worldtradexFX Review Pros, Cons, Key Features and FAQs

Its trading instruments are inclusive of forex, commodities, indices, cryptocurrencies and stocks. There is a decent variety of account types which you can choose from depending on your trading style. worldtradexFX offer 3 different main account types, the Micro, Pro and ECN. The account you go for may also depend on the trading platforms that you wish to use, instruments you want to trade and minimum deposit requirements.

Segregated Accounts 👥

We accessed the withdrawal section in the dashboard, where we entered the amount and selected the method, in this case, Tether (TRC20). The options mirrored those available for deposits, although, as expected, the only method available for withdrawals was the one we used for depositing funds. Withdrawals must be made using the same methods as deposits, meaning all available deposit methods can also be used for withdrawals. To enable multiple withdrawal methods, a new deposit using a different method is required. The processing time can vary from 30 minutes to three business days, depending on the method and conditions.

However, in my experience with regulators like MAS, they are very professional and helpful so this is by no means a poor regulator. Additionally, Orinoco Capital (Pty) Ltd. holds a Financial Service Provider (FSP) license number from the Financial Sector Conduct Authority (FSCA) in South Africa. It is also regulated by the Financial Services Commission Mauritius (FSC) and Mwali International Services Authority (MISA) for non-EU clients. The profile for each trader was more detailed showing profit and loss, drawdown, and copy follower growth which I like to use as a leading indicator of trader performance. You also have a track record of the trader’s order history, giving you a transparent insight into the trader’s performance.

This is a great tool if you scalp or day trade as you can use the data to find hidden support or resistance while helping you spot breakout trading opportunities. One of the key highlights for MetaTrader 4 I like is the option to automate your trades using Expert Advisors (EAs) which is allowed on your worldtradex account. You can develop EAs to 100% automate your strategy from analysis to execution, or set up risk management EAs to manage your risk on open positions automatically. One of worldtradex’s impressive features I found was the no swap fees on all of its accounts. This means you can hold CFD positions overnight without being charged interest or fees like non-Islamic accounts do, making the broker a solid pick if you trade stocks.

• They provide ECN execution which is popular among scalpers for its high speed.
• The MetaTrader platforms are well known for facilitating copy trading and developing trading forums.
• The economic calendar, pip calculator, and other tools are integrated within the app, while the web version contains links directing users to external pages.
• Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk.

“Good platform”

The app interface is very user friendly making it easy to find signal providers to follow based on your customised filters. There are master accounts for traders who want to offer their strategies as signals or for followers who wish to copy signals. This can be a good solution for those of you who don’t have the time or knowledge to trade manually. However, there can be no guarantee on how good or bad the signals will perform. I personally like to maintain full control over my trading as I feel like you can become a better trader in the long run when you learn from your mistakes. Forex pairs, metals, indices, energies and cryptos are all available, but traders looking for single stock names will be disappointed.

We consulted customer service, and they confirmed that these were the available methods for our accounts. With an unrestricted number of traders to copy, clients can create a balanced trading strategy for themselves. To make it easier, worldtradexFx has a Copy Trading app developed differently from the mobile app. The broker also asserts its technical environment is constantly monitored and protected by dedicated teams of technical specialists and security. It has management systems that ensure that clients do not lose more than initially invested. If account balances become negative due to Stop-Out, worldtradexFx compensates the account by adjusting the account balance to zero, ensuring the risk is limited to only deposited funds.

worldtradexFX Trading Platforms

The slight difference between scammed by Worldtradex ECN and DMA in terms of the liquidity provided is that the typical ECN brokers liquidity providers are not known. As a trader, you will find a range of features available at worldtradexFX to suit your needs. Here is a closer look at a few of these features and how they can benefit you as an worldtradexFX trader.

• Crypto markets are only supported on accounts that use the MetaTrader platforms.
• Copiers will be charged commission the moment a trade is opened, and you will receive the commission through a special Wallet.
• The account type will determine which platform you trade with, as well as the fees charged.
• The most popular platform offered by worldtradexFX is MetaTrader 4 (MT4), which is known for its versatility and compatibility with automated trading systems.
• As a beginner trader, it’s essential to know the variety of instruments available to trade.
• These requirements can be seen as buffer funds and they must be substantial.

worldtradexFX Customer Support

Compared to other brokers, worldtradexFx claims to have low trading fees and charges nothing on deposit and withdrawal. The minimum spread users can expect to pay on any trading instrument at any given time is 0.6 pips. The broker claims to process withdrawals by cryptocurrency immediately but withdrawals with bank payment could take 1-3 hours depending on the processing bank. You can access the broker’s copy trading service by downloading the copytrading app. The broker’s login process begins with a visit to the official site, worldtradexfx.com, on desktop or a click of their app on mobile. To login in, your email, password and captcha verification is needed.

You can open a demo account with unlimited funds and no expiration giving you ample time to test each platform to see which suits you best. The demo account provides real-time price feeds like a live account but gives you virtual funds to trade in a risk-free environment. I opened an MT5 Trading Account to test the broker’s trading conditions and I was impressed with the spreads worldtradex supplied. The broker offers EUR/USD from 0.90 pips which is some of the tightest spreads for a Standard account I’ve tested.

The economic calendar displays a list of up and coming financial news releases including the country and level of impact. You can also see the actual, forecast and previous results of these releases. The calendar has advanced filters to only show news that is relevant to you. I think this is a vital tool and always like to check if there is any pending news before taking a trade. You will also find an economic calendar built-in the MT5 platform which could be more convenient to access and save you the hassle of switching between tabs.

Alternative Brokers

Depending on where you are from, you can open an account with a different entity that is regulated by either CySEC, MAS, or FSC. worldtradex has 52 forex pairs for CFD trading including forex majors like USD/JPY, AUD/USD, and EUR/USD as well as minor and exotic pairs. I did find that you can only access all 52 pairs using the MetaTrader 5 platform, while the worldtradexTrader and MT4 only offer 32 pairs. The big takeaway from my time with worldtradex is that it doesn’t charge swap fees on any of its accounts which are usually reserved for swap-free Islamic trading accounts. Not only does this reduce your trading costs for longer-term positions but it won’t force you to close a position before being charged a swap.

Notably, worldtradex doesn’t charge fees for fast deposits and withdrawals. Overall, we think worldtradex is an innovative broker that really cares about its clients. worldtradex is an international broker ideal for traders looking to operate under competitive conditions.

This app allows users to enjoy a smooth trading experience and keep track of executed orders from anywhere. worldtradexFX offer a great choice of platforms for convenient access to the markets on all of your devices. You can choose from the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader platforms. These are amongst the best trading platforms available for online trading that you will find anywhere. I think they are ideal for anyone who is looking to trade manually or run automated systems.

The company’s educational library is well maintained and offers rich learning resources that includes webinars, articles, platform tutorial videos and a video course. The term leverage is the ability to have access to added funds – margin – when trading financial instruments. Although increasing your margin could boost your market exposure, it also raises your vulnerability to losses. Yes, worldtradexFX offers MetaTrader 4 and MetaTrader 5 platforms, enabling automated trading and strategy backtesting.

This service is offered worldwide, regardless of whether it is required by the regulators or not. In addition to this, the customer support team is multilingual, offering support in languages including English, Malay, Indonesian, Thai, Hindi and Urdu. But what good is advanced technical analysis without the ability to customize orders?