, there may be terms and conditions that make it difficult to withdraw any bonus funds.
I was impressed with the variety of extra tools offered by this broker. In particular, the social investing solutions will serve beginners well.
I rated the copy trading solution available – CopyTrade.
The software allows you to choose investors who have strategies that match your goals and copy their trades. I particularly liked that you could choose investors to copy with different goals such as most gain, low risk and long-term traders.
Another useful feature of the broker’s platform is that it allows you to access a community of other traders to share ideas and learn from each other. We found it very simple to use and fast to post.
Our only criticism is that while the tool offers market news as well as posts from fellow traders, we would have liked these posts to be in a separate location to make it easier to find the news stories we wanted to read.
The Stats View page is also a bonus, providing a clear overview of your trades and account data in a simple and visually pleasing format.
It doesn’t drill down into your performance in too much detail, but it does provide a holistic display that may help beginners identify themes in their trading activity.
We were a little disappointed with the educational resources offered by Woxa. While the broker does offer a useful learning resource in the form of the Woxa Academy, it does not stand up to competitors such as XM or eToro, which offer higher quality and more varied content.
Video tutorials and a blog are also offered but these do not compete with those offered by competitors.
There is a stock calendar on the broker’s website showing information such as dividend dates and symbol changes. However, I found that the calendars are quite basic and I’m not confident the information provided will add much value to traders.
An interesting feature of Woxa is the opportunity to purchase ready-made portfolios that allow users to invest without spending time deciding on stocks themselves.
The portfolios use algorithms and machine learning to group assets into a package that will match traders’ goals. It is a good option for hands-off traders though we have not been able to verify the returns/losses of these portfolios.
My major criticism of Woxa is the subpar customer service.
While support is available 24/5, which stands up to competitors, there are very few avenues with which to get help. The broker offers support via email and live chat but not a telephone number or social media contact. Additionally, while the website claims to have a FAQ section, the links were not working when we evaluated Woxa.
We tested the email and live chat and got responses promptly (within 5 minutes on live chat and 24 hours via email) which compares well to alternatives. Yet while the support staff were polite and helpful, our questions were occasionally misunderstood and the quality of responses was average.
- Email – firstname.lastname@example.org
- Live chat – the bottom right-hand side of the broker’s website
Woxa is an online stock and CFD broker founded in 2021. They now have over 100,000 users in five different countries who they support through their offices in Mauritius.
On the downside, there is little information about the employees or founders of the company. This may be because the broker is relatively new, but it also raises some transparency concerns.
Trading hours vary depending on the asset you want to trade. For example, cryptocurrencies can be traded 24/7 while US stocks can only be traded from 1:30 pm to 8:00 pm, Monday to Friday.
Helpfully, the broker’s website has included a full list of trading times and events that affect the times of market opening. The list also includes the Exchange Time (UTC+0) and your time zone so you can be clear on when to make trades.
Should You Trade With Woxa?
Woxa covers basic trading needs with a reasonable variety of assets, a low minimum deposit, and some useful tools including social trading features. We also found the web-based platform straightforward to navigate and reliable.
However, the lack of account types, offshore regulation and issues with transparency does lower the broker’s rating. Additionally, we felt improvements were needed with the customer support and payment options, which are notable drawbacks vs competitors.
What Is Woxa?
Woxa is a fairly new forex and CFD broker registered and regulated in Mauritius. The brokerafe offers a range of markets, though has a particular focus on stocks and investment portfolios. Traders of all experience levels can access the MetaTrader 5 platform, as well as copy trading tools and social feeds.
Is Woxa A Good Broker For Day Trading?
Woxa is an average pick for day trading. The market access is decent and the reliable MetaTrader 5 platform is available. There are also no restrictions on day trading strategies.
On the negative side, the spreads aren’t the tightest and the broker operates with less regulatory oversight than many alternatives. Ultimately, it isn’t the best broker for day trading.
Is Woxa Good For Beginners?
Woxa may suit beginners looking for social and copy trading features, a good demo account and a user-friendly trading platform. There is also an education section, although it is not as extensive as others that we have seen. In addition, the lack of top-tier regulation may put off beginners.
Is Woxa Trustworthy?
Woxa is an offshore broker regulated by the Financial Service Commission (FSC) in Mauritius. This is not a reputable financial regulator and therefore traders will not receive the highest level of account and fund protection.
With that said, the broker does claim to offer negative balance protection, which is reassuring.
Does Woxa Offer Low Fees?
We found spreads at Woxa are around the industry average. When we tested the platform, we were offered 1.3 pips on the GBP/USD pair, which is comparable to the likes of XTB.
With that said, they are not as competitive as other top brands like Pepperstone, which offers spreads of 1 pip for the same pair.
Woxa only accepts traders from Viet Nam, Malaysia, Indonesia, Philippines.
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Expert Advisors (EAs) on MetaTrader|
|Guaranteed Stop Loss||No|
CFD Trading Details
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Auto Market Maker||No|
Compare Woxa with similar brokers that accept traders from your location. Among available brokers these are the most similar to Woxa:
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Kwakol Markets – Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
Go to Kwakol Markets
Woxa Comparison Table
|Woxa||Just2Trade||IG Group||Kwakol Markets|
|Markets||Stocks, Indices, ETFs, Forex, Commodities, Cryptocurrencies||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||CFDs, Forex, Stocks, Indices, Commodities, Crypto|
|Minimum Trade||0.01||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||FSC||CySEC, NFA, FINRA, Bank of Russia||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||ASIC, FINTRAC|
|Bonus||$50 Account Opening Bonus||Up to $2,000 for professional accounts||–||–|
|Platforms||MT5||MT4, MT5, TradingCentral||MT4, AutoChartist, TradingCentral||MT4, MT5, AutoChartist|
|Leverage||1:800||1:20||1:30 (Retail), 1:250 (Pro)||1:1000|
Compare Trading Instruments
Compare the markets and instruments offered by Woxa and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|Woxa||Just2Trade||IG Group||Kwakol Markets|
Woxa vs Other Brokers
Compare Woxa with any other broker by selecting the other broker below.
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
|Woxa is an online broker established in 2021 and regulated by the FSC in Mauritius. The broker has thousands of clients and aims to revolutionize the way that people invest, offering innovative trading technology, competitive fees and social investing. As well as traditional forex, commodity and crypto instruments, traders can access a range of pre-built stock portfolios.|