Broker WelTrade was founded in 2006 and mainly provides forex trading. The main office is located in Saint Vincent and the Grenadines, and the broker offers its services in only 18 countries.
It seems that 14 years of work is a 100% guarantee of the broker’s reliability and honesty. But this is not the case. And after this review, you most likely will not start trading with WelTrade on a live account.
WelTrade review finds that it is popular in Indonesia, Malaysia, Laos, Thailand, Belarus and Ukraine. Residents of these countries have a huge selection of brokers for forex and CFD trading. And this company is a very bad choice. Why? We will tell you now.
| Official site | https://weltrade.com |
| Year of foundation | 2006 |
| Regulated by | |
| Trading instruments | 68+ assets Forex, CFDs on metals, commodities, cryptocurrencies |
| Spreads and commissions | Average floating spreads Floating from 0.8 pips |
| Most popular | Weltrade in Indonesia, Malaysia, Laos, Thailand, Belarus, Ukraine |
| Provision of services in the US, UK, Canada, European Economic Area |
| Min. trade size | 0.01 |
| Leverage | Up to 1:1000 |
| Account types | Micro, Premium, Pro, ZuluTrade, Digital |
| Minimum deposit | $ 25 |
| Minimum withdrawal | $ 10 |
| Deposit & withdrawal methods | 10+ |
| Payment Fees | 0.5-2% fees for withdrawal |
| Trading hours | 24/5 24/7 (For crypto) |
| Trading platforms | MT4, MT5, WebTrader |
| Mobile App | |
| Demo | |
| Copy Trading | |
| AT/Robots | |
| Bonus | Up to 100% |
| Affiliate program |
You can login the platform after registering on the official website. So, is it a good choice for forex trading?
Is Weltrade a secure forex broker?
Weltrade claims to be a secure forex broker. This is true?
The first thing that catches your eye is the inscription “Make real money”. There is no risk notice on the homepage, which already indicates a violation.
Forex broker provides many figures about their achievements on the official website.
It has been operating in the forex market for 14 years. This alone is true.
Some information is difficult to verify, but it is clearly fake. For example, not all industry leaders have 100,000 active customers. Weltrade “has” 110,000 active clients, despite the fact that it works only in 18 countries and is practically not popular. 65 employees would not be able to provide them with 24/7 support.
Payouts within 30 minutes and the presence of regulation are false. Previously, they announced the regulation by the IFSC Belize. But there was no confirmation on the official IFSC website. The broker is not regulated, but states otherwise. This is a typical sign of scam. In addition, the broker does not make payments upon successful trading. This is confirmed by numerous reviews of traders. There are many rules under which a broker can commit fraud.
Even as a result of this initial review, Weltrade is not a secure forex broker.
Weltrade account types
Weltrade has a demo account and 5 types of real accounts: Micro, Premium, Pro, ZuluTrade, Digital. Each of them is designed for a specific purpose.
Demo account
The Weltrade demo account is great for beginners who are first starting out on the forex market. It allows you to learn the basic principles of the market and trading platforms. You can try trading strategies and robots on it. The only difference between a demo and a real account is trading on virtual currency.
Live accounts
Micro is a cent account. The account is intended for beginners who want to try trading on a live account. You can also try trading advisors and robots on it without large losses of the deposit. The minimum deposit for trading on this account is $ 25.
Premium is a standard account type, trading on it is possible with a deposit of $ 200 or more. Leverage can be selected from 1:33 to 1:1000.
A Pro account is most suitable for professionals. It provides for the use of STP technology and the shortest time for opening a position. Floating spreads from 0.5 pips are the lowest among other account types. The minimum deposit is $ 500.
ZuluTrade is an account for copying trades. In addition to high spreads, this account also has a commission of 1.5 pips. Its use is possible only in the MT4 terminal. The minimum deposit for trading is $ 200.
A digital account is suitable for cryptocurrency trading. Traders can choose trading leverage from 1: 3 to 1:20. Spreads are very high and long-term trading is impossible due to huge swaps.
Spreads and swaps
Weltrade’s spreads and swaps are quite high compared to other brokers. In fact, they are higher than indicated in the table of trading instruments on the site. Floating spreads for major currency pairs start from 2-4 pips on a premium account. During periods of low liquidity (for example, at night), they can be very significant. Therefore, short-term and long-term trading is not possible with a broker. Spreads and swaps are roughly average only on the Pro account.
However, the broker is not reliable. For forex and CFD trading, it is better to choose another broker (for example, FxPro or IQ Option).
Weltrade bonuses and promo
You can get various bonus funds from WelTrade. All of them serve only to attract customers and create the illusion of easy money. To receive bonuses, you will have to make deposits. This is the main goal of Weltrade’s promotions. Read the rules carefully.
Traders can get a bonus up to 100% on MT5 accounts when replenishing an account in the amount of 200 USD / EUR.
Trade2win is a classic lottery game. The competition is held every Sunday. If you make 2 lots of trade during the week, you have a chance to win cash prizes.
Astrocards. Deposit your account for $50 and get 1 round
For each trading account deposit starting from $50 you get free Astorocards rounds. In Astorocards you can instantly get up to $1000* bonus for each round.
Spinner. You get free spins after each deposit. You spin the wheel and win bonuses that are added to your trading account.
Cash Puzzle. You get bonuses for completing certain tasks.
Final thoughts
The review shows that Weltrade is definitely not worth your attention. It has signs of scam.
Forex broker provides false information already on the main page of the official website. What kind of security and reliability can we talk about?
Weltrade’s main task is to get a deposit from traders. To do this, it has a huge number of useless bonuses and promos. And the main page with fake information.
As the Weltrade review finds, the activity of the forex broker is aimed at the countries of Asia (Indonesia, Malaysia, Laos, Thailand) and the CIS (Belarus and Ukraine). Residents of these countries should choose a more reliable broker. (For example, Plus500, eToro or others).
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